<SEC-DOCUMENT>0001104659-22-026624.txt : 20220224
<SEC-HEADER>0001104659-22-026624.hdr.sgml : 20220224
<ACCEPTANCE-DATETIME>20220224163435
ACCESSION NUMBER:		0001104659-22-026624
CONFORMED SUBMISSION TYPE:	N-2ASR
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20220224
DATE AS OF CHANGE:		20220224
EFFECTIVENESS DATE:		20220224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND
		CENTRAL INDEX KEY:			0001171471
		IRS NUMBER:				030426532
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-2ASR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21080
		FILM NUMBER:		22671661

	BUSINESS ADDRESS:	
		STREET 1:		2020 CALAMOS COURT
		STREET 2:		C/O CALAMOS ADVISORS LLC
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60653
		BUSINESS PHONE:		6302451046

	MAIL ADDRESS:	
		STREET 1:		2020 CALAMOS COURT
		STREET 2:		C/O CALAMOS ADVISORS LLC
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60653

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND
		CENTRAL INDEX KEY:			0001171471
		IRS NUMBER:				030426532
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-2ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-262969
		FILM NUMBER:		22671660

	BUSINESS ADDRESS:	
		STREET 1:		2020 CALAMOS COURT
		STREET 2:		C/O CALAMOS ADVISORS LLC
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60653
		BUSINESS PHONE:		6302451046

	MAIL ADDRESS:	
		STREET 1:		2020 CALAMOS COURT
		STREET 2:		C/O CALAMOS ADVISORS LLC
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60653
<IS-FILER-A-NEW-REGISTRANT>N
<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>Y
<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>Y
<IS-FUND-24F2-ELIGIBLE>N
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2ASR
<SEQUENCE>1
<FILENAME>tm227263d1_n2.htm
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<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on February&nbsp;24, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>1933 Act File No.&nbsp;[ ]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>1940 Act File No.&nbsp;811-21080</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;N-2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Check appropriate box or boxes)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 34px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 34px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="text-decoration: none; font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pre-Effective Amendment No.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 34px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Post-Effective Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 34px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment No.&nbsp;37</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALAMOS CONVERTIBLE<BR>
OPPORTUNITIES AND INCOME FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2020 Calamos Court</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Naperville,&nbsp;Illinois 60563</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(630) 245-7200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Agent for Service</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">John P. Calamos,&nbsp;Sr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Calamos Convertible Opportunities and Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2020 Calamos Court</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Naperville,&nbsp;Illinois 60563</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copies of Communications to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paulita A. Pike</FONT></TD>
    <TD STYLE="width: 33%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 34%; padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rita Rubin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ropes&nbsp;&amp; Gray LLP</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ropes&nbsp;&amp; Gray LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">191 North Wacker Drive, 32nd Floor</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">191 North Wacker Drive, 32<SUP>nd</SUP> Floor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,&nbsp;Illinois 60606</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,&nbsp;Illinois 60606</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approximate
Date of Proposed Public Offering: </B></FONT>From time to time after the effective date of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the only securities being registered on this Form&nbsp;are being offered pursuant to dividend or interest reinvestment plans, check the
following box </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule&nbsp;415 under
the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) other than securities offered in connection with a dividend
reinvestment plan, check the following box. </FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form&nbsp;is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following
box </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form&nbsp;is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective
upon filing with the Commission pursuant to Rule&nbsp;462(e)&nbsp;under the Securities Act, check the following box </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form&nbsp;is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional
securities or additional classes of securities pursuant to Rule&nbsp;413(b)&nbsp;under the Securities Act, check the following box </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is proposed that this filing will become effective (check appropriate
box)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">when declared effective pursuant to section 8(c)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If appropriate, check the following box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT> This post-effective
amendment designates a new effective date for a previously filed registration statement. <FONT STYLE="font-family: Wingdings">&#168;
</FONT>This form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act
and the Securities Act registration statement number of the earlier effective registration statement for the same offering is.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT>
This Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, and the Securities Act
registration statement number of the earlier effective registration statement for the same offering is.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT>
This Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(d)&nbsp;under the Securities Act, and the Securities Act
registration statement number of the earlier effective registration statement for the same offering is.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check each box that appropriately characterizes the Registrant:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#120;</FONT> Registered closed-end
fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT>
Business development company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT>
Interval fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT>
A.2 Qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#120;</FONT> Well-Known Seasoned
Issuer (as defined by Rule&nbsp;405 under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT>
Emerging Growth Company (as defined by Rule&nbsp;12b-2 under the Securities Exchange Act of 1934 (&ldquo;Exchange Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT>
New Registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Base Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>$100,000,000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Calamos Convertible
Opportunities and Income Fund</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Shares<BR>
Preferred Shares<BR>
Debt Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Convertible Opportunities and Income Fund (the &quot;Fund,&quot;
 &quot;we,&quot; &quot;us,&quot; or &quot;our&quot;) is a diversified, closed-end management investment company that commenced investment
operations in June&nbsp;2002. Our investment objective is to provide total return through a combination of capital appreciation and current
income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may offer, on an immediate, continuous or delayed basis, up to $100,000,000
aggregate initial offering price of our common shares (no par value per share), preferred shares (no par value per share) or debt securities,
which we refer to in this prospectus collectively as our securities, in one or more offerings. We may offer our common shares, preferred
shares and debt securities separately or together, in amounts, at prices and on terms set forth in a prospectus supplement to this prospectus.
You should read this prospectus and the related prospectus supplement carefully before you decide to invest in any of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may offer our securities directly to one or more purchasers, through
agents that we or they designate from time to time, or to or through underwriters or dealers. The prospectus supplement relating to the
particular offering will identify any agents or underwriters involved in the sale of our securities, and will set forth any applicable
purchase price, fee, commission or discount arrangement between us and such agents or underwriters or among the underwriters and the basis
upon which such amount may be calculated. For more information about the manner in which we may offer our securities, see &quot;Plan of
Distribution.&quot; Our securities may not be sold through agents, underwriters or dealers without delivery or deemed delivery of a prospectus
supplement and a prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our common shares are listed on the Nasdaq Global Select Market under
the symbol &quot;CHI.&quot; As of January&nbsp;31, 2022, the last reported sale price for our common shares was $13.68 per share. As of
January&nbsp;31, 2022, the last reported net asset value for our common shares was $13.62 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investing in our securities involves certain risks, including the
risks associated with the Fund's use of leverage. You could lose some or all of your investment. See &quot;Risk Factors&quot; beginning
on page&nbsp;41 of this prospectus. Shares of closed-end investment companies frequently trade at a discount to their net asset value
and this may increase the risk of loss to purchasers of our securities. You should consider carefully these risks together with all of
the other information contained in this prospectus and any prospectus supplement before making a decision to purchase our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus dated February&nbsp;24, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus, together with any accompanying prospectus supplement,
sets forth concisely the information that you should know before investing. You should read the prospectus and prospectus supplement,
which contain important information, before deciding whether to invest in our securities. You should retain the prospectus and prospectus
supplement for future reference. A statement of additional information, dated the same date as this prospectus, as supplemented from time
to time, containing additional information, has been filed with the Securities and Exchange Commission (&quot;SEC&quot; or the &quot;Commission&quot;)
and is incorporated by reference in its entirety into this prospectus. You may request a free copy of the statement of additional information,
request a free copy of our annual and semi-annual reports, request other information or make shareholder inquiries, by calling toll-free
800.582.6959, by sending an e-mail request to prospectus@calamos.com, or by writing to the Fund at 2020 Calamos Court, Naperville,&nbsp;Illinois
60563. The Fund's annual and semi-annual reports also are available on our website, free of charge, at www.calamos.com, which also provides
a link to the Commission's website, as described below, where the Fund's statement of additional information can be obtained. Information
included on our website does not form part of this prospectus. You can review documents we have filed on the Commission's website (http://www.sec.gov)
for free.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our securities do not represent a deposit or obligation of, and are
not guaranteed or endorsed by, any bank or other insured depository institution and are not federally insured by the Federal Deposit Insurance
Corporation, the Federal Reserve Board or any other government agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 4.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 92%; padding-right: 0.7pt"><A HREF="#PS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Summary</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-right: 0.7pt; text-align: right"><A HREF="#PS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary
    of Fund Expenses</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Highlights</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
    and Net Asset Value Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    Objective and Principal Investment Strategies</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leverage</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Rate Transactions</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
    of the Fund</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closed-End
    Fund Structure</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Federal Income Tax Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Asset Value</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
    and Distributions on Common Shares; Automatic Dividend Reinvestment Plan</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Securities</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rating
    Agency Guidelines</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan
    of Distribution</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_020">84</A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian,
    Transfer Agent, Dividend Disbursing Agent and Registrar</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation
    </FONT>by Reference</A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>You should rely only on the information contained or incorporated
by reference in this prospectus and any related prospectus supplement in making your investment decisions. We have not authorized any
other person to provide you with different or inconsistent information. If anyone provides you with different or inconsistent information,
you should not rely on it. This prospectus and any prospectus supplement do not constitute an offer to sell or solicitation of an offer
to buy any securities in any jurisdiction where the offer or sale is not permitted. The information appearing in this prospectus and in
any prospectus supplement is accurate only as of the dates on their covers. Our business, financial condition and prospects may have changed
since such dates. We will advise you of any material changes to the extent required by applicable law.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus, any accompanying prospectus supplement and the statement
of additional information contain &quot;forward-looking statements.&quot; Forward-looking statements can be identified by the words &quot;may,&quot;
 &quot;will,&quot; &quot;intend,&quot; &quot;expect,&quot; &quot;estimate,&quot; &quot;continue,&quot; &quot;plan,&quot; &quot;anticipate,&quot;
and similar terms and the negative of such terms. Such forward-looking statements may be contained in this prospectus as well as in any
accompanying prospectus supplement. By their nature, all forward-looking statements involve risks and uncertainties, and actual results
could differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect our actual
results are the performance of the portfolio of securities we hold, the price at which our shares will trade in the public markets and
other factors discussed in our periodic filings with the Commission. Currently known risk factors that could cause actual results to differ
materially from our expectations include, but are not limited to, the factors described in the &quot;Risk Factors&quot; section of this
prospectus. We urge you to review carefully that section for a more detailed discussion of the risks of an investment in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we believe that the expectations expressed in our forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our
future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject
to inherent risks and uncertainties, such as those disclosed in the &quot;Risk Factors&quot; section of this prospectus. All forward-looking
statements contained or incorporated by reference in this prospectus or any accompanying prospectus supplement are made as of the date
of this prospectus or such accompanying prospectus supplement, as the case may be. Except for our ongoing obligations under the federal
securities laws, we do not intend, and we undertake no obligation, to update any forward-looking statement. The forward-looking statements
contained in this prospectus, any accompanying prospectus supplement and the statement of additional information are excluded from the
safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the &quot;1933 Act&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="PS"></A><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The following summary contains basic information about us and our
securities. It is not complete and may not contain all of the information you may want to consider before investing in the Fund. You should
review the more detailed information contained in this prospectus and in any related prospectus supplement and in the statement of additional
information, especially the information set forth under the heading &quot;Risk Factors&quot; beginning on page 41 of this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is a diversified, closed-end management investment company.
We commenced operations in June 2002 following our initial public offering. As of January 31, 2022, we had $1.5 billion of total managed
assets, including $133 million of outstanding mandatory redeemable preferred shares (&quot;MRP Shares&quot; or &quot;MRPS&quot;). As of
January 31, 2022, the Fund had utilized $399 million of the $430 million available under the Amended and Restated Liquidity Agreement
(the &quot;SSB Agreement&quot;) with State Street Bank and Trust Company (&quot;SSB&quot; or &quot;State Street&quot;) ($174 million of
borrowings outstanding, and $225 million in structural leverage consisting of collateral received from SSB in connection with securities
on loan), representing 26.3% of the Fund's managed assets as of that date, and had $133 million of MRP Shares outstanding, representing
8.8% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented 35.1% of
the Fund's managed assets. Structural leverage refers to borrowings under the liquidity agreement in respect of which the Fund's interest
payments are reduced or eliminated by the Fund's securities lending activities. See &quot;Leverage.&quot; Our fiscal year ends on October
31. Our investment objective is to provide total return through a combination of capital appreciation and current income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Adviser</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Advisors LLC (the &quot;Adviser&quot; or &quot;Calamos&quot;)
serves as our investment adviser. Calamos is responsible on a day-to-day basis for investment of the Fund's portfolio in accordance with
its investment objective and policies. Calamos makes all investment decisions for the Fund and places purchase and sale orders for the
Fund's portfolio securities. As of January&nbsp;31, 2022, Calamos managed approximately $43.1 billion in assets of individuals and institutions.
Calamos is a wholly-owned subsidiary of Calamos Investments LLC (&quot;CILLC&quot;). Calamos Asset Management,&nbsp;Inc. is the sole manager
of CILLC. As of January&nbsp;31, 2022, approximately 22% of the outstanding interests of CILLC was owned by CAM and the remaining approximately
78% of CILLC was owned by Calamos Partners LLC (&ldquo;CPL&rdquo;) and John P. Calamos,&nbsp;Sr. CAM was owned by John P. Calamos,&nbsp;Sr.
and John S. Koudounis, and CPL was owned by John S. Koudounis and Calamos Family Partners,&nbsp;Inc. (&ldquo;CFP&rdquo;). CFP was beneficially
owned by members of the Calamos family, including John P. Calamos,&nbsp;Sr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund pays Calamos an annual management fee, payable monthly in
arrears, for its investment management services equal to 0.80% of the Fund's average weekly managed assets. &quot;Managed assets&quot;
means the total assets of the Fund (including any assets attributable to any leverage that may be outstanding) minus the sum of accrued
liabilities (other than debt representing financial leverage). &quot;Net assets&quot; does not include any assets attributable to any
leverage that may be outstanding, or other debt representing financial leverage. See &quot;Management of the Fund.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal business address of the Adviser is 2020 Calamos Court,
Naperville,&nbsp;Illinois 60563.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may offer, from time to time, in one or more offerings or series,
together or separately, up to $100,000,000 of our common shares, preferred shares or debt securities, which we refer to, collectively,
as the &quot;securities.&quot; We may sell our securities through underwriters or dealers, &quot;at the market&quot; to or through a market
maker into an existing trading market or otherwise directly to one or more purchasers or through agents or through a combination of methods
of sale. The identities of such underwriters, dealers, market makers or agents, as the case may be, will be described in one or more supplements
to this prospectus. The securities may be offered at prices and on terms to be described in one or more supplements to this prospectus.
In the event we offer common shares, the offering price per share of our common shares exclusive of any underwriting commissions or discounts
will not be less than the net asset value per share of our common shares at the time we make the offering except as permitted by applicable
law. To the extent that the Fund issues common shares and current shareholders do not participate, those current shareholders may experience
a dilution of their voting rights as new shares are issued to the public. Depending on the facts, any issuance of new common shares may
also have the effect of reducing any premium to per share net asset value at which the shares might trade and the market price at which
the shares might trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Currently, the Fund does not intend to offer any additional preferred
shares or debt securities (collectively, &quot;senior securities&quot;), but reserves the right to do so in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may offer our securities directly to one or more purchasers, through
agents that we or they designate from time to time, or to or through underwriters or dealers. The prospectus supplement relating to the
relevant offering will identify any agents or underwriters involved in the sale of our securities, and will set forth any applicable purchase
price, fee, commission or discount arrangement between us and such agents or underwriters or among underwriters and the basis upon which
such amount may be calculated. See &quot;Plan of Distribution.&quot; Our securities may not be sold through agents, underwriters or dealers
without delivery or deemed delivery of a prospectus and prospectus supplement describing the method and terms of the applicable offering
of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Use of Proceeds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified in a prospectus supplement, we currently
intend to use the net proceeds from the sale of our securities primarily to invest in accordance with our investment objective and policies
within approximately three months of receipt of such proceeds. We may also use proceeds from the sale of our securities to retire all
or a portion of any short-term debt we incur in pursuit of our investment objective and policies and for working capital purposes, including
the payment of interest and operating expenses, although there is currently no intent to issue securities primarily for these purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends and Distributions on Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund intends to distribute to common shareholders all or a portion
of its net investment income monthly and net realized capital gains, if any, at least annually. On November&nbsp;4, 2008, the Commission
granted Calamos, on behalf of itself and certain closed-end funds that it manages, including the Fund, or may manage in the future, an
order granting an exemption from Section&nbsp;19(b)&nbsp;of, and Rule&nbsp;19b-1 under, the Investment Company Act of 1940, as amended
(the &quot;1940 Act&quot;), to conditionally permit the Fund to make periodic distributions of long-term capital gains with respect to
the Fund's outstanding common shares as frequently as twelve times each year, so long as it complies with the conditions of the order
and maintains in effect a distribution policy with respect to its common shares calling for periodic distributions of an amount equal
to a fixed amount per share, a fixed percentage of market price per share or a fixed percentage of the Fund's net asset value per share
(a &quot;Managed Distribution Policy&quot;). See &quot;Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan
 &mdash; Dividends and Distributions on Common Shares&quot; for a discussion of the requirements under the order permitting the Managed
Distribution Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of January&nbsp;1, 2018, the Fund adopted such Managed Distribution
Policy. Pursuant to such policy, the Fund currently intends to make monthly distributions to common shareholders stated in terms of a
fixed cent per common share distribution rate that would be composed of, in addition to net investment income, supplemental amounts generally
representing realized capital gains or, possibly, returns of capital representing either unrealized capital gains or a return of original
investment. Such distributions, including such supplemental amounts, are sometimes referred to as &quot;managed distributions.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will seek to establish a distribution rate that roughly corresponds
to the Adviser's projections of the total return that could reasonably be expected to be generated by the Fund over an extended period
of time, although the distribution rate will not be solely dependent on the amount of income earned or capital gains realized by the Fund.
Calamos, in making such projections, may consider long-term historical returns and a variety of other factors. If, for any monthly distribution,
net investment income and net realized capital gains were less than the amount of the distribution, the difference would be distributed
from the Fund's assets. In addition, in order to make such distributions, the Fund might have to sell a portion of its investment portfolio
at a time when independent investment judgment might not dictate such action. The Fund's final distribution for each calendar year will
include any remaining net investment income undistributed during the year and may include any remaining net realized capital gains undistributed
during the year. The Fund's actual financial performance will likely vary significantly from quarter to quarter and from year to year,
and there may be extended periods of up to several years when the distribution rate will exceed the Fund's actual total returns. The Fund's
projected or actual distribution rate is not a prediction of what the Fund's actual total returns will be over any specific future period.
See &quot;Certain Federal Income Tax Matters &mdash; Federal Income Taxation of Common and Preferred Shareholders&quot; and &quot;Dividends
and Distributions on Common Shares; Automatic Dividend Reinvestment Plan &mdash; Dividends and Distributions on Common Shares&quot; below
for a discussion of the short- and long-term implications associated with Fund distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As portfolio and market conditions change, the rate of distributions
on the common shares and the Fund's distribution policy could change. To the extent that the total return of the Fund exceeds the distribution
rate for an extended period, the Fund may be in a position to increase the distribution rate or distribute supplemental amounts to shareholders.
Conversely, if the total return of the Fund is less than the distribution rate for an extended period of time, the Fund will effectively
be drawing upon its net assets to meet payments prescribed by its distribution policy. The rate may be modified by the Fund's Board of
Trustees from time to time without prior notice to the Fund's shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net realized short-term capital gains distributed to shareholders will
be taxed as ordinary income for federal income tax purposes and net realized long-term capital gain (if any) will be taxed for federal
income tax purposes at long-term capital gain rates. To the extent the Fund distributes an amount in excess of the Fund's current and
accumulated earnings and profits, such excess, if any, will be treated by a shareholder for federal income tax purposes as a tax-free
return of capital to the extent of the shareholder's adjusted tax basis in their shares and thereafter as a gain from the sale or exchange
of such shares. Any such distributions made by the Fund will reduce the shareholder's adjusted tax basis in their shares to the extent
that the distribution constitutes a return of capital on a tax basis during any calendar year and, thus, could potentially subject the
shareholder to capital gains taxation in connection with a later sale of Fund shares, even if those shares are sold at a price that is
lower than the shareholder's original investment price. To the extent that the Fund's distributions exceed the Fund's current and accumulated
earnings and profits, the distribution payout rate will exceed the yield generated from the Fund's investments. There is no guarantee
that the Fund will realize capital gain in any given year. Distributions are subject to re-characterization for federal income tax purposes
after the end of the fiscal year. See &quot;Certain Federal Income Tax Matters.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Fund's Automatic Dividend Reinvestment Plan, unless
a shareholder is ineligible or elects otherwise, all dividends and capital gain distributions on common shares are automatically reinvested
in additional common shares of the Fund. However, an investor can choose to receive dividends and distributions in cash. Since investors
can participate in the automatic dividend reinvestment plan only if their broker or nominee participates in our plan, you should contact
your broker or nominee to confirm that you are eligible to participate in the plan. See &quot;Dividends and Distributions on Common Shares;
Automatic Dividend Reinvestment Plan &mdash; Automatic Dividend Reinvestment Plan.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Primary
Investments.</I></FONT> Under normal circumstances, the Fund invests at least 80% of its managed assets in a diversified portfolio of
convertible securities and non-convertible income securities.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
The portion of the Fund's assets invested in convertible securities and non-convertible income securities will vary from time to time
consistent with the Fund's investment objective, changes in equity prices and changes in interest rates and other economic and market
factors, although, under normal circumstances, the Fund will invest at least 35% of its managed assets in convertible securities. The
Fund invests in securities with a broad range of maturities. See &quot;Investment Objective and Principal Investment Strategies &mdash;
Principal Investment Strategies.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Convertible
Securities.</I></FONT> The Fund is not limited in the percentage of its assets invested in convertible securities, and investment in convertible
securities forms an important part of the Fund's principal investment strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> This is a non-fundamental policy and may be changed by
the Board of Trustees of the Fund provided that shareholders are provided with at least 60 days' prior written notice of any change as
required by the rules under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under normal circumstances, the Fund will invest at least 35% of its
managed assets in convertible securities. A convertible security is a debt security, debenture, note or preferred stock that is exchangeable
for an equity security (typically common stock of the same issuer) at a predetermined price (the &quot;conversion price&quot;). Depending
upon the relationship of the conversion price to the market value of the underlying security, a convertible security may trade more like
an equity security than a debt instrument. The Fund may invest in convertible securities of any rating. See &quot;Investment Objective
and Principal Investment Strategies &mdash; Principal Investment Strategies &mdash; Convertible Securities.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Synthetic
Convertible Instruments.</I></FONT> The Fund may invest in &quot;synthetic&quot; convertible instruments. A synthetic convertible instrument
is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of another
instrument (i.e., a convertible security) through the combined economic features of a collection of other securities or assets. Calamos
may create a synthetic convertible instrument by combining separate securities that possess the two principal characteristics of a true
convertible security, i.e., a fixed-income security (&quot;fixed-income component&quot;, which may be a convertible or non-convertible
security) and the right to acquire an equity security (&quot;convertible component&quot;). The fixed-income component is achieved by investing
in fixed-income securities such as bonds, preferred stocks and money market instruments. The convertible component is achieved by investing
in warrants or options to buy common stock at a certain exercise price, or options on a stock index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may also invest in synthetic convertible instruments created
by third parties, typically investment banks. Synthetic convertible instruments created by such parties may be designed to simulate the
characteristics of traditional convertible securities or may be designed to alter or emphasize a particular feature. Traditional convertible
securities typically offer the opportunity for stable cash flows with the ability to participate in capital appreciation of the underlying
common stock. Traditional convertible securities are exercisable at the option of the holder. Synthetic convertible instruments may alter
these characteristics by offering enhanced yields in exchange for reduced capital appreciation, additional risk of loss, or any combination
of these features. Synthetic convertible instruments may include structured notes, equity-linked notes, mandatory convertibles and combinations
of securities and instruments, such as a debt instrument combined with a forward contract. The Fund's holdings of synthetic convertible
instruments are considered convertible securities for purposes of the Fund's policy to invest at least 35% of its managed assets in convertible
securities and 80% of its managed assets in a diversified portfolio of convertible securities and non-convertible income securities. See
 &quot;Investment Objective and Principal Investment Strategies &mdash; Principal Investment Strategies &mdash; Synthetic Convertible Instruments.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-Convertible
Income Securities.</I></FONT> The Fund will also invest in non-convertible income securities. The Fund's investments in non-convertible
income securities may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including
fixed rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features. See &quot;Investment Objective
and Principal Investment Strategies &mdash; Principal Investment Strategies &mdash; Non-Convertible Income Securities.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>High
Yield Securities.</I></FONT> A substantial portion of the Fund's assets may be invested in below investment grade (high yield, high risk)
securities for either current income or capital appreciation or both. These securities are rated Ba or lower by Moody's Investors Service,&nbsp;Inc.
(&quot;Moody's&quot;) or BB or lower by Standard&nbsp;&amp; Poor's Financial Services, LLC, a subsidiary of The McGraw-Hill Companies,&nbsp;Inc.
(&quot;Standard&nbsp;&amp; Poor's&quot;) or are unrated securities of comparable quality as determined by Calamos, the Fund's investment
adviser. The Fund may invest in high yield securities of any rating. The Fund may, but currently does not intend to, invest up to 5% of
its managed assets in distressed securities that are in default or the issuers of which are in bankruptcy. Non-convertible debt securities
rated below investment grade are commonly referred to as &quot;junk bonds&quot; and are considered speculative with respect to the issuer's
capacity to pay interest and repay principal. Below investment grade securities involve greater risk of loss, are subject to greater price
volatility and are less liquid, especially during periods of economic uncertainty or change, than higher rated securities. See &quot;Investment
Objective and Principal Investment Strategies &mdash; Principal Investment Strategies &mdash; High Yield Securities.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Foreign
Securities.</I></FONT> Although the Fund primarily invests in securities of U.S. issuers, the Fund may invest up to 25% of its net assets
in securities of foreign issuers in developed and emerging markets, including debt and equity securities of corporate issuers and debt
securities of government issuers. A foreign issuer is a foreign government or a company organized under the laws of a foreign country.
See &quot;Investment Objective and Principal Investment Strategies &mdash; Principal Investment Strategies &mdash; Foreign Securities.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Options
Writing.</I></FONT> The Fund may seek to generate income from option premiums by writing (selling) options. The Fund may write (sell)
call options (i)&nbsp;on a portion of the equity securities (including equity securities obtainable by the Fund through the exercise of
its rights with respect to convertible securities it owns) in the Fund's portfolio and (ii)&nbsp;on broad-based securities indices (such
as the Standard and Poor's 500<FONT STYLE="font-size: 10pt"><SUP>&reg;</SUP></FONT> Index (&quot;S&amp;P 500&quot;) or the MSCI EAFE<FONT STYLE="font-size: 10pt"><SUP>&reg;</SUP></FONT>
Index (&quot;MSCI EAFE&quot;), which is an index of international equity stocks) or certain ETFs (exchange-traded funds) that trade like
common stocks but seek to replicate such market indices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, to seek to offset some of the risk of a potential decline
in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indices (such
as the S&amp;P 500 or the MSCI EAFE), or certain ETFs that trade like common stocks but seek to replicate such market indices. See &quot;Investment
Objective and Principal Investment Strategies &mdash; Options Writing.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rule&nbsp;144A
Securities.</I></FONT> The Fund may invest without limit in certain securities (&quot;Rule&nbsp;144A Securities&quot;), such as convertible
and debt securities, that are typically purchased in transactions exempt from the registration requirements of the 1933 Act pursuant to
Rule&nbsp;144A under that Act. Rule&nbsp;144A Securities may only be sold to qualified institutional buyers, such as the Fund. Any resale
of these securities must generally be effected through a sale that is registered under the 1933 Act or otherwise exempted or excepted
from such registration requirements. Under the supervision and oversight of the Fund's Board of Trustees, Calamos will determine whether
Rule&nbsp;144A Securities are liquid. Typically, the Fund purchases Rule&nbsp;144A Securities only if Calamos has determined them to be
liquid. If any Rule&nbsp;144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of
the security may be more difficult. See &quot;Investment Objective and Principal Investment Strategies &mdash; Principal Investment Strategies
 &mdash; Rule&nbsp;144A Securities.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Loans.</I></FONT>
The Fund may invest in loan participations and other direct claims against a borrower. The corporate loans in which the Fund may invest
primarily consist of direct obligations of a borrower and may include debtor in possession financings pursuant to Chapter 11 of the U.S.
Bankruptcy Code, obligations of a borrower issued in connection with a restructuring pursuant to Chapter 11 of the U.S. Bankruptcy Code,
leveraged buy-out loans, leveraged recapitalization loans, receivables purchase facilities, and privately placed notes. The Fund may invest
in a corporate loan at origination as a co-lender or by acquiring in the secondary market participations in, assignments of or novations
of a corporate loan. By purchasing a participation, the Fund acquires some or all of the interest of a bank or other lending institution
in a loan to a corporate or government borrower. The participations typically will result in the Fund having a contractual relationship
only with the lender not the borrower. The Fund will have the right to receive payments of principal, interest and any fees to which it
is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. Many
such loans are secured, although some may be unsecured. Such loans may be in default at the time of purchase. Loans that are fully secured
offer the Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is
no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral
can be liquidated. Direct debt instruments may involve a risk of loss in case of default or insolvency of the borrower and may offer less
legal protection to the Fund in the event of fraud or misrepresentation. In addition, loan participations involve a risk of insolvency
of the lending bank or other financial intermediary. The markets in such loans are not regulated by federal securities laws or the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
Securities.</I></FONT> The Fund may invest in other securities of various types to the extent consistent with its investment objective.
Normally, the Fund invests substantially all of its assets to meet its investment objective. For temporary defensive purposes, the Fund
may depart from its principal investment strategies and invest part or all of its assets in securities with remaining maturities of less
than one year or cash equivalents; or it may hold cash. During such periods, the Fund may not be able to achieve its investment objective.
There are no restrictions as to the ratings of debt securities acquired by the Fund or the portion of the Fund's assets that may be invested
in debt securities in a particular ratings category. For more information on the types of derivatives that the Fund invests in, see &quot;Investment
Objective and Principal Investment Strategies &mdash; Principal Investment Strategies&quot; in this prospectus and &quot;Investment Objective
and Policies&quot; in the statement of additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Use of Leverage by the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund currently uses, and may in the future use, financial leverage.
The Fund has obtained financial leverage (i)&nbsp;under the SSB Agreement that allows the Fund to borrow up to $430 million and (ii)&nbsp;through
the issuance of five series of MRP Shares with an aggregate liquidation preference of $166.25 million, as described in greater detail
below. The SSB Agreement provides for securities lending and securities repurchase transactions that may offset some of the interest rate
payments that would otherwise be due in respect of the borrowings under the SSB Agreement. The Fund's outstanding MRP Shares include 1,330,000
Series&nbsp;A MRP Shares, with an aggregate liquidation preference of $33,250,000 and a mandatory redemption date of September&nbsp;6,
2022; 1,330,000 Series&nbsp;B MRP Shares, with an aggregate liquidation preference of $33,250,000 and a mandatory redemption date of September&nbsp;6,
2024; 1,340,000 Series&nbsp;C MRP Shares, with an aggregate liquidation preference of $33,500,000 and a mandatory redemption date of September&nbsp;6,
2027; 1,320,000 Series&nbsp;D MRP Shares, with an aggregate liquidation preference of $33,000,000 and a mandatory redemption date of August&nbsp;24,
2026; and 1,330,000 Series&nbsp;E MRP Shares, with an aggregate liquidation preference of $33,250,000 and a mandatory redemption date
of May&nbsp;24, 2027.<SUP>2</SUP> The Series&nbsp;A, Series&nbsp;B, Series&nbsp;C, Series&nbsp;D and Series&nbsp;E MRP Shares are to
pay monthly cash dividends initially at rates of 3.70%, 4.00%, 4.24%, 2.45% and 2.68%, respectively, subject to adjustment under certain
circumstances. Additional details regarding the SSB Agreement and the MRP Shares are included under &quot;Leverage.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of January&nbsp;31, 2022, the Fund had utilized $399 million of
the $430 million available under the SSB Agreement ($174 million in borrowings outstanding, and $225 million in structural leverage consisting
of collateral received from SSB in connection with securities on loan), representing 26.3% of the Fund's managed assets as of that date,
and had $133 million of MRP Shares outstanding, representing 8.8% of the Fund's managed assets. Combined, the borrowings under the SSB
Agreement and the outstanding MRP Shares represented 35.1% of the Fund's managed assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may make further use of financial leverage through the issuance
of additional preferred shares or may borrow money or issue additional debt securities to the extent permitted under the 1940 Act or under
the SSB Agreement. As a non-fundamental policy, the Fund may not issue preferred shares or borrow money and/or issue debt securities with
an aggregate liquidation preference and aggregate principal amount exceeding 38% of the Fund's managed assets measured at the time of
borrowing or issuance of the new securities. However, the Board of Trustees reserves the right to issue preferred shares or debt securities
or borrow to the extent permitted by the 1940 Act. See &quot;Leverage.&quot; The holders of preferred shares or debt, if any, on the one
hand, and the holders of the common shares, on the other, may have interests that conflict with each other in certain situations. See
 &quot;Description of Securities &mdash; Preferred Shares&quot; and &quot;Certain Provisions of the Agreement and Declaration of Trust
and By-Laws,&nbsp;Including Antitakeover Provisions.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because Calamos' investment management fee is a percentage of the Fund's
managed assets, Calamos' fee will be higher if the Fund is leveraged and Calamos will have an incentive to be more aggressive and leverage
the Fund. Consequently, the Fund and Calamos may have differing interests in determining whether to leverage the Fund's assets. Any additional
use of leverage by the Fund effected through new, additional or increased credit facilities or the issuance of preferred shares would
require approval by the Board of Trustees of the Fund. In considering whether to approve the use of additional leverage through those
means, the Board would be presented with all relevant information necessary to make a determination whether or not additional leverage
would be in the best interests of the Fund, including information regarding any potential conflicts of interest. For further information
about the Fund's financial leverage, see &quot;Use of Leverage by the Fund.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For further information about the effects of the Fund's financial leverage
and an illustration of the hypothetical effect on the return to a holder of the Fund's common shares of the leverage obtained by borrowing
under the Fund's financing package, see &quot;Effects of Leverage.&quot; For further information about leveraging, see &quot;Risk Factors
 &mdash; Fund Risks &mdash; Leverage Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> The delayed funding date for Series E is May 24, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Interest Rate Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to seek to reduce the interest rate risk inherent in the Fund's
underlying investments and capital structure, the Fund, if Calamos deems market conditions favorable, may enter into over-the-counter
interest rate swap, cap or floor transactions to attempt to protect itself from increasing dividend or interest expenses on its leverage.
The use of interest rate swaps and caps is a highly specialized activity that involves investment techniques and risks different from
those associated with ordinary portfolio security transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In an interest rate swap, the Fund would agree to pay to the other
party to the interest rate swap (which is known as the &quot;counterparty&quot;) a fixed rate payment in exchange for the counterparty
agreeing to pay to the Fund a payment at a variable rate that is expected to approximate the rate on any variable rate payment obligation
on the Fund's leverage. The payment obligations would be based on the notional amount of the swap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In an interest rate cap, the Fund would pay a premium to the counterparty
to the interest rate cap and, to the extent that a specified variable rate index exceeds a predetermined fixed rate, would receive from
the counterparty payments of the difference based on the notional amount of such cap. There can be no assurance that the Fund will use
interest rate transactions or that, if used, their use will be beneficial to the Fund. Depending on the state of interest rates in general,
the Fund's use of interest rate swap or cap transactions could enhance or harm the overall performance of the common shares. See &quot;Interest
Rate Transactions.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conflicts of interest may arise from the fact that Calamos and its
affiliates carry on substantial investment activities for other clients, in which the Fund does not have an interest. Calamos or its affiliates
may have financial incentives to favor certain of these accounts over the Fund. Any of their proprietary accounts or other customer accounts
may compete with the Fund for specific trades. Calamos or its affiliates may give advice and recommend securities to, or buy or sell securities
for, other accounts and customers, which advice or securities recommended may differ from advice given to, or securities recommended or
bought or sold for, the Fund, even though their investment objectives may be the same as, or similar to, the Fund's investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Situations may occur when the Fund could be disadvantaged because of
the investment activities conducted by Calamos and its affiliates for their other accounts. Such situations may be based on, among other
things, the following: (1)&nbsp;legal or internal restrictions on the combined size of positions that may be taken for the Fund or the
other accounts, thereby limiting the size of the Fund's position; (2)&nbsp;the difficulty of liquidating an investment for the Fund or
the other accounts where the market cannot absorb the sale of the combined position; or (3)&nbsp;limits on co-investing in negotiated
transactions under the 1940 Act. See &quot;Investment Objective and Principal Investment Strategies &mdash; Conflicts of Interest.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fund Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal risks are presented in alphabetical order to facilitate
finding particular risks and comparing them with other funds. Each risk summarized below, including Management Risk, Portfolio Selection
Risk, Equity Securities Risk, Emerging Market Risk and Foreign Securities Risk, among others, is considered a &quot;principal risk&quot;
of investing in the Fund, regardless of the order in which it appears.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>American
Depositary Receipts Risk.</I></FONT> The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs. U.S. depositary
banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds
to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore while purchasing
a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Antitakeover
Provisions.</I></FONT> The Fund's Agreement and Declaration of Trust and By-Laws include provisions that could limit the ability of other
entities or persons to acquire control of the Fund or to change the composition of its Board of Trustees. Such provisions could limit
the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking
to obtain control of the Fund. These provisions include staggered terms of office for the Trustees, advance notice requirements for shareholder
proposals, and super-majority voting requirements for certain transactions with affiliates, converting the Fund to an open-end investment
company or a merger, asset sale or similar transaction. Holders of preferred shares have voting rights in addition to and separate from
the voting rights of common shareholders with respect to certain of these matters. Holders of any preferred shares, voting separately
as a single class, have the right to elect at least two Trustees at all times. See &quot;Description of Securities &mdash; Preferred Shares&quot;
and &quot;Certain Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions.&quot; The
holders of preferred shares or debt, if any, on the one hand, and the holders of the common shares, on the other, may have interests that
conflict with each other in certain situations, including conflicts that relate to the fees and expenses of the Fund. For more information
on potential conflicts of interest between holders of common shares and holders of preferred shares, see &quot;Fund Risks &mdash; Leverage
Risk.&quot; See also &quot;Risk Factors &mdash; Fund Risks &mdash; Antitakeover Provisions.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cash
Holdings Risk.</I></FONT> To the extent the Fund holds cash positions, the Fund risks achieving lower returns and potential lost opportunities
to participate in market appreciation which could negatively impact the Fund's performance and ability to achieve its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Contingent
Liabilities Risk.</I></FONT> Entering into derivative contracts in order to pursue the Fund's various hedging strategies could require
the Fund to fund cash payments in the future under certain circumstances, including an event of default or other early termination event,
or the decision by a counterparty to request margin in the form of securities or other forms of collateral under the terms of the derivative
contract or applicable laws. The amounts due with respect to a derivative contract would generally be equal to the unrealized loss of
the open positions with the respective counterparty and could also include other fees and charges. These payments are contingent liabilities
and therefore may not appear on the Fund's balance sheet. The Fund's ability to fund these contingent liabilities will depend on the liquidity
of the Fund's assets and access to capital at the time, and the need to fund these contingent liabilities could adversely impact our financial
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Convertible
Securities Risk.</I></FONT> The value of a convertible security is influenced by both the yield of non- convertible securities of comparable
issuers and by the value of the underlying common stock. The value of a convertible security viewed without regard to its conversion feature
(i.e., strictly on the basis of its yield) is sometimes referred to as its &quot;investment value.&quot; A convertible security's investment
value tends to decline as prevailing interest rate levels increase. Conversely, a convertible security's investment value tends to increase
as prevailing interest rate levels decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, a convertible security's market value tends to reflect the
market price of the common stock of the issuing company when that stock price is greater than the convertible security's &quot;conversion
price.&quot; The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated
stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more
by the yield of the convertible security and changes in interest rates. Thus, the convertible security may not decline in price to the
same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would
be paid before the company's common stockholders. See &quot;Risk Factors &mdash; Fund Risks &mdash; Convertible Securities Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Counterparty
and Settlement Risk.</I></FONT> Trading options, futures contracts, swaps and other derivative financial instruments entails credit risk
with respect to the counterparties with whom and through which the Fund trades. Such instruments when traded over the counter do not include
the same protections as may apply to trading derivatives on organized exchanges. Substantial losses may arise from the insolvency, bankruptcy
or default of a counterparty and risk of settlement default of parties with whom the Fund trades securities. This risk may be heightened
during volatile market conditions. Settlement mechanisms in emerging markets are generally less developed and reliable than those in more
developed countries, thus increasing the risks. In the past, broker-dealers and other financial institutions have experienced extreme
financial difficulty, sometimes resulting in bankruptcy of the institution. Although Calamos monitors the creditworthiness of the Fund's
counterparties, there can be no assurance that the Fund's counterparties will not experience similar difficulties, possibly resulting
in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative contract due
to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy
or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. Material
exposure to a single or small group of counterparties increases the Fund's counterparty risk. See &quot;Risk Factors &mdash; Fund Risks
 &mdash; Counterparty and Settlement Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&quot;Covenant-Lite&quot;
Loans Risk.</I></FONT> Some of the loans in which the Fund may invest may be &quot;covenant-lite&quot; loans, which means the loans contain
fewer or no maintenance covenants than other loans and do not include terms which allow the lender to monitor the performance of the borrower
and declare a default if certain criteria are breached. The Fund may experience delays in enforcing its rights on its holdings of covenant-lite
loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Credit
Risk.</I></FONT> An issuer of a fixed income security could be downgraded or default. If the Fund holds securities that have been downgraded,
or that default on payment, the Fund's performance could be negatively affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Currency
Risk.</I></FONT> To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies,
changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or
add to investment losses. Although the Fund may attempt to hedge against currency risk, the hedging instruments may not always perform
as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries.
The Fund's investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cybersecurity
Risk.</I></FONT> Investment companies, such as the Fund, and their service providers are exposed to operational and information security
risks resulting from cyberattacks, which may result in financial losses to a fund and its shareholders. Cyber-attacks include, among other
behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, &quot;ransomware&quot; that
renders systems inoperable until ransom is paid, the unauthorized release of confidential information, or various other forms of cybersecurity
breaches. Cyber-attacks affecting the Fund or the Adviser, custodian, transfer agent, distributor, administrator, intermediaries, trading
counterparties, and other third-party service providers may adversely impact the Fund or the companies in which the Fund invests, causing
the Fund's investments to lose value or to prevent a shareholder redemption or purchase from clearing in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Debt
Securities Risk.</I></FONT> The Fund may invest in debt securities, including corporate bonds and high yield securities. In addition to
the risks described elsewhere in this prospectus (such as high yield securities risk and interest rate risk), debt securities are subject
to certain additional risks, including issuer risk and reinvestment risk. Issuer risk is the risk that the value of debt securities may
decline for a number of reasons which directly relate to the issuer, such as management performance, leverage and reduced demand for the
issuer's goods and services. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the
proceeds from matured, traded or called bonds at market interest rates that are below the Fund portfolio's current earnings rate. A decline
in income could affect the market price of the Fund's common shares or the overall return of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Default
Risk.</I></FONT> Default risk refers to the risk that a company that issues a convertible or debt security will be unable to fulfill its
obligations to repay principal and interest. The lower a debt security is rated, the greater its default risk. As a result, the Fund may
incur cost and delays in enforcing its rights against the defaulting issuer. See &quot;Risk Factors &mdash; Fund Risks &mdash; Default
Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Derivatives
Risk.</I></FONT> Generally, derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying
asset, reference rate or index, and may relate to individual debt or equity instruments, interest rates, currencies or currency exchange
rates, commodities, related indexes and other assets. The Fund may utilize a variety of derivative instruments including, but not limited
to, interest rate swaps, caps and floors, convertible securities, synthetic convertible instruments, options on individual securities,
index options, long calls, covered calls, long puts, cash-secured short puts and protective puts for hedging, risk management and investment
purposes. The Fund's use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject
absent the use of these instruments and, accordingly, may result in losses greater than if they had not been used. The use of derivative
instruments may have risks including, among others, leverage risk, duration mismatch risk, correlation risk, liquidity risk, interest
rate risk, volatility risk, credit risk, management risk and counterparty risk. Derivatives also involve the risk of mispricing or improper
valuation and the risk that changes in the value of a derivative may not correlate perfectly with an underlying asset, interest rate or
index. Suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage
in these transactions to reduce exposure to other risks when that would be beneficial. Furthermore, the skills needed to employ derivatives
strategies are different from those needed to select portfolio securities and, in connection with such strategies, the Fund makes predictions
with respect to market conditions, liquidity, currency movements, market values, interest rates and other applicable factors, which may
be inaccurate. Thus, the use of derivative investments may require the Fund to sell or purchase portfolio securities at inopportune times
or for prices below or above the current market values, may limit the amount of appreciation the Fund can realize on an investment or
may cause the Fund to hold a security that it might otherwise want to sell. Tax rules&nbsp;governing the Fund's transactions in derivative
instruments may also affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition
of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby
affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules&nbsp;could therefore
affect the amount, timing and/or character of distributions to shareholders. In addition, there may be situations in which the Fund elects
not to use derivative instruments that result in losses greater than if they had been used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amounts paid by the Fund as premiums and cash or other assets held
in margin accounts with respect to the Fund's derivative instruments would not be available to the Fund for other investment purposes,
which may result in lost opportunities for gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Derivative instruments can be illiquid, may disproportionately increase
losses and may have a potentially large impact on Fund performance. See &quot;Risk Factors &mdash; Fund Risks &mdash; Derivatives Risk&quot;
for a more complete discussion of the risks associated with derivatives transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Duration
Risk.</I></FONT> Duration measures the time-weighted expected cash flows of a fixed-income security, which can determine its sensitivity
to changes in the general level of interest rates. The value of securities with longer durations tend to be more sensitive to interest
rate changes than securities with shorter durations. The longer the Fund's dollar-weighted average duration, the more its value can generally
be expected to be sensitive to interest rate changes than a fund with a shorter dollar-weighted average duration. Duration differs from
maturity in that it considers a security's coupon payments in addition to the amount of time until the security matures. Various techniques
may be used to shorten or lengthen the Fund's duration. As the value of a security changes over time, so will its duration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Emerging
Markets Risk.</I></FONT> Emerging market countries may have relatively unstable governments and economies based on only a few industries,
which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies
of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations,
which could adversely affect the value of the Fund's investments and hurt those countries' economies and securities markets. See &quot;Risk
Factors &mdash; Fund Risks &mdash; Emerging Markets Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Equity
Securities Risk.</I></FONT> Equity investments are subject to greater fluctuations in market value than other asset classes as a result
of such factors as the issuer's business performance, investor perceptions, stock market trends and general economic conditions. Equity
securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income
and liquidation payments. The Fund may invest in preferred stocks and convertible securities of any rating, including below investment
grade. Below investment grade securities or comparable unrated securities are considered predominantly speculative with respect to the
issuer's ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business
developments. The market values for below investment grade securities tend to be very volatile, and these securities are generally less
liquid than investment grade debt securities. For these reasons, your investment in the Fund is subject to the following specific risks:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;increased price sensitivity to changing interest
rates and to a deteriorating economic environment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;greater risk of loss due to default or declining
credit quality;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;adverse company specific events are more likely to
render the issuer unable to make interest and/or principal payments; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;if a negative perception of the below investment
grade market develops, the price and liquidity of below investment grade securities may be depressed. This negative perception could last
for a significant period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Foreign
Securities Risk.</I></FONT> Investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers.
These risks are more pronounced to the extent that the Fund invests a significant portion of its non-U.S investments in one region or
in the securities of emerging market issuers. See also &quot;&mdash; Emerging Markets Risk&quot; below. These risks may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;less information may be available about non-U.S.
issuers or markets due to less rigorous disclosure or accounting standards or regulatory practices in foreign jurisdictions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;many non-U.S. markets are smaller, less liquid and
more volatile. In a changing market, Calamos may not be able to sell the Fund's portfolio securities at times, in amounts and at prices
it considers reasonable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;an adverse effect of currency exchange rate changes
or controls on the value of the Fund's investments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the economies of non-U.S. countries may grow at slower
rates than expected or may experience a downturn or recession;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;economic, political and social developments may adversely
affect the securities markets in foreign jurisdictions, including expropriation and nationalization;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the difficulty in obtaining or enforcing a court
judgment in non-U.S. countries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;restrictions on foreign investments in non-U.S. jurisdictions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;difficulties in effecting the repatriation of capital
invested in non-U.S. countries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;withholding and other non-U.S. taxes may decrease
the Fund's return;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the ability for the Public Company Accounting Oversight
Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;often limited rights and few practical remedies to
pursue shareholder claims, including class actions or fraud claims, and the ability of the Commission, the U.S. Department of Justice
and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;dividend income the Fund receives from foreign securities
may not be eligible for the special tax treatment applicable to qualified dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon the Fund's test for determining whether an issuer is a &quot;foreign
issuer&quot; as described above, it is possible that an issuer of securities in which the Fund invests could be organized under the laws
of a foreign country, yet still conduct a substantial portion of its business in the U.S. or have substantial assets in the U.S. In this
case, such a &quot;foreign issuer&quot; may be subject to the market conditions in the U.S. to a greater extent than it may be subject
to the market conditions in the country of its organization. See &quot;Risk Factors &mdash; Fund Risks &mdash; Foreign Securities Risk.&quot;
See also &quot; &mdash; Non-U.S. Government Obligation Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Forward
Foreign Currency Contract Risk.</I></FONT> Forward foreign currency contracts are contractual agreements to purchase or sell a specified
currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully
benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated
or do not correspond accurately to changes in the value of the Fund's holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Geographic
Concentration Risk.</I></FONT> Investments in a particular country or geographic region may be particularly susceptible to political,
diplomatic or economic conditions and regulatory requirements. To the extent the Fund concentrates its investments in a particular country,
region or group of regions, the Fund may be more volatile than a more geographically diversified fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>High
Yield Securities Risk.</I></FONT> The Fund may invest in high yield securities of any rating. Investment in high yield securities involves
substantial risk of loss. Below investment grade non-convertible debt securities or comparable unrated securities are commonly referred
to as &quot;junk bonds&quot; and are considered predominantly speculative with respect to the issuer's ability to pay interest and principal
and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for high
yield securities tend to be very volatile, and these securities are less liquid than investment grade debt securities. For these reasons,
your investment in the Fund is subject to the following specific risks:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;increased price sensitivity to changing interest
rates and to a deteriorating economic environment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;greater risk of loss due to default or declining
credit quality;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;adverse company specific events are more likely to
render the issuer unable to make interest and/or principal payments; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;if a negative perception of the high yield market
develops, the price and liquidity of high yield securities may be depressed. This negative perception could last for a significant period
of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adverse changes in economic conditions are more likely to lead to a
weakened capacity of a high yield issuer to make principal payments and interest payments than an investment grade issuer. The principal
amount of high yield securities outstanding has proliferated in the past decade as an increasing number of issuers have used high yield
securities for corporate financing. An economic downturn could severely affect the ability of highly leveraged issuers to service their
debt obligations or to repay their obligations upon maturity. The Fund may incur additional expenses to the extent it is required to seek
recovery upon a default in payment of principal or interest on its portfolio holdings. In certain circumstances, the Fund may be required
to foreclose on an issuer's assets and take possession of its property or operations. In such circumstances, the Fund would incur additional
costs in disposing of such assets and potential liabilities from operating any business acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The secondary market for high yield securities may not be as liquid
as the secondary market for more highly rated securities, a factor which may have an adverse effect on the Fund's ability to dispose of
a particular security. There are fewer dealers in the market for high yield securities than for investment grade obligations. The prices
quoted by different dealers may vary significantly and the spread between the bid and asked price is generally much larger than for higher
quality instruments. Under adverse market or economic conditions, the secondary market for securities could contract further, independent
of any specific adverse changes in the condition of a particular issuer, and these instruments may become illiquid. As a result, the Fund
could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities
were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these circumstances, may be less than
the prices used in calculating the Fund's net asset value. See &quot;Risk Factors &mdash; Fund Risks &mdash; High Yield Securities Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest
Rate Risk.</I></FONT> In addition to the risks described above, debt securities, including high yield securities, are subject to certain
risks, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;if interest rates go up, the value of debt securities
in the Fund's portfolio generally will decline;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;during periods of declining interest rates, the issuer
of a security may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities.
This is known as call or prepayment risk. Debt securities frequently have call features that allow the issuer to repurchase the security
prior to its stated maturity. An issuer may redeem an obligation if the issuer can refinance the debt at a lower cost due to declining
interest rates or an improvement in the credit standing of the issuer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;during periods of rising interest rates, the average
life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below market
interest rate, increase the estimated period until the security is paid in full, and reduce the value of the security. This is known as
extension risk;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;rising interest rates could result in an increase
in the cost of the Fund's leverage and could adversely affect the ability of the Fund to meet asset coverage requirements with respect
to leverage;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;variable rate securities generally are less sensitive
to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general.
When the Fund holds variable rate securities, a decrease in market interest rates will adversely affect the income received from such
securities and the net asset value (&quot;NAV&quot;) of the Fund's shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the risks associated with rising interest rates may
be particularly acute in the current market environment because market interest rates are currently near historically low levels. Thus,
the Fund currently faces a heightened level of interest rate risk. To the extent the Federal Reserve Board raises interest rates, there
is a risk that interest rates across the financial system may rise. Increases in volatility and interest rates in the fixed-income market
may expose the Fund to heightened interest rate risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many financial instruments use or may use a floating rate based on
LIBOR, which is the offered rate for short-term Eurodollar deposits between major international banks. Global efforts are underway to
transition away from LIBOR. There remains uncertainty regarding the nature of and the liquidity in replacement rates. As such, the potential
effect of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invests can be difficult to ascertain,
and they may vary depending on factors that include, but are not limited to: (i)&nbsp;existing fallback or termination provisions in individual
contracts and (ii)&nbsp;whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy
and new products and instruments. See &quot;Risk Factors &mdash; Fund Risks &mdash; Interest Rate Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Leverage
Risk.</I></FONT> The Fund has issued indebtedness and preferred shares and may borrow money or issue debt securities as permitted by the
1940 Act. As of January&nbsp;31, 2022, the Fund has leverage in the form of borrowings under the SSB Agreement and outstanding MRP Shares.
Leverage is the potential for the Fund to participate in gains and losses on an amount that exceeds the Fund's investment. The borrowing
of money or issuance of debt securities and preferred shares represents the leveraging of the Fund's common shares. As a non-fundamental
policy, the Fund may not issue preferred shares or borrow money and/or issue debt securities with an aggregate liquidation preference
and aggregate principal amount exceeding 38% of the Fund's managed assets as measured at the time of borrowing or issuance of the new
securities. However, the Board of Trustees reserves the right to issue preferred shares or debt securities or borrow to the extent permitted
by the 1940 Act and the Fund's policies. See &quot;Leverage.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Leverage creates risks which may adversely affect the return for the
holders of common shares, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the likelihood of greater volatility in the net asset
value and market price of the Fund's common shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;fluctuations in the dividend rates on any preferred
shares borne by the Fund or in interest rates on borrowings and short-term debt;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;increased operating costs, which are effectively
borne by common shareholders, may reduce the Fund's total return; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the potential for a decline in the value of an investment
acquired with borrowed funds, while the Fund's obligations under such borrowing or preferred shares remain fixed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the rights of lenders and the holders of preferred shares
and debt securities issued by the Fund will be senior to the rights of the holders of common shares with respect to the payment of dividends
or to the payment of assets upon liquidation. Holders of preferred shares have voting rights in addition to and separate from the voting
rights of common shareholders. See &quot;Description of Securities &mdash; Preferred Shares&quot; and &quot;Certain Provisions of the
Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions.&quot; The holders of preferred shares or debt,
if any, on the one hand, and the holders of the common shares, on the other, may have interests that conflict in certain situations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Leverage is a speculative technique that could adversely affect the
returns to common shareholders. Leverage can cause the Fund to lose money and can magnify the effect of any losses. To the extent the
income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's
return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased
with such funds is not sufficient to cover the cost of leverage or if the Fund incurs capital losses, the return of the Fund will be less
than if leverage had not been used, and therefore the amount available for distribution to common shareholders as dividends and other
distributions will be reduced or potentially eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will pay, and common shareholders will effectively bear, any
costs and expenses relating to any borrowings and to the issuance and ongoing maintenance of preferred shares or debt securities. Such
costs and expenses include the higher management fee resulting from the use of any such leverage, offering and/or issuance costs, and
interest and/or dividend expense and ongoing maintenance. These conditions may, directly or indirectly, result in higher leverage costs
to common shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain types of borrowings may result in the Fund being subject to
covenants in credit agreements, including those relating to asset coverage, borrowing base and portfolio composition requirements and
additional covenants that may affect the Fund's ability to pay dividends and distributions on common shares in certain instances. The
Fund may also be required to pledge its assets to the lenders in connection with certain types of borrowings. The Fund may be subject
to certain restrictions on investments imposed by guidelines of and covenants with rating agencies which may issue ratings for the preferred
shares or short-term debt instruments issued by the Fund. These guidelines and covenants may impose asset coverage or portfolio composition
requirements that are more stringent than those imposed by the 1940 Act. The Board reserves the right to change the amount and type of
leverage that the Fund uses, and reserves the right to implement changes to the Fund's borrowings that it believes are in the long-term
interests of the Fund and its shareholders, even if such changes impose a higher interest rate or other costs or impacts over the intermediate,
or short-term time period. There is no guarantee that the Fund will maintain leverage at the current rate, and the Board reserves the
right to raise, decrease, or eliminate the Fund's leverage exposure. See &quot;Prospectus Summary &mdash; Use of Leverage by the Fund.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Liquidity
Risk.</I></FONT> The Fund may invest without limit in securities that, at the time of investment, are illiquid (i.e., any investment that
the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale
or disposition significantly changing the market value of the investment). Illiquid securities may be difficult to dispose of at a fair
price at the times when the Fund believes it is desirable to do so. Investment of the Fund's assets in illiquid securities may restrict
the Fund's ability to take advantage of market opportunities. The market price of illiquid securities generally is more volatile than
that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of illiquid securities.
Illiquid securities are also more difficult to value and may be fair valued by the Board, in which case Calamos' judgment may play a greater
role in the valuation process. The risks associated with illiquid securities may be particularly acute in situations in which the Fund's
operations require cash and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of illiquid
securities. See &quot;Risk Factors &mdash; Fund Risks &mdash; Liquidity Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Loan
Risk.</I></FONT> The Fund may invest in loans which may not be (i)&nbsp;rated at the time of investment, (ii)&nbsp;registered with the
SEC or (iii)&nbsp;listed on a securities exchange. There may not be as much public information available regarding these loans as is available
for other Fund investments, such as exchange-listed securities. As well, there may not be an active trading market for some loans, meaning
they may be illiquid and more difficult to value than other more liquid securities. Settlement periods for loans are longer than for exchange-traded
securities, typically ranging between 1 and 3 weeks, and in some cases much longer. There is no central clearinghouse for loan trades,
and the loan market has not established enforceable settlement standards or remedies for failure to settle. Because the interest rates
of floating-rate loans in which the Fund may invest may reset frequently, if market interest rates fall, the loans' interest rates will
be reset to lower levels, potentially reducing the Fund's income. Because the adviser may wish to invest in the publicly-traded securities
of an obligor, the Fund may not have access to material non-public information regarding the obligor to which other investors have access.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Management
Risk.</I></FONT> Calamos' judgment about the attractiveness, relative value or potential appreciation of a particular sector, security
or investment strategy may prove to be incorrect. See &quot;Risk Factors &mdash; Fund Risks &mdash; Management Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Disruption Risk.</I></FONT> Certain events have a disruptive effect on the securities markets, such as terrorist attacks, war and other
geopolitical events, earthquakes, storms and other disasters. The Fund cannot predict the effects of similar events in the future on the
U.S. economy or any foreign economy. See &quot;Risk Factors &mdash; Fund Risks &mdash; Market Disruption Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Master
Limited Partnerships Risk.</I></FONT> Investments in MLPs involve risks that differ from investments in common stock. Holders of MLP common
units are subject to certain risks inherent in the structure of MLPs, including (i)&nbsp;tax risks, (ii)&nbsp;risk related to limited
control of management or the general partner or managing member, (iii)&nbsp;limited rights to vote on matters affecting the MLP, except
with respect to extraordinary transactions, (iv)&nbsp;conflicts of interest between the general partner or managing member and its affiliates,
on the one hand, and the limited partners or members, on the other hand, including those arising from incentive distribution payments
or corporate opportunities, and (v)&nbsp;cash flow risks. MLP common units and other equity securities can be affected by macro-economic
and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy
sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer
(in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity
securities also can be affected by fundamentals unique to the partnership or company, including cash flow growth, cash generating power
and distribution coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although certain MLPs may trade on national securities exchanges, certain
MLPs may trade less frequently than those of larger companies due to their market capitalizations. Due to limited trading volumes of certain
MLPs, the prices of such MLPs may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to
buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. The Fund's investment in
securities that are less actively traded or over time experience decreased trading volume may restrict its ability to dispose of the securities
at a fair price. Such a situation may prevent the Fund from limiting losses or realizing gains. This also may adversely affect the Fund's
ability to make dividend distributions to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MLPs are generally treated as partnerships for U.S. federal income
tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the
partnership's income, gains, losses, deductions and expenses. A change in current tax law, or a change in the business of a given MLP,
could result in an MLP being treated as a corporation for U.S. federal income tax purposes. As a result, the amount of cash available
for distribution by the MLP would be reduced and the after-tax return to the Fund with respect to its investment in such MLPs would be
materially reduced. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could
result in a reduction in the value of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Maturity
Risk.</I></FONT> Interest rate risk will generally affect the price of a fixed income security more if the security has a longer maturity.
Fixed income securities with longer maturities will therefore be more volatile than other fixed income securities with shorter maturities.
Conversely, fixed income securities with shorter maturities will be less volatile but generally provide lower potential returns than fixed
income securities with longer maturities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-Convertible
Income Securities Risk.</I></FONT> The Fund will also invest in non-convertible income securities. The Fund's investments in non-convertible
income securities may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including
fixed rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features. Recent events in the fixed-income
markets may expose the Fund to heightened interest rate risk and volatility. See &quot;Risk Factors &mdash; Fund Risks &mdash; Non-Convertible
Income Securities Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-U.</I></FONT>S<I>.
Government Obligation Risk</I>. An investment in debt obligations of non-U.S. governments and their political subdivisions involves special
risks that are not present in corporate debt obligations. The non-U.S. issuer of the sovereign debt or the non-U.S. governmental authorities
that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited
recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than
prices of debt obligations of U.S. issuers. See &quot;Risk Factors &mdash; Fund Risks &mdash; Non-U.S. Government Obligation Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Portfolio
Selection Risk.</I></FONT> The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value
or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Portfolio
Turnover Risk.</I></FONT> The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio
to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses.
Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital
gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Recent
Market Events.</I></FONT> Since the 2008 financial crisis, financial markets throughout the world have experienced periods of increased
volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. This turmoil resulted in unusual and extreme
volatility in the equity and debt markets, in the prices of individual securities and in the world economy. Events that have contributed
to these market conditions include, but are not limited to, major cybersecurity events, geopolitical events (including wars, terror attacks,
and public health emergencies), measures to address budget deficits, downgrading of sovereign debt, declines in oil and commodity prices,
dramatic changes in currency exchange rates, and public sentiment. In addition, many governments and quasi-governmental entities throughout
the world have responded to the turmoil with a variety of significant fiscal and monetary policy changes, including, but not limited to,
direct capital infusions into companies, new monetary programs and dramatically lower interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The recent spread of an infectious respiratory illness caused by a
novel strain of coronavirus (&quot;COVID-19&quot;) has caused volatility, severe market dislocations and liquidity constraints in many
markets, including markets for the securities the Fund holds, and may adversely affect the Fund's investments and operations. The transmission
of this coronavirus and efforts to contain its spread have resulted in travel restrictions and disruptions, closed international borders,
enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines,
event and service cancellations or interruptions, disruptions to business operations (including staff furloughs and reductions) and supply
chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the
economy. These disruptions have led to instability in the market place, including equity and debt market losses and overall volatility,
and the jobs market. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the
economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time.
In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health
care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic
risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While the extreme volatility and disruption that U.S. and global markets
experienced for an extended period of time beginning in 2007 and 2008 had, until the coronavirus outbreak, generally subsided, uncertainty
and periods of volatility still remain, and risks to a robust resumption of growth persist. Federal Reserve policy, including with respect
to certain interest rates may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market
volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund's performance or
impair the Fund's ability to achieve its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In June&nbsp;2016, the United Kingdom approved a referendum to leave
the European Union (&quot;EU&quot;) (&quot;Brexit&quot;). On March&nbsp;29, 2017, the United Kingdom formally notified the European Council
of its intention to leave the EU and commenced the formal process of withdrawing from the EU. The withdrawal agreement entered into between
the United Kingdom and the EU entered into force on January&nbsp;31, 2020, at which time the United Kingdom ceased to be a member of the
EU. Following the withdrawal, there was an eleven-month transition period, ending December&nbsp;31, 2020, during which the United Kingdom
negotiated its future relationship with the EU. On January&nbsp;1, 2021, the EU UK Trade and Cooperation Agreement, a bilateral trade
and cooperation deal governing the future relationship between the UK and the EU, provisionally went into effect. After being ratified
by the UK Parliament and EU Parliament, the EU UK Trade and Cooperation Agreement went into permanent effect on May&nbsp;1, 2021. Brexit
has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the United
Kingdom and throughout Europe. There is considerable uncertainty about the potential consequences for Brexit, how it will be conducted,
how future negotiations of trade relations will proceed, and how the financial markets will react to all of the preceding, and as this
process unfolds, markets may be further disrupted. Given the size and importance of the United Kingdom's economy, uncertainty about its
legal, political, and economic relationship with the remaining member states of the EU may continue to be a source of instability. Moreover,
other countries may seek to withdraw from the European Union and/or abandon the euro, the common currency of the EU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A number of countries in Europe have suffered terror attacks, and additional
attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could
occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of
these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result of political and military actions undertaken by Russia,
the U.S. and the EU have instituted sanctions against certain Russian officials and companies. These sanctions and any additional sanctions
or other intergovernmental actions that may be undertaken against Russia in the future may result in the devaluation of Russian currency,
a downgrade in the country's credit rating, and a decline in the value and liquidity of Russian securities. Such actions could result
in a freeze of Russian securities, impairing the ability of a fund to buy, sell, receive, or deliver those securities. Retaliatory action
by the Russian government could involve the seizure of US and/or European residents' assets, and any such actions are likely to impair
the value and liquidity of such assets. Any or all of these potential results could have an adverse/recessionary effect on Russia's economy.
All of these factors could have a negative effect on the performance of funds that have significant exposure to Russia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, policy and legislative changes in the United States and
in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications
for market participants, may not be fully known for some time. Widespread disease and virus epidemics, such as the coronavirus outbreak,
could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and
inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. See &quot;Risk Factors
 &mdash; Fund Risks &mdash; Recent Market Events.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>REIT
Risk.</I></FONT> Investing in real estate investment trusts (&quot;REITs&quot;) involves certain unique risks in addition to those risks
associated with investing in the real estate industry in general. An equity REIT may be affected by changes in the value of the underlying
properties owned by the REIT. A mortgage REIT may be affected by changes in interest rates and the ability of the issuers of its portfolio
mortgages to repay their obligations. REITs are dependent upon the skills of their managers and are not diversified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">REITs are generally dependent upon maintaining cash flows to repay
borrowings and to make distributions to shareholders and are subject to the risk of default by lessees or borrowers. REITs whose underlying
assets are concentrated in properties used by a particular industry, such as health care, are also subject to risks associated with such
industry. REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT's
investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in
fixed rate obligations can be expected to decline. If the REIT invests in adjustable rate mortgage loans the interest rates on which are
reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest
rates. This causes the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments
in fixed rate obligations. REITs may have limited financial resources, may utilize significant amounts of leverage, may trade less frequently
and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Historically, REITs have been more volatile in price than the larger
capitalization stocks included in Standard&nbsp;&amp; Poor's 500 Stock Index. See &quot;Risk Factors &mdash; Fund Risks &mdash; REIT Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Risks
Associated with Options.</I></FONT> There are several risks associated with transactions in options. For example, there are significant
differences between the securities markets and options markets that could result in an imperfect correlation among these markets, causing
a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill
and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.
The Fund's ability to utilize options successfully will depend on Calamos' ability to predict pertinent market movements, which cannot
be assured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may sell call options on individual securities and securities
indices. All call options sold by the Fund must be &quot;covered.&quot; Even though the Fund will receive the option premium to help protect
it against loss, a call option sold by the Fund exposes the Fund during the term of the option to possible loss of opportunity to realize
appreciation in the market price of the underlying security or instrument and may require the Fund to hold a security or instrument that
it might otherwise have sold. In addition, a loss on a call option sold may be greater than the premium received. The Fund may purchase
and sell put options on individual securities and securities indices. In selling put options, there is a risk that the Fund may be required
to buy the underlying security at a disadvantageous price above the market price. See &quot;Risk Factors &mdash; Fund Risks &mdash; Risks
Associated with Options.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rule&nbsp;144A
Securities Risk.</I></FONT> The Fund may invest in securities that are issued and sold through transactions under Rule&nbsp;144A of the
Securities Act of 1933. Under the supervision and oversight of the Board, Calamos will determine whether Rule&nbsp;144A Securities are
illiquid. If qualified institutional buyers are unwilling to purchase these Rule&nbsp;144A Securities, the percentage of the Fund's assets
invested in illiquid securities would increase. Typically, the Fund purchases Rule&nbsp;144A Securities only if the Fund's adviser has
determined them to be liquid. If any Rule&nbsp;144A Security held by the Fund should become illiquid, the value of the security may be
reduced and a sale of the security may be more difficult.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Sector
Risk.</I></FONT> To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's
performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk
with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail
returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Synthetic
Convertible Instruments Risk.</I></FONT> The value of a synthetic convertible instrument may respond differently to market fluctuations
than a convertible instrument because a synthetic convertible instrument is composed of two or more separate securities, each with its
own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component
falls below the exercise price of the warrant or option, the warrant or option may lose all value. See &quot;Risk Factors &mdash; Fund
Risks &mdash; Synthetic Convertible Instruments Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Tax
Risk.</I></FONT> The Fund may invest in certain securities, such as certain convertible securities and high yield securities, for which
the federal income tax treatment may not be clear or may be subject to re-characterization by the Internal Revenue Service (&quot;IRS&quot;).
It could be more difficult for the Fund to comply with certain federal income tax requirements applicable to regulated investment companies
if the tax characterization of the Fund's investments is not clear or if the tax treatment of the income from such investments was successfully
challenged by the IRS. In addition, the tax treatment of the Fund may be affected by future interpretations of the Internal Revenue Code
of 1986, as amended (the &quot;Code&quot;), and changes in the tax laws and regulations, all of which may apply with retroactive effect.
See &quot;Risk Factors &mdash; Fund Risks &mdash; Tax Risk&quot; and &quot;Certain Federal Income Tax Matters.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>U.S.
Government Security Risk.</I></FONT> Some securities issued by U.S. Government agencies or government sponsored enterprises are not backed
by the full faith and credit of the U.S. and may only be supported by the right of the agency or enterprise to borrow from the U.S. Treasury.
There can be no assurance that the U.S. Government will always provide financial support to those agencies or enterprises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Risks to Common Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Additional risks of investing in common shares include the following:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Diminished
Voting Power and Excess Cash Risk.</I></FONT> The voting power of current shareholders will be diluted to the extent that such shareholders
do not purchase shares in any future common share offerings or do not purchase sufficient shares to maintain their percentage interest.
In addition, if the Fund is unable to invest the proceeds of such offering as intended, its per share distribution may decrease (or may
consist of return of capital) and the Fund may not participate in market advances to the same extent as if such proceeds were fully invested
as planned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest
Rate Transactions Risk.</I></FONT> The Fund may enter into an interest rate swap, cap or floor transaction to attempt to protect itself
from increasing dividend or interest expenses on its leverage resulting from increasing short-term interest rates and to hedge its portfolio
securities. A decline in interest rates may result in a decline in the value of the swap or cap, which may result in a decline in the
net asset value of the Fund. See &quot;Risk Factors &mdash; Interest Rate Transactions Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Discount Risk.</I></FONT> The Fund's common shares have traded both at a premium and at a discount relative to net asset value. Common
shares of closed-end investment companies frequently trade at prices lower than their net asset value. Depending on the premium of the
Fund's common shares, the Fund's net asset value may be reduced immediately following an offering of the Fund's common shares by the offering
expenses paid by the Fund. See &quot;Use of Proceeds.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to net asset value, the market price of the Fund's common
shares may be affected by such factors as the Fund's use of leverage, dividend stability, portfolio credit quality, liquidity, market
supply and demand of the common shares and the Fund's dividends paid (which are, in turn, affected by expenses), call protection for portfolio
securities and interest rate movements. See &quot;Leverage,&quot; &quot;Risk Factors&quot; and &quot;Description of Securities.&quot;
The Fund's common shares are designed primarily for long-term investors, and you should not purchase common shares if you intend to sell
them shortly after purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Whether shareholders will realize a gain or loss upon the sale of the
Fund's common shares depends upon whether the market value of the shares at the time of sale is above or below the price the shareholder
paid, taking into account transaction costs for the shares, and is not directly dependent upon the Fund's net asset value. Because the
market value of the Fund's common shares will be determined by factors such as the relative demand for and supply of the shares in the
market, general market conditions and other factors beyond the control of the Fund, the Fund cannot predict whether its common shares
will trade at, below or above the Fund's net asset value, or below or above the public offering price for the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Impact Risk.</I></FONT> The sale of our common shares (or the perception that such sales may occur) may have an adverse effect on prices
in the secondary market for our common shares. An increase in the number of common shares available may put downward pressure on the market
price for our common shares. These sales also might make it more difficult for us to sell additional equity securities in the future at
a time and price the Fund deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Reduction
of Leverage Risk.</I></FONT> We have previously taken, and may in the future take, action to reduce the amount of leverage employed by
the Fund. Reduction of the leverage employed by the Fund, including by redemption of preferred shares, will in turn reduce the amount
of assets available for investment in portfolio securities. This reduction in leverage may negatively impact our financial performance,
including our ability to sustain current levels of distributions on common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board reserves the right to change the amount and type of leverage
that the Fund uses, and reserves the right to implement changes to the Fund's borrowings that it believes are in the best interests of
the Fund, even if such changes impose a higher interest rate or other costs or impacts over the intermediate, or short-term time period.
There is no guarantee that the Fund will maintain leverage at the current rate, and the Board reserves the right to raise, decrease, or
eliminate the Fund's leverage exposure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &quot;Risk Factors &mdash; Additional Risks to Common Shareholders&quot;
for a more detailed discussion of these risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Risks to Senior Security Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Additional risks of investing in senior securities include the
following:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, an investment in preferred shares (including exchange-listed
preferred shares) or debt securities (collectively, &quot;senior securities&quot;) is subject to the following risks:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Decline
in Net Asset Value Risk.</I></FONT> A material decline in the Fund's NAV may impair our ability to maintain required levels of asset coverage
for outstanding borrowings or any debt securities or preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Early
Redemption Risk.</I></FONT> The Fund may voluntarily redeem preferred shares or may be forced to redeem preferred shares to meet regulatory
requirements and the asset coverage requirements of the preferred shares. Such redemptions may be at a time that is unfavorable to holders
of the preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Inflation
Risk.</I></FONT> Inflation is the reduction in the purchasing power of money resulting from an increase in the price of goods and services.
Inflation risk is the risk that the inflation adjusted or &quot;real&quot; value of an investment in preferred stock or debt securities
or the income from that investment will be worth less in the future. As inflation occurs, the real value of the preferred stock or debt
securities and the dividend payable to holders of preferred stock or interest payable to holders of debt securities declines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest
Rate Risk.</I></FONT> Rising market interest rates could impact negatively the value of our investment portfolio, reducing the amount
of assets serving as asset coverage for the senior securities. Rising market interest rates could also reduce the value of the Fund's
senior securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Discount Risk.</I></FONT> The market price of exchange-listed preferred shares that the Fund may issue may also be affected by such factors
as the Fund's use of leverage, dividend stability, portfolio credit quality, liquidity, and the Fund's dividends paid (which are, in turn,
affected by expenses), call protection for portfolio securities and interest rate movements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Ratings
and Asset Coverage Risk.</I></FONT> To the extent that senior securities are rated, a rating does not eliminate or necessarily mitigate
the risks of investing in our senior securities, and a rating may not fully or accurately reflect all of the credit and market risks associated
with that senior security. A rating agency could downgrade the rating of our shares of preferred stock or debt securities, which may make
such securities less liquid in the secondary market, though potentially with higher resulting interest rates. If a rating agency downgrades
the rating assigned to a senior security, we may alter our portfolio or redeem the senior security. We may voluntarily redeem senior securities
under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Secondary
Market Risk.</I></FONT> The market value of exchange-listed preferred shares that the Fund may issue will be determined by factors such
as the relative demand for and supply of the preferred shares in the market, general market conditions and other factors beyond the control
of the Fund. It may be difficult to predict the trading patterns of preferred shares, including the effective costs of trading. There
is a risk that the market for preferred shares may be thinly traded and relatively illiquid compared to the market for other types of
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Senior
Leverage Risk.</I></FONT> Preferred shares will be junior in liquidation and with respect to distribution rights to debt securities and
any other borrowings. Senior securities representing indebtedness may constitute a substantial lien and burden on preferred shares by
reason of their prior claim against our income and against our net assets in liquidation. We may not be permitted to declare dividends
or other distributions with respect to any series of preferred shares unless at such time we meet applicable asset coverage requirements
and the payment of principal or interest is not in default with respect to any borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &quot;Risk Factors &mdash; Additional Risks to Senior Security
Holders&quot; for a more detailed discussion of these risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>SUMMARY OF FUND EXPENSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table and example contain information about the costs
and expenses that common shareholders will bear directly or indirectly. In accordance with Commission requirements, the table below shows
our expenses, including interest payments on borrowed funds, and preferred stock dividend payments, as a percentage of our average net
assets as of January&nbsp;31, 2022, and not as a percentage of gross assets or managed assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By showing expenses as a percentage of average net assets, expenses
are not expressed as a percentage of all of the assets we invest. The table and example are based on our capital structure as of January&nbsp;31,
2022. As of January&nbsp;31, 2022, the Fund had utilized $399 million of the $430 million available under the SSB Agreement ($174 million
of borrowings outstanding, and $225 million in structural leverage consisting of collateral received from SSB in connection with securities
on loan), representing 26.3% of the Fund's managed assets as of that date, and had $133 million of MRP Shares outstanding, representing
8.8% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented 35.1% of
the Fund's managed assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Shareholder Transaction Expenses</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sales Load (as a percentage of offering price)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(1)</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Offering Expenses Borne by the Fund (as a percentage of offering price)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(1)</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Reinvestment Plan Fees (per sales transaction fee)</FONT><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">15.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Annual Expenses</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Percentage of Average Net<BR> Assets Attributable to<BR> Common Shareholders</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</FONT><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">1.20</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payments on Borrowed Funds</FONT><FONT STYLE="font-size: 10pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred Stock Dividend Payments</FONT><FONT STYLE="font-size: 10pt"><SUP>(5)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.39</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</FONT><FONT STYLE="font-size: 10pt"><SUP>(6)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total Annual Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.94</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Example:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following example illustrates the expenses that common shareholders
would pay on a $1,000 investment in common shares, assuming (1)&nbsp;total annual expenses of 1.94% of net assets attributable to common
shareholders; (2)&nbsp;a 5% annual return; and (3)&nbsp;all distributions are reinvested at net asset value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">1 Year</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">3 Years</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">5 Years</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">10 Years</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Expenses Paid by Common Shareholders</FONT><FONT STYLE="font-size: 10pt"><SUP>(7)</SUP></FONT>&nbsp;.</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">20</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">61</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">105</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">227</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The example should not be considered a representation of future
expenses. Actual expenses may be greater or less than those assumed. Moreover, our actual rate of return may be greater or less than the
hypothetical 5% return shown in the example.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;&nbsp;If the securities to which this prospectus relates
are sold to or through underwriters, the prospectus supplement will set forth any applicable sales load and the estimated offering expenses
borne by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;&nbsp;Shareholders will pay a $15.00 transaction fee plus
a $0.02 per share brokerage charge if they direct the Plan Agent (as defined below) to sell common shares held in a Plan account. In
addition, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases
in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of
his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions
on the shares sold. See &quot;Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;&nbsp;The Fund pays Calamos an annual management fee, payable
monthly in arrears, for its investment management services in an amount equal to 0.80% of the Fund's average weekly managed assets. In
accordance with the requirements of the Commission, the table above shows the Fund's management fee as a percentage of average net assets
attributable to common shareholders. By showing the management fee as a percentage of net assets, the management fee is not expressed
as a percentage of all of the assets the Fund intends to invest. For purposes of the table, the management fee has been converted to
1.20% of the Fund's average weekly net assets as of January&nbsp;31, 2022 by dividing the total dollar amount of the management fee by
the Fund's average weekly net assets (managed assets less outstanding leverage).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;&nbsp;Reflects interest expense paid on $144.0 million in
average borrowings under the SSB Agreement, plus $255.4 million in additional average structural leverage related to certain securities
lending programs, as described under &quot;Leverage.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;&nbsp;Reflects estimated dividend expense on $133 million
aggregate liquidation preference of mandatory redeemable preferred shares outstanding. See &quot;Leverage.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;&nbsp;&quot;Other Expenses&quot; are based on estimated amounts
for the Fund's current fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;&nbsp;The example does not include sales load or estimated
offering costs, which would cause the expenses shown in the example to increase. In connection with an offering of common shares, the
applicable prospectus supplement will set forth an example including sales load and estimated offering costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purpose of the table and the example above is to help investors
understand the fees and expenses that they, as common shareholders, would bear directly or indirectly. For additional information with
respect to our expenses, see &quot;Management of the Fund.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>FINANCIAL HIGHLIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information in the table below for the fiscal years ended October&nbsp;31,
2021, 2020, 2019, 2018 and 2017 is derived from the Fund's financial statements for the fiscal year ended October&nbsp;31, 2021 audited
by Deloitte&nbsp;&amp; Touche LLP, whose report on such financial statements is contained in the Fund's <A HREF="https://www.sec.gov/Archives/edgar/data/0001171471/000138713121012335/chi-ncsr_103121.htm" STYLE="-sec-extract: exhibit">October&nbsp;31, 2021 Annual Report</A>
and is incorporated by reference into the Statement of Additional Information. The information in the table below for the fiscal years
ended October&nbsp;31, 2016, 2015, 2014, 2013 and 2012 is derived from the Fund's financial statements for the fiscal year ended October&nbsp;31,
2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Selected data for a share outstanding throughout each year was as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">PER SHARE OPERATING PERFORMANCE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 18%; font: 10pt Times New Roman, Times, Serif; text-align: left">Net asset value, beginning of year</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right">12.54</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right">10.64</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right">10.46</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right">11.35</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right">10.73</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">11.68</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">13.45</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right">13.20</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right">12.45</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right">12.31</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Income from investment operations:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net investment income (loss)*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.49</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net realized and unrealized gain (loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.37</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.64</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.41</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total from investment operations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.05</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.86</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.63</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.39</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.89</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Less distributions to common shareholders from:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net investment income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.44</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.48</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.13</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.95</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net realized gains</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.79</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.02</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Return of capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.39</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total distributions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.96</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.96</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.13</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net asset value, end of year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.49</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12.54</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.64</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.35</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.68</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.45</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12.45</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Market value, end of year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.89</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.91</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.89</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.41</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.69</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.09</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12.51</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total investment return based on:</FONT><FONT STYLE="font-size: 10pt"><SUP>(b)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Net asset value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">33.21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">29.38</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">17.48</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(4.69</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.90</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.05</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Market value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">56.56</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.29</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(5.54</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">30.15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(16.54</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.83</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.56</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net expenses</FONT><FONT STYLE="font-size: 10pt"><SUP>(c)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.83</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.88</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.88</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.49</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net investment income (loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.36</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.77</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.61</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.90</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.38</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.92</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SUPPLEMENTAL DATA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net assets applicable to common shareholders, end of year (000)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,111,526</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">889,577</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">754,310</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">741,306</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">797,968</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">750,773</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">817,491</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">931,703</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">891,350</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">840,737</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Portfolio turnover rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">51</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">58</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">90</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">36</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">56</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Average commission rate paid</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0215</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0213</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0188</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0270</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0282</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0220</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0303</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0294</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0295</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0230</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Capital charge resulting from issuance of common and preferred shares and related offering costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Premiums from shares sold in at the market offerings</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)&nbsp;</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(a)</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">133,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Notes Payable (000's omitted)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">399,400</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">288,400</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">277,400</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">288,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">275,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">306,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">353,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">360,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">350,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">285,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset coverage per $1,000 of loan outstanding</FONT><FONT STYLE="font-size: 10pt"><SUP>(d)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,116</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,431</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,080</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,921</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,265</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,454</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,316</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,588</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,547</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares</FONT><FONT STYLE="font-size: 10pt"><SUP>(e)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">309</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">319</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">283</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">282</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">293</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*&nbsp;&nbsp;Net investment income calculated based on average shares
method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;&nbsp;Amount equated to less than $0.005 per common share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;&nbsp;Total investment return is calculated assuming a purchase
of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions
are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total
return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing
the value of the Fund's portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding.
The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price
is influenced by a range of factors, including supply and demand and market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;&nbsp;Ratio of net expenses, excluding interest expense on
Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets
was 1.23%, 1.26%, 1.29%, 1.28%, 1.24%, 1.24%, 1.50%, 1.18%, 1.17%, and 1.17%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;&nbsp;Does not reflect the effect of dividend payments to
Auction Rate Preferred Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;&nbsp;Calculated by subtracting the Fund's total liabilities
(not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of
notes payable outstanding, and by multiplying the result by 1,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f)&nbsp;&nbsp;Calculated by subtracting the Fund's total liabilities
(not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of
Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information regarding the Fund's outstanding
bank loans and MRP Shares as of the end of each of the Fund's last ten fiscal years, as applicable. The information in the table shown
below comes from the Fund's financial statements for the fiscal year ended October&nbsp;31, 2021, and each of the prior nine years then
ended, all of which have been audited by Deloitte&nbsp;&amp; Touche LLP, the Fund's independent registered public accounting firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Fiscal Year Ended</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total Amount<BR> Outstanding</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Asset<BR> Coverage</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>&nbsp;</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidating<BR> Preference per<BR> Preferred Share</B></FONT><B><SUP>(c)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Average<BR> Market<BR> Value per<BR> Preferred Share</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Type of<BR> Senior<BR> Security</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%">October&nbsp;31, 2021</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">399,400,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">4,116</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(a)&nbsp;</SUP></FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 16%; font: 10pt Times New Roman, Times, Serif; text-align: center">Loan</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">133,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">309</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(b)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(d)&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;MRPS</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">288,400,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,431</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(a)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Loan</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">319</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(b)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(d)&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">MRPS</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">277,400,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,080</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(a)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Loan</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">283</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(b)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(d)&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">MRPS</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2018</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">288,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,921</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(a)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Loan</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2018</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">282</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(b)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(d)&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">MRPS</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">275,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,265</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(a)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Loan</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">293</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(b)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(d)&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">MRPS</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">306,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,454</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(a)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Loan</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2015</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">353,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,316</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(a)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Loan</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2014</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">360,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,588</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(a)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Loan</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2013</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,547</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(a)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Loan</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2012</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">285,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>(a)&nbsp;</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Loan</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;&nbsp;Calculated by subtracting the Fund's total liabilities
(not including notes payable and MRPS) from the Fund's total assets and dividing this by the amount of notes payable outstanding, and
by multiplying the result by 1,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;&nbsp;Calculated by subtracting the Fund's total liabilities
(not including MRPS) from the Fund's total assets and dividing this by the number of MRPS outstanding, and by multiplying the result
by 25.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;&nbsp;&quot;Liquidating Preference per Preferred Share&quot;
means the amount to which a holder of preferred shares would be entitled upon the liquidation of the Fund in preference to common shareholders,
expressed as a dollar amount per preferred share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;&nbsp;The MRPS are not listed on any exchange or automated
quotation system. The MRPS are considered debt of the issuer; and the liquidation preference approximates fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>MARKET AND NET ASSET VALUE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our common shares are listed on the Nasdaq Global Select Market (&quot;Nasdaq&quot;)
under the symbol &quot;CHI.&quot; Our common shares commenced trading on the New York Stock Exchange (&quot;NYSE&quot;) in June&nbsp;2002.
On July&nbsp;2, 2012, the common shares ceased trading on the NYSE and commenced trading on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our common shares have traded both at a premium and a discount to NAV.
We cannot predict whether our shares will trade in the future at a premium or discount to NAV. The provisions of the 1940 Act generally
require that the public offering price of common shares (less any underwriting commissions and discounts) must equal or exceed the NAV
per share of a company's common stock (calculated within 48 hours of pricing). Our issuance of common shares may have an adverse effect
on prices in the secondary market for our common shares by increasing the number of common shares available, which may put downward pressure
on the market price for our common shares. Shares of common stock of closed-end investment companies frequently trade at a discount from
NAV. See &quot;Risk Factors &mdash; Additional Risks to Common Shareholders &mdash; Market Discount Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth for each of the periods indicated the
high and low closing market prices for our common shares on Nasdaq, the NAV per share and the premium or discount to NAV per share at
which our common shares were trading. NAV is shown for the last business day of each quarter. See &quot;Net Asset Value&quot; for information
as to the determination of our NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Market Price</B></FONT><B><SUP>(1)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Net Asset<BR> Value at <BR> Quarter</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Premium/<BR> (Discount) <BR> to Net Asset <BR> Value</B></FONT><B><SUP>(3)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Quarter Ended</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>End</B></FONT><B><SUP>(2)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif">January&nbsp;31, 2020</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">11.33</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">10.65</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">11.30</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(1.48</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.84</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">April&nbsp;30, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.85</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.86</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.85</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(25.86</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">July&nbsp;31, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.78</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12.35</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(10.28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(8.83</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.95</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12.54</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(9.19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(12.73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">January&nbsp;31, 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.13</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.07</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(9.19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(12.97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">April&nbsp;30, 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.65</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.54</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(8.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">July&nbsp;31, 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.45</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.01</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.05</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.90</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.93</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.49</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">January&nbsp;31, 2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12.96</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(4.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source: Fund Accounting Records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;&nbsp;Based on high and low closing market price per share
during the respective quarter and does not reflect commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;&nbsp;Based on the NAV calculated on the close of business
on the last business day of each calendar quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;&nbsp;Premium and discount information is shown for the days
when the Fund experienced its high and low closing market prices, respectively, per share during the respective quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The last reported sale price, NAV per common share and percentage premium
to NAV per common share on January&nbsp;31, 2022 were $13.68, $13.62 and 0.44%, respectively. As of January&nbsp;31, 2022, we had 72,245,104
common shares outstanding and managed assets of $1.5 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the remainder of this section, and unless otherwise specified
in a prospectus supplement, we currently intend to invest the net proceeds of any sales of our securities pursuant to this prospectus
in accordance with our investment objective and policies as described under &quot;Investment Objective and Principal Investment Strategies&quot;
within approximately three months of receipt of such proceeds. Such investments may be delayed if suitable investments are unavailable
at the time or for other reasons. Pending such investment, we anticipate that we will invest the proceeds in securities issued by the
U.S. government or its agencies or instrumentalities or in high quality, short-term or long-term debt obligations. We may also use proceeds
from the sale of our securities to (i)&nbsp;retire all or a portion of any short-term debt we incur in pursuit of our investment objective
and policies and (ii)&nbsp;for working capital purposes, including the payment of interest and operating expenses, although there is currently
no intent to issue securities primarily for these purposes. A delay in the anticipated use of proceeds could lower returns, reduce our
distribution to common shareholders and reduce the amount of cash available to make dividend and interest payments on preferred shares
and debt securities, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Convertible Opportunities and Income Fund is a diversified,
closed-end management investment company which commenced investment operations in June&nbsp;2002. The Fund was organized as a statutory
trust under the laws of the State of Delaware on April&nbsp;17, 2002, and has registered under the 1940 Act. On June&nbsp;28, 2002, the
Fund issued an aggregate of 40,000,000 common shares, no par value, in an initial public offering and commenced its operations. On July&nbsp;12,
2002 and August&nbsp;13, 2002, the Fund issued an additional 3,000,000 and 225,000 common shares, respectively, in connection with exercises
by the underwriters of their over-allotment option. The net proceeds of the initial public offering and subsequent exercises of the over-allotment
option were approximately $619,298,400 after the payment of offering expenses. As of January&nbsp;31, 2019, the Fund had issued an additional
19,077,463 common shares in connection with a continuous, at-the-market offering that commenced in June&nbsp;2008 and ceased in December&nbsp;2017
(the &quot;Previous ATM Offering&quot;). The net proceeds of the Previous ATM Offering were $228,615,606. As of January&nbsp;31, 2022,
the Fund had issued an additional 1,143,832 common shares in connection with a continuous, at-the-market offering that commenced on March&nbsp;8,
2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of January&nbsp;31, 2022, the Fund had utilized $399 million of
the $430 million available under the SSB Agreement ($174 million of borrowings outstanding, and $225 million in structural leverage consisting
of collateral received from SSB in connection with securities on loan), representing 26.3% of the Fund's managed assets as of that date,
and had $133 million of MRP Shares outstanding, representing 8.8% of the Fund's managed assets. Combined, the borrowings under the SSB
Agreement and the outstanding MRP Shares represented 35.1% of the Fund's managed assets. Structural leverage refers to borrowings under
the SSB Agreement in respect of which the Fund's interest payments are reduced or eliminated by the Fund's securities lending activities.
See &quot;Leverage.&quot; The Fund's common shares are listed on Nasdaq under the symbol &quot;CHI.&quot; The Fund's principal office
is located at 2020 Calamos Court, Naperville,&nbsp;Illinois 60563, and its telephone number is 800-582-6959.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table provides information about our outstanding securities
as of January&nbsp;31, 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Title of Class</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount<BR> Authorized<BR> (shares)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount <BR> Held by the <BR> Fund or for <BR> its Account</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount <BR> Outstanding <BR> (shares)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 58%; font: 10pt Times New Roman, Times, Serif">Common Shares</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlimited</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">72,245,104</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MRPS-Series&nbsp;A</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MRPS-Series&nbsp;B</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MRPS-Series&nbsp;C</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,340,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,340,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MRPS-Series&nbsp;D</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,320,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,320,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MRPS-Series&nbsp;E</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>INVESTMENT OBJECTIVE AND PRINCIPAL INVESTMENT
STRATEGIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Objective</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's investment objective is to provide total return through
a combination of capital appreciation and current income. The Fund's investment objective may be changed by the Board of Trustees without
a shareholder vote, although the Fund will give shareholders at least 60 days' written notice of any change to the Fund's investment objective.
The Fund makes no assurance that it will realize its objective. An investment in the Fund may be speculative in that it involves a high
degree of risk and should not constitute a complete investment program. See &quot;Risk Factors.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Principal Investment Strategies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under normal circumstances, the Fund invests at least 80% of its managed
assets in a diversified portfolio of convertible securities and non-convertible income securities. This is a non-fundamental policy and
may be changed by the Board of Trustees of the Fund provided that shareholders are provided with at least 60 days' prior written notice
of any change as required by the rules&nbsp;under the 1940 Act. The portion of the Fund's assets invested in convertible securities and
non-convertible income securities will vary from time to time consistent with the Fund's investment objective, changes in equity prices
and changes in interest rates and other economic and market factors, although, under normal circumstances, the Fund will invest at least
35% of its managed assets in convertible securities. The Fund invests in securities with a broad range of maturities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Convertible
Securities.</I></FONT> The Fund is not limited in the percentage of its assets invested in convertible securities, and investment in convertible
securities forms an important part of the Fund's principal investment strategies. Under normal circumstances, the Fund will invest at
least 35% of its managed assets in convertible securities. A convertible security is a debt security, debenture, note or preferred stock
that may be converted into an equity security (typically common stock of the same issuer) at a predetermined price (the &quot;conversion
price&quot;). Depending upon the relationship of the conversion price to the market value of the underlying security, a convertible security
may trade more like an equity security than a debt instrument. The Fund may invest in convertible securities of any rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos typically applies a four-step approach when buying and selling
convertible securities for the Fund, which includes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;Evaluating the default risk of the convertible security
using traditional credit analysis;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;Analyzing the convertible's underlying common stock to
determine its capital appreciation potential;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.&nbsp;&nbsp;Assessing the risk/return potential of the convertible
security; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.&nbsp;&nbsp;Evaluating the convertible security's impact on the overall
composition of the Fund and its diversification strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In analyzing the appreciation potential of the underlying common stock
and the default risk of the convertible security, Calamos generally considers the issuer's:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;financial soundness;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;ability to make interest and dividend payments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;earnings and cash-flow forecast; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;quality of management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Synthetic
Convertible Instruments.</I></FONT> The Fund may invest in &quot;synthetic&quot; convertible instruments. A synthetic convertible instrument
is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of another
instrument (i.e., a convertible security) through the combined economic features of a collection of other securities or assets. Calamos
may create a synthetic convertible instrument by combining separate securities that possess the two principal characteristics of a true
convertible security, i.e., a fixed-income security (&quot;fixed-income component&quot;, which may be a convertible or non-convertible
security) and the right to acquire an equity security (&quot;convertible component&quot;). The fixed-income component is achieved by investing
in fixed-income securities such as bonds, preferred stocks and money market instruments. The convertible component is achieved by investing
in warrants or options to buy common stock at a certain exercise price, or options on a stock index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may also invest in synthetic convertible instruments created
by third parties, typically investment banks. Synthetic convertible instruments created by such parties may be designed to simulate the
characteristics of traditional convertible securities or may be designed to alter or emphasize a particular feature. Traditional convertible
securities typically offer the opportunity for stable cash flows with the ability to participate in capital appreciation of the underlying
common stock. Traditional convertible securities are exercisable at the option of the holder. Synthetic convertible instruments may alter
these characteristics by offering enhanced yields in exchange for reduced capital appreciation, additional risk of loss, or any combination
of these features. Synthetic convertible instruments may include structured notes, equity-linked notes, mandatory convertibles and combinations
of securities and instruments, such as a debt instrument combined with a forward contract. The Fund's holdings of synthetic convertible
instruments are considered convertible securities for purposes of the Fund's policy to invest at least 35% of its managed assets in convertible
securities and 80% of its managed assets in a diversified portfolio of convertible securities and non-convertible income securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Some examples of these securities include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preferred equity redeemable cumulative stock (&quot;PERCS&quot;) are
shares that automatically convert into one ordinary share upon maturity. They are usually issued at the prevailing share price, convertible
into one ordinary share, with an enhanced dividend yield. PERCS pay a higher dividend than common shares, but the equity appreciation
is capped. Above a certain share price, the conversion ratio will fall as the stock rises, capping the appreciation at that level. Below
this level, the conversion ratio remains one-for-one, giving the same downside exposure as the ordinary shares, excluding the income difference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividend enhanced convertible stock (&quot;DECS&quot;) are either preference
shares or subordinated bonds. These, like PERCS, mandatorily convert into ordinary shares at maturity, if not already converted. DECS
give no significant loss protection and involve a risk of loss comparable to investing directly in equity securities, with lower relative
direct bond characteristics and interest rate exposure. As with PERCS, some of the appreciation potential is capped and in return, the
investor receives an enhanced potential yield. Unlike PERCS, however, the investor's appreciation potential is not capped. Instead, the
investor limits its ability to participate in appreciation within a range of prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preferred Redeemable Increased Dividend Equity Security (&quot;PRIDES&quot;)
are synthetic securities consisting of a forward contract to purchase the issuer's underlying security and an interest bearing deposit.
Interest payments are made at regular intervals, and conversion into the underlying security is mandatory at maturity. Similar to convertible
securities, PRIDES allow investors the potential to earn stable cash flows while still participating in the appreciation of an underlying
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may also purchase convertible structured notes. Convertible
structured notes are fixed income debentures linked to equity. Convertible structured notes have the attributes of a convertible security;
however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the
issuer of the underlying common stock into which the note is convertible. Different companies may issue the fixed-income and convertible
components, which may be purchased separately and at different times. The Fund remains subject to the credit risk of the issuing investment
bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain convertible debt securities include a &quot;put option&quot;
which entitles the Fund to sell the security to the issuer before maturity at a stated price, which may represent a premium over the stated
principal amount of the debt security. Conversely many convertible securities are issued with a &quot;call&quot; feature that allows the
security's issuers to choose when to redeem the security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-Convertible
Income Securities.</I></FONT> The Fund will also invest in non-convertible income securities. The Fund's investments in non-convertible
income securities may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including
fixed rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>High
Yield Securities.</I></FONT> A substantial portion of the Fund's assets may be invested in below investment grade (high yield, high risk)
securities for either current income or capital appreciation or both. These securities are rated Ba or lower by Moody's or BB or lower
by Standard&nbsp;&amp; Poor's or are unrated securities of comparable quality as determined by Calamos, the Fund's investment adviser.
The Fund may invest in high yield securities of any rating. The Fund may, but currently does not intend to, invest up to 5% of its managed
assets in distressed securities that are in default or the issuers of which are in bankruptcy. Non-convertible debt securities rated below
investment grade are commonly referred to as &quot;junk bonds&quot; and are considered speculative with respect to the issuer's capacity
to pay interest and repay principal. Below investment grade securities involve greater risk of loss, are subject to greater price volatility
and are less liquid, especially during periods of economic uncertainty or change, than higher rated securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Foreign
Securities.</I></FONT> Although the Fund primarily invests in securities of U.S. issuers, the Fund may invest up to 25% of its net assets
in securities of foreign issuers in developed and emerging markets, including debt and equity securities of corporate issuers and debt
securities of government issuers. A foreign issuer is a foreign government or a company organized under the laws of a foreign country.
In analyzing the foreign issuers in which the Fund may invest, Calamos will generally consider a number of factors that may characterize
the issuer's economic ties to a particular foreign country or region. Such factors may include any or all of the following: the characteristics
of the economy in the principal country or countries in which the issuer sells it goods and/or services; the stability of the currency
in the issuer's country of organization; the laws with respect to international trade and property rights in the issuer's country of organization;
and the tax, accounting and regulatory requirements of the issuer's country of organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Options
Writing.</I></FONT> The Fund may seek to generate income from option premiums by writing (selling) options. The Fund may write (sell)
call options (i)&nbsp;on a portion of the equity securities (including equity securities obtainable by the Fund through the exercise of
its rights with respect to convertible securities it owns) in the Fund's portfolio and (ii)&nbsp;on broad-based securities indices (such
as the S&amp;P 500 or MSCI EAFE) or certain ETFs (exchange traded funds) that trade like common stocks but seek to replicate such market
indices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, to seek to offset some of the risk of a potential decline
in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indices (such
as the S&amp;P 500 or MSCI EAFE), or certain ETFs that trade like common stocks but seek to replicate market indices. See &quot; &mdash;
Options in General&quot; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Options
in General.</I></FONT> The Fund may purchase and sell options on stocks, indices, rates, credit spreads or currencies. A call option,
upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying security,
index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right
to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain options, known as &quot;American style&quot; options, may be
exercised at any time during the term of the option. Other options, known as &quot;European style&quot; options, may be exercised only
on the expiration date of the option. The Fund expects that substantially all of the options written by the Fund will be American style
options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is authorized to purchase and sell exchange listed options
and over-the-counter options (&quot;OTC options&quot;). Exchange listed options are issued by a regulated intermediary such as the Options
Clearing Corporation (&quot;OCC&quot;), which guarantees the performance of the obligations of the parties to such options. In addition,
the Fund may purchase instruments structured by broker-dealers or investment banks that package or possess economic characteristics of
options. The discussion below uses the OCC as an example, but is also applicable to other financial intermediaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With certain exceptions, OCC issued and exchange listed options generally
settle by physical delivery of the underlying security or currency, although in the future cash settlement may become available. Index
options are cash settled for the net amount, if any, by which the option is &quot;in-the-money&quot; (i.e., where the value of the underlying
instrument exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option) at the
time the option is exercised. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising
the option, listed options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the
new option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OTC options are purchased from or sold to securities dealers, financial
institutions or other parties (&quot;Counterparties&quot;) through direct bilateral agreement with the Counterparty. In contrast to exchange
listed options, which generally have standardized terms and performance mechanics, all the terms of an OTC option, including such terms
as method of settlement, term, exercise price, premium, guarantees and security, are set by negotiation of the parties. The Fund may sell
OTC options (other than OTC currency options) that are subject to a buy-back provision permitting the Fund to require the Counterparty
to sell the option back to the Fund at a formula price within seven days. The Fund expects generally to enter into OTC options that have
cash settlement provisions, although it is not required to do so. The staff of the Commission currently takes the position that OTC options
purchased by a fund, and portfolio securities &quot;covering&quot; the amount of a fund's obligation pursuant to an OTC option sold by
it (or the amount of assets equal to the formula price for the repurchase of the option, if any, less the amount by which the option is
in-the-money) are illiquid. OTC options purchased by the Fund and any portfolio securities used to cover obligations pursuant to such
options are not considered illiquid by Calamos for the purposes of the Fund's limitation on investments in illiquid securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will write call options and put options only if they are &quot;covered.&quot;
For example, a call option written by the Fund will require the Fund to hold the securities subject to the call (or securities convertible
into those securities without additional consideration) or to segregate cash or liquid assets sufficient to purchase and deliver the securities
if the call is exercised. A call option sold by the Fund on an index will require the Fund to own portfolio securities that correlate
with the index or to segregate cash or liquid assets equal to the excess of the index value over the exercise price on a current basis.
A put option written by the Fund requires the Fund to segregate cash or liquid assets equal to the exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal factors affecting the market value of a put or a call
option include supply and demand, interest rates, the current market price of the underlying security or index in relation to the exercise
price of the option, the volatility of the underlying security or index, and the time remaining until the expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rule&nbsp;144A
Securities.</I></FONT> The Fund may invest without limit in certain securities, such as convertible and debt securities, that are typically
purchased in transactions exempt from the registration requirements of the 1933 Act pursuant to Rule&nbsp;144A under that Act. Rule&nbsp;144A
Securities may only be sold to qualified institutional buyers, such as the Fund. Any resale of these securities must generally be effected
through a sale that is registered under the 1933 Act or otherwise exempted or excepted from such registration requirements. Under the
supervision and oversight of the Fund's Board of Trustees, Calamos will determine whether Rule&nbsp;144A Securities are liquid. Typically,
the Fund purchases Rule&nbsp;144A Securities only if Calamos has determined them to be liquid. If any Rule&nbsp;144A Security held by
the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Loans.</I></FONT>
The Fund may invest in loan participations and other direct claims against a borrower. The corporate loans in which the Fund may invest
primarily consist of direct obligations of a borrower and may include debtor in possession financings pursuant to Chapter 11 of the U.S.
Bankruptcy Code, obligations of a borrower issued in connection with a restructuring pursuant to Chapter 11 of the U.S. Bankruptcy Code,
leveraged buy-out loans, leveraged recapitalization loans, receivables purchase facilities, and privately placed notes. The Fund may invest
in a corporate loan at origination as a co-lender or by acquiring in the secondary market participations in, assignments of or novations
of a corporate loan. By purchasing a participation, the Fund acquires some or all of the interest of a bank or other lending institution
in a loan to a corporate or government borrower. The participations typically will result in the Fund having a contractual relationship
only with the lender not the borrower. The Fund will have the right to receive payments of principal, interest and any fees to which it
is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. Many
such loans are secured, although some may be unsecured. Such loans may be in default at the time of purchase. Loans that are fully secured
offer the Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is
no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral
can be liquidated. Direct debt instruments may involve a risk of loss in case of default or insolvency of the borrower and may offer less
legal protection to the Fund in the event of fraud or misrepresentation. In addition, loan participations involve a risk of insolvency
of the lending bank or other financial intermediary. The markets in such loans are not regulated by federal securities laws or the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Preferred
Shares.</I></FONT> The Fund may invest in preferred stock. The preferred stock in which the Fund typically will invest will be convertible
securities. Preferred shares are equity securities, but they have many characteristics of fixed income securities, such as a fixed dividend
payment rate and/or a liquidity preference over the issuer's common shares. However, because preferred stocks are equity securities, they
may be more susceptible to risks traditionally associated with equity investments than the Fund's fixed income securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>REITs.</I></FONT>
The Fund may invest in securities of REITs, including debt securities they may issue. REITs primarily invest in income-producing real
estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity
and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection
of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the
majority of their assets in real estate mortgages and derive income from the collection of interest payments. REITs are not taxed on income
distributed to shareholders provided they comply with the applicable requirements of the Code. The Fund will indirectly bear its proportionate
share of any management and other expenses paid by REITs in which it invests in addition to the expenses paid by the Fund. Debt securities
issued by REITs are, for the most part, general and unsecured obligations and are subject to risks associated with REITs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>U.S.
Government Securities.</I></FONT> U.S. government securities in which the Fund invests include debt obligations of varying maturities
issued by the U.S. Treasury or issued or guaranteed by an agency or instrumentality of the U.S. government, including the Federal Housing
Administration, Federal Financing Bank, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration,
Government National Mortgage Association (&quot;GNMA&quot;), General Services Administration, Central Bank for Cooperatives, Federal Farm
Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation (&quot;FHLMC&quot;), Federal National Mortgage Association
(&quot;FNMA&quot;), Maritime Administration, Tennessee Valley Authority, District of Columbia Armory Board, Student Loan Marketing Association,
Resolution Fund Corporation and various institutions that previously were or currently are part of the Farm Credit System (which has been
undergoing reorganization since 1987). Some U.S. government securities, such as U.S. Treasury bills, Treasury notes and Treasury bonds,
which differ only in their interest rates, maturities and times of issuance, are supported by the full faith and credit of the United
States. Others are supported only by: (i)&nbsp;the right of the issuer to borrow from the U.S. Treasury, such as securities of the Federal
Home Loan Banks; (ii)&nbsp;the discretionary authority of the U.S. government to purchase the agency's obligations, such as securities
of the FNMA; or (iii)&nbsp;only the credit of the issuer. No assurance can be given that the U.S. government will provide financial support
in the future to U.S. government agencies, authorities or instrumentalities that are not supported by the full faith and credit of the
United States. Securities guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities
include: (i)&nbsp;securities for which the payment of principal and interest is backed by an irrevocable letter of credit issued by the
U.S. government or any of its agencies, authorities or instrumentalities; and (ii)&nbsp;participations in loans made to non-U.S. governments
or other entities that are so guaranteed. The secondary market for certain of these participations is limited and, therefore, may be regarded
as illiquid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Zero
Coupon Securities.</I></FONT> The securities in which the Fund invests may include zero coupon securities, which are debt obligations
that are issued or purchased at a significant discount from face value. The discount may approximate the total amount of interest the
security will accrue and compound over the period until maturity or the particular interest payment date at a rate of interest reflecting
the market rate of the security at the time of issuance. Zero coupon securities do not require the periodic payment of interest. These
investments benefit the issuer by mitigating its need for cash to meet debt service, but generally require a higher rate of return to
attract investors who are willing to defer receipt of cash. These investments involve greater interest rate risk and may experience greater
volatility in market value than U.S. government securities that make regular payments of interest. The Fund accrues income on these investments
for tax and accounting purposes, which is distributable to shareholders and which, because no cash is received at the time of accrual,
may require the liquidation of other portfolio securities to satisfy the Fund's distribution obligations or to reduce or eliminate tax
at the Fund level, in which case the Fund will forgo the purchase of additional income producing assets with these funds. Zero coupon
U.S. government securities include STRIPS and CUBES, which are issued by the U.S. Treasury as component parts of U.S. Treasury bonds and
represent scheduled interest and principal payments on the bonds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Equity
Securities.</I></FONT> Consistent with its objective, the Fund may invest in equity securities, including common and preferred stocks,
warrants, rights and depository receipts. Equity securities, such as common stock, generally represent an ownership interest in a company.
Therefore, the Fund participates in the financial success or failure of any company in which it has an equity interest. Although equity
securities have historically generated higher average returns than fixed income securities, equity securities have also experienced significantly
more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular equity
security held by the Fund. Also, the price of equity securities, particularly common stocks, are sensitive to general changes in economic
conditions and movements in the stock market. A drop in the stock market may depress the price of equity securities held by the Fund.
See also &quot; &mdash; Preferred Shares&quot; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
Investment Companies.</I></FONT> The Fund may invest in the securities of other investment companies to the extent that such investments
are consistent with the Fund's investment objective and policies and are permissible under the 1940 Act. Under the 1940 Act, the Fund
may not acquire the securities of other domestic or non-U.S. investment companies if, as a result, (1)&nbsp;more than 10% of the Fund's
total assets would be invested in securities of other investment companies, (2)&nbsp;such purchase would result in more than 3% of the
total outstanding voting securities of any one investment company being held by the Fund, (3)&nbsp;more than 5% of the Fund's total assets
would be invested in any one investment company, or (4)&nbsp;such purchase would result in more than 10% of the total outstanding voting
securities of a registered closed-end investment company being held by the Fund. These limitations do not apply to, among other things,
the purchase of shares of money market funds, of certain related funds or of funds with exemptive relief, or of any investment company
in connection with a merger, consolidation, reorganization or acquisition of substantially all the assets of another investment company,
or to purchases of investment companies made in accordance with SEC exemptive relief or rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund, as a holder of the securities of other investment companies,
will bear its pro rata portion of the other investment companies' expenses, including advisory fees. These expenses are in addition to
the direct expenses of the Fund's own operations. In addition, the Fund's performance may be magnified positively or negatively by virtue
of its investment in other investment companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Temporary
and Defensive Investments.</I></FONT> Under unusual market or economic conditions or for temporary defensive purposes, the Fund may invest
in a manner that is inconsistent with its principal investment strategies described herein. In those situations, the Fund may invest up
to 100% of its managed assets in securities issued or guaranteed by the U.S. government or its instrumentalities or agencies, certificates
of deposit, bankers' acceptances and other bank obligations, commercial paper rated in the highest category by a nationally recognized
statistical rating organization (&quot;NRSRO&quot;) or other fixed income securities deemed by Calamos to be consistent with a defensive
posture, or may hold cash. The yield on such securities may be lower than the yield on lower rated fixed income securities. During such
periods, the Fund may not be able to achieve its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Repurchase
Agreements.</I></FONT> The Fund may enter into repurchase agreements with broker-dealers, member banks of the Federal Reserve System and
other financial institutions. Repurchase agreements are arrangements under which the Fund purchases securities and the seller agrees to
repurchase the securities within a specific time and at a specific price. The repurchase price is generally higher than the Fund's purchase
price, with the difference being income to the Fund. The counterparty's obligations under the repurchase agreement are typically collateralized
with U.S. Treasury and/or agency obligations with a market value of not less than 100% of the obligations, valued daily. Collateral is
typically held by the Fund's custodian in a segregated, safekeeping account for the benefit of the Fund. Repurchase agreements afford
the Fund an opportunity to earn income on temporarily available cash. In the event of commencement of bankruptcy or insolvency proceedings
with respect to the issuer of the repurchase agreement before repurchase of the security under a repurchase agreement, the Fund may encounter
losses and delay and incur costs before being able to sell the security. Such a delay may involve loss of interest or a decline in price
of the security. If the court characterizes the transaction as a loan and the Fund has not perfected a security interest in the security,
the Fund may be required to return the security to the seller's estate and be treated as an unsecured creditor of the seller. As an unsecured
creditor, the Fund would be at risk of losing some or all of the principal and interest involved in the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Lending
of Portfolio Securities.</I></FONT> The Fund has authorized SSB as securities lending agent to lend securities to registered broker-dealers
or other institutional investors deemed by Calamos to be of good standing under agreements which require that the loans be secured continuously
by collateral received in cash under the SSB Agreement. Cash collateral received by SSB on behalf of the Fund is treated as refinancing
a portion of the amounts borrowed under the SSB Agreement, such that the Fund will effectively bear lower interest expense with respect
to those borrowed amounts. Any amounts credited against borrowings under the SSB Agreement would count against the Fund's leverage limitations,
unless otherwise covered in accordance with SEC Release IC-10666. Under the terms of the SSB Agreement, the Fund is required to return
the value of the collateral to the borrower at the termination of the selected securities loan(s), which will eliminate the credit against
the borrowings under the SSB Agreement and will increase the balance on which the Fund will pay interest. Under the terms of the SSB Agreement,
the Fund will make a variable &quot;net income&quot; payment related to any collateral credited against the borrowings under the SSB Agreement
which will be paid to the securities borrower, less any payments due to the Fund or SSB under the terms of the SSB Agreement. The Fund
does not use affiliated agents in managing its lending program. The Fund continues to be entitled to receive the equivalent of the interest
or dividends paid by the issuer on the securities loaned as well as the benefit of an increase and the detriment of any decrease in the
market value of the securities loaned and would also receive compensation based on investment of the collateral, but bears the risk of
loss on any collateral so invested. The Fund would not, however, have the right to vote any securities having voting rights during the
existence of the loan, but could seek to call the loan in anticipation of an important vote to be taken among holders of the securities
or of the giving or withholding of consent on a material matter affecting the investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As with other extensions of credit, there are risks of delay in recovery
or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund remains liable for the return
of the pledged collateral or cash of an equivalent value. At no time would the value of the securities loaned exceed 33 1/3% of the value
of the Fund's managed assets. See &quot;Description of Securities&quot; for more information on lending of portfolio securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Portfolio
Turnover.</I></FONT> Although the Fund does not purchase securities with a view to rapid turnover, there are no limitations on the length
of time that portfolio securities must be held. Portfolio turnover can occur for a number of reasons, including calls for redemption,
general conditions in the securities markets, more favorable investment opportunities in other securities, or other factors relating to
the desirability of holding or changing a portfolio investment. The portfolio turnover rates may vary greatly from year to year. A high
rate of portfolio turnover in the Fund would result in increased transaction expense, which must be borne by the Fund. High portfolio
turnover may also result in the realization of capital gains or losses and, to the extent net short-term capital gains are realized, any
distributions resulting from such gains will be considered ordinary income for federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fundamental
Investment Restrictions.</I></FONT> As more fully described in the Fund's statement of additional information, under the Fund's fundamental
investment restrictions, the Fund may not: (1)&nbsp;issue senior securities, except as permitted by the 1940 Act and the rules&nbsp;and
interpretive positions of the Commission thereunder; (2)&nbsp;borrow money, except as permitted by the 1940 Act and the rules&nbsp;and
interpretive positions of the Commission thereunder; (3)&nbsp;invest in real estate, except that the Fund may invest in securities of
issuers that invest in real estate or interests therein, securities that are secured by real estate or interests therein, securities of
real estate investment funds and mortgage-backed securities; (4)&nbsp;make loans, except by the purchase of debt obligations, by entering
into repurchase agreements or through the lending of portfolio securities and as otherwise permitted by the 1940 Act and the rules&nbsp;and
interpretive positions of the Commission thereunder; (5)&nbsp;invest in physical commodities or contracts relating to physical commodities;
(6)&nbsp;act as an underwriter, except as it may be deemed to be an underwriter in a sale of securities held in its portfolio; (7)&nbsp;make
any investment inconsistent with the Fund's classification as a diversified investment company under the 1940 Act and the rules&nbsp;and
interpretive positions of the Commission thereunder; and (8)&nbsp;concentrate its investments in securities of companies in any particular
industry as defined in the 1940 Act and the rules&nbsp;and interpretive positions of the Commission thereunder. This description of the
Fund's fundamental investment restrictions is a summary only and to the extent it differs from the discussion of fundamental investment
restrictions contained in the Fund's statement of additional information, the description in the statement of additional information controls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These restrictions may not be changed without the approval of the holders
of a majority of the Fund's outstanding voting securities. All other investment policies of the Fund are considered non-fundamental and
may be changed by the Board of Trustees without prior approval of the Fund's outstanding voting shares, although the Fund will give shareholders
at least 60 days' notice of any changes to the Fund's investment objective. See &quot;Investment Restrictions&quot; on page&nbsp;S-24
of the Fund's statement of additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conflicts of interest may arise from the fact that Calamos and its
affiliates carry on substantial investment activities for other clients, in which the Fund does not have an interest, some of which may
have investment strategies similar to those of the Fund. Calamos or its affiliates may have financial incentives to favor certain of these
accounts over the Fund. Any of their proprietary accounts or other customer accounts may compete with the Fund for specific trades. Calamos
or its affiliates may give advice and recommend securities to, or buy or sell securities for, other accounts and customers, which advice
or securities recommended may differ from advice given to, or securities recommended or bought or sold for, the Fund, even though their
investment objectives may be the same as, or similar to, the Fund's investment objective. When two or more clients advised by Calamos
or its affiliates seek to purchase or sell the same publicly traded securities, the securities actually purchased or sold will be allocated
among the clients on a good faith equitable basis by Calamos in its discretion and in accordance with the clients' various investment
objectives and Calamos' procedures. In some cases, this system may adversely affect the price or size of the position the Fund may obtain
or sell. In other cases, the Fund's ability to participate in volume transactions may produce better execution for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos will evaluate a variety of factors in determining whether a
particular investment opportunity or strategy is appropriate and feasible for a particular entity or account at a particular time, including,
but not limited to, the following: (1)&nbsp;the nature of the investment opportunity taken in the context of the other investments available
at the time; (2)&nbsp;the liquidity of the investment relative to the needs of the particular entity or account; (3)&nbsp;the availability
of the opportunity (i.e., size of obtainable position); (4)&nbsp;the transaction costs involved; and (5)&nbsp;the investment or regulatory
limitations applicable to the particular entity or account. Because these considerations may differ when applied to the Fund and relevant
accounts under management in the context of any particular investment opportunity, the Fund's investment activities, on the one hand,
and other managed accounts, on the other hand, may differ considerably from time to time. In addition, the Fund's fees and expenses will
differ from those of the other managed accounts. Accordingly, investors should be aware that the Fund's future performance and future
performance of other accounts of Calamos may vary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Situations may occur when the Fund could be disadvantaged because of
the investment activities conducted by Calamos and its affiliates for their other accounts. Such situations may be based on, among other
things, the following: (1)&nbsp;legal or internal restrictions on the combined size of positions that may be taken for the Fund or the
other accounts, thereby limiting the size of the Fund's position; (2)&nbsp;the difficulty of liquidating an investment for the Fund or
the other accounts where the market cannot absorb the sale of the combined position; or (3)&nbsp;limits on co-investing in negotiated
transactions under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos and its principals, officers, employees, and affiliates may
buy and sell securities or other investments for their own accounts and may have actual or potential conflicts of interest with respect
to investments made on the Fund's behalf. As a result of differing trading and investment strategies or constraints, positions may be
taken by principals, officers, employees, and affiliates of Calamos that are the same as, different from, or made at a different time
than positions taken for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos' investment management fee is a percentage of the Fund's managed
assets, and Calamos' investment management fee will be higher if the Fund sells additional common shares or employs leverage. Accordingly,
Calamos will benefit from the sale of additional common shares, preferred shares, or debt securities and may have an incentive to be more
aggressive with respect to the use of leverage by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>LEVERAGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may issue preferred shares or debt securities or borrow to
increase its assets available for investment. As of January&nbsp;31, 2022, the Fund had $174 million in borrowings outstanding under the
SSB Agreement, MRP Shares outstanding with an aggregate liquidation preference of $133 million and used approximately $225 million of
collateral obtained through securities lending arrangements as an offset against borrowings under the SSB Agreement, for a total of $532
million of leverage representing 35.1% of managed assets as of that date. The SSB Agreement provides for additional credit availability
for the Fund, such that it may borrow up to $430 million. Additional information regarding the Fund's preferred shares is included below
under &quot;Mandatory Redeemable Preferred Shares.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a non-fundamental policy, the Fund may not issue preferred shares,
borrow money and/or issue debt securities with an aggregate liquidation preference and aggregate principal amount exceeding 38% of the
Fund's managed assets measured at the time of borrowing or issuance of the new securities. However, the Board of Trustees reserves the
right to issue preferred shares or debt securities or borrow to the extent permitted by the 1940 Act or under any order issued by the
SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The holders of preferred shares will be entitled to receive a preferential
liquidating distribution, which is expected to equal the original purchase price per preferred share plus accumulated and unpaid dividends,
whether or not declared, before any distribution of assets is made to holders of common shares. The 1940 Act requires that the holders
of any preferred shares, voting separately as a single class, have the right to elect at least two Trustees at all times. The remaining
Trustees will be elected by holders of common shares and preferred shares, voting together as a single class. The holders of any preferred
shares have the right to elect a majority of the Trustees at any time two years' accumulated dividends on any preferred shares are unpaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund also may borrow money as a temporary measure for extraordinary
or emergency purposes, including the payment of dividends and the settlement of securities transactions, which otherwise might require
untimely dispositions of the Fund's holdings. When the Fund leverages its assets, the fees paid to Calamos for investment management services
will be higher than if the Fund did not leverage because Calamos' fees are calculated based on the Fund's managed assets, which include
the proceeds of the issuance of preferred shares or debt securities or any outstanding borrowings. Consequently, the Fund and Calamos
may have differing interests in determining whether to leverage the Fund's assets. The Fund's Board of Trustees monitors any such potential
conflicts of interest on an ongoing basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's use of leverage is premised upon the expectation that the
Fund's leverage costs will be lower than the return the Fund achieves on its investments with the leverage proceeds. Such difference in
return may result from the Fund's higher credit rating or the short-term nature of its borrowing compared to the lower credit quality,
long-term nature of its investments. Because Calamos seeks to invest the Fund's managed assets (including the assets obtained from leverage)
in a portfolio of potentially higher yielding investments or portfolio investments with the potential for capital appreciation, the holders
of common shares will be the beneficiaries of any incremental return but will bear the risk of loss on investments made with the leverage
proceeds. Should the differential between the Fund's return on its investments made with the proceeds of leverage and the cost of the
leverage narrow, the incremental return &quot;pick up&quot; will be reduced or the Fund may incur losses. If long-term interest rates
rise without a corresponding increase in the yield on the Fund's portfolio investments or the Fund otherwise incurs losses on its investments,
the Fund's net asset value attributable to its common shares will reflect the decline in the value of portfolio holdings resulting therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Leverage creates risks which may adversely affect the return for the
holders of common shares, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the likelihood of greater volatility in the net asset
value and market price of common shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;fluctuations in the dividend rates on any preferred
shares borne by the Fund or in interest rates on borrowings and short-term debt;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;increased operating costs, which are effectively
borne by common shareholders, may reduce the Fund's total return; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the potential for a decline in the value of an investment
acquired with borrowed funds, while the Fund's obligations under such borrowing remains fixed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Leverage is a speculative technique that could adversely affect the
returns to common shareholders. Leverage can cause the Fund to lose money and can magnify the effect of any losses. To the extent the
income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's
return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased
with such funds is not sufficient to cover the cost of leverage or if the Fund incurs capital losses, the return of the Fund will be less
than if leverage had not been used, and therefore the amount available for distribution to common shareholders as dividends and other
distributions will be reduced or potentially eliminated (or, in the case of distributions, will consist of return of capital).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos may determine to maintain the Fund's leveraged position if
it expects that the long-term benefits to the Fund's common shareholders of maintaining the leveraged position will outweigh the current
reduced return. Capital raised through the issuance of preferred shares or debt securities or borrowing will be subject to dividend payments
or interest costs that may or may not exceed the income and appreciation on the assets purchased. The issuance of preferred shares or
debt or borrowing money may involve offering expenses and other costs and may limit the Fund's freedom to pay dividends on common shares
or to engage in other activities. See &quot;Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan &mdash;
Dividends and Distributions on Common Shares.&quot; The Fund also may be required to maintain minimum average balances in connection with
borrowings or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing
over the stated interest rate. The Fund will pay (and common shareholders will bear) any costs and expenses relating to any borrowings
by the Fund, including the financial leverage described above, as well as any additional leverage incurred as a result of this offering
and to the issuance and ongoing maintenance of preferred shares or debt securities (for example, the higher management fee resulting from
the use of any such leverage, and interest and/or dividend expense and ongoing maintenance). Net asset value will be reduced immediately
following any additional offering of preferred shares or debt securities by the costs of that offering paid by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board reserves the right to change the amount and type of leverage
that the Fund uses, and reserves the right to implement changes to the Fund's borrowings that it believes are in the long-term interests
of the Fund and its shareholders, even if such changes impose a higher interest rate or other costs or impacts over the intermediate,
or short-term time period. There is no guarantee that the Fund will maintain leverage at the current rate, and the Board reserves the
right to raise, decrease, or eliminate the Fund's leverage exposure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the 1940 Act, the Fund is not permitted to issue preferred shares
unless immediately after such issuance the Fund has an asset coverage of at least 200% of the liquidation value of the aggregate amount
of outstanding preferred shares (i.e., such liquidation value may not exceed 50% of the value of the Fund's total assets). Under the 1940
Act, the Fund may only issue one class of senior securities representing equity. So long as preferred shares are outstanding, additional
senior equity securities must rank on a parity with the preferred shares. In addition, the Fund is not permitted to declare any cash dividend
or other distribution on its common shares unless, at the time of such declaration, the net asset value of the Fund's portfolio (determined
after deducting the amount of such dividend or distribution) is at least 200% of such liquidation value. Under the 1940 Act, the Fund
is not permitted to incur indebtedness unless immediately after such borrowing the Fund has an asset coverage of at least 300% of the
aggregate outstanding principal balance of indebtedness (i.e., such indebtedness may not exceed 33 1/3% of the value of the Fund's total
assets). Under the 1940 Act, the Fund may only issue one class of senior securities representing indebtedness other than promissory notes
or other evidences of indebtedness not intended to be publicly distributed. Additionally, under the 1940 Act, the Fund generally may not
declare any dividend or other distribution upon any class of its shares, or purchase any such shares, unless the aggregate indebtedness
of the Fund has, at the time of the declaration of any such dividend or distribution or at the time of any such purchase, an asset coverage
of at least 300% after deducting the amount of such dividend, distribution, or purchase price, as the case may be, except that dividends
may be declared upon any preferred shares if such indebtedness has an asset coverage of at least 200% at the time of declaration thereof
after deducting the amount of the dividend. This limitation does not apply to certain privately placed debt. In general, the Fund may
declare dividends on preferred shares as long as there is asset coverage of 200% after deducting the amount of the dividend. The holders
of preferred shares or debt, if any, on the one hand, and the holders of the common shares, on the other, may have interests that conflict
with each other in certain situations. See &quot;Description of Securities &mdash; Preferred Shares&quot; and &quot;Certain Provisions
of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may be subject to certain restrictions on investments imposed
by guidelines of and covenants with one or more rating agencies, which may issue ratings for any debt securities or preferred shares issued
by the Fund in the future. These guidelines and covenants may impose asset coverage and portfolio composition requirements that are more
stringent than those imposed by the 1940 Act. Certain types of borrowings may result in the Fund being subject to covenants in credit
agreements, including those relating to asset coverage, borrowing base and portfolio composition requirements and additional covenants
that may affect the Fund's ability to pay dividends and distributions on common shares in certain instances. The Fund also may be required
to pledge its assets to the lenders in connection with certain types of borrowings. Certain types of borrowing may involve the rehypothecation
of the Fund's securities. Calamos does not anticipate that these covenants or restrictions would adversely affect its ability to manage
the Fund's portfolio in accordance with the Fund's investment objective and policies. Due to these covenants or restrictions, the Fund
may be forced to liquidate investments at times and at prices that are not favorable to the Fund, or the Fund may be forced to forgo investments
that Calamos otherwise views as favorable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The extent to which the Fund employs leverage will depend on many factors,
the most important of which are investment outlook, market conditions and interest rates. Successful use of a leveraging strategy depends
on Calamos' ability to predict correctly interest rates and market movements. There is no assurance that a leveraging strategy will be
successful during any period in which it is employed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mandatory Redeemable Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September&nbsp;6, 2017, the Fund completed a private placement of
1,330,000 Series&nbsp;A MRP Shares, 1,330,000 Series&nbsp;B MRP Shares and 1,340,000 Series&nbsp;C MRP Shares. On August&nbsp;24, 2021,
the Fund completed a private placement of 1,320,000 Series&nbsp;D MRP Shares and 1,330,000 Series&nbsp;E MRP Shares.<SUP>3</SUP> Each
MRP Share has a liquidation preference of $25.00, resulting in an aggregate liquidation preference of $166.25 million for all MRP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The holders of MRP Shares for the Fund (&quot;MRP Shareholders&quot;)
are entitled to receive monthly cash dividends, payable on the first business day (a &quot;Dividend Payment Date&quot;) of each month
following issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to adjustment as described below under &quot;MRP Shares Dividends,&quot;
the dividend rate per annum (the &quot;Applicable Rate&quot;) for each series of MRP Shares is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">MRP Shares</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Applicable Rate</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: 10pt Times New Roman, Times, Serif; text-align: left">Series&nbsp;A MRP Shares</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3.70</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Series&nbsp;B MRP Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Series&nbsp;C MRP Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Series&nbsp;D MRP Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.45</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Series&nbsp;E MRP Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.68</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The MRP Shares have a term redemption date of September&nbsp;6, 2022
for the Series&nbsp;A MRP Shares, September&nbsp;6, 2024 for the Series&nbsp;B MRP Shares, September&nbsp;6, 2027 for the Series&nbsp;C
MRP Shares, August&nbsp;24, 2026 for the Series&nbsp;D MRP Shares and May&nbsp;24, 2027 for the Series&nbsp;E MRP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Previously, the Series&nbsp;A MRP Shares, the Series&nbsp;B MRP Shares
and the Series&nbsp;C MRP Shares had been assigned a rating of &quot;AA&quot; by Fitch Ratings,&nbsp;Inc. (&quot;Fitch&quot;). As of December&nbsp;17,
2020, Kroll Bond Rating Agency LLC (&quot;Kroll&quot;) replaced Fitch as the rating agency for the Series&nbsp;A MRP Shares, the Series&nbsp;B
MRP and the Series&nbsp;C MRP Shares and each of the Series&nbsp;A MRP Shares, the Series&nbsp;B MRP Shares and the Series&nbsp;C MRP
Shares have been assigned a rating of 'AA-' by Kroll. As of August&nbsp;24, 2021, the Series&nbsp;D MRP Shares and Series&nbsp;E MRP Shares
have each been assigned a rating of &lsquo;AA-&rsquo; by Kroll. If the ratings of the MRP Shares are downgraded, the Fund's dividend expense
may increase, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Liquidation
Preference.</I></FONT> In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the MRP Shareholders
will be entitled to receive a preferential liquidating distribution equal to $25.00 per MRP Share plus accrued and unpaid dividends, after
satisfaction of claims of creditors of the Fund, but before any distribution of assets is made to common shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>MRP
Shares Dividends.</I></FONT> If, on the first day of the monthly dividend period immediately preceding a Dividend Payment Date (each such
period a &quot;Dividend Period&quot;), Series&nbsp;A MRP Shares, Series&nbsp;B MRP Shares or Series&nbsp;C MRP Shares is rated no less
than &quot;A&quot; by Fitch (and no less than the equivalent of such rating by some other NRSRO, if any, other than Fitch, such as Kroll,
providing a rating for the MRP Shares pursuant to the request of the Fund) or with respect to Series&nbsp;D MRP Shares or Series&nbsp;E
MRP Shares, are rated lower than the equivalent &ldquo;A&rdquo; by Kroll (or lower than the equivalent of such rating by any Other Rating
Agency), then the dividend rate for such period (the &quot;Dividend Rate&quot;) will be equal to the Applicable Rate for such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3
</SUP></FONT>The delayed funding date for Series E is May 24, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If, on the first day of a Dividend Period, the credit rating assigned
on any date to Series&nbsp;A MRP Shares, Series&nbsp;B MRP Shares or Series&nbsp;C MRP Shares by Fitch (or some other NRSRO then rating
any series of the outstanding MRP Shares pursuant to the request of the Fund, such as Kroll) is lower than a rating of &quot;A&quot; by
Fitch (or lower than the equivalent of such rating by such other rating agency) or with respect to Series&nbsp;D MRP Shares or Series&nbsp;E
MRP Shares, are rated lower than the equivalent &ldquo;A&rdquo; by Kroll (or lower than the equivalent of such rating by any Other Rating
Agency), the Dividend Rate applicable to such series of outstanding MRP Shares for such Dividend Period shall be the Applicable Rate plus
the enhanced dividend amount (which shall not be cumulative) set opposite the lowest of such ratings in the table below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Fitch Rating or<BR> Kroll Rating (Or</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Equivalent by any</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Other Rating</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Agency)</P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Enhanced Dividend Amount</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 81%; font: 10pt Times New Roman, Times, Serif">"A-"</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.5</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">"BBB+" to "BBB-"</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">"BB+" or below</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A 4.0% premium in addition to the Applicable Rate may apply when the
Fund fails to maintain a current credit rating, and a 5.0% premium may apply when the Fund fails to make timely payments with regard to
the MRP Shares (subject to cure periods in each case).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Limitation
on Common Share Distributions.</I></FONT> With regard to the Series&nbsp;A MRP Shares, Series&nbsp;B MRP Shares or Series&nbsp;C MRP Shares,
so long as any MRP Shares are outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution
(other than non-cash distributions) with respect to Fund shares ranking junior to or on parity with the MRP Shares, unless (1)&nbsp;the
Fund has satisfied the MRP Shares Overcollateralization Test (as defined below) on at least one &quot;valuation date&quot; in the preceding
65 calendar days, (2)&nbsp;immediately after such transaction the Fund would satisfy the MRP Shares Asset Coverage Test (as defined below),
(3)&nbsp;full cumulative dividends on the MRP Shares due on or prior to the date of the transaction have been declared and paid to the
holders of MRP Shares and (4)&nbsp;the Fund has redeemed the full number of MRP Shares required to be redeemed by any provision for mandatory
redemption or deposited sufficient monies with the Fund's paying agent for that purpose, subject to certain grace periods and exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>MRP
Shares Asset Coverage Test</U></FONT>: Asset coverage with respect to all outstanding senior securities and preferred shares, including
the MRP Shares, determined in accordance with Section&nbsp;18(h)&nbsp;of the 1940 Act, on the basis of values calculated as of a time
within 48 hours (not including Sundays or holidays) next preceding the time of determination, must be greater than or equal to 225%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>MRP
Shares Overcollateralization Test</U></FONT>: So long as Fitch or any other NRSRO, such as Kroll, is then rating any class of the outstanding
MRP Shares pursuant to the request of the Fund, satisfaction of only those overcollateralization ratios applicable to closed-end fund
issuers with the same rating(s)&nbsp;as the Fund's MRP Shares' then-current rating(s)&nbsp;issued by Fitch or such other NRSRO, such as
Kroll, by application of the applicable rating agency guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With regard to Series&nbsp;D MRP Shares and Series&nbsp;E MRP Shares,
for so long as any MRP Shares are Outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution
(other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares or
other shares of beneficial interest, if any, ranking junior to the MRP Shares as to dividends or upon liquidation (collectively &ldquo;non-cash
distributions&rdquo;)) with respect to Common Shares or any other shares of the Series&nbsp;or Fund ranking junior to or on a parity with
the MRP Shares as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any
Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Fund ranking junior to the MRP
Shares as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of the Fund ranking
junior to or on a parity with the MRP Shares as to dividends and upon liquidation), unless (1)&nbsp;immediately after such transaction
the Fund would satisfy the MRP Shares Asset Coverage Test, (2)&nbsp;full cumulative dividends on the MRP Shares due on or prior to the
date of the transaction have been declared and paid to the holders of MRP Shares, and (3)&nbsp;the Fund has redeemed the full number of
MRP Shares required to be redeemed by any provision for mandatory redemption contained in Section&nbsp;3(a)&nbsp;or deposited sufficient
monies with the Paying Agent for that purpose (without regard to the provisions of the Special Proviso);&nbsp;<I>provided</I>&nbsp;that
the Fund may make any distributions reasonably necessary for the Fund to continue to qualify as a &ldquo;regulated investment company&rdquo;
under Subchapter M of the Internal Revenue Code and to avoid excise tax under Section&nbsp;4982 of the Internal Revenue Code&nbsp;<I>(&ldquo;Tax
Required Payments&rdquo;</I>).&nbsp; For the avoidance of doubt, any such Tax Required Payments would only be paid to holders of Common
Shares after full cumulative dividends due on or prior to the date of the&nbsp;applicable distribution&nbsp;and any mandatory redemptions
occurring on or prior to the date of the applicable distribution&nbsp;have been paid to the holders of Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The terms of the MRP Shares and rights and preferences of the holders
of MRP Shares are set forth in the Statement of Preferences of Series&nbsp;A Mandatory Redeemable Preferred Shares, Series&nbsp;B Mandatory
Redeemable Preferred Shares, Series&nbsp;C Mandatory Redeemable Preferred Shares, Series&nbsp;D Mandatory Redeemable Preferred Shares
and Series&nbsp;E Mandatory Preferred Shares of the Fund (the &quot;Statement of Preferences&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Redemption.</I></FONT>
The terms of the MRP Shares provide that: (i)&nbsp;the Fund may redeem the MRP Shares at its option at the liquidation preference plus
accrued and unpaid dividends and plus a make-whole premium, subject to notice and other requirements; (ii)&nbsp;the Fund is required to
redeem the MRP Shares upon failure to satisfy the MRP Shares Asset Coverage Test (tested monthly) or MRP Shares Overcollateralization
Test (tested weekly), subject to cure periods; and (iii)&nbsp;the Fund is required to redeem the MRP Shares on the term redemption date
of September&nbsp;6, 2022 for the Series&nbsp;A MRP Shares, September&nbsp;6, 2024 for the Series&nbsp;B MRP Shares, September&nbsp;6,
2027 for the Series&nbsp;C MRP Shares, August&nbsp;24, 2026 for the Series&nbsp;D MRP Shares and May&nbsp;24, 2027 for the Series&nbsp;E
MRP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Voting
Rights.</I></FONT> Except as otherwise required in the prospectus, the governing documents of the Fund, or as otherwise required by applicable
law, the Fund's preferred shareholders, including the holders of MRP Shares, have one vote per share and vote together with the Fund's
common shareholders as a single class. The 1940 Act grants the holders of preferred stock the right to elect at least two Trustees at
all times (the &quot;Preferred Share Trustees&quot;) and the remaining Trustees will be elected by the holders of common stock and preferred
stock voting as a single class. Except during any time when the Fund has failed to make a dividend or redemption payment in respect of
MRP Shares outstanding, the holders of MRP Shares have agreed to vote in accordance with the recommendation of the Board of Trustees on
any matter submitted to them for their vote or to the vote of shareholders of the Fund generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to the MRP Shares, William R. Rybak and Virginia G. Breen
were designated by the Board of Trustees as the Preferred Share Trustees of the Fund. As of January&nbsp;1, 2022, there were five other
Trustees of the Fund, Ms.&nbsp;Stuckey and Messrs.&nbsp;Calamos, Neal, Toub and Wennlund. See &quot;Management of the Fund&quot; in the
Fund's statement of additional information. The Fund's preferred shareholders, including the MRP Shareholders, are entitled to elect a
majority of the Trustees of the Fund during any period when (i)&nbsp;at least two years' accumulated dividends on the preferred stock
are due and unpaid or (ii)&nbsp;the preferred shares are otherwise entitled under the 1940 Act to elect a majority of the Trustees of
the Fund. The MRP Shareholders have certain additional customary voting rights pursuant to the MRP Shares governing documents and the
1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The summary information regarding the MRP Shares contained herein is
qualified in its entirety by reference to the Statement of Preferences and other documents related to the terms and conditions and the
offering of the MRP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Effects of Leverage</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SSB Agreement provides for credit availability for the Fund, such
that it may borrow up to $430 million. As of January&nbsp;31, 2022, the Fund had utilized $399 million of the $430 million available under
the SSB Agreement ($174 million of borrowings outstanding, and $225 million in structural leverage consisting of collateral received from
SSB in connection with securities on loan), representing 26.3% of the Fund's managed assets as of that date, and had $133 million of MRP
Shares outstanding, representing 8.8% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding
MRP Shares represented 35.1% of the Fund's managed assets. Interest on the SSB Agreement is charged on the drawn amount at the rate of
the Overnight Bank Financing Rate (OBFR) plus 0.80%, payable monthly in arrears. Interest on overdue amounts or interest on the drawn
amount paid during an event of default will be charged at OBFR plus 2.80%. These rates represent floating rates of interest that may change
over time. The SSB Agreement has a commitment fee of 0.10% of any undrawn amount. As of January&nbsp;31, 2022, the interest rate charged
under the SSB Agreement was 0.87%. &quot;Net income&quot; payments related to cash collateral in connection with securities lending were
0.44% of the borrowed amount on an annualized basis as of that date, although this amount can vary based on changes in underlying interest
rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's MRP Shareholders are entitled to receive monthly cash dividends,
at a currently effective dividend rate per annum for each series of MRP Shares as follows (subject to adjustment as described above in
 &quot;Mandatory Redeemable Preferred Shares&quot;): 3.70% for Series&nbsp;A MRP Shares, 4.00% for Series&nbsp;B MRP Shares, 4.24% for
Series&nbsp;C MRP Shares, 2.45% for Series&nbsp;D MRP Shares, and 2.68% for Series&nbsp;E MRP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To cover the interest expense on the borrowings under the SSB Agreement
(including &quot;net income&quot; payments made with respect to borrowings offset by collateral for securities on loan) and the dividend
payments associated with the MRP Shares, based on rates in effect on January&nbsp;31, 2022, the Fund's portfolio would need to experience
an annual return of 0.56% (before giving effect to expenses associated with senior securities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Leverage is a speculative technique that could adversely affect the
returns to common shareholders. Leverage can cause the Fund to lose money and can magnify the effect of any losses. To the extent the
income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's
return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased
with such funds is not sufficient to cover the cost of leverage or if the Fund incurs capital losses, the return of the Fund will be less
than if leverage had not been used, and therefore the amount available for distribution to common shareholders as dividends and other
distributions will be reduced or potentially eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will pay, and common shareholders will effectively bear, any
costs and expenses relating to any borrowings and to the issuance and ongoing maintenance of preferred shares, including the MRP Shares,
or debt securities. Such costs and expenses include the higher management fee resulting from the use of any such leverage, offering and/or
issuance costs, and interest and/or dividend expense and ongoing maintenance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain types of borrowings may result in the Fund being subject to
covenants in credit agreements, including those relating to asset coverage, borrowing base and portfolio composition requirements and
additional covenants that may affect the Fund's ability to pay dividends and distributions on common shares in certain instances. The
Fund may also be required to pledge its assets to the lenders in connection with certain types of borrowings. The Fund may be subject
to certain restrictions on investments imposed by guidelines of and covenants with rating agencies for the preferred shares or short-term
debt instruments issued by the Fund. These guidelines and covenants may impose asset coverage or portfolio composition requirements that
are more stringent than those imposed by the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because Calamos' investment management fee is a percentage of the Fund's
managed assets, Calamos' fee will be higher if the Fund is leveraged and Calamos will have an incentive to be more aggressive and leverage
the Fund. Consequently, the Fund and Calamos may have differing interests in determining whether to leverage the Fund's assets. Any additional
use of leverage by the Fund effected through new, additional or increased credit facilities or the issuance of preferred shares would
require approval by the Board of Trustees of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table illustrates the hypothetical effect on the return
to a holder of the Fund's common shares of the leverage obtained by us (and utilized on January&nbsp;31, 2022). The purpose of this table
is to assist you in understanding the effects of leverage. As the table shows, leverage generally increases the return to common shareholders
when portfolio return is positive and greater than the cost of leverage and decreases the return when the portfolio return is negative
or less than the cost of leverage. The figures appearing in the table are hypothetical and actual returns may be greater or less than
those appearing in the table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: left">Assumed Portfolio Return (Net of Expenses)</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(10.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(5.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">5.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">10.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corresponding Common Share Return</FONT><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(16.27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(8.57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.87</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.83</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.53</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;&nbsp;Includes interest expense on the borrowings under the
SSB Agreement, accrued at interest rates in effect on January&nbsp;31, 2022 of 0.87%, and dividend expense on the MRP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For further information about leveraging, see &quot;Risk Factors &mdash;
Fund Risks &mdash; Leverage Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>INTEREST RATE TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to reduce the interest rate risk inherent in the Fund's underlying
investments and capital structure, the Fund, if Calamos deems market conditions favorable, may enter into over-the-counter interest rate
swap, cap or floor transactions to attempt to protect itself from increasing dividend or interest expenses on its leverage and to hedge
portfolio securities from interest rate changes. Fixed-for-floating interest rate swaps involve the Fund's agreement with the swap counterparty
to pay a fixed rate payment in exchange for the counterparty agreeing to pay the Fund a payment at a variable rate that is expected to
approximate the rate of any variable rate payment obligation on the Fund's leverage. The payment obligations would be based on the notional
amount of the swap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may use an interest rate cap, which would require it to pay
a premium to the counterparty and would entitle it, to the extent that a specified variable rate index exceeds a predetermined fixed rate,
to receive from the counterparty payment of the excess amount based on a stated notional amount. There can be no assurance that the Fund
will use interest rate transactions or that, if used, their use will be beneficial to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will usually enter into swaps or caps on a net basis; that
is, the two payment streams will be netted out in a cash settlement on the payment date or dates specified in the instrument, with the
Fund receiving or paying, as the case may be, only the net amount of the two payments. The Fund intends to segregate with its custodian
cash or liquid securities having a value at least equal to the Fund's net payment obligations under any swap transaction, marked-to-market
daily.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The use of interest rate swaps and caps is a highly specialized activity
that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. Depending
on the state of interest rates in general, the Fund's use of interest rate swaps or caps could enhance or harm the overall performance
of the Fund's common shares. To the extent that there is a decline in interest rates for maturities equal to the remaining maturity on
the Fund's fixed rate payment obligation under the interest rate swap or equal to the remaining term of the interest rate cap, the value
of the swap or cap (which initially has a value of zero) could decline, and could result in a decline in the net asset value of the common
shares. If, on the other hand, such rates were to increase, the value of the swap or cap could increase, and thereby increase the net
asset value of the common shares. As interest rate swaps or caps approach their maturity, their positive or negative value due to interest
rate changes will approach zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if the short-term interest rates effectively received
by the Fund during the term of an interest rate swap are lower than the Fund's fixed rate of payment on the swap, the swap will increase
the Fund's operating expenses and reduce common share net earnings. For example, if the Fund were to enter into one or more interest rate
swaps in a notional amount equal to 75% of its outstanding margin loan under which the Fund would receive a short-term swap rate of 0.08%
and pay a fixed swap rate of 0.87% over the term of the swap, the swap would effectively increase Fund expenses and reduce Fund common
share net earnings by approximately 0.24% as a percentage of net assets attributable to common shareholders and less than 0.16% as a percentage
of managed assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If, on the other hand, the short-term interest rates effectively received
by the Fund are higher than the Fund's fixed rate of payment on the interest rate swap, the swap would enhance common share net earnings.
The example above is purely for illustrative purposes and is not predictive of the actual percentage of the Fund's leverage that will
be hedged by a swap, the actual fixed rates that the Fund will pay under the swap (which will depend on market interest rates for the
applicable maturities at the time the Fund enters into swaps) or the actual short-term rates that the Fund will receive on any swaps (which
fluctuate frequently during the term of the swap, and may change significantly from initial levels), or the actual impact such swaps will
have on the Fund's expenses and common share net earnings. In either case, the swap would have the effect of reducing fluctuations in
the Fund's cost of leverage due to changes in short term interest rates during the term of the swap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Buying interest rate caps could enhance the performance of the Fund's
common shares by limiting certain leverage expenses. Buying interest rate caps could also increase the operating expenses of the Fund
and decrease the net earnings of the common shares in the event that interest rates decline or stay the same or the premium paid by the
Fund to the counterparty exceeds the additional amount the Fund would have been required to pay on its preferred shares due to increases
in short-term interest rates during the term of the cap had it not entered into the cap agreement. The Fund has no current intention of
selling an interest rate swap or cap. The Fund will monitor any interest rate swaps or caps with a view to ensuring that it remains in
compliance with the federal income tax requirements for qualification as a regulated investment company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest rate swaps and caps do not involve the delivery of securities
or other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps and caps is limited to the
net amount of interest payments that the Fund is contractually obligated to make or, if applicable, any premium paid by the Fund. If the
counterparty defaults, the Fund would not be able to use the anticipated net receipts under the swap or cap to offset the dividend or
interest payments on the Fund's leverage or offset certain losses in its portfolio. Depending on whether the Fund would be entitled to
receive net payments from the counterparty on the swap or cap, which in turn would depend on the general state of short-term interest
rates at that point in time, such a default could negatively impact the performance of the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will not enter into an interest rate swap or cap transaction
with any counterparty that Calamos believes does not have the financial resources to honor its obligation under the interest rate swap
or cap transaction. Further, Calamos will continually monitor the financial stability of a counterparty to an interest rate swap or cap
transaction in an effort to proactively protect the Fund's investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, at the time the interest rate swap or cap transaction
reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the
terms of the replacement will not be as favorable as on the expiring transaction. If this occurs, it could have a negative impact on the
performance of the Fund's common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When preferred shares are outstanding, the Fund may choose or be required
to redeem some or all preferred shares or prepay any borrowings. This redemption or prepayment would likely result in the Fund seeking
to terminate early all or a portion of any swap or cap transaction. Such early termination of a swap could result in a termination payment
by or to the Fund. An early termination of a cap could result in a termination payment to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Investing in any of our securities involves risk, including the
risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore,
before investing in any of our securities you should consider carefully the following risks, as well as any risk factors included in the
applicable prospectus supplement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fund Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal risks are presented in alphabetical order to facilitate
finding particular risks and comparing them with other funds. Each risk summarized below, including Management Risk, Portfolio Selection
Risk, Equity Securities Risk, Emerging Market Risk and Foreign Securities Risk, among others, is considered a &quot;principal risk&quot;
of investing in the Fund, regardless of the order in which it appears.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>General.</I></FONT>
The Fund is a diversified, closed-end management investment company designed primarily as a long-term investment and not as a trading
tool. The Fund invests primarily in a diversified portfolio of convertible securities and non-convertible income securities. An investment
in the Fund's common shares may be speculative and it involves a high degree of risk. The Fund is not a complete investment program. Due
to the uncertainty in all investments, there can be no assurance that the Fund will achieve its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>American
Depositary Receipts Risk.</I></FONT> The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs. U.S. depositary
banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds
to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore, while purchasing
a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Antitakeover
Provisions.</I></FONT> The Fund's Agreement and Declaration of Trust and By-Laws include provisions that could limit the ability of other
entities or persons to acquire control of the Fund or to change the composition of its Board of Trustees. Such provisions could limit
the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking
to obtain control of the Fund. These provisions include staggered terms of office for the Trustees, advance notice requirements for shareholder
proposals, and super-majority voting requirements for certain transactions with affiliates, converting the Fund to an open-end investment
company or a merger, asset sale or similar transaction. Holders of preferred shares have voting rights in addition to and separate from
the voting rights of common shareholders with respect to certain of these matters. Holders of any preferred shares, voting separately
as a single class, have the right to elect at least two Trustees at all times. See &quot;Description of Securities &mdash; Preferred Shares&quot;
and &quot;Certain Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions.&quot; The
holders of preferred shares or debt, if any, on the one hand, and the holders of the common shares, on the other, may have interests that
conflict with each other in certain situations, including conflicts that relate to the fees and expenses of the Fund. For more information
on potential conflicts of interest between holders of common shares and holders of preferred shares, see &quot;Leverage Risk&quot; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cash
Holdings Risk.</I></FONT> To the extent the Fund holds cash positions, the Fund risks achieving lower returns and potential lost opportunities
to participate in market appreciation which could negatively impact the Fund's performance and ability to achieve its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Contingent
Liabilities Risk.</I></FONT> Entering into derivative contracts in order to pursue the Fund's various hedging strategies could require
the Fund to fund cash payments in the future under certain circumstances, including an event of default or other early termination event,
or the decision by a counterparty to request margin in the form of securities or other forms of collateral under the terms of the derivative
contract or applicable laws. The amounts due with respect to a derivative contract would generally be equal to the unrealized loss of
the open positions with the respective counterparty and could also include other fees and charges. These payments are contingent liabilities
and therefore may not appear on the Fund's balance sheet. The Fund's ability to fund these contingent liabilities will depend on the liquidity
of the Fund's assets and access to capital at the time, and the need to fund these contingent liabilities could adversely impact our financial
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Convertible
Securities Risk.</I></FONT> The value of a convertible security is influenced by both the yield of non-convertible securities of comparable
issuers and by the value of the underlying common stock. The value of a convertible security viewed without regard to its conversion feature
(i.e., strictly on the basis of its yield) is sometimes referred to as its &quot;investment value.&quot; A convertible security's investment
value tends to decline as prevailing interest rate levels increase. Conversely, a convertible security's investment value tends to increase
as prevailing interest rate levels decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, a convertible security's market value tends to reflect the
market price of the common stock of the issuing company when that stock price is greater than the convertible security's &quot;conversion
price.&quot; The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated
stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more
by the yield of the convertible security and changes in interest rates. Thus, the convertible security may not decline in price to the
same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would
be paid before the company's common stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Counterparty
and Settlement Risk.</I></FONT> Trading options, futures contracts, swaps and other derivative financial instruments entails credit risk
with respect to the counterparties with whom and through which the Fund trades. Such instruments when traded over the counter do not include
the same protections as may apply to trading derivatives on organized exchanges. Substantial losses may arise from the insolvency, bankruptcy
or default of a counterparty and risk of settlement default of parties with whom the Fund trades securities. This risk may be heightened
during volatile market conditions. Settlement mechanisms in emerging markets are generally less developed and reliable than those in more
developed countries thus increasing the risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the past, broker-dealers and other financial institutions have experienced
extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although Calamos monitors the creditworthiness of
the Fund's counterparties, there can be no assurance that the Fund's counterparties will not experience similar difficulties, possibly
resulting in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative
contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract
in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.
Material exposure to a single or small group of counterparties increases the Fund's counterparty risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&quot;Covenant-Lite&quot;
Loans Risk.</I></FONT> Some of the loans in which the Fund may invest may be &quot;covenant-lite&quot; loans, which means the loans contain
fewer or no maintenance covenants than other loans and do not include terms which allow the lender to monitor the performance of the borrower
and declare a default if certain criteria are breached. The Fund may experience delays in enforcing its rights on its holdings of covenant-lite
loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Credit
Risk.</I></FONT> An issuer of a fixed income security could be downgraded or default. If the Fund holds securities that have been downgraded,
or that default on payment, the Fund's performance could be negatively affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Currency
Risk.</I></FONT> To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies,
changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or
add to investment losses. Although the Fund may attempt to hedge against currency risk, the hedging instruments may not always perform
as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries.
The Fund's investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cybersecurity
Risk.</I></FONT> Investment companies, such as the Fund, and their service providers are exposed to operational and information security
risks resulting from cyberattacks, which may result in financial losses to a fund and its shareholders. Cyber-attacks include, among other
behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, &quot;ransomware&quot; that
renders systems inoperable until ransom is paid, the unauthorized release of confidential information, or various other forms of cybersecurity
breaches. Cyber-attacks affecting the Fund or the Adviser, custodian, transfer agent, distributor, administrator, intermediaries, trading
counterparties, and other third-party service providers may adversely impact the Fund or the companies in which the Fund invests, causing
the Fund's investments to lose value or to prevent a shareholder redemption or purchase from clearing in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Debt
Securities Risk.</I></FONT> The Fund may invest in debt securities, including corporate bonds and high yield securities. In addition to
the risks described elsewhere in this prospectus (such as high yield securities risk and interest rate risk), debt securities are subject
to certain additional risks, including issuer risk and reinvestment risk. Issuer risk is the risk that the value of debt securities may
decline for a number of reasons which directly relate to the issuer, such as management performance, leverage and reduced demand for the
issuer's goods and services. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the
proceeds from matured, traded or called bonds at market interest rates that are below the Fund portfolio's current earnings rate. A decline
in income could affect the market price of the Fund's common shares or the overall return of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Default
Risk.</I></FONT> Default risk refers to the risk that a company that issues a convertible or debt security will be unable to fulfill its
obligations to repay principal and interest. The lower a debt security is rated, the greater its default risk. As a result, the Fund may
incur cost and delays in enforcing its rights against the defaulting issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Derivatives
Risk.</I></FONT> Generally, derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying
asset, reference rate or index, and may relate to individual debt or equity instruments, interest rates, currencies or currency exchange
rates, commodities, related indexes and other assets. The Fund may utilize a variety of derivative instruments including, but not limited
to, interest rate swaps, caps and floors, convertible securities, synthetic convertible instruments, options on individual securities,
index options, long calls, covered calls, long puts, cash-secured short puts and protective puts for hedging, risk management and investment
purposes. The Fund's use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject
absent the use of these instruments and, accordingly, may result in losses greater than if they had not been used. The use of derivative
instruments may have risks including, among others, leverage risk, duration mismatch risk, correlation risk, liquidity risk, interest
rate risk, volatility risk, credit risk, management risk and counterparty risk. The use of derivatives may also have the following risks:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Correlation
Risk.</U></FONT> Imperfect correlation between the value of derivative instruments and the underlying assets of the Fund creates the possibility
that the loss on such instruments may be greater than the gain in the value of the underlying assets in the Fund's portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Duration
Mismatch Risk.</U></FONT> The duration of a derivative instrument may be significantly different than the duration of the related liability
or asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Volatility
Risk.</U></FONT> Risk may arise in connection with the use of derivative instruments from volatility of interest rates and the prices
of reference instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Leverage
Risk.</U></FONT> The derivative investments in which the Fund may invest will give rise to forms of financial leverage, which may magnify
the risk of owning such instruments. Derivatives generally involve leverage in the sense that the investment exposure created by the derivatives
may be significantly greater than the Fund's initial investment in the derivative. Accordingly, if the Fund enters into a derivative transaction,
it could lose substantially more than the principal amount invested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, as a closed-end investment company registered with the
SEC, the Fund is subject to the federal securities laws, including the 1940 Act, the rules&nbsp;thereunder, and various SEC and SEC staff
interpretive positions. In accordance with these laws, rules&nbsp;and positions, the Fund may &quot;set aside&quot; liquid assets (often
referred to as &quot;asset segregation&quot;), or engage in other SEC or staff-approved measures, to &quot;cover&quot; open positions
with respect to certain portfolio management techniques, such as engaging in reverse repurchase agreements, dollar rolls, entering into
credit default swaps or futures contracts, or purchasing securities on a when-issued or delayed delivery basis, that may be considered
senior securities under the 1940 Act. The Fund intends to cover its derivative positions by maintaining an amount of cash or liquid securities
in a segregated account equal to the face value of those positions and by offsetting derivative positions against one another or against
other assets to manage the effective market exposure resulting from derivatives in its portfolio. To the extent that the Fund does not
segregate liquid assets or otherwise cover its obligations under such transactions, such transactions will be treated as senior securities
representing indebtedness for purposes of the requirement under the 1940 Act that the Fund may not enter into any such transactions if
the Fund's borrowings would thereby exceed 33 1/3% of its managed assets, less all liabilities and indebtedness of the Fund not represented
by senior securities. However, these transactions, even if covered, may represent a form of economic leverage and will create risks. In
addition, these segregation and coverage requirements could result in the Fund maintaining securities positions that it would otherwise
liquidate, segregating assets at a time when it might be disadvantageous to do so or otherwise restricting portfolio management. Such
segregation and cover requirements will not limit or offset losses on related positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Regulatory
Risk.</U></FONT> Derivatives markets are subject to various risks related to existing as well as new and evolving regulations both within
and outside the United States. For example, in the United States, new or amended regulations may be imposed by the U.S. Commodity Futures
Trading Commission (the &ldquo;CFTC&rdquo;), the SEC, the Federal Reserve or other financial regulators, other governmental regulatory
authorities or self-regulatory organizations that supervise the financial markets that could adversely affect the Fund. In particular,
these agencies are empowered to promulgate a variety of new rules&nbsp;pursuant to recently enacted financial reform legislation in the
United States. The Fund also may be adversely affected by changes in the enforcement or interpretation of existing statues and rules&nbsp;by
these governmental regulatory authorities or self-regulatory organizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the securities and futures markets are subject to comprehensive
statutes, regulations and margin requirements. For instance, the Dodd &mdash; Frank Wall Street Reform and Consumer Protection Act (&quot;Dodd-Frank
Act&quot;) could have an adverse effect on the Fund's ability to use derivative instruments. The Dodd-Frank Act is designed to impose
stringent regulation on the over-the-counter derivatives market in an attempt to increase transparency and accountability and provides
for, among other things, new clearing, execution, margin, reporting, recordkeeping, business conduct, disclosure, position limit, minimum
net capital and registration requirements. Because regulations that are being implemented by these requirements are relatively new and
evolving (and some of the regulations are not yet final), their ultimate impact remains unclear. Similar requirements are in the process
of being implemented in the European Union, the United Kingdom and other jurisdictions which may impact the Fund&rsquo;s transactions
with entities domiciled in such jurisdictions and subject to such requirements. These regulations could, among other things, restrict
the Fund's ability to engage in derivatives transactions (for example, by making certain types of derivatives transactions no longer available
to our funds), increase the costs of using these instruments (for example, by increasing margin, capital or reporting requirements) and/or
make them less effective and, as a result, the Fund may be unable to execute its investment strategy. Limits or restrictions applicable
to the counterparties with which the Fund engages in derivative transactions could also prevent the Fund from using these instruments,
affect the pricing or other factors relating to these instruments or may change availability of certain investments. It is unclear how
the regulatory changes will affect counterparty risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Commission recently finalized new Rule&nbsp;18f-4 under the 1940
Act providing for the regulation of registered investment companies' use of derivatives and certain related instruments. Compliance with
Rule&nbsp;18f-4 will not be required until August&nbsp;2022. The new rule, among other things, limits derivatives exposure through one
of two value-at-risk tests, requires funds to adopt and implement a derivatives risk management program (including the appointment of
a derivatives risk manager and the implementation of certain testing requirements), and subjects funds to certain reporting requirements
in respect of derivatives. Limited derivatives users (as determined by Rule&nbsp;18f-4) are not, however, subject to the full requirements
under the rule. In connection with the adoption of Rule&nbsp;18f-4, the Commission also eliminated the asset segregation framework for
covering derivatives and certain financial instruments arising from the Commission's Release 10666 and ensuing staff guidance. As the
Fund comes into compliance, the Fund's approach to asset segregation and coverage requirements described in this prospectus will be impacted.
Rule&nbsp;18f-4 could restrict the Fund's ability to engage in certain derivatives transactions and/or increase the costs of such derivatives
transactions, which could adversely affect the value or performance of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>General
Derivative Risks.</U></FONT> Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value
of a derivative may not correlate perfectly with an underlying asset, interest rate or index. Suitable derivative transactions may not
be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to
other risks when that would be beneficial. Furthermore, the skills needed to employ derivatives strategies are different from those needed
to select portfolio securities and, in connection with such strategies, the Fund makes predictions with respect to market conditions,
liquidity, currency movements, market values, interest rates and other applicable factors, which may be inaccurate. Thus, the use of derivative
investments may require the Fund to sell or purchase portfolio securities at inopportune times or for prices below or above the current
market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that
it might otherwise want to sell. Tax rules&nbsp;governing the Fund's transactions in derivative instruments may also affect whether gains
and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer
losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting, among other things, whether
capital gains and losses are treated as short-term or long-term. These rules&nbsp;could therefore affect the amount, timing and/or character
of distributions to shareholders. In addition, there may be situations in which the Fund elects not to use derivative instruments that
result in losses greater than if they had been used. Amounts paid by the Fund as premiums and cash or other assets held in margin accounts
with respect to the Fund's derivative instruments would not be available to the Fund for other investment purposes, which may result in
lost opportunities for gain. Derivative instruments can be illiquid, and may disproportionately increase losses and may have a potentially
large impact on Fund performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Duration
Risk.</I></FONT> Duration measures the time-weighted expected cash flows of a fixed-income security, which can determine its sensitivity
to changes in the general level of interest rates. The value of securities with longer durations tend to be more sensitive to interest
rate changes than securities with shorter durations. The longer the Fund's dollar-weighted average duration, the more its value can generally
be expected to be sensitive to interest rate changes than a fund with a shorter dollar-weighted average duration. Duration differs from
maturity in that it considers a security's coupon payments in addition to the amount of time until the security matures. Various techniques
may be used to shorten or lengthen the Fund's duration. As the value of a security changes over time, so will its duration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Emerging
Markets Risk.</I></FONT> Investments in foreign securities may include investments in securities of foreign issuers located in less developed
countries, which are sometimes referred to as emerging markets. Emerging market countries may have relatively unstable governments and
economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be
particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels
of inflation, deflation or currency devaluations, which could adversely affect the value of the Fund's investments and hurt those countries'
economies and securities markets. Securities issued in these countries may be more volatile and less liquid than securities issued in
foreign countries with more developed economies or markets. Loss may also result from the imposition of exchange controls, confiscations
and other government restrictions, or from problems in share registration, settlement, custody, or other operational risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Equity
Securities Risk.</I></FONT> Equity investments are subject to greater fluctuations in market value than other asset classes as a result
of such factors as the issuer's business performance, investor perceptions, stock market trends and general economic conditions. Equity
securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income
and liquidation payments. The Fund may invest in preferred stocks and convertible securities of any rating, including below investment
grade. Below investment grade securities or comparable unrated securities are considered predominantly speculative with respect to the
issuer's ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business
developments. The market values for below investment grade securities tend to be very volatile, and these securities are generally less
liquid than investment grade debt securities. For these reasons, your investment in the Fund is subject to the following specific risks:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;increased price sensitivity to changing interest
rates and to a deteriorating economic environment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;greater risk of loss due to default or declining
credit quality;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;adverse company specific events are more likely to
render the issuer unable to make interest and/or principal payments; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;if a negative perception of the below investment
grade market develops, the price and liquidity of below investment grade securities may be depressed. This negative perception could last
for a significant period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Foreign
Securities Risk.</I></FONT> Investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers.
These risks are more pronounced to the extent that the Fund invests a significant portion of its non-U.S. investments in one region or
in the securities of emerging market issuers. See also &quot; &mdash; Emerging Markets Risk&quot; below. These risks may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;less information may be available about non-U.S.
issuers or markets due to less rigorous disclosure or accounting standards or regulatory practices in foreign jurisdictions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;many non-U.S. markets are smaller, less liquid and
more volatile. In a changing market, Calamos may not be able to sell the Fund's portfolio securities at times, in amounts and at prices
it considers reasonable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;an adverse effect of currency exchange rate changes
or controls on the value of the Fund's investments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the economies of non-U.S. countries may grow at slower
rates than expected or may experience a downturn or recession;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;economic, political and social developments may adversely
affect the securities markets in foreign jurisdictions, including expropriation and nationalization;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the difficulty in obtaining or enforcing a court
judgment in non-U.S. countries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;restrictions on foreign investments in non-U.S. jurisdictions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;difficulties in effecting the repatriation of capital
invested in non-U.S. countries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;withholding and other non-U.S. taxes may decrease
the Fund's return;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the ability for the Public Company Accounting Oversight
Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;often limited rights and few practical remedies to
pursue shareholder claims, including class actions or fraud claims, and the ability of the Commission, the U.S. Department of Justice
and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;dividend income the Fund receives from foreign securities
may not be eligible for the special tax treatment applicable to qualified dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There may be less publicly available information about non-U.S. markets
and issuers than is available with respect to U.S. securities and issuers. Non-U.S. companies generally are not subject to accounting,
auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies. The trading markets
for most non-U.S. securities are generally less liquid and subject to greater price volatility than the markets for comparable securities
in the United States. The markets for securities in certain emerging markets are in the earliest stages of their development. Even the
markets for relatively widely traded securities in certain non-U.S. markets, including emerging market countries, may not be able to absorb,
without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors
in the United States. Additionally, market making and arbitrage activities are generally less extensive in such markets, which may contribute
to increased volatility and reduced liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Economies and social and political conditions in individual countries
may differ unfavorably from those in the United States. Non-U.S. economies may have less favorable rates of growth of gross domestic product,
rates of inflation, currency valuation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many countries
have experienced substantial, and in some cases extremely high, rates of inflation for many years. Inflation and rapid fluctuations in
inflation rates have had, and may continue to have, very negative effects on the economies and securities markets of certain emerging
market countries. Unanticipated political or social developments may also affect the values of the Fund's investments and the availability
to the Fund of additional investments in such countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon the Fund's test for determining whether an issuer is a &quot;foreign
issuer&quot; as described above, it is possible that an issuer of securities in which the Fund invests could be organized under the laws
of a foreign country, yet still conduct a substantial portion of its business in the U.S. or have substantial assets in the U.S. In this
case, such a &quot;foreign issuer&quot; may be subject to the market conditions in the U.S. to a greater extent than it may be subject
to the market conditions in the country of its organization. See &quot; &mdash; Non-U.S. Government Obligation Risk.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Forward
Foreign Currency Contract Risk.</I></FONT> Forward foreign currency contracts are contractual agreements to purchase or sell a specified
currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may not fully
benefit from, or may lose money on, forward foreign currency transactions if changes in currency exchange rates do not occur as anticipated
or do not correspond accurately to changes in the value of the Fund's holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Geographic
Concentration Risk.</I></FONT> Investments in a particular country or geographic region may be particularly susceptible to political,
diplomatic or economic conditions and regulatory requirements. To the extent the Fund concentrates its investments in a particular country,
region or group of regions, the Fund may be more volatile than a more geographically diversified fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>High
Yield Securities Risk.</I></FONT> The Fund may invest in high yield securities of any rating. Investment in high yield securities involves
substantial risk of loss. Below investment grade non-convertible debt securities or comparable unrated securities are commonly referred
to as &quot;junk bonds&quot; and are considered predominantly speculative with respect to the issuer's ability to pay interest and principal
and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for high
yield securities tend to be very volatile, and these securities are less liquid than investment grade debt securities. For these reasons,
your investment in the Fund is subject to the following specific risks:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;increased price sensitivity to changing interest
rates and to a deteriorating economic environment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;greater risk of loss due to default or declining
credit quality;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;adverse company specific events are more likely to
render the issuer unable to make interest and/or principal payments; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;if a negative perception of the high yield market
develops, the price and liquidity of high yield securities may be depressed. This negative perception could last for a significant period
of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities rated below investment grade are speculative with respect
to the capacity of the issuer to pay interest and repay principal in accordance with the terms of such securities. A rating of &quot;Ba1&quot;
from Moody's means that the issue so rated can have speculative elements and is subject to substantial credit risk. Standard&nbsp;&amp;
Poor's assigns a rating of &quot;BB+&quot; to issues that are less vulnerable to nonpayment than other speculative issues, but nonetheless
subject to major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's
inadequate capacity to meet its financial commitment on the obligation. A rating of &quot;C&quot; from Moody's means that the issue so
rated can be regarded as having extremely poor prospects of ever attaining any real investment standing. Standard&nbsp;&amp; Poor's assigns
a rating of &quot;C&quot; to issues that are currently highly vulnerable to nonpayment, and the &quot;C&quot; rating may be used to cover
a situation in which a bankruptcy petition has been filed or similar action taken, but payments on the obligation are being continued
(a &quot;C&quot; rating is also assigned to a preferred stock issue in arrears on dividends or sinking fund payments, but that is currently
paying). See the statement of additional information for a description of Moody's and Standard&nbsp;&amp; Poor's ratings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adverse changes in economic conditions are more likely to lead to a
weakened capacity of a high yield issuer to make principal payments and interest payments than an investment grade issuer. The principal
amount of high yield securities outstanding has proliferated in the past decade as an increasing number of issuers have used high yield
securities for corporate financing. An economic downturn could severely affect the ability of highly leveraged issuers to service their
debt obligations or to repay their obligations upon maturity. Similarly, downturns in profitability in specific industries could adversely
affect the ability of high yield issuers in those industries to meet their obligations. The market values of lower quality debt securities
tend to reflect individual developments of the issuer to a greater extent than do higher quality securities. Factors having an adverse
impact on the market value of lower quality securities may have an adverse effect on the Fund's net asset value and the market value of
its common shares. In addition, the Fund may incur additional expenses to the extent it is required to seek recovery upon a default in
payment of principal or interest on its portfolio holdings. In certain circumstances, the Fund may be required to foreclose on an issuer's
assets and take possession of its property or operations. In such circumstances, the Fund would incur additional costs in disposing of
such assets and potential liabilities from operating any business acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The secondary market for high yield securities may not be as liquid
as the secondary market for more highly rated securities, a factor which may have an adverse effect on the Fund's ability to dispose of
a particular security. There are fewer dealers in the market for high yield securities than for investment grade obligations. The prices
quoted by different dealers may vary significantly and the spread between the bid and asked price is generally much larger than for higher
quality instruments. Under adverse market or economic conditions, the secondary market for securities could contract further, independent
of any specific adverse changes in the condition of a particular issuer, and these instruments may become illiquid. As a result, the Fund
could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities
were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these circumstances, may be less than
the prices used in calculating the Fund's net asset value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because investors generally perceive that there are greater risks associated
with lower quality debt securities of the type in which the Fund may invest a portion of its assets, the yields and prices of such securities
may tend to fluctuate more than those for higher rated securities. In the lower quality segments of the debt securities market, changes
in perceptions of issuers' creditworthiness tend to occur more frequently and in a more pronounced manner than do changes in higher quality
segments of the debt securities market, resulting in greater yield and price volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Fund invests in high yield securities that are rated &quot;C&quot;
or below, the Fund will incur significant risk in addition to the risks associated with investments in high yield securities and corporate
loans. Distressed securities frequently do not produce income while they are outstanding. The Fund may purchase distressed securities
that are in default or the issuers of which are in bankruptcy. The Fund may be required to bear certain extraordinary expenses in order
to protect and recover its investment. The Fund also will be subject to significant uncertainty as to when and in what manner and for
what value the obligations evidenced by the distressed securities will eventually be satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Inflation
Risk.</I></FONT> Inflation is the reduction in the purchasing power of money resulting from an increase in the price of goods and services.
Inflation risk is the risk that the inflation adjusted or &quot;real&quot; value of an investment in preferred stock or debt securities
or the income from that investment will be worth less in the future. As inflation occurs, the real value of the preferred stock or debt
securities and the dividend payable to holders of preferred stock or interest payable to holders of debt securities declines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest
Rate Risk.</I></FONT> In addition to the risks described above, debt securities, including high yield securities, are subject to certain
risks, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;if interest rates go up, the value of debt securities
in the Fund's portfolio generally will decline;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;during periods of declining interest rates, the issuer
of a security may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities.
This is known as call or prepayment risk. Debt securities frequently have call features that allow the issuer to repurchase the security
prior to its stated maturity. An issuer may redeem an obligation if the issuer can refinance the debt at a lower cost due to declining
interest rates or an improvement in the credit standing of the issuer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;during periods of rising interest rates, the average
life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below market
interest rate, increase the estimated period until the security is paid in full and reduce the value of the security. This is known as
extension risk;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;rising interest rates could result in an increase
in the cost of the Fund's leverage and could adversely affect the ability of the Fund to meet asset coverage requirements with respect
to leverage;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;variable rate securities generally are less sensitive
to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general.
When the Fund holds variable rate securities, a decrease in market interest rates will adversely affect the income received from such
securities and the NAV of the Fund's shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the risks associated with rising interest rates may
be particularly acute in the current market environment because market interest rates are currently near historically low levels. Thus,
the Fund currently faces a heightened level of interest rate risk. To the extent the Federal Reserve Board raises interest rates, there
is a risk that interest rates across the financial system may rise. Increases in volatility and interest rates in the fixed-income market
may expose the Fund to heightened interest rate risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many financial instruments use or may use a floating rate based on
LIBOR, which is the offered rate for short-term Eurodollar deposits between major international banks. LIBOR was expected to be phased
out by the end of 2021. <FONT STYLE="color: #231f20">In 2017, the United Kingdom&rsquo;s Financial Conduct Authority </FONT>(&ldquo;FCA&rdquo;),
which regulates LIBOR, announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021.
ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end
of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June&nbsp;30,
2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into
after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies.
Various financial industry groups have been planning for the transition away from LIBOR, but there are obstacles to converting certain
longer-term securities and transactions to new reference rates. Markets are developing slowly and questions around liquidity in these
rates and how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant
concern. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to
increased volatility and illiquidity in markets that rely on LIBOR to determine interest rates. It could also lead to a reduction in the
value of some LIBOR-based investments and reduce the effectiveness of related transactions, such as hedges. While some LIBOR-based instruments
may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, not all may have
such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the
usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Leverage
Risk.</I></FONT> The Fund has issued indebtedness and preferred shares and may borrow money or issue debt securities as permitted by the
1940 Act. As of January&nbsp;31, 2022, the Fund has leverage in the form of borrowings under the SSB Agreement and outstanding MRP Shares.
Leverage is the potential for the Fund to participate in gains and losses on an amount that exceeds the Fund's investment. The borrowing
of money or issuance of debt securities and preferred shares represents the leveraging of the Fund's common shares. As a non-fundamental
policy, the Fund may not issue preferred shares or borrow money and/or issue debt securities with an aggregate liquidation preference
and aggregate principal amount exceeding 38% of the Fund's managed assets as measured at the time of borrowing or issuance of the new
securities. However, the Board of Trustees reserves the right to issue preferred shares or debt securities or borrow to the extent permitted
by the 1940 Act and the Fund's policies. See &quot;Leverage.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Leverage creates risks which may adversely affect the return for the
holders of common shares, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the likelihood of greater volatility in the net asset
value and market price of the Fund's common shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;fluctuations in the dividend rates on any preferred
shares borne by the Fund or in interest rates on borrowings and short-term debt;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;increased operating costs, which are effectively
borne by common shareholders, may reduce the Fund's total return; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the potential for a decline in the value of an investment
acquired with borrowed funds, while the Fund's obligations under such borrowing or preferred shares remain fixed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the rights of lenders and the holders of preferred shares
and debt securities issued by the Fund will be senior to the rights of the holders of common shares with respect to the payment of dividends
or to the payment of assets upon liquidation. Holders of preferred shares have voting rights in addition to and separate from the voting
rights of common shareholders. See &quot;Description of Securities &mdash; Preferred Shares&quot; and &quot;Certain Provisions of the
Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions.&quot; The holders of preferred shares or debt,
if any, on the one hand, and the holders of the common shares, on the other, may have interests that conflict in certain situations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's use of leverage is premised upon the expectation that the
Fund's preferred share dividends or borrowing cost will be lower than the return the Fund achieves on its investments with the proceeds
of the issuance of preferred shares or debt securities or borrowing. Such difference in return may result from the Fund's higher credit
rating or the short-term nature of its borrowing compared to the lower credit quality, long-term nature of its investments. Because Calamos
seeks to invest the Fund's managed assets (including the assets obtained from leverage) in a portfolio of potentially higher yielding
investments or portfolio investments with the potential for capital appreciation, the holders of common shares will be the beneficiaries
of any incremental return but will bear the risk of loss on investments made with the leverage proceeds. Should the differential between
the Fund's return on its investments made with the proceeds of leverage and the cost of the leverage narrow, the incremental return &quot;pick
up&quot; will be reduced or the Fund may incur losses. If long-term interest rates rise without a corresponding increase in the yield
on the Fund's portfolio investments or the Fund otherwise incurs losses on its investments, the Fund's net asset value attributable to
its common shareholders will reflect the decline in the value of portfolio holdings resulting therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Leverage is a speculative technique that could adversely affect the
returns to common shareholders. Leverage can cause the Fund to lose money and can magnify the effect of any losses. To the extent the
income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's
return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased
with such funds is not sufficient to cover the cost of leverage or if the Fund incurs capital losses, the return of the Fund will be less
than if leverage had not been used, and therefore the amount available for distribution to common shareholders as dividends and other
distributions will be reduced or potentially eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will pay, and common shareholders will effectively bear, any
costs and expenses relating to any borrowings and to the issuance and ongoing maintenance of preferred shares or debt securities. Such
costs and expenses include the higher management fee resulting from the use of any such leverage, offering and/or issuance costs, and
interest and/or dividend expense and ongoing maintenance. These conditions may, directly or indirectly, result in higher leverage costs
to common shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain types of borrowings may result in the Fund being subject to
covenants in credit agreements, including those relating to asset coverage, borrowing base and portfolio composition requirements and
additional covenants that may affect the Fund's ability to pay dividends and distributions on common shares in certain instances. The
Fund may also be required to pledge its assets to the lenders in connection with certain types of borrowings. The Fund may be subject
to certain restrictions on investments imposed by guidelines of and covenants with rating agencies which may issue ratings for the preferred
shares or short-term debt instruments issued by the Fund. These guidelines and covenants may impose asset coverage or portfolio composition
requirements that are more stringent than those imposed by the 1940 Act. If the Fund's ability to make dividends and distributions on
its common shares is limited, such limitation could, under certain circumstances, impair the ability of the Fund to maintain its qualification
for taxation as a regulated investment company or to reduce or eliminate tax at the Fund level, which would have adverse tax consequences
for common shareholders. To the extent that the Fund is required, in connection with maintaining 1940 Act asset coverage requirements
or otherwise, or elects to redeem any preferred shares or debt securities or prepay any borrowings, the Fund may need to liquidate investments
to fund such redemptions or prepayments. Liquidation at times of adverse economic conditions may result in capital loss and reduce returns
to common shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board reserves the right to change the amount and type of leverage
that the Fund uses, and reserves the right to implement changes to the Fund's borrowings that it believes are in the long-term interests
of the Fund and its shareholders, even if such changes impose a higher interest rate or other costs or impacts over the intermediate,
or short-term time period. There is no guarantee that the Fund will maintain leverage at the current rate, and the Board reserves the
right to raise, decrease, or eliminate the Fund's leverage exposure. See &quot;Prospectus Summary &mdash; Use of Leverage by the Fund.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because Calamos' investment management fee is a percentage of the Fund's
managed assets, Calamos' fee will be higher if the Fund is leveraged and Calamos will have an incentive to be more aggressive and leverage
the Fund. Consequently, the Fund and Calamos may have differing interests in determining whether to leverage the Fund's assets. Any additional
use of leverage by the Fund effected through new, additional or increased credit facilities or the issuance of preferred shares would
require approval by the Board of Trustees of the Fund. In considering whether to approve the use of additional leverage through those
means, the Board would be presented with all relevant information necessary to make a determination whether or not additional leverage
would be in the best interests of the Fund, including information regarding any potential conflicts of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Liquidity
Risk.</I></FONT> The Fund may invest without limit in securities that, at the time of investment, are illiquid (i.e., any investment that
the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale
or disposition significantly changing the market value of the investment). Illiquid securities may be difficult to dispose of at a fair
price at the times when the Fund believes it is desirable to do so. Investment of the Fund's assets in illiquid securities may restrict
the Fund's ability to take advantage of market opportunities. The market price of illiquid securities generally is more volatile than
that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of illiquid securities.
Illiquid securities are also more difficult to value and may be fair valued by the Board, in which case Calamos' judgment may play a greater
role in the valuation process. Investment of the Fund's assets in illiquid securities may restrict the Fund's ability to take advantage
of market opportunities. The risks associated with illiquid securities may be particularly acute in situations in which the Fund's operations
require cash and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of illiquid securities.
The Fund may also invest without limitation in securities that have not been registered for public sale, but that are eligible for purchase
and sale by certain qualified institutional buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Loan
Risk.</I></FONT> The Fund may invest in loans which may not be (i)&nbsp;rated at the time of investment, (ii)&nbsp;registered with the
SEC or (iii)&nbsp;listed on a securities exchange. There may not be as much public information available regarding these loans as is available
for other Fund investments, such as exchange-listed securities. As well, there may not be an active trading market for some loans, meaning
they may be illiquid and more difficult to value than other more liquid securities. Settlement periods for loans are longer than for exchange-traded
securities, typically ranging between 1 and 3 weeks, and in some cases much longer. There is no central clearinghouse for loan trades,
and the loan market has not established enforceable settlement standards or remedies for failure to settle. Because the interest rates
of floating-rate loans in which the Fund may invest may reset frequently, if market interest rates fall, the loans' interest rates will
be reset to lower levels, potentially reducing the Fund's income. Because the adviser may wish to invest in the publicly-traded securities
of an obligor, the Fund may not have access to material non-public information regarding the obligor to which other investors have access.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Management
Risk.</I></FONT> Calamos' judgment about the attractiveness, relative value or potential appreciation of a particular sector, security
or investment strategy may prove to be incorrect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Disruption Risk.</I></FONT> Certain events have a disruptive effect on the securities markets, such as terrorist attacks, war and other
geopolitical events, earthquakes, storms and other disasters. The Fund cannot predict the effects of similar events in the future on the
U.S. economy or any foreign economy. High yield securities tend to be more volatile than higher rated debt securities so that these events
and any actions resulting from them may have a greater impact on the prices and volatility of high yield securities than on higher rated
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Master
Limited Partnerships Risk.</I></FONT> Investments in MLPs involve risks that differ from investments in common stock. Holders of MLP common
units are subject to certain risks inherent in the structure of MLPs, including (i)&nbsp;tax risks, (ii)&nbsp;risk related to limited
control of management or the general partner or managing member, (iii)&nbsp;limited rights to vote on matters affecting the MLP, except
with respect to extraordinary transactions, (iv)&nbsp;conflicts of interest between the general partner or managing member and its affiliates,
on the one hand, and the limited partners or members, on the other hand, including those arising from incentive distribution payments
or corporate opportunities, and (v)&nbsp;cash flow risks. MLP common units and other equity securities can be affected by macro-economic
and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy
sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer
(in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity
securities also can be affected by fundamentals unique to the partnership or company, including cash flow growth, cash generating power
and distribution coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although certain MLPs may trade on national securities exchanges, certain
MLPs may trade less frequently than those of larger companies due to their market capitalizations. Due to limited trading volumes of certain
MLPs, the prices of such MLPs may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to
buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. The Fund's investment in
securities that are less actively traded or over time experience decreased trading volume may restrict its ability to dispose of the securities
at a fair price. Such a situation may prevent the Fund from limiting losses or realizing gains. This also may adversely affect the Fund's
ability to make dividend distributions to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MLPs are generally treated as partnerships for U.S. federal income
tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the
partnership's income, gains, losses, deductions and expenses. A change in current tax law, or a change in the business of a given MLP,
could result in an MLP being treated as a corporation for U.S. federal income tax purposes. As a result, the amount of cash available
for distribution by the MLP would be reduced and the after-tax return to the Fund with respect to its investment in such MLPs would be
materially reduced. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could
result in a reduction in the value of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Maturity
Risk.</I></FONT> Interest rate risk will generally affect the price of a fixed income security more if the security has a longer maturity.
Fixed income securities with longer maturities will therefore be more volatile than other fixed income securities with shorter maturities.
Conversely, fixed income securities with shorter maturities will be less volatile but generally provide lower potential returns than fixed
income securities with longer maturities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-Convertible
Income Securities Risk.</I></FONT> The Fund will also invest in non-convertible income securities. The Fund's investments in non-convertible
income securities may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including
fixed rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features. Recent events in the fixed-income
markets may expose the Fund to heightened interest rate risk and volatility. In addition, the Fund is subject to the risk that interest
rates may exhibit increased volatility, which could cause the Fund's net asset value to fluctuate more. A decrease in fixed-income market
maker capacity may act to decrease liquidity in the fixed-income markets and act to further increase volatility, affecting the Fund's
return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-U.S.
Government Obligation Risk.</I></FONT> An investment in debt obligations of non-U.S. governments and their political subdivisions involves
special risks that are not present in corporate debt obligations. The non-U.S. issuer of the sovereign debt or the non-U.S. governmental
authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may
have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more
volatile than prices of debt obligations of U.S. issuers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Portfolio
Selection Risk.</I></FONT> The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value
or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Portfolio
Turnover Risk.</I></FONT> The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio
to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses.
Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital
gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Recent
Market Events.</I></FONT> Since the 2008 financial crises, financial markets throughout the world have experienced periods of increased
volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. This turmoil resulted in unusual and extreme
volatility in the equity and debt markets, in the prices of individual securities and in the world economy. Events that have contributed
to these market conditions include, but are not limited to, major cybersecurity events, geopolitical events (including wars, terror attacks,
and public health emergencies), measures to address budget deficits, downgrading of sovereign debt, declines in oil and commodity prices,
dramatic changes in currency exchange rates, and public sentiment. In addition, many governments and quasi-governmental entities throughout
the world have responded to the turmoil with a variety of significant fiscal and monetary policy changes, including, but not limited to,
direct capital infusions into companies, new monetary programs and dramatically lower interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The recent spread of an infectious respiratory illness caused by a
novel strain of coronavirus (&quot;COVID-19&quot;) has caused volatility, severe market dislocations and liquidity constraints in many
markets, including markets for the securities the Fund holds, and may adversely affect the Fund's investments and operations. The transmission
of this coronavirus and efforts to contain its spread have resulted in travel restrictions and disruptions, closed international borders,
enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines,
event and service cancellations or interruptions, disruptions to business operations (including staff furloughs and reductions) and supply
chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the
economy. These disruptions have led to instability in the market place, including equity and debt market losses and overall volatility,
and the jobs market. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the
economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time.
In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health
care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic
risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While the extreme volatility and disruption that U.S. and global markets
experienced for an extended period of time beginning in 2007 and 2008 had, until the coronavirus outbreak, generally subsided, uncertainty
and periods of volatility still remain, and risks to a robust resumption of growth persist. Federal Reserve policy, including with respect
to certain interest rates may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market
volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund's performance or
impair the Fund's ability to achieve its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In June&nbsp;2016, the United Kingdom approved a referendum to leave
the European Union (&quot;EU&quot;) (&quot;Brexit&quot;). On March&nbsp;29, 2017, the United Kingdom formally notified the European Council
of its intention to leave the EU and commenced the formal process of withdrawing from the EU. The withdrawal agreement entered into between
the United Kingdom and the EU entered into force on January&nbsp;31, 2020, at which time the United Kingdom ceased to be a member of the
EU. Following the withdrawal, there was an eleven-month transition period, ending December&nbsp;31, 2020, during which the United Kingdom
negotiated its future relationship with the EU. On January&nbsp;1, 2021, the EU UK Trade and Cooperation Agreement, a bilateral trade
and cooperation deal governing the future relationship between the UK and the EU, provisionally went into effect. After being ratified
by the UK Parliament and EU Parliament, the EU UK Trade and Cooperation Agreement went into permanent effect on May&nbsp;1, 2021. Brexit
has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the United
Kingdom and throughout Europe. There is considerable uncertainty about the potential consequences for Brexit, how it will be conducted,
how future negotiations of trade relations will proceed, and how the financial markets will react to all of the preceding, and as this
process unfolds, markets may be further disrupted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given the size and importance of the United Kingdom's economy, uncertainty about its
legal, political, and economic relationship with the remaining member states of the EU may continue to be a source of instability. Moreover,
other countries may seek to withdraw from the European Union and/or abandon the euro, the common currency of the EU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A number of countries in Europe have suffered terror attacks, and additional
attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could
occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of
these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result of political and military actions undertaken by Russia,
the U.S. and the EU have instituted sanctions against certain Russian officials and companies. These sanctions and any additional sanctions
or other intergovernmental actions that may be undertaken against Russia in the future may result in the devaluation of Russian currency,
a downgrade in the country's credit rating, and a decline in the value and liquidity of Russian securities. Such actions could result
in a freeze of Russian securities, impairing the ability of a fund to buy, sell, receive, or deliver those securities. Retaliatory action
by the Russian government could involve the seizure of US and/or European residents' assets, and any such actions are likely to impair
the value and liquidity of such assets. Any or all of these potential results could have an adverse/recessionary effect on Russia's economy.
All of these factors could have a negative effect on the performance of funds that have significant exposure to Russia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, policy and legislative changes in the United States and
in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications
for market participants, may not be fully known for some time. Widespread disease and virus epidemics, such as the coronavirus outbreak,
could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and
inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>REIT
Risk.</I></FONT> Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate
industry in general. An equity REIT may be affected by changes in the value of the underlying properties owned by the REIT. A mortgage
REIT may be affected by changes in interest rates and the ability of the issuers of its portfolio mortgages to repay their obligations.
REITs are dependent upon the skills of their managers and are not diversified. REITs are generally dependent upon maintaining cash flows
to repay borrowings and to make distributions to shareholders and are subject to the risk of default by lessees or borrowers. REITs whose
underlying assets are concentrated in properties used by a particular industry, such as health care, are also subject to risks associated
with such industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">REITs (especially mortgage REITs) are also subject to interest rate
risks. When interest rates decline, the value of a REIT's investment in fixed rate obligations can be expected to rise. Conversely, when
interest rates rise, the value of a REIT's investment in fixed rate obligations can be expected to decline. If the REIT invests in adjustable
rate mortgage loans the interest rates on which are reset periodically, yields on a REIT's investments in such loans will gradually align
themselves to reflect changes in market interest rates. This causes the value of such investments to fluctuate less dramatically in response
to interest rate fluctuations than would investments in fixed rate obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">REITs may have limited financial resources, may utilize significant
amounts of leverage, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than
larger company securities. Historically, REITs have been more volatile in price than the larger capitalization stocks included in Standard&nbsp;&amp;
Poor's 500 Stock Index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Risks
Associated with Options.</I></FONT> The Fund may use options, including on the Fund's convertible securities or during the creation of
synthetic convertible instruments. There are several risks associated with transactions in options. For example, there are significant
differences between the securities markets and options markets that could result in an imperfect correlation among these markets, causing
a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill
and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.
The Fund's ability to utilize options successfully will depend on Calamos' ability to predict pertinent market movements, which cannot
be assured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund intends to seek to generate income from option premiums by
writing (selling) options. The Fund may write (sell) call options (i)&nbsp;on a portion of the equity securities (including securities
that are convertible into equity securities) in the Fund's portfolio, (ii)&nbsp;on a portion of the equity securities the Fund has a right
to receive upon conversion of a convertible security that it owns at the time it writes the call, and (iii)&nbsp;on broad-based securities
indices (such as the S&amp;P 500 or MSCI EAFE) or certain ETFs that trade like common stocks but seek to replicable such market indices.
All call options sold by the Fund must be &quot;covered.&quot; For example, a call option written by the Fund will require the Fund to
hold the securities subject to the call (or securities convertible into the needed securities without additional consideration) or to
segregate cash or liquid assets sufficient to purchase and deliver the securities if the call is exercised. Even though the Fund will
receive the option premium to help protect it against loss, a call option sold by the Fund exposes the Fund during the term of the option
to possible loss of opportunity to realize appreciation in the market price of the underlying security or instrument and may require the
Fund to hold a security or instrument that it might otherwise have sold. The Fund may purchase and sell put options on individual securities
and securities indices. In selling put options, there is a risk that the Fund may be required to buy the underlying security at a disadvantageous
price above the market price. A put option written by the Fund requires the Fund to segregate cash or liquid assets equal to the exercise
price minus any margin the Fund is required to post.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rule&nbsp;144A
Securities Risk.</I></FONT> The Fund may invest in securities that are issued and sold through transactions under Rule&nbsp;144A of the
Securities Act of 1933. Under the supervision and oversight of the Board, Calamos will determine whether Rule&nbsp;144A Securities are
illiquid. If qualified institutional buyers are unwilling to purchase these Rule&nbsp;144A Securities, the percentage of the Fund's assets
invested in illiquid securities would increase. Typically, the Fund purchases Rule&nbsp;144A Securities only if the Fund's adviser has
determined them to be liquid. If any Rule&nbsp;144A Security held by the Fund should become illiquid, the value of the security may be
reduced and a sale of the security may be more difficult.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Sector
Risk.</I></FONT> To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's
performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk
with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail
returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Synthetic
Convertible Instruments Risk.</I></FONT> The value of a synthetic convertible instrument may respond differently to market fluctuations
than a convertible instrument because a synthetic convertible instrument is composed of two or more separate securities, each with its
own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component
falls below the exercise price of the warrant or option, the warrant or option may lose all value. Synthetic convertible instruments created
by other parties have the same attributes of a convertible security; however, the issuer of the synthetic convertible instrument assumes
the credit risk associated with the investment, rather than the issuer of the underlying equity security into which the instrument is
convertible. Investing in synthetic convertible instruments also involves the risk that the Fund does not achieve the investment exposure
desired by Calamos. The Fund remains subject to the credit risk associated with the counterparty creating the synthetic convertible instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Tax
Risk.</I></FONT> The Fund may invest in certain securities, such as certain convertible securities and high yield securities, for which
the federal income tax treatment may not be clear or may be subject to re-characterization by the IRS. It could be more difficult for
the Fund to comply with certain federal income tax requirements applicable to regulated investment companies if the tax characterization
of the Fund's investments is not clear or if the tax treatment of the income from such investments was successfully challenged by the
IRS. In addition, the tax treatment of the Fund may be affected by future interpretations of the Code and changes in the tax laws and
regulations, all of which may apply with retroactive effect. See &quot;Certain Federal Income Tax Matters.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain of the Fund's investment practices may be subject to special
and complex federal income tax provisions that may, among other things, (i)&nbsp;disallow, suspend or otherwise limit the allowance of
certain losses or deductions, (ii)&nbsp;convert tax-advantaged, long-term capital gains and qualified dividend income into higher taxed
short-term capital gain or ordinary income, (iii)&nbsp;increase ordinary income distributions, (iv)&nbsp;convert an ordinary loss or a
deduction into a capital loss (the deductibility of which is more limited), (v)&nbsp;cause the Fund to recognize income or gain without
a corresponding receipt of cash, (vi)&nbsp;adversely affect the timing as to when a purchase or sale of stock or securities is deemed
to occur, and (vii)&nbsp;adversely alter the characterization of certain complex financial transactions. The Fund will monitor its transactions
and may make certain tax elections where applicable in order to mitigate the effect of these provisions, if possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>U.S.
Government Security Risk.</I></FONT> Some securities issued by U.S. Government agencies or government sponsored enterprises are not backed
by the full faith and credit of the U.S. and may only be supported by the right of the agency or enterprise to borrow from the U.S. Treasury.
There can be no assurance that the U.S. Government will always provide financial support to those agencies or enterprises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Risks to Common Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Generally, an investment in common shares is subject to the following
risks:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Diminished
Voting Power and Excess Cash Risk.</I></FONT> The voting power of current shareholders will be diluted to the extent that such shareholders
do not purchase shares in any future common share offerings or do not purchase sufficient shares to maintain their percentage interest.
In addition, if the Fund is unable to invest the proceeds of such offering as intended, its per share distribution may decrease (or may
consist of return of capital) and the Fund may not participate in market advances to the same extent as if such proceeds were fully invested
as planned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest
Rate Transactions Risk.</I></FONT> The Fund may enter into an interest rate swap, cap or floor transaction to attempt to protect itself
from increasing dividend or interest expenses on its leverage resulting from increasing short-term interest rates and to hedge its portfolio
securities. A decline in interest rates may result in a decline in the value of the swap or cap, which may result in a decline in the
net asset value of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Depending on the state of interest rates in general, the Fund's use
of interest rate swap or cap transactions could enhance or harm the overall performance of the common shares. To the extent there is a
decline in interest rates, the value of the interest rate swap or cap could decline, and could result in a decline in the net asset value
of the common shares. In addition, if the counterparty to an interest rate swap or cap defaults, the Fund would not be able to use the
anticipated net receipts under the swap or cap to offset the dividend or interest payments on the Fund's leverage or offset certain losses
in its portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Depending on whether the Fund would be entitled to receive net payments
from the counterparty on the swap or cap, which in turn would depend on the general state of short-term interest rates at that point in
time, such a default could negatively impact the performance of the common shares. In addition, at the time an interest rate swap or cap
transaction reaches its scheduled termination date, there is a risk that the Fund would not be able to obtain a replacement transaction
or that the terms of the replacement would not be as favorable as on the expiring transaction. If either of these events occurs, it could
have a negative impact on the performance of the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Fund fails to maintain a required 200% asset coverage of the
liquidation value of any outstanding preferred shares or if the Fund loses its rating on its preferred shares or fails to maintain other
covenants with respect to the preferred shares, the Fund may be required to redeem some or all of the preferred shares. Similarly, the
Fund could be required to prepay the principal amount of any debt securities or other borrowings. Such redemption or prepayment would
likely result in the Fund seeking to terminate early all or a portion of any swap or cap transaction. Early termination of a swap could
result in a termination payment by or to the Fund. Early termination of a cap could result in a termination payment to the Fund. The Fund
intends to segregate with its custodian cash or liquid securities having a value at least equal to the Fund's net payment obligations
under any swap transaction, marked-to-market daily.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Currently, certain categories of interest rate swaps are subject to
mandatory clearing, and more are expected to be cleared in the future. The counterparty risk for cleared derivatives is generally lower
than for uncleared OTC derivative transactions because generally a clearing organization becomes substituted for each counterparty to
a cleared derivative contract and, in effect, guarantees the parties' performance under the contract as each party to a trade looks only
to the clearing house for performance of financial obligations. However, there can be no assurance that a clearing house, or its members,
will satisfy the clearing house's obligations to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Discount Risk.</I></FONT> The Fund's common shares have traded both at a premium and at a discount relative to net asset value. Common
shares of closed-end investment companies frequently trade at a discount from net asset value, but in some cases trade above net asset
value. The risk of the Fund's common shares trading at a discount is a risk separate from the risk of a decline in the Fund's net asset
value as a result of investment activities. The Fund's net asset value may be reduced immediately following this offering by the offering
costs for common shares or other securities, which will be borne entirely by all common shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Whether shareholders will realize a gain or loss upon the sale of the
Fund's common shares depends upon whether the market value of the shares at the time of sale is above or below the price the shareholder
paid, taking into account transaction costs for the shares, and is not directly dependent upon the Fund's net asset value. Because the
market value of the Fund's common shares will be determined by factors such as the relative demand for and supply of the shares in the
market, general market conditions and other factors beyond the control of the Fund, the Fund cannot predict whether its common shares
will trade at, below or above the Fund's net asset value, or below or above the public offering price for the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Impact Risk.</I></FONT> The sale of our common shares (or the perception that such sales may occur) may have an adverse effect on prices
in the secondary market for our common shares. An increase in the number of common shares available may put downward pressure on the market
price for our common shares. These sales also might make it more difficult for us to sell additional equity securities in the future at
a time and price the Fund deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Reduction
of Leverage Risk.</I></FONT> We have previously taken, and may in the future take, action to reduce the amount of leverage employed by
the Fund. Reduction of the leverage employed by the Fund, including by redemption of preferred shares, will in turn reduce the amount
of assets available for investment in portfolio securities. This reduction in leverage may negatively impact our financial performance,
including our ability to sustain current levels of distributions on common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board reserves the right to change the amount and type of leverage
that the Fund uses, and reserves the right to implement changes to the Fund's borrowings that it believes are in the best interests of
the Fund, even if such changes impose a higher interest rate or other costs or impacts over the intermediate, or short-term time period.
There is no guarantee that the Fund will maintain leverage at the current rate, and the Board reserves the right to raise, decrease, or
eliminate the Fund's leverage exposure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Risks to Senior Security Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Additional risks of investing in senior securities include the
following:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, an investment in preferred shares (including exchange-listed
preferred shares) or debt securities (collectively, &quot;senior securities&quot;) is subject to the following risks:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Decline
in Net Asset Value Risk.</I></FONT> A material decline in the Fund's NAV may impair our ability to maintain required levels of asset coverage
for outstanding borrowings or any debt securities or preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Early
Redemption Risk.</I></FONT> The Fund may voluntarily redeem preferred shares or may be forced to redeem preferred shares to meet regulatory
requirements and the asset coverage requirements of the preferred shares. Such redemptions may be at a time that is unfavorable to holders
of the preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Inflation
Risk.</I></FONT> Inflation is the reduction in the purchasing power of money resulting from an increase in the price of goods and services.
Inflation risk is the risk that the inflation adjusted or &quot;real&quot; value of an investment in preferred stock or debt securities
or the income from that investment will be worth less in the future. As inflation occurs, the real value of the preferred stock or debt
securities and the dividend payable to holders of preferred stock or interest payable to holders of debt securities declines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest
Rate Risk.</I></FONT> Rising market interest rates could impact negatively the value of our investment portfolio, reducing the amount
of assets serving as asset coverage for the senior securities. Rising market interest rates could also reduce the value of the Fund's
senior securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Discount Risk.</I></FONT> The market price of exchange-listed preferred shares that the Fund may issue may also be affected by such factors
as the Fund's use of leverage, dividend stability, portfolio credit quality, liquidity, and the Fund's dividends paid (which are, in turn,
affected by expenses), call protection for portfolio securities and interest rate movements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Ratings
and Asset Coverage Risk.</I></FONT> To the extent that senior securities are rated, a rating does not eliminate or necessarily mitigate
the risks of investing in our senior securities, and a rating may not fully or accurately reflect all of the credit and market risks associated
with that senior security. A rating agency could downgrade the rating of our shares of preferred stock or debt securities, which may make
such securities less liquid in the secondary market, though potentially with higher resulting interest rates. If a rating agency downgrades
the rating assigned to a senior security, we may alter our portfolio or redeem the senior security. We may voluntarily redeem senior securities
under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Secondary
Market Risk.</I></FONT> The market value of exchange-listed preferred shares that the Fund may issue will be determined by factors such
as the relative demand for and supply of the preferred shares in the market, general market conditions and other factors beyond the control
of the Fund. It may be difficult to predict the trading patterns of preferred shares, including the effective costs of trading. There
is a risk that the market for preferred shares may be thinly traded and relatively illiquid compared to the market for other types of
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Senior
Leverage Risk.</I></FONT> Preferred shares will be junior in liquidation and with respect to distribution rights to debt securities and
any other borrowings. Senior securities representing indebtedness may constitute a substantial lien and burden on preferred shares by
reason of their prior claim against our income and against our net assets in liquidation. We may not be permitted to declare dividends
or other distributions with respect to any series of preferred shares unless at such time we meet applicable asset coverage requirements
and the payment of principal or interest is not in default with respect to any borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>MANAGEMENT OF THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trustees and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's Board of Trustees provides broad supervision over the affairs
of the Fund. The officers of the Fund are responsible for the Fund's operations. Currently, there are seven Trustees of the Fund, one
of whom is an &quot;interested person&quot; of the Fund (as defined in the 1940 Act) and six of whom are not &quot;interested persons.&quot;
The names and business addresses of the trustees and officers of the Fund and their principal occupations and other affiliations during
the past five years are set forth under &quot;Management of the Fund&quot; in the statement of additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Adviser</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's investments are managed by Calamos, 2020 Calamos Court,
Naperville,&nbsp;Illinois 60563. On January&nbsp;31, 2022, Calamos managed approximately $43.1 billion in assets of individuals and institutions.
Calamos is a wholly owned subsidiary of Calamos Investments LLC (&quot;CILLC&quot;). Calamos Asset Management,&nbsp;Inc. (&quot;CAM&quot;)
is the sole manager of CILLC. As of January&nbsp;31, 2022, approximately 22% of the outstanding interests of CILLC was owned by CAM and
the remaining approximately 78% of CILLC was owned by Calamos Partners LLC (&ldquo;CPL&rdquo;) and John P. Calamos,&nbsp;Sr. CAM was owned
by John P. Calamos,&nbsp;Sr. and John S. Koudounis, and CPL was owned by John S. Koudounis and Calamos Family Partners,&nbsp;Inc. (&ldquo;CFP&rdquo;).
CFP was beneficially owned by members of the Calamos family, including John P. Calamos,&nbsp;Sr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Management Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the overall supervision and review of the Board of Trustees,
Calamos provides the Fund with investment research, advice and supervision and furnishes continuously an investment program for the Fund,
consistent with the investment objective and policies of the Fund. In addition, Calamos furnishes for use of the Fund such office space
and facilities as the Fund may require for its reasonable needs, supervises the Fund's business and affairs and provides the following
other services on behalf of the Fund (not provided by persons not a party to the investment management agreement): (a)&nbsp;preparing
or assisting in the preparation of reports to and meeting materials for the Trustees; (b)&nbsp;supervising, negotiating contractual arrangements
with, to the extent appropriate, and monitoring the performance of, accounting agents, custodians, depositories, transfer agents and pricing
agents, accountants, attorneys, printers, underwriters, brokers and dealers, insurers and other persons in any capacity deemed to be necessary
or desirable to Fund operations; (c)&nbsp;assisting in the preparation and making of filings with the Commission and other regulatory
and self-regulatory organizations, including, but not limited to, preliminary and definitive proxy materials, registration statements
on Form&nbsp;N-2 and amendments thereto, and reports on Form&nbsp;N-CEN and Form&nbsp;N-CSR; (d)&nbsp;overseeing the tabulation of proxies
by the Fund's transfer agent; (e)&nbsp;assisting in the preparation and filing of the Fund's federal, state and local tax returns; (f)&nbsp;assisting
in the preparation and filing of the Fund's federal excise tax returns pursuant to Section&nbsp;4982 of the Code; (g)&nbsp;providing assistance
with investor and public relations matters; (h)&nbsp;monitoring the valuation of portfolio securities and the calculation of net asset
value; (i)&nbsp;monitoring the registration of shares of beneficial interest of the Fund under applicable federal and state securities
laws; (j)&nbsp;maintaining or causing to be maintained for the Fund all books, records and reports and any other information required
under the 1940 Act, to the extent that such books, records and reports and other information are not maintained by the Fund's custodian
or other agents of the Fund; (k)&nbsp;assisting in establishing the accounting policies of the Fund; (l)&nbsp;assisting in the resolution
of accounting issues that may arise with respect to the Fund's operations and consulting with the Fund's independent accountants, legal
counsel and the Fund's other agents as necessary in connection therewith; (m)&nbsp;reviewing the Fund's bills; (n)&nbsp;assisting the
Fund in determining the amount of dividends and distributions available to be paid by the Fund to its shareholders, preparing and arranging
for the printing of dividend notices to shareholders, and providing the transfer and dividend paying agent, the custodian, and the accounting
agent with such information as is required for such parties to effect the payment of dividends and distributions; and (o)&nbsp;otherwise
assisting the Fund as it may reasonably request in the conduct of the Fund's business, subject to the direction and control of the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the investment management agreement, the Fund pays to Calamos
a fee based on the average weekly managed assets that is computed weekly and payable monthly in arrears. The fee paid by the Fund is set
at the annual rate of 0.80% of the Fund's average weekly managed assets. Because the fees paid to Calamos are determined on the basis
of the Fund's managed assets, the amount of management fees paid to Calamos when the Fund uses leverage will be higher than if the Fund
did not use leverage. Therefore, Calamos has a financial incentive to use leverage, which creates a conflict of interest between Calamos
and the Fund's common shareholders. A discussion regarding the basis of the approval of the Investment Management Agreement is available
in the Fund's annual report for the year ended October&nbsp;31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the terms of its investment management agreement, except for
the services and facilities provided by Calamos as set forth therein, the Fund shall assume and pay all expenses for all other Fund operations
and activities and shall reimburse Calamos for any such expenses incurred by Calamos. The expenses borne by the Fund shall include, without
limitation: (a)&nbsp;organizational expenses of the Fund (including out-of-pocket expenses, but not including Calamos' overhead or employee
costs); (b)&nbsp;fees payable to Calamos; (c)&nbsp;legal expenses; (d)&nbsp;auditing and accounting expenses; (e)&nbsp;maintenance of
books and records that are required to be maintained by the Fund's custodian or other agents of the Fund; (f)&nbsp;telephone, telex, facsimile,
postage and other communications expenses; (g)&nbsp;taxes and governmental fees; (h)&nbsp;fees, dues and expenses incurred by the Fund
in connection with membership in investment company trade organizations and the expense of attendance at professional meetings of such
organizations; (i)&nbsp;fees and expenses of accounting agents, custodians, subcustodians, transfer agents, dividend disbursing agents
and registrars; (j)&nbsp;payment for portfolio pricing or valuation services to pricing agents, accountants, bankers and other specialists,
if any; (k)&nbsp;expenses of preparing share certificates; (l)&nbsp;expenses in connection with the issuance, offering, distribution,
sale, redemption or repurchase of securities issued by the Fund; (m)&nbsp;expenses relating to investor and public relations provided
by parties other than Calamos; (n)&nbsp;expenses and fees of registering or qualifying shares of beneficial interest of the Fund for sale;
(o)&nbsp;interest charges, bond premiums and other insurance expenses; (p)&nbsp;freight, insurance and other charges in connection with
the shipment of the Fund's portfolio securities; (q)&nbsp;the compensation and all expenses (specifically including travel expenses relating
to Fund business) of Trustees, officers and employees of the Fund who are not affiliated persons of Calamos; (r)&nbsp;brokerage commissions
or other costs of acquiring or disposing of any portfolio securities of the Fund; (s)&nbsp;expenses of printing and distributing reports,
notices and dividends to shareholders; (t)&nbsp;expenses of preparing and setting in type, printing and mailing prospectuses and statements
of additional information of the Fund and supplements thereto; (u)&nbsp;costs of stationery; (v)&nbsp;any litigation expenses; (w)&nbsp;indemnification
of Trustees and officers of the Fund; (x)&nbsp;costs of shareholders' and other meetings; (y)&nbsp;interest on borrowed money, if any;
and (z)&nbsp;the fees and other expenses of listing the Fund's shares on Nasdaq or any other national stock exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio Managers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>John
P. Calamos,&nbsp;Sr.</B></FONT> John P. Calamos,&nbsp;Sr. has been President, Trustee and Co-Portfolio Manager of the Fund since inception
and for Calamos: Founder, Chairman and Global Chief Investment Officer (&quot;CIO&quot;) since August&nbsp;2016; Chairman and Global CIO
from April&nbsp;to August&nbsp;2016; Chairman, Chief Executive Officer and Global Co-CIO between April&nbsp;2013 and April&nbsp;2016;
Chief Executive Officer and Global Co-CIO between August&nbsp;2012 and April&nbsp;2013; and Chief Executive Officer and Co-CIO prior thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dennis
Cogan.</B></FONT> Dennis Cogan joined Calamos in March&nbsp;2005 and since February&nbsp;2021 has been a Senior Co-Portfolio Manager.
From March&nbsp;2013 to February&nbsp;2021, he was Co-Portfolio Manager, and from March&nbsp;2005 to March&nbsp;2013, he was a senior
strategy analyst.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>R.
Matthew Freund.</B></FONT> R. Matthew Freund joined Calamos in November&nbsp;2016 as a Co-CIO, Head of Fixed Income Strategies, as well
as a Senior Co-Portfolio Manager. Previously, he was SVP of Investment Portfolio Management and Chief Investment Officer at USAA Investments
since 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>John
Hillenbrand.</B></FONT> John Hillenbrand joined Calamos in 2002 and since September&nbsp;2015 has been a Co-CIO, Head of Multi-Asset Strategies
and Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager. From March&nbsp;2013 to September&nbsp;2015 he was a
Co-Portfolio Manager. Between August&nbsp;2002 and March&nbsp;2013 he was a senior strategy analyst.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nick
Niziolek.</B></FONT> Nick Niziolek joined Calamos in March&nbsp;2005 and has been a Co-CIO, Head of Global Strategies, as well as a Senior
Co-Portfolio Manager, since September&nbsp;2015. Between August&nbsp;2013 and September&nbsp;2015, he was a Co-Portfolio Manager, Co-Head
of Research. Between March&nbsp;2013 and August&nbsp;2013 he was a Co-Portfolio Manager. Between March&nbsp;2005 and March&nbsp;2013 he
was a senior strategy analyst.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Eli
Pars.</B></FONT> Eli Pars joined Calamos in May&nbsp;2013 and has been a Co-CIO, Head of Alternative Strategies and Co-Head of Convertible
Strategies, as well as Senior Co-Portfolio Manager, since September&nbsp;2015. Between May&nbsp;2013 and September&nbsp;2015, he was a
Co-Portfolio Manager. Previously, he was a Portfolio Manager at Chicago Fundamental Investment Partners from February&nbsp;2009 until
November&nbsp;2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jon
Vacko.</B></FONT> Jon Vacko joined Calamos in June&nbsp;2000 and has been a Senior Co-Portfolio Manager since September&nbsp;2015. Previously,
he was a Co-Portfolio Manager from August&nbsp;2013 to September&nbsp;2015; prior thereto he was a Co-Head of Research and Investments
from July&nbsp;2010 to August&nbsp;2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joe
Wysocki.</B></FONT> Joe Wysocki joined Calamos in October&nbsp;2003 and since February&nbsp;2021 has been a Senior Co-Portfolio Manager.
Previously, Mr.&nbsp;Wysocki was a Co-Portfolio Manager from March&nbsp;2015 to January&nbsp;2021; sector head from March&nbsp;2014 to
March&nbsp;2015; a Co-Portfolio Manager from March&nbsp;2013 to March&nbsp;2014; and a senior strategy analyst from February&nbsp;2007
to March&nbsp;2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos employs a &quot;team of teams&quot; approach to portfolio management,
led by the Global CIO and our CIO team consisting of 5 Co-CIOs with specialized areas of investment expertise. The Global CIO and Co-CIO
team are responsible for oversight of investment team resources, investment processes, performance and risk. As heads of investment verticals,
Co-CIOs manage investment team members and, along with Co-Portfolio Managers, have day-to-day portfolio oversight and construction responsibilities
of their respective investment strategies. While investment research professionals within each Co-CIO's team are assigned specific strategy
responsibilities, they also provide support to other investment team verticals, creating deeper insights across a wider range of investment
strategies. The combination of specialized investment teams with cross team collaboration results in what we call our team of teams approach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This team of teams approach is further reflected in the composition
of Calamos' Investment Committee, made up of the Global CIO, the Co-CIO team, the Head of Global Trading, and the Chief of IT and Operations.
Other members of the investment team participate in Investment Committee meetings in connection with specific investment related issues
or topics as deemed appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The structure and composition of the Investment Committee results in
a number of benefits, as it:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;Leads to broader perspective on investment decisions:
multiple viewpoints and areas of expertise feed into consensus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;Promotes collaboration between teams; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;Functions as a think tank with the goal of identifying
ways to outperform the market on a risk-adjusted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The objectives of the Investment Committee are to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;Form&nbsp;the firm's top-down macro view, market
direction, asset allocation, and sector/country positioning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;Establish firm-wide secular and cyclical themes for
review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;Review firm-wide and portfolio risk metrics, recommending
changes where appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;Review firm-wide, portfolio and individual security
liquidity constraints.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;Evaluate firm-wide and portfolio investment performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;Evaluate firm-wide and portfolio hedging policies
and execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;Evaluate enhancements to the overall investment process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John P. Calamos,&nbsp;Sr., Founder, Chairman and Global CIO, is responsible
for the day-to-day management of the team, bottom-up research efforts and strategy implementation. R. Matthew Freund, John Hillenbrand,
Nick Niziolek, Eli Pars, Dennis Cogan, Jon Vacko and Joe Wysocki are each Sr. Co-Portfolio Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For over 20 years, the Calamos portfolio management team has managed
money for their clients in convertible, high yield and global strategies. Furthermore, Calamos has extensive experience investing in foreign
markets through its convertible securities and high yield securities strategies. Such experience has included investments in established
as well as emerging foreign markets. The Fund's statement of additional information provides additional information about the Co-Portfolio
Managers, including other accounts they manage, their ownership in the Calamos Family of Funds and their compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fund Administration and Accounting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the arrangements with State Street to provide fund accounting
services, State Street provides certain administrative and accounting services to the Fund and such other funds advised by Calamos that
may be part of those arrangements (the Fund and such other funds are collectively referred to as the &quot;Calamos Funds&quot;) as described
more fully in the statement of additional information. For the services rendered to the Calamos Funds, State Street receives a fee based
on the combined managed assets of the closed-end Calamos Funds and the combined total average daily net assets of the open-end Calamos
Funds (&quot;Combined Assets&quot;). Each fund of the Calamos Funds pays its pro rata share of the fees payable to State Street described
below based on relative managed assets of each fund. State Street receives a fee at the annual rate of 0.005% for the first $20.0 billion
of Combined Assets, 0.004% for the next $10.0 billion of Combined Assets and 0.003% for the Combined Assets in excess of $30.0 billion.
Each fund of the Calamos Funds pays its pro-rata share of the fees payable to State Street based on relative Combined Assets of each fund.
Because the fees payable to State Street are based on the relative Combined Assets of the Calamos Funds, the fees increase as the Calamos
Funds increase their leverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>CLOSED-END FUND STRUCTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is a diversified, closed-end management investment company
(commonly referred to as a closed-end fund) which commenced investment operations in June&nbsp;2002. Closed-end funds differ from open-end
management investment companies (which are generally referred to as mutual funds) in that closed-end funds generally list their shares
for trading on a stock exchange and do not redeem their shares at the request of the shareholder. This means that if you wish to sell
your shares of a closed-end fund you must trade them on the market like any other stock at the prevailing market price at that time. In
a mutual fund, if the shareholder wishes to sell shares of the fund, the mutual fund will redeem or buy back the shares at &quot;net asset
value.&quot; Also, mutual funds generally offer new shares on a continuous basis to new investors, and closed-end funds generally do not.
From time to time, the Fund may engage in a continuous at the market offering of its common shares as described in the applicable prospectus
supplement. The continuous inflows and outflows of assets in a mutual fund can make it difficult to manage the fund's investments. By
comparison, closed-end funds are generally able to stay more fully invested in securities that are consistent with their investment objectives
and also have greater flexibility to make certain types of investments and to use certain investment strategies, such as financial leverage
and investments in illiquid securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares of closed-end funds frequently trade at a discount to their
net asset value. To the extent the Fund's common shares trade at a discount, the Fund's Board of Trustees may from time to time engage
in open-market repurchases or tender offers for shares after balancing the benefit to shareholders of the increase in the net asset value
per share resulting from such purchases against the decrease in the assets of the Fund and potential increase in the expense ratio of
expenses to assets of the Fund. The Board of Trustees believes that in addition to the beneficial effects described above, any such purchases
or tender offers may result in the temporary narrowing of any discount but may not have any long-term effect on the level of any discount.
We cannot guarantee or assure, however, that the Fund's Board of Trustees will decide to engage in any of these actions. Nor is there
any guarantee or assurance that such actions, if undertaken, would result in the shares trading at a price equal or close to net asset
value per share. The Board of Trustees might also consider converting the Fund to an open-end mutual fund, which would also require a
vote of the shareholders of the Fund. Conversion of the Fund to an open-end mutual fund would require an amendment to the Fund's Agreement
and Declaration of Trust. Such an amendment would require the favorable vote of the holders of at least 75% of the Fund's outstanding
shares (including any preferred shares) entitled to be voted on the matter, voting as a single class (or a majority of such shares if
the amendment were previously approved, adopted or authorized by 75% of the total number of Trustees fixed in accordance with the By-Laws),
and, assuming preferred shares are issued, the affirmative vote of a majority of outstanding preferred shares, voting as a separate class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>CERTAIN FEDERAL INCOME TAX MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a summary discussion of certain U.S. federal income
tax consequences affecting the Fund and its shareholders and noteholders (as the case may be). The discussion reflects applicable tax
laws of the United States as of the date of this prospectus, which tax laws may be changed or subject to new interpretations by the courts
or the IRS retroactively or prospectively. No assurance can be given that the IRS would not assert, or that a court would not sustain,
a position different from any of the tax aspects set forth below. In addition, the Biden Administration has announced that it is contemplating
legislation that may result in significant changes to the Code, which could potentially have retroactive effect. These changes may significantly
alter the after-tax return of the Fund&rsquo;s shareholders and noteholders. The specific terms of preferred shares and debt securities
may result in different tax consequences to holders than those described herein. Tax matters are very complicated, and the tax consequences
of an investment in and holding of our securities will depend on the particular facts of each investor's situation. No attempt is made
to present a detailed explanation of all U.S. federal, state, local and foreign tax concerns affecting the Fund and its shareholders and
noteholders (including shareholders and noteholders subject to special tax rules&nbsp;and shareholders owning large positions in the Fund),
and the discussion set forth herein does not constitute tax advice. Investors are advised to consult their own tax advisers with respect
to the application to their own circumstances of the general federal income taxation rules&nbsp;described below and with respect to other
federal, state, local or foreign tax consequences applicable to them before making an investment in our securities. Unless otherwise noted,
this discussion assumes that investors are U.S. persons and hold our securities as capital assets. More detailed information regarding
the U.S. federal income tax consequences of investing in our securities is in the statement of additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Federal Income Taxation of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has elected to be treated, and intends to qualify and to be
eligible to be treated each year, as a &quot;regulated investment company&quot; under Subchapter M of the Code, so that it will not pay
U.S. federal income tax on income and capital gains timely distributed to shareholders. In order to qualify and be eligible for treatment
as a regulated investment company, the Fund must, among other things, satisfy diversification, 90% gross income and distribution requirements.
The Fund's failure to qualify and be eligible for treatment as a regulated investment company would result in corporate level taxation,
and consequently, a reduction in income available for distribution to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Fund qualifies as a regulated investment company and distributes
to its shareholders at least 90% of the sum of (i)&nbsp;its &quot;investment company taxable income&quot; as that term is defined in the
Code (which includes, among other things, dividends, taxable interest, the excess of any net short-term capital gains over net long-term
capital losses, taking into account certain capital loss carryforwards and certain net foreign currency exchange gains, less certain deductible
expenses) without regard to the deduction for dividends paid, and (ii)&nbsp;the excess of its gross tax-exempt interest, if any, over
certain disallowed deductions, the Fund will be relieved of U.S. federal income tax on any income of the Fund, including long-term capital
gains, distributed to shareholders. However, if the Fund retains any investment company taxable income or net capital gain (i.e., the
excess of net long-term capital gain over net short-term capital loss, taking into account certain capital loss carryforwards), it will
be subject to U.S. federal income tax at regular corporate federal income tax rates on the amount retained. The Fund intends to distribute
at least annually all or substantially all of its investment company taxable income, net tax-exempt interest, and net capital gain. Under
the Code, the Fund will generally be subject to a nondeductible 4% federal excise tax on its undistributed ordinary income and capital
gains if it fails to meet certain distribution requirements with respect to each calendar year. The Fund intends to make distributions
in a timely manner in amounts necessary to avoid the excise tax and accordingly does not expect to be subject to this tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If, for any taxable year, the Fund were not to qualify as a regulated
investment company for U.S. federal income tax purposes, it would be treated in the same manner as a regular corporation subject to U.S.
federal income tax and distributions to its shareholders would not be deducted by the Fund in computing its taxable income. In such event,
the Fund's distributions, to the extent derived from the Fund's current and accumulated earnings and profits, would generally constitute
ordinary dividends, which would generally be eligible for the dividends received deduction available to corporate shareholders, and noncorporate
shareholders would generally be able to treat such distributions as &quot;qualified dividend income&quot; eligible for reduced rates of
U.S. federal income taxation, provided holding period and other requirements are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund could be required to recognize unrealized gains, pay substantial
taxes and interest and make substantial distributions before requalifying as a regulated investment company that is accorded special tax
treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From time to time, a substantial portion of the Fund's investments
in loans and other debt obligations could be treated as having market discount and/or &quot;original issue discount&quot; (&quot;OID&quot;)
for U.S. federal income tax purposes, which, in some cases, could be significant and could cause the Fund to recognize income in respect
of these investments before or without receiving cash representing such income. If so, the Fund could be required to pay out as an income
distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. As a result, the
Fund could be required at times to liquidate investments (including at potentially disadvantageous times or prices) in order to satisfy
its distribution requirements or to avoid incurring Fund-level U.S. federal income or excise taxes. If the Fund liquidates portfolio securities
to raise cash, the Fund may realize gain or loss on such liquidations; in the event the Fund realizes net long-term or short-term capital
gains from such liquidation transactions, its shareholders may receive larger capital gain or ordinary dividends, respectively, than they
would in the absence of such transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments in debt obligations that are at risk of or in default present
special tax issues for the Fund. Tax rules&nbsp;are not entirely clear about issues such as whether or to what extent the Fund should
recognize market discount on such a debt obligation; when the Fund may cease to accrue interest, OID or market discount; when and to what
extent the Fund may take deductions for bad debts or worthless securities; and how the Fund should allocate payments received on obligations
in default between principal and income. These and other related issues will be addressed by the Fund when, as, and if it invests in such
securities in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and
avoid becoming subject to U.S. federal income or excise tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is permitted to carry forward net capital losses to one or
more subsequent taxable years without expiration. Any such carryforward losses will retain their character as short-term or long-term.
Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or
distributes such gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain of the Fund's investment practices may be subject to special
and complex federal income tax provisions that may, among other things, (i)&nbsp;disallow, suspend or otherwise limit the allowance of
certain losses or deductions, (ii)&nbsp;convert tax-advantaged, long-term capital gains and qualified dividend income into higher taxed
short-term capital gain or ordinary income, (iii)&nbsp;increase ordinary income distributions, (iv)&nbsp;convert an ordinary loss or a
deduction into a capital loss (the deductibility of which is more limited), (v)&nbsp;cause the Fund to recognize income or gain without
a corresponding receipt of cash, (vi)&nbsp;adversely affect the timing as to when a purchase or sale of stock or securities is deemed
to occur, and (vii)&nbsp;adversely alter the characterization of certain complex financial transactions. The Fund will monitor its transactions
and may make certain tax elections where applicable in order to mitigate the effect of these provisions, if possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because the tax treatment and the tax rules&nbsp;applicable to these
types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect
to these rules&nbsp;or treatment (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient
distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and
avoid a Fund-level tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is possible that the Fund's use of derivatives and foreign currency-denominated
instruments, and any of the Fund's transactions in foreign currencies and hedging activities, could produce a difference between its book
income and the sum of its taxable income (including realized capital gains) and net tax-exempt income (if any). If such a difference arises,
and the Fund's book income is less than the sum of its taxable income (including realized capital gains) and net tax-exempt income (if
any), the Fund could be required to make distributions exceeding book income to qualify for treatment as a regulated investment company
and to eliminate Fund-level tax. In the alternative, if the Fund's book income exceeds the sum of its taxable income (including realized
capital gains) and its net tax-exempt income (if any), the distribution (if any) of such excess generally will be treated as (i)&nbsp;a
dividend to the extent of the Fund's remaining current and accumulated earnings and profits (including earnings and profits arising from
tax-exempt income), if any, (ii)&nbsp;thereafter, as a return of capital to the extent of the recipient's adjusted tax basis in its shares,
and (iii)&nbsp;thereafter, as gain from the sale or exchange of a capital asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends, interest, proceeds and gains received by the Fund on foreign
securities may be subject to foreign withholding or other taxes, which would reduce the yield on or return from those investments. If
more than 50% of the value of the Fund's assets at the close of the taxable year consists of stock or securities of foreign corporations,
the Fund may make an election under the Code to pass through such taxes to shareholders of the Fund. If the Fund is eligible to and makes
such an election, shareholders will generally be able (subject to applicable limitations under the Code) to claim a credit or deduction
(but not both) on their federal income tax return for, and will be required to treat as part of the amounts distributed to them, their
pro rata portion of the income taxes paid by the Fund to foreign countries. If the Fund makes such an election, it will provide relevant
information to its shareholders. If such election is not made, shareholders will not be required to include such taxes in their gross
incomes and will not be entitled to a tax deduction or credit for such taxes on their own federal income tax returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each prospective investor is urged to consult its tax adviser regarding
taxation of foreign securities in the Fund's portfolio and any available foreign tax credits with respect to the prospective investor's
own situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Federal Income Taxation of Common and Preferred Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Federal
Income Tax Treatment of Common Share Distributions.</I></FONT> Unless a shareholder is ineligible to participate or elects otherwise,
all distributions will be automatically reinvested in additional shares of common stock of the Fund pursuant to the Fund's Automatic Dividend
Reinvestment Plan (the &quot;Plan&quot;). For taxpayers subject to U.S. federal income tax, all dividends will generally be taxable regardless
of whether a shareholder takes them in cash or they are reinvested pursuant to the Plan in additional shares of the Fund. Distributions
of the Fund's investment company taxable income (determined without regard to the deduction for dividends paid) will generally be taxable
at ordinary federal income tax rates to the extent of the Fund's current and accumulated earnings and profits. However, a portion of such
distributions derived from certain corporate dividends, if any, may qualify for either the dividends received deduction available to corporate
shareholders under Section&nbsp;243 of the Code or the reduced rates of U.S. federal income taxation for &quot;qualified dividend income&quot;
currently available to noncorporate shareholders under Section&nbsp;1(h)(11) of the Code, provided certain holding period and other requirements
are met at both the Fund and shareholder levels. Distributions of net capital gains (as defined above), if any, that are properly reported
as capital gain dividends are generally taxable as long-term capital gains for U.S. federal income tax purposes without regard to the
length of time a shareholder has held shares of the Fund. A distribution of an amount in excess of the Fund's current and accumulated
earnings and profits, if any, will be treated by a shareholder as a tax-free return of capital, which is applied against and reduces the
shareholder's basis in their shares. Such distributions represent a return of the investor's capital to the extent of his or her basis
in the shares, and thus, could potentially subject the shareholder to capital gains taxation in connection with a later sale of Fund shares,
even if those shares are sold at a price that is lower than the shareholder's original investment price. To the extent that the amount
of any such distribution exceeds the shareholder's basis in their shares, the excess will be treated by the shareholder as gain from the
sale or exchange of shares. The U.S. federal income tax status of all dividends and distributions will be reported by the Fund to the
shareholders annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Fund retains any net capital gain, the Fund may report the retained
amount as undistributed capital gains to shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i)&nbsp;will
be required to include in income as long-term capital gain their proportionate share of such undistributed amount, and (ii)&nbsp;will
be entitled to credit their proportionate share of the federal income tax paid by the Fund on the undistributed amount against their U.S.
federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. If the Fund makes this
designation, the tax basis of shares owned by a shareholder of the Fund will, for U.S. federal income tax purposes, generally be increased
by the difference between the amount of undistributed net capital gain included in the shareholder's gross income and the federal income
tax deemed paid by the shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a shareholder's distributions are automatically reinvested pursuant
to the Plan and the Plan Agent invests the distribution in shares acquired on behalf of the shareholder in open-market purchases, for
U.S. federal income tax purposes, the shareholder will be treated as having received a taxable distribution in the amount of the cash
dividend that the shareholder would have received if the shareholder had elected to receive cash. If a shareholder's distributions are
automatically reinvested pursuant to the Plan and the Plan Agent invests the distribution in newly issued shares of the Fund, the shareholder
will generally be treated as receiving a taxable distribution equal to the fair market value of the stock the shareholder receives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the time of an investor's purchase of the Fund's shares, a portion
of the purchase price may be attributable to realized or unrealized appreciation in the Fund's portfolio or undistributed taxable income
of the Fund. Consequently, subsequent distributions by the Fund with respect to these shares from such appreciation or income may be taxable
to such investor even if the net asset value of the investor's shares is, as a result of the distributions, reduced below the investor's
cost for such shares and the distributions economically represent a return of a portion of the investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends declared by the Fund in October, November&nbsp;or December&nbsp;with
a record date in such month that are paid during the following January&nbsp;will be treated for U.S. federal income tax purposes as paid
by the Fund and received by the shareholders on December&nbsp;31 of the calendar year in which they were declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Federal
Income Tax Treatment of Preferred Share Distributions.</I></FONT> Under present law, the Fund intends to treat its preferred shares as
equity, and, in such case, distributions with respect to preferred shares (other than distributions in redemption of preferred shares
subject to Section&nbsp;302(b)&nbsp;of the Code) will generally constitute dividends to the extent of the Fund's current and accumulated
earnings and profits, as calculated for federal income tax purposes. Except in the case of distributions of net capital gain, such dividends
generally will be taxable to holders at ordinary federal income tax rates but may qualify for the dividends received deduction available
to corporate shareholders under Section&nbsp;243 of the Code or the reduced rates of U.S. federal income taxation under Section&nbsp;1(h)(11)
of the Code that apply to qualified dividend income received by noncorporate shareholders. Distributions reported by the Fund as net capital
gain distributions will be taxable as long-term capital gain regardless of the length of time a shareholder has held shares of the Fund.
Please see the discussion above on qualified dividend income, dividends received deductions and net capital gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The IRS currently requires that a regulated investment company that
has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income
and capital gains). Accordingly, the Fund intends to report distributions made with respect to preferred shares as ordinary income, capital
gain distributions, dividends qualifying for the dividends received deduction, if any, and qualified dividend income, if any, in proportion
to the preferred shares' share of total dividends paid during the year. See &quot;Certain Federal Income Tax Matters&quot; in the statement
of additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Earnings and profits are generally treated, for U.S. federal income
tax purposes, as first being used to pay distributions on the preferred shares, and then to the extent remaining, if any, to pay distributions
on the common shares. Distributions in excess of the Fund's earnings and profits, if any, will first reduce a shareholder's adjusted tax
basis in his or her preferred shares and, after the adjusted tax basis is reduced to zero, will constitute capital gains to a shareholder
who holds such shares as a capital asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends declared by the Fund in October, November&nbsp;or December&nbsp;with
a record date in such month that are paid during the following January&nbsp;will be treated for federal income tax purposes as paid by
the Fund and received by the shareholders on December&nbsp;31 of the calendar year in which they were declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Sale
of Shares.</I></FONT> Sales and other dispositions of the Fund's shares, including a repurchase by the Fund of its shares, generally are
taxable events for shareholders that are subject to U.S. federal income tax. Shareholders should consult their own tax advisers with reference
to their individual circumstances to determine whether any particular transaction in the Fund's shares is properly treated as a sale or
exchange for federal income tax purposes, as the following discussion assumes, and the tax treatment of any gains or losses recognized
in such transactions. In particular, a repurchase by the Fund of its shares may be subject to different rules, as discussed in more detail
in the statement of additional information. Gain or loss will generally be equal to the difference between the amount of cash and the
fair market value of other property received and the shareholder's adjusted tax basis in the shares sold or exchanged. Such gain or loss
will generally be characterized as capital gain or loss and will be long-term or short-term depending on the shareholder's holding period
in the shares disposed. However, any loss realized by a shareholder upon the sale or other disposition of shares with a federal income
tax holding period of six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions
of long-term capital gain with respect to such shares. The ability to deduct capital losses may be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gain or loss will generally be long-term capital gain or loss if the
shares disposed of were held for more than one year and will be short-term capital gain or loss if the shares disposed of were held for
one year or less. Net long-term capital gain recognized by a noncorporate U.S. shareholder generally will be subject to federal income
tax at a lower rate than net short-term capital gain or ordinary income. For corporate shareholders, capital gain is generally taxed for
federal income tax purposes at the same rate as ordinary income. In addition, losses on sales or other dispositions of shares may be disallowed
under the &quot;wash sale&quot; rules&nbsp;in the event that substantially identical stock or securities are treated as acquired by a
shareholder (including those made pursuant to reinvestment of dividends) within a period of 61 days beginning 30 days before and ending
30 days after a sale or other disposition of shares by such shareholder. In such a case, the disallowed portion of any loss generally
would be included in the U.S. federal tax basis of the shares acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Backup
Withholding.</I></FONT> The Fund is required in certain circumstances to withhold federal income tax (&quot;backup withholding&quot;)
from reportable payments including dividends, capital gain distributions, and proceeds of sales or other dispositions of the Fund's shares
paid to certain holders of the Fund's shares who do not furnish the Fund with their correct social security number or other taxpayer identification
number and certain other certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax.
Any amounts withheld from payments made to a shareholder may be refunded or credited against such shareholder's U.S. federal income tax
liability, if any, provided that the required information is furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Shares
Purchased Through Tax-Qualified Plans.</I></FONT> Special tax rules&nbsp;apply to investments through defined contribution plans and other
tax-qualified plans. Shareholders should consult their tax advisers to determine the suitability of shares of the Fund as an investment
through such plans and the precise effect of an investment on their particular tax situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Taxation
of Non-U.S. Shareholders.</I></FONT> The description of certain federal income tax provisions above relates only to U.S. federal income
tax consequences for shareholders who are U.S. persons (i.e., U.S. citizens or resident aliens or U.S. corporations, partnerships, trusts
or estates who are subject to U.S. federal income tax on a net income basis). Investors other than U.S. persons, including non-resident
alien individuals, may be subject to different U.S. federal income tax treatment. With respect to such persons, the Fund must generally
withhold U.S. federal withholding tax at the rate of 30% (or, if the Fund receives certain certifications from a non-U.S. shareholder,
such lower rate as prescribed by an applicable tax treaty) on amounts treated as ordinary dividends from the Fund. However, the Fund is
not required to withhold tax on any amounts paid to a non-U.S. person with respect to capital gain distributions (i.e., distributions
of net capital gain that are properly reported by the Fund as capital gain dividends), dividends attributable to &quot;qualified short-term
gain&quot; (i.e., the excess of net short-term capital gain over net long-term capital loss) reported as such by the Fund and dividends
attributable to certain U.S. source interest income of types similar to those not subject to federal withholding tax if earned directly
by a non-U.S. person, provided such amounts are properly reported by the Fund. Shareholders should consult their own tax advisers on these
matters and on any specific question of U.S. federal, state, local, foreign and other applicable tax laws before making an investment
in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Federal Income Taxation of Holders of Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Federal
Income Tax Treatment of Holders of Debt Securities.</I></FONT> Under present law, the Fund intends to treat its debt securities as indebtedness
of the Fund for federal income tax purposes, which treatment the discussion below assumes. The Fund intends to treat all payments made
with respect to the debt securities consistent with this characterization. The following discussion assumes that all interest on the debt
securities will be qualified stated interest (which is generally interest that is unconditionally payable at least annually at a fixed
or qualified floating rate), and that the debt securities will have a fixed maturity date of more than one year from the date of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Taxation
of Interest.</I></FONT> Payments or accruals of interest on debt securities generally will be taxable to holders as ordinary interest
income at the time such interest is received (actually or constructively) or accrued, in accordance with their regular method of accounting
for federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Purchase,
Sale and Redemption of Debt Securities.</I></FONT> Initially, the tax basis in debt securities acquired generally will be equal to the
cost to acquire such debt securities. This basis will be increased by the amounts, if any, that a holder includes in income under the
rules&nbsp;governing OID (taking into account any acquisition premium that offsets such OID) and market discount, and will be decreased
by the amount of any amortized premium on such debt securities, as discussed below, and any payments on such debt securities other than
stated interest. When a holder sells, exchanges or redeems any of their debt securities, or otherwise disposes of their debt securities
in a taxable transaction, the holder of the debt securities generally will recognize gain or loss equal to the difference between the
amount realized on the transaction (less any accrued and unpaid interest (including OID), which will be subject to federal income tax
as interest in the manner described above) and the tax basis in the debt securities relinquished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as discussed below with respect to market discount, the gain
or loss recognized on the sale, exchange, redemption or other taxable disposition of any debt securities generally will be capital gain
or loss. Such gain or loss will generally be long-term capital gain or loss if the disposed debt securities were held for more than one
year and will be short-term capital gain or loss if the disposed debt securities were held for one year or less. A holder's ability to
deduct capital losses may be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Amortizable
Premium.</I></FONT> If a holder purchases debt securities at a cost greater than their stated redemption price at maturity, plus accrued
interest, the holder will be considered to have purchased the debt securities at a premium, and generally may elect to amortize this premium
as an offset to interest income, using a constant yield method, over the remaining term of the debt securities. If the holder makes the
election to amortize the premium, it generally will apply to all debt instruments held at the beginning of the first taxable year to which
the election applies, as well as any debt instruments subsequently acquired. In addition, the holder may not revoke the election without
the consent of the IRS. If the holder elects to amortize the premium, the holder will be required to reduce its tax basis in the debt
securities by the amount of the premium amortized during its holding period. If the holder does not elect to amortize premium, the amount
of premium will be included in its tax basis in the debt securities. Therefore, if the holder does not elect to amortize the premium and
holds the debt securities to maturity, the holder generally will be required to treat the premium as a capital loss when the debt securities
are redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Original
Issue Discount.</I></FONT> If the stated redemption price at maturity of the debt securities exceeds their issue price by at least the
statutory <I>de minimis</I> amount, the debt securities will be treated as being issued with OID for U.S. federal income tax purposes.
In that case, the holder will be required to include such OID in gross income (as ordinary income) as it accrues over the term of the
debt securities on a constant-yield basis, in advance of the receipt of cash attributable to that income and regardless of its regular
method of accounting for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Acquisition
Premium.</I></FONT> If a holder purchases debt securities that were issued with OID at a cost greater than their issue price and less
than or equal to their stated redemption price at maturity, the holder will be considered to have purchased the debt securities with acquisition
premium. Such holder will generally be permitted to reduce the daily portions of OID required to be included in income by a fraction,
the numerator of which is the excess of the holder's initial basis in the debt securities over the debt securities' issue price, and the
denominator of which is the excess of the redemption price at maturity of the debt securities over their issue price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Discount.</I></FONT> If the holder purchases debt securities in the secondary market at a price that reflects a &quot;market discount,&quot;
any principal payments on, or any gain realized on the disposition of the debt securities generally will be treated as ordinary interest
income to the extent of the market discount that accrued on the debt securities during the time the holder held such debt securities.
 &quot;Market discount&quot; is defined under the Code as, in general, the excess (subject to a statutory <I>de minimis</I> amount) of
the stated redemption price at maturity (or in the case of an obligation issued with OID, its &quot;revised issue price&quot;) over the
purchase price of the debt security. In addition, the holder may be required to defer the deduction of all or a portion of any interest
paid on any indebtedness incurred or continued to purchase or carry the debt securities that were acquired at a market discount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The holder may elect to include market discount in gross income currently
as it accrues (on either a ratable or constant yield basis), in lieu of treating a portion of any gain realized on a sale of the debt
securities as ordinary income. If the holder elects to include market discount on a current basis, the interest deduction deferral rule&nbsp;described
above will not apply and the holder will increase its basis in the debt security by the amount of market discount it includes in gross
income. If the holder does make such an election, it will apply to all market discount debt instruments that the holder acquires on or
after the first day of the first taxable year to which the election applies. This election may not be revoked without the consent of the
IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Information
Reporting and Backup Withholding.</I></FONT> In general, information reporting requirements will apply to payments of principal, interest,
and premium, if any, paid on debt securities and to the proceeds of the sale of debt securities paid to U.S. holders other than certain
exempt recipients (such as certain corporations) provided they establish such exemption. Information reporting generally will apply to
payments of interest on the debt securities to non-U.S. Holders (as defined below) and the amount of tax, if any, withheld with respect
to such payments. Copies of the information returns reporting such interest payments and any withholding may also be made available to
the tax authorities in the country in which the non-U.S. Holder resides under the provisions of an applicable income tax treaty. In addition,
for non-U.S. Holders, information reporting will apply to the proceeds of the sale of debt securities within the United States or conducted
through United States-related financial intermediaries unless the certification requirements described below have been complied with and
the statement described below in &quot;Taxation of Non-U.S. Holders&quot; has been received (and the payor does not have actual knowledge
or reason to know that the holder is a United States person) or the holder otherwise establishes an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may be required to withhold, for U.S. federal income tax purposes,
a portion of all payments (including redemption proceeds) payable to holders of debt securities who fail to provide us with their correct
taxpayer identification number, who fail to make required certifications or who have been notified by the IRS that they are subject to
backup withholding (or if we have been so notified). Certain corporate and other shareholders specified in the Code and the regulations
thereunder are exempt from backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against
the holder's U.S. federal income tax liability provided the appropriate information is furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holder who is a non-U.S. Holder may have to comply with certification
procedures to establish its non-U.S. status in order to avoid backup withholding tax requirements. The certification procedures required
to claim the exemption from withholding tax on interest income described below with respect to non-U.S. Holders will satisfy these requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Taxation
of Non-U.S. Holders.</I></FONT> If a holder is a non-resident alien individual or a foreign corporation (a &quot;non-U.S. Holder&quot;),
the payment of interest on the debt securities generally will be considered &quot;portfolio interest&quot; and thus generally will be
exempt from U.S. federal withholding tax. This exemption will apply provided that (1)&nbsp;interest paid on the debt securities is not
effectively connected with the holder's conduct of a trade or business in the United States, (2)&nbsp;the holder is not a bank whose receipt
of interest on the debt securities is described in Section&nbsp;881(c)(3)(A)&nbsp;of the Code, (3)&nbsp;the holder does not actually or
constructively own 10 percent or more of the combined voting power of all classes of the Fund's stock entitled to vote, (4)&nbsp;the holder
is not a controlled foreign corporation that is related, directly or indirectly, to the Fund through stock ownership, and (5)&nbsp;the
holder satisfies the certification requirements described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To satisfy the certification requirements, either (1)&nbsp;the holder
of any debt securities must certify, under penalties of perjury, that such holder is a non-U.S. person and must provide such owner's name,
address and taxpayer identification number, if any, on IRS Form&nbsp;W-8BEN or W-8BEN-E, or (2)&nbsp;a securities clearing organization,
bank or other financial institution that holds customer securities in the ordinary course of its trade or business and holds the debt
securities on behalf of the holder thereof must certify, under penalties of perjury, that it has received a valid and properly executed
IRS Form&nbsp;W-8BEN or W-8BEN-E from the beneficial holder and comply with certain other requirements. Special certification rules&nbsp;apply
for debt securities held by a foreign partnership and other intermediaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest on debt securities received by a non-U.S. Holder that is not
excluded from U.S. federal withholding tax under the portfolio interest exemption as described above generally will be subject to withholding
at a 30% rate, except where (1)&nbsp;the interest is effectively connected with the conduct of a U.S. trade or business, in which case
the interest will generally be subject to U.S. income tax on a net basis at graduated rates as applicable to U.S. holders generally (and,
in the case of corporate non-U.S. Holders, may be subject to an additional 30% branch profits tax) or (2)&nbsp;a non-U.S. Holder can claim
the benefits of an applicable income tax treaty to reduce or eliminate such withholding tax. To claim the benefit of an income tax treaty
or to claim an exemption from withholding because the interest is effectively connected with a U.S. trade or business, a non-U.S. Holder
must timely provide the appropriate, properly executed IRS forms. These forms may be required to be periodically updated. Also, a non-U.S.
Holder who is claiming the benefits of an income tax treaty may be required to obtain a U.S. taxpayer identification number and to provide
certain documentary evidence issued by foreign governmental authorities to prove residence in the foreign country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any capital gain that a non-U.S. Holder realizes on a sale, exchange
or other disposition of debt securities generally will be exempt from United States federal income tax, including withholding tax. This
exemption will not apply to a holder whose gain is effectively connected with their conduct of a trade or business in the U.S. or who
is an individual holder and is present in the U.S. for a period or periods aggregating 183 days or more in the taxable year of the disposition
and, in each case, certain other conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &quot;Information Reporting and Backup Withholding&quot; above
for a general discussion of information reporting and backup withholding requirements applicable to non-U.S. Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Tax Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
Reporting and Withholding Requirements.</I></FONT> Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder
(collectively, &quot;FATCA&quot;) generally require the Fund to obtain information sufficient to identify the status of each of its shareholders
and holders of its debt securities under FATCA or under an applicable intergovernmental agreement (an &quot;IGA&quot;) between the United
States and a foreign government. If a shareholder or holder of debt securities fails to provide the required information or otherwise
fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that holder on
ordinary dividends and interest payments. The IRS and the Department of Treasury have issued proposed regulations providing that these
withholding rules&nbsp;will not be applicable to the gross proceeds of share redemptions or capital gains dividends that the Fund pays.
If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt
from withholding under the rules&nbsp;applicable to non-U.S. persons. Each prospective investor is urged to consult its tax adviser regarding
the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments
through an intermediary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Medicare
Tax on Certain Investment Income.</I></FONT> Certain noncorporate taxpayers are subject to an additional tax of 3.8% with respect to the
lesser of (1)&nbsp;their &quot;net investment income&quot; (or undistributed &quot;net investment income&quot; in the case of an estate
or trust) or (2)&nbsp;the excess of their &quot;modified adjusted gross income&quot; over a threshold amount ($250,000 for married persons
filing jointly and $200,000 for single taxpayers). For this purpose, &quot;net investment income&quot; includes interest, dividends (including
dividends paid with respect to shares), annuities, royalties, rent, net gain attributable to the disposition of property not held in a
trade or business (including net gain from the sale, exchange or other taxable disposition of shares) and certain other income, but will
be reduced by any deductions properly allocable to such income or net gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Alternative Minimum Tax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors may be subject to the federal alternative minimum tax on
their income (including taxable income from the Fund), depending on their individual circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>NET ASSET VALUE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net asset value per share is determined no less frequently than the
close of regular session trading on the NYSE (usually 4:00 p.m., Eastern time), on the last business day in each week, or such other time
as the Fund may determine. The NYSE is regularly closed on New Year's Day, the third Mondays in January&nbsp;and February, Good Friday,
the last Monday in May,&nbsp;Independence Day, Labor Day, Thanksgiving and Christmas. If the NYSE is closed due to weather or other extenuating
circumstances on a day it would typically be open for business, the Fund reserves the right to treat such day as a Business Day and calculate
the Fund's NAV as of the normally scheduled close of regular trading on the NYSE or such other time that the Fund may determine, in accordance
with applicable law. The Fund reserves the right to close if the primary trading markets of the Fund's portfolio instruments are closed.
On any business day when the Securities Industry and Financial Markets Association (&quot;SIFMA&quot;) recommends that the securities
markets close trading early or when the NYSE closes earlier than scheduled, the Fund may (i)&nbsp;close trading early (as such, the time
as of which the NAV is calculated would be advanced) or (ii)&nbsp;calculate its NAV as of, the normally scheduled close of regular trading
on the NYSE for that day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net asset value is calculated by dividing the value of all of the securities
and other assets of the Fund, less its liabilities (including accrued expenses and indebtedness) and the aggregate liquidation value of
any outstanding preferred shares, by the total number of common shares outstanding. Information that becomes known to the Fund after the
time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security
or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund reserves the right to either
(i)&nbsp;calculate its NAV as of the earlier closing time or (ii)&nbsp;calculate its NAV as of the normally scheduled close of regular
trading on the NYSE for that day. The Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the
NYSE is closed on a day it would normally be open for business, the Fund reserves the right to calculate its NAV as of the normally scheduled
close of regular trading on the NYSE for that day or such other time that the Fund may determine. Because the Fund may invest in securities
that are primarily listed on foreign exchanges and trade on days when the Fund does not price its shares, the Fund's underlying assets
may change in value on days when the NAV is not calculated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The valuation of the Fund's portfolio securities is in accordance with
policies and procedures adopted by and under the ultimate supervision of the Board of Trustees. Securities for which market quotations
are readily available will be valued using the market value of those securities. Securities for which market quotations are not readily
available will be fair valued in accordance with policies and procedures adopted by and under the ultimate supervision of the Board of
Trustees. The method by which a security may be fair valued will depend on the type of security and the circumstances under which the
security is being fair valued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portfolio securities that are traded on U.S. securities exchanges,
except option securities, are valued at the last current reported sales price at the time the Fund determines its NAV. Securities traded
in the over-the-counter market and quoted on The Nasdaq Stock Market are valued at the Nasdaq Official Closing Price, as determined by
Nasdaq, or lacking a Nasdaq Official Closing Price, the last current reported sale price on Nasdaq at the time the Fund determines its
NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When a last sale or closing price is not available, equity securities,
other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter
market are valued at the mean between the most recent bid and asked quotations in accordance with guidelines adopted by the Board of Trustees.
Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option
security, also in accordance with guidelines adopted by the Board of Trustees. Each over-the-counter option that is not traded through
the Options Clearing Corporation is valued based on a quotation provided by the counterparty to such option under the ultimate supervision
of the Board of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fixed income securities and certain convertible preferred securities
are generally traded in the over-the-counter market and are valued based on evaluations provided by independent pricing services or by
dealers who make markets in such securities. Valuations of such fixed income securities and certain convertible preferred securities consider
yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other
market data and do not rely exclusively upon exchange or over-the-counter prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trading on European and Far Eastern exchanges and over-the-counter
markets is typically completed at various times before the close of business on each day on which the NYSE is open. Each security trading
on these exchanges or over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing
service approved by the Board of Trustees. The valuation of each security that meets certain criteria in relation to the valuation model
is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not
meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time
the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent
bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take
place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the
NYSE is not open and on which the Fund's NAV is not calculated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the pricing committee, whose members are appointed by the Board
of Trustees and which is comprised of officers of the Fund and employees of Calamos, determines that the valuation of a security, in accordance
with the methods described above, is not reflective of a fair value for such security, the security is valued at a fair value by the pricing
committee, under the ultimate supervision of the Board of Trustees, following the guidelines and/or procedures adopted by the Board of
Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund also may use fair value pricing, pursuant to guidelines adopted
by the Board of Trustees and under the ultimate supervision of the Board of Trustees, if trading in a security is halted or if the value
of a security it holds is materially affected by events occurring before the Fund's pricing time but after the close of the primary market
or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the Board
of Trustees, which may be based on market transactions for comparable securities and various relationships between securities that are
generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities
or similar securities received from recognized dealers in those securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When fair value pricing of securities is employed, the prices of securities
used by the Fund to calculate its NAV may differ from market quotations or official closing prices. In light of the judgment involved
in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_016"></A>DIVIDENDS AND DISTRIBUTIONS ON COMMON SHARES;<BR>
AUTOMATIC DIVIDEND REINVESTMENT PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends and Distributions on Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund intends to distribute to common shareholders all or a portion
of its net investment income monthly and net realized capital gains, if any, at least annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On November&nbsp;4, 2008, the Commission granted Calamos, on behalf
of itself and certain registered closed-end funds that it manages, including the Fund, or may manage in the future, an order granting
an exemption from Section&nbsp;19(b)&nbsp;of, and Rule&nbsp;19b-1 under, the 1940 Act to conditionally permit the Fund to make periodic
distributions of long-term capital gains with respect to the Fund's outstanding common shares as frequently as twelve times each year,
so long as it complies with the conditions of the order and maintains in effect a distribution policy with respect to its common shares
calling for periodic distributions of an amount equal to a fixed amount per share, a fixed percentage of market price per share or a fixed
percentage of the Fund's net asset value per share (the &quot;Managed Distribution Policy&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of January&nbsp;1, 2018, the Fund adopted such Managed Distribution
Policy. Pursuant to such policy, the Fund currently makes monthly distributions to common shareholders stated in terms of a fixed cent
per common share distribution rate that would be composed of, in addition to net investment income, supplemental amounts generally representing
realized capital gains or, possibly, returns of capital representing either unrealized capital gains or a return of original investment.
Monthly distributions, including such supplemental amounts, are sometimes referred to as &quot;managed distributions.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will seek to establish a distribution rate that roughly corresponds
to the Adviser's projections of the total return that could reasonably be expected to be generated by the Fund over an extended period
of time, although the distribution rate will not be solely dependent on the amount of income earned or capital gains realized by the Fund.
Calamos, in making such projections, may consider long-term historical returns and a variety of other factors. If, for any monthly distribution,
net investment income and net realized capital gains were less than the amount of the distribution, the difference would be distributed
from the Fund's assets. In addition, in order to make such distributions, the Fund might have to sell a portion of its investment portfolio
at a time when independent investment judgment might not dictate such action. The Fund's final distribution for each calendar year will
include any remaining net investment income undistributed during the year and may include any remaining net realized capital gains undistributed
during the year. The Fund's actual financial performance will likely vary significantly from quarter-to-quarter and from year-to-year,
and there may be extended periods of up to several years when the distribution rate will exceed the Fund's actual total returns. The Fund's
projected or actual distribution rate is not a prediction of what the Fund's actual total returns will be over any specific future period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As portfolio and market conditions change, the rate of distributions
on the common shares and the Fund's distribution policy could change. To the extent that the total return of the Fund exceeds the distribution
rate for an extended period, the Fund may be in a position to increase the distribution rate or distribute supplemental amounts to shareholders.
Conversely, if the total return of the Fund is less than the distribution rate for an extended period of time, the Fund will effectively
be drawing upon its net assets to meet payments prescribed by its distribution policy. The rate may be modified by the Fund's Board from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent the Fund distributes an amount in excess of the Fund's
current and accumulated earnings and profits, such excess, if any (the &quot;Excess&quot;), will be treated by a shareholder for federal
income tax purposes as a tax-free return of capital to the extent of the shareholder's adjusted tax basis in their shares and thereafter
as a gain from the sale or exchange of such shares. See &quot;Certain Federal Income Tax Matters.&quot; Any such distributions made by
the Fund will reduce the shareholder's adjusted tax basis in their shares to the extent that the distribution constitutes a return of
capital during any calendar year, and thus could potentially subject the shareholder to capital gains taxation in connection with the
sale of Fund shares, even if those shares are sold at a price that is lower than the shareholder's original investment price. To the extent
that the Fund's distributions exceed the Fund's current and accumulated earnings and profits, the distribution payout rate will exceed
the yield generated from the Fund's investments. There is no guarantee that the Fund will realize capital gain in any given year, nor
that the Fund's distribution rates will equal in any period the Fund's net investment income. Pursuant to the requirements of the 1940
Act and other applicable laws, a notice will accompany each monthly distribution with respect to the estimated source of the distribution
made. Distributions are subject to recharacterization for federal income tax purposes after the end of the fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For U.S. federal income tax purposes, the Fund is required to distribute
substantially all of its net investment income and net realized capital gains each year to both reduce its federal income tax liability
and to avoid a potential excise tax. Accordingly, the Fund intends to distribute all or substantially all of its net investment income
and all net realized capital gains, if any. Therefore, the Fund's final distribution with respect to each calendar year would include
any remaining net investment income and net realized capital gains, if any, undistributed during the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event the Fund distributed an Excess, such distribution would
decrease the Fund's managed assets and, therefore, have the likely effect of increasing the Fund's expense ratio. There is a risk that
the Fund would not eventually realize capital gains in an amount corresponding to a distribution of the Excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to and in reliance on the order granted by the Commission,
under the Managed Distribution Policy, the Fund is required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;implement certain compliance review and reporting
procedures with respect to the Managed Distribution Policy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;include in each notice to shareholders that accompanies
distributions certain information in addition to the information currently required by Section&nbsp;19(a)&nbsp;of and Rule&nbsp;19a-1
under the 1940 Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;include disclosure regarding the Managed Distribution
Policy on the inside front cover of each annual and semi-annual report to shareholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;provide the Fund's total return in relation to changes
in NAV in the financial highlights table and in any discussion about the Fund's total return in each prospectus and annual and semi-annual
report to shareholders; include the information contained in each notice to shareholders that accompanies distributions in: (a)&nbsp;communications
regarding the Managed Distribution Policy to shareholders, prospective shareholders and third-party information providers; (b)&nbsp;a
press release issued contemporaneously with the issuance of the notice; (c)&nbsp;an exhibit to the Fund's next report filed with the Commission
on Form&nbsp;N-CSR; and (d)&nbsp;a statement posted prominently on its website; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;take certain steps to ensure the delivery of the
notices accompanying distributions to beneficial owners whose Fund shares are held through a financial intermediary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if the Fund's common shares were to trade at a significant
premium to NAV following the implementation of the Managed Distribution Policy, and certain other circumstances were present, the Fund's
Board of Trustees would be required to determine whether to approve or disapprove the continuation, or continuation after amendment, of
the Managed Distribution Policy. Finally, pursuant to the order, the Fund would not be permitted to make a public offering of common shares
other than:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;a rights offering below NAV to holders of the Fund's
common shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;an offering in connection with a dividend reinvestment
plan, merger, consolidation, acquisition, spin-off or reorganization of the Fund; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;an offering other than those described above, unless,
with respect to such other offering:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the Fund's average annual distribution rate for the
six months ending on the last day of the month ended immediately prior to the most recent distribution record date, expressed as a percentage
of NAV per share as of such date, is no more than one percentage point greater than the Fund's average annual total return for the five-year
period ending on such date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the transmittal letter accompanying any registration
statement filed with the Commission in connection with such offering discloses that the Fund has received an order under Section&nbsp;19(b)&nbsp;of
the 1940 Act to permit it to make periodic distributions of long-term capital gains with respect to its common stock as frequently as
twelve times each year, and as frequently as distributions are specified in accordance with the terms of any outstanding preferred stock
that such fund may issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The relief described above will expire on the effective date of any
amendment to Rule&nbsp;19b-1 under the 1940 Act that provides relief permitting certain closed-end investment companies to make periodic
distributions of long-term capital gains with respect to their outstanding common stock as frequently as twelve times each year. Under
the Managed Distribution Policy, if, for any distribution, undistributed net investment income and net realized capital gains were less
than the amount of the distribution, the difference would be distributed from the Fund's other assets. In addition, in order to make such
distributions, the Fund might have to sell a portion of its investment portfolio at a time when independent investment judgment might
not dictate such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the 1940 Act, the Fund is not permitted to incur indebtedness
unless immediately after such incurrence the Fund has an asset coverage of at least 300% of the aggregate outstanding principal balance
of indebtedness. Additionally, under the 1940 Act, the Fund generally may not declare any dividend or other distribution upon any class
of its shares, or purchase any such shares, unless the aggregate indebtedness of the Fund has, at the time of the declaration of any such
dividend or distribution or at the time of any such purchase, an asset coverage of at least 300% after deducting the amount of such dividend,
distribution, or purchase price, as the case may be, except that dividends may be declared upon any preferred shares if such indebtedness
has an asset coverage of at least 200% at the time of declaration thereof after deducting the amount of the dividend. This limitation
does not apply to certain privately placed debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While any preferred shares are outstanding, the Fund may not declare
any dividend or other distribution on its common shares, unless at the time of such declaration, (1)&nbsp;all accumulated preferred dividends
have been paid and (2)&nbsp;the net asset value of the Fund's portfolio (determined after deducting the amount of such dividend or other
distribution) is at least 200% of the liquidation value of the outstanding preferred shares (expected to be equal to the original purchase
price per share plus any accumulated and unpaid dividends thereon).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the limitations imposed by the 1940 Act described above,
certain lenders may impose additional restrictions on the payment of dividends or distributions on common shares in the event of a default
on the Fund's borrowings. If the Fund's ability to make distributions on its common shares is limited, such limitation could, under certain
circumstances, impair the ability of the Fund to maintain its qualification for federal income taxation as a regulated investment company
and to reduce or eliminate tax at the Fund level, which would have adverse tax consequences for shareholders. See &quot;Leverage&quot;
and &quot;Certain Federal Income Tax Matters.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &quot; &mdash; Automatic Dividend Reinvestment Plan&quot; for information
concerning the manner in which dividends and distributions to common shareholders may be automatically reinvested in common shares. Dividends
and distributions are taxable to shareholders for federal income tax purposes whether they are reinvested in shares of the Fund or received
in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The yield on the Fund's common shares may vary from period to period
depending on factors including, but not limited to, market conditions, the timing of the Fund's investment in portfolio securities, the
securities comprising the Fund's portfolio, changes in interest rates including changes in the relationship between short-term rates and
long-term rates, the amount and timing of the use of borrowings and other leverage by the Fund, the effects of leverage on the common
shares discussed above under &quot;Leverage,&quot; the timing of the investment of leverage proceeds in portfolio securities, the Fund's
net assets and its operating expenses. Consequently, the Fund cannot guarantee any particular yield on its common shares and the yield
for any given period is not an indication or representation of future yields on the Fund's common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Automatic Dividend Reinvestment Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Plan, unless a common shareholder is ineligible or
elects otherwise, all dividend and capital gains on common shares distributions are automatically reinvested by Computershare Shareowner
Services LLC, a subsidiary of Computershare Limited, as agent for shareholders in administering the Plan (&quot;Plan Agent&quot;), in
additional common shares of the Fund. Shareholders who elect not to participate in the Plan will receive all dividends and distributions
payable in cash paid by check mailed directly to the shareholder of record (or, if the shares are held in street or other nominee name,
then to such nominee) by Plan Agent, as dividend paying agent. Shareholders may elect not to participate in the Plan and to receive all
dividends and distributions in cash by sending written instructions to Plan Agent, as dividend paying agent, at the address set forth
below. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by giving notice
in writing to the Plan Agent; such termination will be effective with respect to a particular dividend or distribution if notice is received
prior to the record date for the applicable distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Whenever the Fund declares a dividend or distribution payable either
in common shares or in cash, non participants in the Plan will receive cash, and participants in the Plan will receive the equivalent
in shares of common shares. The common shares are acquired by the Plan Agent for the participant's account, depending upon the circumstances
described below, either (i)&nbsp;through receipt of additional common shares from the Fund (&quot;newly issued shares&quot;) or (ii)&nbsp;by
purchase of outstanding common shares on the open market (&quot;open-market purchases&quot;) on Nasdaq or elsewhere. If, on the payment
date, the net asset value per share of the common shares is equal to or less than the market price per common share plus estimated brokerage
commissions (such condition being referred to herein as &quot;market premium&quot;), the Plan Agent will receive newly issued common shares
from the Fund for each participant's account. The number of newly issued common shares to be credited to the participant's account will
be determined by dividing the dollar amount of the dividend or distribution by the greater of (i)&nbsp;the net asset value per common
share on the payment date, or (ii)&nbsp;95% of the market price per common share on the payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If, on the payment date, the net asset value per common share exceeds
the market price plus estimated brokerage commissions (such condition being referred to herein as &quot;market discount&quot;), the Plan
Agent has until the last business day before the next date on which the shares trade on an &quot;ex-dividend&quot; basis or in no event
more than 30 days after the payment date (&quot;last purchase date&quot;) to invest the dividend or distribution amount in shares acquired
in open-market purchases. It is contemplated that the Fund will pay monthly income dividends. Therefore, the period during which open-market
purchases can be made will exist only from the payment date on the dividend through the date before the next ex-dividend date, which typically
will be approximately ten days. If, before the Plan Agent has completed its purchases, the market price plus estimated brokerage commissions
exceeds the net asset value of the common shares as of the payment date, the purchase price paid by Plan Agent may exceed the net asset
value of the common shares, resulting in the acquisition of fewer common shares than if such dividend or distribution had been paid in
common shares issued by the Fund. The weighted average price (including brokerage commissions) of all common shares purchased by the Plan
Agent as Plan Agent will be the price per common share allocable to each participant. If, before the Plan Agent has completed its open-market
purchases, the market price of a common share exceeds the net asset value per share, the average per share purchase price paid by the
Plan Agent may exceed the net asset value of the Fund's shares, resulting in the acquisition of fewer shares than if the dividend had
been paid in newly issued shares on the payment date. Because of the foregoing difficulty with respect to open-market purchases, the Plan
provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if
the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and
will invest the uninvested portion of the dividend or distribution amount in newly issued shares at the net asset value per common share
at the close of business on the last purchase date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan Agent maintains all shareholders' accounts in the Plan and
furnishes written confirmation of each acquisition made for the participant's account as soon as practicable, but in no event later than
60 days after the date thereof. Shares in the account of each Plan participant will be held by the Plan Agent in non-certificated form
in the Plan Agent's name or that of its nominee, and each shareholder's proxy will include those shares purchased or received pursuant
to the Plan. The Plan Agent will forward all proxy solicitation materials to participants and vote proxies for shares held pursuant to
the Plan first in accordance with the instructions of the participants then with respect to any proxies not returned by such participant,
in the same proportion as the Plan Agent votes the proxies returned by the participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There will be no brokerage charges with respect to common shares issued
directly by the Fund as a result of dividends or distributions payable either in shares or in cash. However, each participant will pay
a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment
of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the
proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold, plus a $15.00 transaction
fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The automatic reinvestment of dividends and distributions will not
relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends. See
 &quot;Certain Federal Income Tax Matters.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders participating in the Plan may receive benefits not available
to shareholders not participating in the Plan. If the market price plus commissions of the Fund's shares is higher than the net asset
value, participants in the Plan will receive shares of the Fund at less than they could otherwise purchase them and will have shares with
a cash value greater than the value of any cash distribution they would have received on their shares. If the market price plus commissions
is below the net asset value, participants receive distributions of shares with a net asset value greater than the value of any cash distribution
they would have received on their shares. However, there may be insufficient shares available in the market to make distributions in shares
at prices below the net asset value. Also, since the Fund does not redeem its shares, the price on resale may be more or less than the
net asset value. See &quot;Certain Federal Income Tax Matters&quot; for a discussion of federal income tax consequences of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Experience under the Plan may indicate that changes are desirable.
Accordingly, the Fund reserves the right to amend or terminate the Plan if in the judgment of the Board of Trustees such a change is warranted.
The Plan may be terminated by the Plan Agent or the Fund upon notice in writing mailed to each participant at least 60 days prior to the
effective date of the termination. Upon any termination, the Plan Agent will cause a certificate or certificates to be issued for the
full shares held by each participant under the Plan and cash adjustment for any fraction of a common share at the then current market
value of the common shares to be delivered to him or her. If preferred, a participant may request the sale of all of the common shares
held by the Plan Agent in his or her Plan account in order to terminate participation in the Plan. If such participant elects in advance
of such termination to have the Plan Agent sell part or all of his or her shares, the Plan Agent is authorized to deduct from the proceeds
a $15.00 fee plus the brokerage commissions incurred for the transaction. If a participant has terminated his or her participation in
the Plan but continues to have common shares registered in his or her name, he or she may re-enroll in the Plan at any time by notifying
the Plan Agent in writing at the address below. The terms and conditions of the Plan may be amended by the Plan Agent or the Fund at any
time but, except when necessary or appropriate to comply with applicable law or the rules&nbsp;or policies of the Commission or any other
regulatory authority, only by mailing to each participant appropriate written notice at least 30 days prior to the effective date thereof.
The amendment shall be deemed to be accepted by each participant unless, prior to the effective date thereof, the Plan Agent receives
notice of the termination of the participant's account under the Plan. Any such amendment may include an appointment by the Plan Agent
of a successor Plan Agent, subject to the prior written approval of the successor Plan Agent by the Fund. There is no direct service charge
to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.
Since investors can participate in the Plan only if their broker or nominee participates in our Plan, you should contact your broker or
nominee to confirm that you are eligible to participate in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information, please direct all correspondence concerning the
Plan to the Plan Agent at P.O.&nbsp;Box 505000, Louisville, KY 40233-5000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_017"></A>DESCRIPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a brief description of the capital structure of the
Fund. This description does not purport to be complete and is subject to and qualified in its entirety by reference to the Fund's Agreement
and Declaration of Trust and By-Laws, each as amended and restated through the date hereof. The Agreement and Declaration of Trust and
By-Laws are each exhibits to the registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is authorized to issue an unlimited number of common shares,
without par value. The Fund is also authorized to issue preferred shares and debt securities. As of January&nbsp;31, 2022, the Fund had
72,245,104 common shares outstanding and MRP Shares outstanding in the following amounts: 1,330,000 Series&nbsp;A MRP Shares, 1,330,000
Series&nbsp;B MRP Shares, 1,340,000 Series&nbsp;C MRP Shares, 1,320,000 Series&nbsp;D MRP Shares and 1,330,000 Series&nbsp;E MRP Shares.<SUP>4</SUP>
As of such date, the Fund had not issued any debt securities. Subject to the restrictions under the 1940 Act, the Board of Trustees may,
from time to time, establish additional series or classes of Fund shares and set forth the designations, preferences, conversion or other
rights, voting powers, restrictions, limitations as to dividends, qualifications or terms or conditions of redemption of such shares and
pursuant to such classification or reclassification to increase or decrease the number of authorized shares of any existing class or series
but the Board may not change any outstanding shares in a manner materially adverse to such shareholders. The Board of Trustees, without
shareholder approval but subject to the governing documents of the Fund and the MRP Shares, is authorized to amend the Agreement and Declaration
of Trust and By-Laws to reflect the terms of any such class or series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of January&nbsp;31, 2022, the Fund had total leverage of approximately
$532 million representing approximately 35.1% of the Fund's managed assets as of that date. The Fund will pay, and common shareholders
will effectively bear, any costs and expenses relating to any borrowings by the Fund, including the financial leverage described above,
as well as any additional leverage incurred as a result of this offering. Such costs and expenses include the higher management fee resulting
from the use of any such leverage, offering and/or issuance costs, and interest and/or dividend expense and ongoing maintenance. Borrowings
under the SSB Agreement are secured by assets of the Fund that are held with the Fund's custodian in a separate account. Interest on the
SSB Agreement is charged on the drawn amount at the rate of OBFR plus 0.80%, payable monthly in arrears. Interest on overdue amounts or
interest on the drawn amount paid during an event of default will be charged at OBFR plus 2.8%. The SSB Agreement has a commitment fee
of 0.10% of any undrawn amount. As of January&nbsp;31, 2022, the net interest rate charged under the SSB Agreement was 0.87%. Prior to
January&nbsp;1, 2022, the reference rate used by the SSB Agreement was Overnight LIBOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> The delayed funding date for Series E is May 24, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the terms of the SSB Agreement, all securities lent or subject
to repurchase transactions through SSB must be secured continuously by collateral received in cash. Cash collateral received by SSB on
behalf of the Fund is treated as refinancing a portion of the amounts borrowed under the SSB Agreement, with the effect of reducing interest
expense payable by the Fund. Any amounts credited against the borrowings under the SSB Agreement would count against the Fund's leverage
limitations under the 1940 Act, unless otherwise covered in accordance with SEC Release IC-10666. Under the terms of the SSB Agreement,
the Fund is required to return the value of the collateral to the borrower upon the return of the lent securities, which will eliminate
the credit against the borrowings under the SSB Agreement and will increase the balance on which the Fund will pay interest. Under the
terms of the SSB Agreement, the Fund will make a variable &quot;net income&quot; payment related to any collateral credited against the
borrowings under the SSB Agreement which will be paid to the securities borrower, less any payments due to the Fund or SSB under the terms
of the SSB Agreement. The Fund reserves the right to utilize sources of borrowings in addition to, or in lieu of, the SSB Agreement. See
 &quot;Prospectus Summary &mdash; Use of Leverage by the Fund.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While unsecured and unsubordinated indebtedness may rank equally with
the borrowings under the SSB Agreement in right of payment, the lender under the agreement, together with the holders of other outstanding
secured indebtedness, may, to the exclusion of unsecured creditors, seek recourse against the collateral as security for the borrowings
and such other secured indebtedness until amounts owed under the SSB Agreement and the other secured indebtedness are satisfied in full.
All borrowings under the SSB Agreement and the securities lending agreement rank senior to the Fund's common and preferred shares as to
the payment of interest and distribution of assets upon liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A declaration of a dividend or other distribution on or purchase or
redemption of any common or preferred shares of the Fund may be prohibited (i)&nbsp;at any time that an event of default under any borrowings
has occurred and is continuing, or (ii)&nbsp;if after giving effect to such declaration, purchase or redemption, the Fund would not meet
the 1940 Act asset coverage requirements or any temporary requirements imposed under an order issued by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common shares, when issued and outstanding, will be legally issued,
fully paid and non-assessable and will have no preemptive or conversion rights or rights to cumulative voting, except as described below.
The Board has not granted such common shares conversion rights. Shareholders are entitled to share pro rata in the net assets of the Fund
available for distribution to common shareholders upon liquidation of the Fund. Common shareholders are entitled to one vote for each
share held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's Agreement and Declaration of Trust provides that the Trustees
have the power to cause each shareholder to pay directly, in advance or arrears, for charges of the Fund's custodian or transfer, shareholder
servicing or similar agent, an amount fixed from time to time by the Trustees, by setting off such charges due from a shareholder from
declared but unpaid dividends owed to such shareholder and/or by reducing the number of shares in the account of such shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So long as any preferred shares that may be issued by the Fund are
outstanding, holders of common shares will not be entitled to receive any net income of or other distributions from the Fund unless all
accumulated dividends on preferred shares have been paid, and unless asset coverage (as defined in the 1940 Act) with respect to preferred
shares would be at least 200% after giving effect to such distributions. See &quot;Leverage.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will send unaudited semi-annual financial statements and audited
annual financial statements to all of its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other offerings of common shares, if made, will require approval of
the Board of Trustees and will be subject to the requirement of the 1940 Act that common shares may not be sold at a price below the then-current
net asset value, exclusive of underwriting discounts and commissions, except in limited circumstances including in connection with an
offering to existing shareholders. Common shares may be sold in one or more at the market offerings through sales on Nasdaq at a price
equal to or above the Fund's per share NAV plus any sales commissions paid by the Fund to execute such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preferred shares, when issued and outstanding, will be legally issued,
fully paid and non-assessable. Holders of preferred shares will be entitled to the rights and preferences set out in the documents creating
the preferred shares. As a non-fundamental policy, the Fund may not issue preferred shares or borrow money and/or issue debt securities
with an aggregate liquidation preference and aggregate principal amount exceeding 38% of the Fund's managed assets. However, the Board
of Trustees reserves the right to issue preferred shares to the extent permitted by the 1940 Act, which currently limits the aggregate
liquidation preference of all outstanding preferred shares to 50% of the value of the Fund's total assets less the Fund's liabilities
and indebtedness not represented by senior securities. Under the 1940 Act, the Fund may only issue one class of preferred shares. So long
as any preferred shares are outstanding, additional issuances of preferred shares may not have preference or priority over the outstanding
preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Fund, the holders of preferred shares will be entitled to receive a preferential liquidating distribution, which
is expected to equal the original purchase price per preferred share plus accumulated and unpaid dividends, whether or not declared, before
any distribution of assets is made to holders of common shares. After payment of the full amount of the liquidating distribution to which
they are entitled, the holders of preferred shares will not be entitled to any further participation in any distribution of assets by
the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 1940 Act requires that the holders of any preferred shares, voting
separately as a single class, have the right to elect at least two Trustees at all times. The remaining Trustees will be elected by holders
of common shares and preferred shares, voting together as a single class. In addition, subject to the prior rights, if any, of the holders
of any other class of senior securities outstanding, the holders of any preferred shares have the right to elect a majority of the Trustees
at any time two years' accumulated dividends on any preferred shares are unpaid. The 1940 Act also requires that, in addition to any approval
by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting
separately as a class, would be required to (1)&nbsp;adopt any plan of reorganization that would adversely affect the preferred shares,
and (2)&nbsp;take any action requiring a vote of security holders under Section&nbsp;13(a)&nbsp;of the 1940 Act, including, among other
things, changes in the Fund's subclassification as a closed-end investment company or changes in its fundamental investment restrictions.
See &quot;Certain Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions.&quot; As a
result of these voting rights, the Fund's ability to take any such actions may be impeded to the extent that there are any preferred shares
outstanding. Except as otherwise indicated in this prospectus and except as otherwise required by applicable law, holders of preferred
shares have equal voting rights with holders of common shares (one vote per share, unless otherwise required by the 1940 Act) and will
vote together with holders of common shares as a single class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The affirmative vote of the holders of a majority of the outstanding
preferred shares, voting as a separate class, will be required to amend, alter or repeal any of the preferences, rights or powers of holders
of preferred shares so as to affect materially and adversely such preferences, rights or powers, or to increase or decrease the authorized
number of preferred shares. The class vote of holders of preferred shares described above will in each case be in addition to any other
vote required to authorize the action in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any redemption or purchase of any preferred shares by the Fund will
reduce the leverage applicable to the common shares, while any resale of shares by the Fund will increase that leverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preferred shares that may be issued by the Fund may or may not be listed
on an exchange or automated quotation system. The details on how to buy and sell such securities, along with the other terms of the securities,
will be described in a prospectus supplement. We cannot assure you that any market will exist for our preferred securities or if a market
does exist, whether it will provide holders with liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>General.</I></FONT>
Under Delaware law and the Fund's Agreement and Declaration of Trust, it may borrow money, without prior approval of holders of common
and preferred shares. The Fund may issue debt securities, or other evidence of indebtedness (including bank borrowings or commercial paper)
and may secure any such notes or borrowings by mortgaging, pledging or otherwise subjecting as security our assets to the extent permitted
by the 1940 Act or rating agency guidelines. Any borrowings will rank senior to preferred shares and the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the 1940 Act, the Fund may only issue one class of senior securities
representing indebtedness other than promissory notes or other evidences of indebtedness not intended to be publicly distributed, which
in the aggregate, may represent no more than 33 1/3% of our managed assets. A prospectus supplement and indenture (a summary of the expected
terms of which is attached as Appendix A to the statement of additional information) relating to any debt securities will include specific
terms relating to the offering. These terms are expected to include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the form and title of the security;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the aggregate principal amount of the securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the interest rate of the securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the maturity dates on which the principal of the
securities will be payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;any changes to or additional events of default or
covenants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;any optional or mandatory redemption provisions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;identities of, and any changes in trustees, paying
agents or security registrar; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;any other terms of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest.</I></FONT>
Unless otherwise stated in a prospectus supplement, debt securities will bear interest as generally determined by the Board of Trustees,
as more fully described in the related prospectus supplement. Interest on debt securities shall be payable when due as described in the
related prospectus supplement. If we do not pay interest when due, it will trigger an event of default and we will be restricted from
declaring dividends and making other distributions with respect to our common shares and preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Limitations.</I></FONT>
Under the requirements of the 1940 Act, immediately after issuing any senior securities representing indebtedness, we must have an asset
coverage of at least 300%. Asset coverage means the ratio which the value of our total assets, less all liabilities and indebtedness not
represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness. Other types of borrowings
also may result in our being subject to similar covenants in credit agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Events
of Default and Acceleration of Maturity of Debt Securities; Remedies.</I></FONT> Unless stated otherwise in the related prospectus supplement,
any one of the following events are expected to constitute an &quot;event of default&quot; for that series under the indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;default in the payment of any interest upon a series
of debt securities when it becomes due and payable and the continuance of such default for 30 days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;default in the payment of the principal of, or premium
on, a series of debt securities at its stated maturity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;default in the performance, or breach, of any covenant
or warranty of ours in the indenture, and continuance of such default or breach for a period of 90 days after written notice has been
given to us by the trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;certain voluntary or involuntary proceedings involving
us and relating to bankruptcy, insolvency or other similar laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;if, on the last business day of each of twenty-four
consecutive calendar months, the debt securities have a 1940 Act asset coverage of less than 100%; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;any other &quot;event of default&quot; provided with
respect to a series, including a default in the payment of any redemption price payable on the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the occurrence and continuance of an event of default, the holders
of a majority in principal amount of a series of outstanding debt securities or the trustee may declare the principal amount of that series
of debt securities immediately due and payable upon written notice to us. A default that relates only to one series of debt securities
does not affect any other series and the holders of such other series of debt securities are not entitled to receive notice of such a
default under the indenture. Upon an event of default relating to bankruptcy, insolvency or other similar laws, acceleration of maturity
occurs automatically with respect to all series. At any time after a declaration of acceleration with respect to a series of debt securities
has been made, and before a judgment or decree for payment of the money due has been obtained, the holders of a majority in principal
amount of the outstanding debt securities of that series, by written notice to us and the trustee, may rescind and annul the declaration
of acceleration and its consequences if all events of default with respect to that series of debt securities, other than the non-payment
of the principal of that series of debt securities which has become due solely by such declaration of acceleration, have been cured or
waived and other conditions have been met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Liquidation
Rights.</I></FONT> In the event of (a)&nbsp;any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization
or other similar case or proceeding in connection therewith, relative to us or to our creditors, as such, or to our assets, or (b)&nbsp;any
liquidation, dissolution or other winding up of the Fund, whether voluntary or involuntary and whether or not involving insolvency or
bankruptcy, or (c)&nbsp;any assignment for the benefit of creditors or any other marshalling of assets and liabilities of ours, then (after
any payments with respect to any secured creditor of ours outstanding at such time) and in any such event the holders of debt securities
shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all debt securities (including any
interest accruing thereon after the commencement of any such case or proceeding), or provision shall be made for such payment in cash
or cash equivalents or otherwise in a manner satisfactory to the holders of the debt securities, before the holders of any common or preferred
stock of the Fund are entitled to receive any payment on account of any redemption proceeds, liquidation preference or dividends from
such shares. The holders of debt securities shall be entitled to receive, for application to the payment thereof, any payment or distribution
of any kind or character, whether in cash, property or securities, including any such payment or distribution which may be payable or
deliverable by reason of the payment of any other indebtedness of ours being subordinated to the payment of the debt securities, which
may be payable or deliverable in respect of the debt securities in any such case, proceeding, dissolution, liquidation or other winding
up event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unsecured creditors of ours may include, without limitation, service
providers including Calamos, the Fund's custodian, the Fund's administrator, broker-dealers and the trustee, pursuant to the terms of
various contracts with us. Secured creditors of ours may include without limitation SSB and other lenders to the Fund, parties entering
into any interest rate swap, floor or cap transactions, or other similar transactions with us that create liens, pledges, charges, security
interests, security agreements or other encumbrances on our assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A consolidation, reorganization or merger of the Fund with or into
any other company, or a sale, lease or exchange of all or substantially all of our assets in consideration for the issuance of equity
securities of another company shall not be deemed to be a liquidation, dissolution or winding up of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Voting
Rights.</I></FONT> Debt securities have no voting rights, except to the extent required by law or as otherwise provided in the indenture
relating to the acceleration of maturity upon the occurrence and continuance of an event of default. In connection with any other borrowings
(if any), the 1940 Act does in certain circumstances grant to the lenders certain voting rights in the event of default in the payment
of interest on or repayment of principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market.</I></FONT>
Our debt securities are not likely to be listed on an exchange or automated quotation system. The details on how to buy and sell such
securities, along with the other terms of the securities, will be described in a prospectus supplement. We cannot assure you that any
market will exist for our debt securities or if a market does exist, whether it will provide holders with liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Book-Entry,
Delivery and Form.</I></FONT> Unless otherwise stated in the related prospectus supplement, the debt securities will be issued in book-entry
form and will be represented by one or more notes in registered global form. The global notes will be deposited with the trustee as custodian
for The Depository Trust Company (&quot;DTC&quot;) and registered in the name of Cede&nbsp;&amp; Co., as nominee of DTC. DTC will maintain
the notes in designated denominations through its book-entry facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the expected terms of the indenture, we and the trustee may treat
the persons in whose names any notes, including the global notes, are registered as the owners thereof for the purpose of receiving payments
and for any and all other purposes whatsoever. Therefore, so long as DTC or its nominee is the registered owner of the global notes, DTC
or such nominee will be considered the sole holder of outstanding notes under the indenture. We or the trustee may give effect to any
written certification, proxy or other authorization furnished by DTC or its nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A global note may not be transferred except as a whole by DTC, its
successors or their respective nominees. Interests of beneficial owners in the global note may be transferred or exchanged for definitive
securities in accordance with the rules&nbsp;and procedures of DTC. In addition, a global note may be exchangeable for notes in definitive
form if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;DTC notifies us that it is unwilling or unable to
continue as a depository and we do not appoint a successor within 60 days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;we, at our option, notify the trustee in writing
that we elect to cause the issuance of notes in definitive form under the indenture; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;an event of default has occurred and is continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In each instance, upon surrender by DTC or its nominee of the global
note, notes in definitive form will be issued to each person that DTC or its nominee identifies as being the beneficial owner of the related
notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the expected terms of the indenture, the holder of any global
note may grant proxies and otherwise authorize any person, including its participants and persons who may hold interests through DTC participants,
to take any action which a holder is entitled to take under the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_018"></A>RATING AGENCY GUIDELINES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Rating Agencies, which may assign ratings to our senior securities,
impose asset coverage requirements, which may limit our ability to engage in certain types of transactions and may limit our ability to
take certain actions without confirming that such action will not impair the ratings. Any agency that may rate our debt securities or
preferred shares is referred to as the &quot;Rating Agency.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may, but are not required to, adopt any modification to the guidelines
that may hereafter be established by any Rating Agency. Failure to adopt any modifications, however, may result in a change in the ratings
described above or a withdrawal of ratings altogether. In addition, any Rating Agency may, at any time, change or withdraw any rating.
The Board may, without shareholder approval, modify, alter or repeal certain of the definitions and related provisions which have been
adopted pursuant to each Rating Agency's guidelines (&quot;Rating Agency Guidelines&quot;) only in the event we receive written confirmation
from the Rating Agency or Agencies that any amendment, alteration or repeal would not impair the ratings then assigned to the senior securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may be required to satisfy two separate asset maintenance requirements
with respect to outstanding rated debt securities and with respect to rated preferred shares: (1)&nbsp;we must maintain assets in our
portfolio that have a value, discounted in accordance with guidelines set forth by each Rating Agency, at least equal to 115% of the aggregate
principal amount/liquidation preference of the debt securities/preferred stock, respectively, plus specified liabilities, payment obligations
and other amounts (the &quot;Basic Maintenance Amount&quot;); and (2)&nbsp;we must satisfy the 1940 Act asset coverage requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Basic
Maintenance Amounts.</I></FONT> We may be required to maintain, as of each valuation date on which senior securities are outstanding,
eligible assets having an aggregate discounted value at least equal to 115% of the applicable Basic Maintenance Amount, which is calculated
separately for debt securities and preferred shares for each Rating Agency that is then rating the senior securities and so requires.
If we fail to maintain eligible assets having an aggregated discounted value at least equal to 115% of the applicable Basic Maintenance
Amount as of any valuation date and such failure is not cured, we will be required in certain circumstances to redeem certain of the senior
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The applicable Basic Maintenance Amount is defined in the Rating Agency's
Guidelines. Each Rating Agency may amend the definition of the applicable Basic Maintenance Amount from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The market value of our portfolio securities (used in calculating the
discounted value of eligible assets) is calculated using readily available market quotations when appropriate, and in any event, consistent
with our valuation procedures. For the purpose of calculating the applicable Basic Maintenance Amount, portfolio securities are valued
in the same manner as we calculate our NAV. See &quot;Net Asset Value.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Rating Agency's discount factors, the criteria used to determine
whether the assets held in our portfolio are eligible assets, and the guidelines for determining the discounted value of our portfolio
holdings for purposes of determining compliance with the applicable Basic Maintenance Amount are based on Rating Agency Guidelines established
in connection with rating the senior securities. The discount factor relating to any asset, the applicable basic maintenance amount requirement,
the assets eligible for inclusion in the calculation of the discounted value of our portfolio and certain definitions and methods of calculation
relating thereto may be changed from time to time by the applicable Rating Agency, without our approval, or the approval of our Board
of Trustees or shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Rating Agency's Guidelines will apply to the senior securities only
so long as that Rating Agency is rating such securities. In connection with obtaining a rating, we will pay certain fees to Moody's, Fitch,
Kroll and any other Rating Agency that may provide a rating for the senior securities. The ratings assigned to the senior securities are
not recommendations to buy, sell or hold the senior securities. Such ratings may be subject to revision or withdrawal by the assigning
Rating Agency at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>1940
Act Asset Coverage.</I></FONT> We are also required to maintain, with respect to senior securities, as of the last business day on any
month in which any senior securities are outstanding, asset coverage of at least 300% for debt securities and 200% for preferred stock
(or such other percentage as may in the future be specified in or under the 1940 Act or in any order granted by the Commission as the
minimum asset coverage for senior securities representing shares of a closed-end investment company as a condition of declaring dividends
on its common stock). If we fail to maintain the applicable 1940 Act asset coverage as of the last business day of any month and such
failure is not cured as of the last business day of the following month (the &quot;Asset Coverage Cure Date&quot;), we may be required
to redeem certain senior securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Notices.</I></FONT>
Under the current Rating Agency Guidelines, in certain circumstances, we may be required to deliver to any Rating Agency which is then
rating the senior securities (1)&nbsp;a certificate with respect to the calculation of the applicable Basic Maintenance Amount; (2)&nbsp;a
certificate with respect to the calculation of the applicable 1940 Act asset coverage and the value of our portfolio holdings; and (3)&nbsp;a
letter prepared by our independent accountants regarding the accuracy of such calculations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding anything herein to the contrary, the Rating Agency
Guidelines, as they may be amended from time to time by each Rating Agency will be reflected in a written document and may be amended
by each Rating Agency without the vote, consent or approval of the Fund, the Board of Trustees or any shareholder of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the current Rating Agency Guidelines will be provided to
any holder of rated, senior securities promptly upon request made by such holder to the Fund by writing the Fund at 2020 Calamos Court,
Naperville,&nbsp;Illinois 60563.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_019"></A>CERTAIN PROVISIONS OF THE AGREEMENT<BR>
AND DECLARATION OF TRUST AND BY-LAWS,&nbsp;<BR>
INCLUDING ANTITAKEOVER PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's Agreement and Declaration of Trust includes provisions that
could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition
of its Board of Trustees and could have the effect of depriving shareholders of an opportunity to sell their shares at a premium over
prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. These provisions, however, have the
advantage of potentially requiring persons seeking control of the Fund to negotiate with our management regarding the price to be paid
and facilitating the continuity of the Fund's investment objective and policies. The Board of Trustees of the Fund has considered these
provisions and concluded that they are in the best interests of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Trustees is divided into three classes. The terms of the
Trustees of the different classes are staggered. A Trustee may be removed from office with or without cause (1)&nbsp;at any time by a
written instrument signed by at least two-thirds of the then Trustees, specifying the effective date of removal, or (2)&nbsp;by a vote
of at least a majority of the then Trustees if such removal is approved by the holders of at least two-thirds of the outstanding shares
entitled to vote with respect to the election of such Trustee and present in person or by proxy at a meeting of shareholders called for
such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, subject to certain exceptions in the Agreement and Declaration
of Trust, the Agreement and Declaration of Trust requires the affirmative vote of at least 75% of the outstanding shares entitled to vote
on the matter for the Fund to merge or consolidate with any other corporation, association, trust or other organization or to sell, lease
or exchange all or substantially all of the Fund's assets; unless such action has been approved by the affirmative vote of at least 75%
of the Continuing Trustees (as defined in the Agreement and Declaration of Trust) then in office, in which case, the affirmative vote
of a majority of the outstanding shares entitled to vote on the matter is required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, conversion of the Fund to an open-end investment company
would require an amendment to the Fund's Agreement and Declaration of Trust. Such an amendment would require the favorable vote of a majority
of the then Continuing Trustees (as defined in the Agreement and Declaration of Trust) followed by a favorable vote of the holders of
at least 75% of the shares of each affected class or series outstanding, voting as separate classes or series (or a majority of the shares
outstanding and entitled to vote if the amendment was previously approved by 75% of the Trustees). Such a vote also would satisfy a separate
requirement in the 1940 Act that the change be approved by the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the 1940 Act, shareholders of an open-end investment company
may require the company to redeem their shares of common stock at any time (except in certain circumstances as authorized by or under
the 1940 Act) at their net asset value, less such redemption charge, if any, as might be in effect at the time of a redemption. If the
Fund is converted to an open-end investment company, it could be required to liquidate portfolio securities to meet requests for redemption,
and the common shares would no longer be listed on Nasdaq. Conversion to an open-end investment company would also require changes in
certain of the Fund's investment policies and restrictions. In addition, if then outstanding, the Fund would be required to redeem all
of its outstanding preferred shares prior to conversion to an open-end investment company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the Agreement and Declaration of Trust requires the affirmative
vote or consent of a majority of the then Continuing Trustees (as defined in the Agreement and Declaration of Trust) followed by the affirmative
vote or consent of the holders of at least 75% of the shares of each affected class or series of the Fund outstanding, voting separately
as a class or series, to approve certain transactions with a Principal Shareholder, unless the transaction has been approved by at least
75% of the Continuing Trustees (as defined in the Agreement and Declaration of Trust), in which case a majority of the outstanding shares
entitled to vote shall be required. For purposes of these provisions, a &quot;Principal Shareholder&quot; refers to any person who, whether
directly or indirectly and whether alone or together with its affiliates and associates, beneficially owns 5% or more of the outstanding
shares of any class or series of shares of beneficial interest of the Fund. The 5% holder transactions subject to these special approval
requirements are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the merger or consolidation of the Fund or any subsidiary
of the Fund with or into any Principal Shareholder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the issuance of any securities of the Fund to any
Principal Shareholder for cash (other than pursuant to any automatic dividend reinvestment plan); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&nbsp;&nbsp;the sale, lease or exchange to the Fund or any subsidiary
of the Fund in exchange for securities of the Fund, of any assets of any Principal Shareholder, except assets having an aggregate fair
market value of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged in any series
of similar transactions within a 12-month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may be terminated by the affirmative vote of not less than
75% of the Trustees then in office by written notice to the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's Agreement and Declaration of Trust and By-Laws provide that
the Board of Trustees has the power, to the exclusion of shareholders, to make, alter or repeal any of the By-Laws, except for any By-Law
that requires a vote of the shareholders to be amended, adopted or repealed by the terms of the Agreement and Declaration of Trust, By-Laws
or applicable law. Neither this provision of the Agreement and Declaration of Trust, nor any of the foregoing provisions thereof requiring
the affirmative vote of 75% of outstanding shares of the Fund, can be amended or repealed except by the vote of such required number of
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's By-Laws provide that the affirmative vote of a majority
of the shares outstanding and entitled to vote shall elect a trustee; provided, that if the Fund's Agreement and Declaration of Trust
or applicable law requires that a trustee be elected by individual series or classes, then the affirmative vote of a majority of the shares
outstanding and entitled to vote of that series or class shall elect a trustee. In the case of a failure to elect trustees at a shareholder
meeting, the Fund's Agreement and Declaration of Trust provides that each incumbent Trustee shall hold-over as Trustee until her or she
sooner dies, resigns, retires, or is disqualified or removed from office or until the election at an annual meeting and qualification
of his or her successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's By-Laws provide that shareholders may only make proposals
regarding underlying matters on which they are entitled to vote. In addition, nominations of persons for election as a trustee and the
proposal of other business may be made at an annual meeting of shareholders by any shareholder who was a shareholder of record at the
time of giving notice required by the Fund's By-Laws and who held shares continuously until the time of the annual meeting (the &quot;Holding
Period&quot;). Other than nominations of persons for election as a trustee, shareholders proposing other business must hold, together
with any other shareholders proposing such business, at least 5% of the outstanding shares of the Fund or 5% of the outstanding shares
of the series or class to which the proposal relates continuously through the Holding Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to proposals by shareholders submitted outside the process
of Rule&nbsp;14a-8 under the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), the Fund's By-Laws generally
require that advance notice be given to the Fund in the event a shareholder desires to nominate a person for election to the Board of
Trustees or to transact any other business at an annual meeting of shareholders. With respect to an annual meeting following the first
annual meeting of shareholders, notice of any such nomination or business must be delivered to the principal executive offices of the
Fund not less than 90 calendar days nor more than 120 calendar days prior to the anniversary date of the mailing of the notice for the
prior year's annual meeting (subject to certain exceptions). Any notice by a shareholder must be accompanied by certain information as
provided in the By-Laws, including (a)&nbsp;the shareholder giving notice and the beneficial owners, if any, on whose behalf the nomination
is made (i)&nbsp;the name and address of the shareholder, as they appear in the Fund's books, and of the beneficial owner, (ii)&nbsp;information
regarding the shares held by the shareholder, (iii)&nbsp;a description of all arrangements, agreements or understandings between the shareholder
and any other person or persons (including their names) pursuant to which the shareholder recommendation is being made, (iv)&nbsp;a representation,
which is complied with, that the shareholder is a shareholder of record of the Fund and entitled to vote at such meeting and intends to
appear in person or by proxy at the meeting to propose such business or nomination, (v)&nbsp;a representation, which is complied with,
that the shareholder or the beneficial owner, if any, intends or is part of a group which intends to deliver a proxy statement and/or
form of proxy to shareholders entitled to cast the requisite number of votes to approve or adopt the proposal or elect the nominee, and
(vi)&nbsp;any other information relating to the shareholder and beneficial owner, if any, that must be disclosed in solicitation of proxies
for election of trustees in an election contest (even if an election contest is not involved), or otherwise would be required, in each
case pursuant to the Exchange Act and the rules&nbsp;and regulations promulgated thereunder; (b)&nbsp;information regarding the candidate's
background and qualifications to serve as trustee; and (c)&nbsp;as to any other business that the shareholder proposes to bring before
the meeting, a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including
the text of any resolutions proposed for consideration), the reasons for conducting such business at the meeting and any material interest
in such business of such shareholder and the beneficial owner, if any, on whose behalf the proposal is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's Agreement and Declaration of Trust provides that the chair
of the shareholder meeting may adjourn a meeting for any reason on his or her own motion without setting a new record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing is intended only as a summary and is qualified in its
entirety by reference to the full text of the Fund's Agreement and Declaration of Trust and By-Laws, both of which have been filed as
exhibits to the Fund's registration statement on file with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_020"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may offer, from time to time, our common shares, preferred shares
or debt securities, and certain of our shareholders may sell our common shares, on an immediate, continuous or delayed basis, in one or
more underwritten public offerings, &quot;at the market&quot; offerings or a combination of both offerings under this prospectus and any
related prospectus supplement. The aggregate amount of securities that may be offered by us in connection with this offering is limited
to $100,000,000. Any underwriter or agent involved in the offer and sale of the securities will be named in the applicable prospectus
supplement. A prospectus supplement or supplements will also describe the terms of the offering of the securities, including as applicable:
the purchase price of the securities and the proceeds, if any, we will receive from the sale; any overallotment options under which underwriters
may purchase additional securities from us; any agency fees or underwriting discounts and other items constituting agents' or underwriters'
compensation; the public offering price; any discounts or concessions allowed or re-allowed or paid to dealers; and any securities exchange
or market on which the securities may be listed. Only underwriters named in the prospectus supplement will be underwriters of the securities
offered by such prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Direct Sales</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may sell our common shares, preferred shares or debt securities,
and certain of our shareholders may sell our common shares, directly to, and solicit offers from, institutional investors or others who
may be deemed to be underwriters as defined in the 1933 Act for any resales of the securities. If such an offering occurs, no underwriters
or agents would be involved. We, or any selling shareholder, may use electronic media, including the Internet, to sell offered securities
directly. The terms of any of those sales will be described in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our common shares are to be offered for sale by certain of our shareholders,
each prospectus supplement relating to such offering will indicate the nature of any position, office, or other material relationship
which the selling shareholder has had within the past three years with the Fund or any of its predecessors or affiliates, and will state
the amount of securities of the class owned by such shareholder prior to the offering, the amount to be offered for the shareholder's
account, the amount and (if one percent or more) the percentage of the class to be owned by such shareholder after completion of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By Agents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may offer our common shares, preferred shares and debt securities
through agents that we or they designate. Any agent involved in the offer and sale will be named and any commissions payable by us to
such agent will be described in the applicable prospectus supplement. Unless otherwise indicated in the prospectus supplement, the agents
will be acting on a commercially reasonable efforts basis for the period of their appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales of our common shares may be made in transactions that are deemed
to be &quot;at the market&quot; as defined in Rule&nbsp;415 under the 1933 Act, including sales made directly on Nasdaq or sales made
to or through a market maker other than on an exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By Underwriters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may offer and sell securities from time to time to one or more underwriters
who would purchase the securities as principal for resale to the public, either on a firm commitment or best efforts basis. If we sell
securities to underwriters, we will execute an underwriting agreement with them at the time of the sale and will name them in the prospectus
supplement. In connection with these sales, the underwriters may be deemed to have received compensation from us in the form of underwriting
discounts and commissions. The underwriters also may receive commissions from purchasers of securities for whom they may act as agent.
Unless otherwise stated in the prospectus supplement, the underwriters will not be obligated to purchase the securities unless the conditions
set forth in the underwriting agreement are satisfied, and if the underwriters purchase any of the securities, they will be required to
purchase all of the offered securities. The underwriters may sell the offered securities to or through dealers, and those dealers may
receive discounts, concessions or commissions from the underwriters as well as from the purchasers for whom they may act as agent. Any
public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time. Our common
shareholders will indirectly bear such fees and expenses as well as any other fees and expenses incurred by us in connection with any
sale of securities. Underwriters, dealers and agents that participate in the distribution of the securities may be deemed to be underwriters
under the 1933 Act, and any discounts and commissions they receive from us and any profit realized by them on the resale of the securities
may be deemed to be underwriting discounts and commissions under the 1933 Act. Any such underwriter or agent will be identified and any
such compensation received from us will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a prospectus supplement so indicates, we may grant the underwriters
an option to purchase additional shares of common stock at the public offering price, less the underwriting discounts and commissions,
within 45 days from the date of the prospectus supplement, to cover any overallotments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By Dealers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may offer and sell securities from time to time to one or more dealers
who would purchase the securities as principal. The dealers then may resell the offered securities to the public at fixed or varying prices
to be determined by those dealers at the time of resale. The names of the dealers and the terms of the transactions with them will be
set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agents, underwriters, or dealers participating in an offering of securities
may be deemed to be underwriters, and any discounts and commission received by them and any profit realized by them on resale of the offered
securities for whom they act as agent may be deemed to be underwriting discounts and commissions under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may offer to sell securities either at a fixed price or at prices
that may vary, at market prices prevailing at the time of sale, at prices related to prevailing market prices, or at negotiated prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ordinarily, each series of offered securities will be a new issue of
securities and will have no established trading market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To facilitate an offering of common stock in an underwritten transaction
and in accordance with industry practice, the underwriters may engage in transactions that stabilize, maintain, or otherwise affect the
market price of the common stock or any other security. Those transactions may include overallotment, entering stabilizing bids, effecting
syndicate covering transactions, and reclaiming selling concessions allowed to an underwriter or a dealer. An overallotment in connection
with an offering creates a short position in the common stock for the underwriter's own account. An underwriter may place a stabilizing
bid to purchase the common stock for the purpose of pegging, fixing, or maintaining the price of the common stock. Underwriters may engage
in syndicate covering transactions to cover overallotments or to stabilize the price of the common stock by bidding for, and purchasing,
the common stock or any other securities in the open market in order to reduce a short position created in connection with the offering.
The managing underwriter may impose a penalty bid on a syndicate member to reclaim a selling concession in connection with an offering
when the common stock originally sold by the syndicate member is purchased in syndicate covering transactions or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of these activities may stabilize or maintain the market price
of the securities above independent market levels. The underwriters are not required to engage in these activities, and may end any of
these activities at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any underwriters to whom the offered securities are sold for offering
and sale may make a market in the offered securities, but the underwriters will not be obligated to do so and may discontinue any market-making
at any time without notice. The offered securities may or may not be listed on a securities exchange. We cannot assure you that there
will be a liquid trading market for the offered securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under agreements entered into with us, underwriters and agents may
be entitled to indemnification by us against certain civil liabilities, including liabilities under the 1933 Act, or to contribution by
us for payments the underwriters or agents may be required to make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriters, agents, and their affiliates may engage in financial
or other business transactions with us and our subsidiaries in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The maximum commission or discount to be received by any member of
the Financial Industry Regulatory Authority or independent broker-dealer will not be greater than eight percent of the initial gross proceeds
from the sale of any security being sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The aggregate offering price specified on the cover of this prospectus
relates to the offering of the securities not yet issued as of the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent permitted under the 1940 Act and the rules&nbsp;and regulations
promulgated thereunder, the underwriters may from time to time act as a broker or dealer and receive fees in connection with the execution
of our portfolio transactions after the underwriters have ceased to be underwriters and, subject to certain restrictions, each may act
as a broker while it is an underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus and any accompanying prospectus supplement in electronic
form may be made available on the websites maintained by underwriters. The underwriters may agree to allocate a number of securities for
sale to their online brokerage account holders. Such allocations of securities for internet distributions will be made on the same basis
as other allocations. In addition, securities may be sold by the underwriters to securities dealers who resell securities to online brokerage
account holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_021"></A>CUSTODIAN, TRANSFER AGENT, DIVIDEND DISBURSING
AGENT AND REGISTRAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's securities and cash are held under a custodian agreement
with State Street Bank and Trust Company, One Lincoln Street, Boston, Massachusetts 02111. The transfer agent, dividend disbursing agent
and registrar for the Fund's common shares is Computershare Investor Services, P.O.&nbsp;Box 505000, Louisville, KY 40233-5000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_022"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ropes&nbsp;&amp; Gray LLP (&quot;Ropes&nbsp;&amp; Gray&quot;) is counsel
to the Fund. Morris, Nichols, Arsht&nbsp;&amp; Tunnell LLP (&ldquo;Morris Nichols&rdquo;) on certain matters of Delaware law relating
to the legality of the securities to be offered hereby. If certain legal matters in connection with an offering of securities are passed
upon by counsel for the underwriters of such offering, such matters will be passed upon by counsel to be identified in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_023"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The financial highlights included in this prospectus and the financial
statements and financial highlights, including the notes thereto, provided in the statement of additional information, which is incorporated
by reference in its entirety into this prospectus, have been audited by Deloitte&nbsp;&amp; Touche LLP, an independent registered public
accounting firm, as stated in their report, which is also included in the statement of additional information and incorporated by reference
herein. Such financial statements and financial highlights are included and incorporated in reliance upon the report and consent of such
firm given upon the firm's authority as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_024"></A>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As noted above, this prospectus is part of a registration
statement filed with the SEC. The Fund is permitted to &ldquo;incorporate by reference&rdquo; the information filed with the SEC, which
means that the Fund can disclose important information to you by referring you to those documents. The information incorporated by reference
is considered to be part of this prospectus, and later information that the Fund files with the SEC will automatically update and supersede
this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The documents listed below, and any reports and
other documents subsequently filed with the SEC pursuant to Rule&nbsp;30(b)(2)&nbsp;under the 1940 Act and Sections 13(a), 13(c), 14 or
15(d)&nbsp;of the Exchange Act, prior to the termination of the offering will be incorporated by reference into this Prospectus and deemed
to be part of this Prospectus from the date of the filing of such reports and documents, provided, however, that the information &ldquo;furnished&rdquo;
under Item 2.02 or Item 7.01 of Form&nbsp;8-K, or other information &ldquo;furnished&rdquo; to the SEC which is not deemed filed is not
deemed incorporated by reference into this filing, unless the Registrant specifically states that the information is to be considered
 &ldquo;filed&rdquo; under the Exchange Act or incorporates it by reference into a filing under the Securities Act or the Exchange Act.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&bull; the Fund&rsquo;s Statement of Additional
Information, dated February&nbsp;24, 2022, filed with this Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;
the Fund&rsquo;s <A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000138713121012335/chi-ncsr_103121.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;N-CSR, filed on December&nbsp;29, 2021</A></FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;
the Fund&rsquo;s <A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312512287018/d369908d8a12b.htm" STYLE="-sec-extract: exhibit">description
of Common Shares on Form&nbsp;8-A, filed on June&nbsp;28, 2012</A></FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;
the Fund&rsquo;s <FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000110465921109808/tm2122382d2_8k.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-K, filed on August&nbsp;26, 2021</A></FONT></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">You may obtain copies of any information incorporated
by reference into this prospectus, at no charge, by calling toll-free 800.582.6959 or by writing to the Fund at 2020 Calamos Court, Naperville,&nbsp;IL
50463. The Fund&rsquo;s periodic reports filed pursuant to Section&nbsp;30(b)(2)&nbsp;of the 1940 Act and Sections 13 and 15(d)&nbsp;of
the Exchange Act, as well as this Prospectus and the Statement of Additional Information, are available on the Fund&rsquo;s website http://www.calamos.com.
In addition, the SEC maintains a website at www.sec.gov, free of charge, that contains these reports, the Fund&rsquo;s proxy and information
statements, and other information relating to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus does not contain all of the information in our registration
statement, including amendments, exhibits, and schedules. Statements in this prospectus about the contents of any contract or other document
are not necessarily complete and in each instance reference is made to the copy of the contract or other document filed as an exhibit
to the registration statement, each such statement being qualified in all respects by this reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><B>SUBJECT TO COMPLETION, DATED FEBRUARY
[ &nbsp;&nbsp;], 2022<BR>
FORM&nbsp;OF PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>The information in this prospectus supplement is not
complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus supplement is not an offer to sell these securities and is not soliciting an offer to buy these
securities in any jurisdiction where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prospectus Supplement<BR>
(To Prospectus dated [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
2022)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Calamos Convertible
Opportunities and Income Fund</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Up to [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
Common Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Convertible Opportunities and Income Fund (the &quot;Fund,&quot;
 &quot;we,&quot; &quot;us,&quot; or &quot;our&quot;) is a diversified, closed-end management investment company that commenced investment
operations in June&nbsp;2002. Our investment objective is to provide total return through a combination of capital appreciation and current
income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our common shares are listed on the Nasdaq Global Select Market (&quot;Nasdaq&quot;)
under the symbol &quot;CHI.&quot; As of January&nbsp;31, 2022, the last reported sale price for our common shares was [$xx.xx] per share.
As of January&nbsp;31, 2022, the last reported net asset value for our common shares was [$xx.xx].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales of our common shares, if any, under this prospectus supplement
and the accompanying prospectus may be made in negotiated transactions or transactions that are deemed to be &quot;at the market&quot;
as defined in Rule&nbsp;415 under the Securities Act of 1933, as amended (the &quot;1933 Act&quot;), including sales made directly on
the Nasdaq or sales made to or through a market maker other than on an exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per Share</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total(1)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif">[Public offering price</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sales load</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds to us (before expenses)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;&nbsp;The aggregate expenses of the offering are estimated
to be $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , which represents approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriters may also purchase up to an additional [ &nbsp;&nbsp;]
common shares from the Fund at the public offering price, less underwriting discounts and commissions if any, within [ &nbsp;&nbsp;] days
after the date of this prospectus supplement. If the over-allotment option is exercised in full, the total proceeds, before expenses,
to the Fund would be $[ &nbsp;&nbsp;&nbsp;] and the total underwriting discounts and commissions would be $[ &nbsp;&nbsp;&nbsp;]. The
common shares will be ready for delivery on or about [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investing in our securities involves certain risks, including the
risks associated with the Fund's use of leverage. You could lose some or all of your investment. See &quot;Risk Factors&quot; beginning
on page&nbsp;[xx] of the accompanying prospectus. Shares of closed-end investment companies frequently trade at a discount to their net
asset value and this may increase the risk of loss to purchasers of our securities. You should consider carefully these risks together
with all of the other information contained in this prospectus supplement and the accompanying prospectus before making a decision to
purchase our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[UNDERWRITER(S)]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus Supplement dated [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus supplement, together with the accompanying prospectus, sets forth concisely the information that you should know before investing.
You should read the accompanying prospectus and this prospectus supplement, which contain important information, before deciding whether
to invest in our securities. You should retain the accompanying prospectus and prospectus supplement for future reference. A statement
of additional information, dated [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
2022 as supplemented from time to time, containing additional information, has been filed with the Securities and Exchange Commission
(&quot;Commission&quot;) and is incorporated by reference in its entirety into this prospectus supplement and the accompanying prospectus.
This prospectus supplement, the accompanying prospectus and the statement of additional information are part of a &quot;shelf&quot; registration
statement that we filed with the Commission. This prospectus supplement describes the specific details regarding this offering, including
the method of distribution. If information in this prospectus supplement is inconsistent with the accompanying prospectus or the statement
of additional information, you should rely on this prospectus supplement. You may request a free copy of the statement of additional
information, request a free copy of our annual and semi-annual reports, request other information or make shareholder inquiries, by calling
toll-free 800.582.6959, by sending an e-mail request to <U>prospectus@calamos.com</U></FONT>, or by writing to the Fund at 2020 Calamos
Court, Naperville,&nbsp;Illinois 60563. The Fund's annual and semi-annual reports also are available on our website, free of charge,
at www.calamos.com, which also provides a link to the Commission's website, as described below, where the Fund's statement of additional
information can be obtained. Information included on our website does not form part of this prospectus supplement or the accompanying
prospectus. You can review documents we have filed on the Commission's website (<U>http://www.sec.gov</U>) for free.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our securities do not represent a deposit or obligation of, and are
not guaranteed or endorsed by, any bank or other insured depository institution and are not federally insured by the Federal Deposit Insurance
Corporation, the Federal Reserve Board or any other government agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Prospectus Supplement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 92%; padding-right: 0.7pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: black 1pt solid; padding-right: 0.7pt; padding-bottom: 4.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#S_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Supplement Summary</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#S_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUP-1</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#S_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#S_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUP-2</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#S_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Fund Expenses</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#S_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUP-2</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#S_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market and Net Asset Value Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#S_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUP-4</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#S_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#S_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUP-5</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#S_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of Distribution</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#S_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUP-6</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#S_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#S_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUP-6</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#S_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Available Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#S_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUP-6</FONT></A></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; width: 92%; padding-right: 0.7pt"><A HREF="#PS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Summary</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-right: 0.7pt; text-align: right"><A HREF="#PS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary
    of Fund Expenses</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Highlights</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
    and Net Asset Value Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    Objective and Principal Investment Strategies</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leverage</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Rate Transactions</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
    of the Fund</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closed-End
    Fund Structure</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Federal Income Tax Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Asset Value</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
    and Distributions on Common Shares; Automatic Dividend Reinvestment Plan</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Securities</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rating
    Agency Guidelines</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan
    of Distribution</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_020">84</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian,
    Transfer Agent, Dividend Disbursing Agent and Registrar</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation
    </FONT>by Reference</A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>You should rely only on the information contained or incorporated
by reference in this prospectus supplement and the accompanying prospectus in making your investment decisions. We have not authorized
any other person to provide you with different or inconsistent information. If anyone provides you with different or inconsistent information,
you should not rely on it. This prospectus supplement and the accompanying prospectus do not constitute an offer to sell or solicitation
of an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. The information appearing in this prospectus
supplement and in the accompanying prospectus is accurate only as of the dates on their covers. Our business, financial condition and
prospects may have changed since such dates. We will advise investors of any material changes to the extent required by applicable law.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement, the accompanying prospectus and the statement
of additional information contain &quot;forward-looking statements.&quot; Forward-looking statements can be identified by the words &quot;may,&quot;
 &quot;will,&quot; &quot;intend,&quot; &quot;expect,&quot; &quot;estimate,&quot; &quot;continue,&quot; &quot;plan,&quot; &quot;anticipate,&quot;
and similar terms and the negative of such terms. By their nature, all forward-looking statements involve risks and uncertainties, and
actual results could differ materially from those contemplated by the forward-looking statements. Several factors that could materially
affect our actual results are the performance of the portfolio of securities we hold, the price at which our shares will trade in the
public markets and other factors discussed in our periodic filings with the Commission. Currently known risk factors that could cause
actual results to differ materially from our expectations include, but are not limited to, the factors described in the &quot;Risk Factors&quot;
section of the accompanying prospectus. We urge you to review carefully that section for a more detailed discussion of the risks of an
investment in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we believe that the expectations expressed in our forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our
future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject
to inherent risks and uncertainties, such as those disclosed in the &quot;Risk Factors&quot; section of the accompanying prospectus. All
forward-looking statements contained or incorporated by reference in this prospectus supplement or the accompanying prospectus are made
as of the date of this prospectus supplement or the accompanying prospectus, as the case may be. Except for our ongoing obligations under
the federal securities laws, we do not intend, and we undertake no obligation, to update any forward-looking statement. The forward-looking
statements contained in this prospectus supplement, the accompanying prospectus and the statement of additional information are excluded
from the safe harbor protection provided by Section&nbsp;27A of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="S_001"></A>PROSPECTUS SUPPLEMENT SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The following summary contains basic information about us and our
securities. It is not complete and may not contain all of the information you may want to consider. You should review the more detailed
information contained in this prospectus supplement and in the accompanying prospectus and in the statement of additional information,
especially the information set forth under the heading &quot;Risk Factors&quot; beginning on page&nbsp;xx of the accompanying prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is a diversified, closed-end management investment company,
with total managed assets of [$x.xx] billion as of December&nbsp;31, 2021. We commenced operations in June&nbsp;2002 following our initial
public offering. Our investment objective is to provide total return through a combination of capital appreciation and current income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Adviser</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Advisors LLC (the &quot;Adviser&quot; or &quot;Calamos&quot;)
serves as our investment adviser. Calamos is responsible on a day-to-day basis for investment of the Fund's portfolio in accordance with
its investment objective and policies. Calamos makes all investment decisions for the Fund and places purchase and sale orders for the
Fund's portfolio securities. As of December&nbsp;31, 2021 Calamos managed approximately $[xx.x] billion in assets of individuals and institutions.
Calamos is a wholly-owned subsidiary of Calamos Investments LLC (&ldquo;CILLC&rdquo;). Calamos Asset Management,&nbsp;Inc. is the sole
manager of CILLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund pays Calamos an annual fee, payable monthly, for its investment
management services equal to 0.80% of the Fund's average weekly managed assets. &quot;Managed assets&quot; means the total assets of the
Fund (including any assets attributable to any leverage that may be outstanding) minus the sum of liabilities (other than debt representing
financial leverage). &ldquo;Net assets&rdquo; does not include any assets attributable to any leverage that may be outstanding or other
debt representing financial leverage. See &quot;Management of the Fund&quot; on page&nbsp;[xx] of the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal business address of the Adviser is 2020 Calamos Court,
Naperville,&nbsp;Illinois 60563.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund and Calamos entered into the [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
Agreement with [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
(&quot;[ &nbsp;&nbsp;&nbsp;]&quot;) relating to the common shares offered by this prospectus supplement and the accompanying prospectus.
In accordance with the terms of the [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
Agreement, we may offer and sell up to x,xxx,xxx of our common shares, no par value per share, from time to time through [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
as our agent for the offer and sale of the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our common shares are listed on the Nasdaq Global Select Market (&quot;Nasdaq&quot;)
under the symbol &quot;CHI.&quot; As of January&nbsp;31, 2022, the last reported sale price for our common shares was $xx.xx.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales of our common shares, if any, under this prospectus supplement
and the accompanying prospectus may be made in negotiated transactions or transactions that are deemed to be &quot;at the market&quot;
as defined in Rule&nbsp;415 under the 1933 Act, including sales made directly on the Nasdaq or sales made to or through a market maker
other than on an exchange. See &quot;Plan of Distribution&quot; in this prospectus supplement. Our common shares may not be sold through
agents, underwriters or dealers without delivery or deemed delivery of a prospectus and a prospectus supplement describing the method
and terms of the offering of our securities. Under the 1940 Act, the Fund may not sell any common shares at a price below the current
net asset value of such common shares, exclusive of any distributing commission or discount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Use of Proceeds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified in this prospectus supplement, we currently
intend to use the net proceeds from the sale of our common shares in this offering primarily to invest in accordance with our investment
objective and policies (as described under &quot;Investment Objective and Principal Investment Strategies,&quot; beginning on page&nbsp;[
 &nbsp;] of the accompanying prospectus) within approximately three months of receipt of such proceeds. We may also use proceeds from the
sale of our securities (i)&nbsp;to retire all or a portion of any short-term debt we incur in pursuit of our investment objective and
policies, (ii)&nbsp;to redeem any outstanding senior securities, and (iii)&nbsp;for working capital purposes, including the payment of
interest and operating expenses, although there is currently no intent to issue securities primarily for these purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="S_002"></A>CAPITALIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may offer and sell up to [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of our
common shares, no par value per share. The following table sets forth our capitalization on a historical basis as of &nbsp;&nbsp;&nbsp;&nbsp;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">As Adjusted</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif">Loans(1)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Preferred shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Common shares, no par value per share, unlimited shares authorized, [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] outstanding (actual) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares outstanding (as adjusted)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Undistributed net investment income (loss)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accumulated net realized gain (loss) on investments, foreign currency transaction, written options and interest rate swaps</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net unrealized appreciation (depreciation) on investments, foreign currency transaction, written options and interest rate swaps</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net assets applicable to common shareholders</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Capitalization</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;&nbsp;Figures do not reflect additional structural leverage
related to certain securities lending programs, which were $[ &nbsp;&nbsp;&nbsp;] million as of [ &nbsp;&nbsp;&nbsp;].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="S_003"></A>SUMMARY OF FUND EXPENSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table and example contain information about the costs
and expenses that common shareholders will bear directly or indirectly. In accordance with Commission requirements, the table below shows
our expenses, including interest payments on borrowed funds and preferred stock dividend payments, as a percentage of our average net
assets as of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], and not as a percentage
of gross assets or managed assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By showing expenses as a percentage of average net assets, expenses
are not expressed as a percentage of all of the assets we invest. The table and example are based on our capital structure as of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].
As of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], the Fund had $xxx million in borrowings outstanding, $[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
] in outstanding preferred shares and additional structural leverage of $xxx million, collectively representing xx.x% of managed assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder Transaction Expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; width: 388px; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales Load (as a percentage of offering price)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25px; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 149px; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ &nbsp;&nbsp;&nbsp;&nbsp;]%(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20px; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 8px">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering Expenses Borne by the Fund (as a percentage of offering price)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ &nbsp;&nbsp;&nbsp;&nbsp;]%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Reinvestment Plan Fees (per sales transaction fee)(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 12pt; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Annual Expenses</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 12pt; padding-right: 0.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage of Average Net<BR>
Assets Attributable to<BR>
Common Shareholders</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payments on Borrowed Funds(4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred Stock Dividend Payments(5)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses(6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Acquired Fund Fees and Expenses]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Example:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following example illustrates the expenses that common shareholders
would pay on a $1,000 investment in common shares, assuming (1)&nbsp;total annual expenses of [ &nbsp;&nbsp;&nbsp;&nbsp;]% of net assets
attributable to common shareholders; (2)&nbsp;a 5% annual gross return; and (3)&nbsp;all distributions are reinvested at net asset value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-right: 0.7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 0.7pt; padding-bottom: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1 Year</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 0.7pt; padding-bottom: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3 Years</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 0.7pt; padding-bottom: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5 Years</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 0.7pt; padding-bottom: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10 Years</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; width: 58%; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Expenses Paid by Common Shareholders(7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[
]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[
]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[
]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt">$</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[
]</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The example should not be considered a representation of future
expenses. Actual expenses may be greater or less than those assumed. Moreover, our actual rate of return may be greater or less than the
hypothetical 5% return shown in the example.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;&nbsp;[Represents the estimated commission with respect to
our common shares being sold in this offering, which we will pay to in connection with sales of common shares effected by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
this offering. While &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is entitled to a commission of &nbsp;&nbsp;&nbsp;% to &nbsp;&nbsp;&nbsp;%
of the gross sales price for common shares sold, with the exact amount to be agreed upon by the parties, we have assumed, for purposes
of this offering, that &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will receive a commission of &nbsp;&nbsp;&nbsp;% of such gross
sales price. This is the only sales load to be paid in connection with this offering. There is no guarantee that there will be any sales
of our common shares pursuant to this prospectus supplement and the accompanying prospectus. Actual sales of our common shares under
this prospectus supplement and the accompanying prospectus, if any, may be less than as set forth in the table. In addition, the price
per share of any such sale may be greater or less than the price set forth in the table, depending on the market price of our common
shares at the time of any such sale.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;&nbsp;Shareholders will pay a $15.00 transaction fee plus
a $0.02 per share brokerage charge if they direct the Plan Agent to sell common shares held in a Plan account. In addition, each participant
will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with
the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common
shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold.
See &quot;Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan&quot; on page&nbsp;[ &nbsp;&nbsp;&nbsp;&nbsp;]
of the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;&nbsp;The Fund pays Calamos an annual management fee, payable
monthly, for its investment management services in an amount equal to 0.80% of the Fund's average weekly managed assets. In accordance
with the requirements of the Commission, the table above shows the Fund's management fee as a percentage of average net assets attributable
to common shareholders. By showing the management fee as a percentage of net assets, the management fee is not expressed as a percentage
of all of the assets the Fund intends to invest. For purposes of the table, the management fee has been converted to [ &nbsp;&nbsp;&nbsp;&nbsp;]%
of the Fund's average weekly net assets as of [ &nbsp;&nbsp;&nbsp;&nbsp;] by dividing the total dollar amount of the management fee by
the Fund's average weekly net assets (managed assets less outstanding leverage).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;&nbsp;Reflects interest expense paid on $ &nbsp;&nbsp; million
in average borrowings under the Fund's Amended and Restated Liquidity Agreement with State Street Bank and Trust Company, plus $ &nbsp;&nbsp;&nbsp;
million in additional average structural leverage related to certain securities lending programs, as described in the prospectus under
 &quot;Prospectus Summary &mdash; Use of Leverage by the Fund.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;&nbsp;Reflects estimated dividend expense on $[ &nbsp;&nbsp;&nbsp;&nbsp;]
million aggregate liquidation preference of mandatory redeemable preferred shares (&quot;MRP Shares&quot;) outstanding. See &quot;Prospectus
Summary &mdash; Use of Leverage by the Fund&quot; and &quot;Leverage&quot; in the accompanying prospectus for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;&nbsp;&quot;Other Expenses&quot; are based on estimated amounts
for the current fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;&nbsp;The example includes sales load and estimated offering
costs.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purpose of the table and the example above is to help investors
understand the fees and expenses that they, as common shareholders, would bear directly or indirectly. For additional information with
respect to our expenses, see &quot;Management of the Fund&quot; on page&nbsp;[xx] of the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="S_004"></A>MARKET AND NET ASSET VALUE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our common shares are listed on the Nasdaq Global Select Market (&quot;Nasdaq&quot;)
under the symbol &quot;CHI.&quot; Our common shares commenced trading on the New York Stock Exchange (&quot;NYSE&quot;) in June&nbsp;2002.
On July&nbsp;2, 2012, the common shares ceased trading on the NYSE and commenced trading on the Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our common shares have traded both at a premium and a discount to net
asset value or NAV. We cannot predict whether our shares will trade in the future at a premium or discount to NAV. The provisions of the
1940 Act generally require that the public offering price of common shares (less any underwriting commissions and discounts) must equal
or exceed the NAV per share of a company's common stock (calculated within 48 hours of pricing). Our issuance of common shares may have
an adverse effect on prices in the secondary market for our common shares by increasing the number of common shares available, which may
put downward pressure on the market price for our common shares. Shares of common stock of closed-end investment companies frequently
trade at a discount from NAV. See &quot;Risk Factors &mdash; Additional Risks to Common Shareholders &mdash; Market Discount Risk&quot;
on page&nbsp;[xx] of the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth for each of the periods indicated the
high and low closing market prices for our common shares on the Nasdaq, the NAV per share and the premium or discount to NAV per share
at which our common shares were trading. NAV is shown for the last business day of each quarter. See &quot;Net Asset Value&quot; on page&nbsp;[xx]
of the accompanying prospectus for information as to the determination of our NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Market Price(1)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Asset</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Premium/<BR> (Discount)<BR> to Net Asset<BR> Value(3)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 35%; padding-bottom: 1pt">Quarter Ended</TD><TD STYLE="text-align: center; width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>High</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Low</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Value(2)</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>High</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Low</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">January&nbsp;31, 2020</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">April&nbsp;30, 2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">July&nbsp;31, 2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
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    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">January&nbsp;31, 2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">April&nbsp;30, 2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">July&nbsp;31, 2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">January&nbsp;31, 2022</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source: Bloomberg Financial and Fund Accounting Records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;&nbsp;Based on high and low closing market price per share
during the respective quarter and does not reflect commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;&nbsp;Based on the NAV calculated on the close of business
on the last business day of each calendar quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;&nbsp;Premium and discount information is shown for the days
when the Fund experienced its high and low closing market prices, respectively, per share during the respective quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The last reported sale price, NAV per common share and percentage [premium][discount]
to NAV per common share on January&nbsp;31, 2022, were $xx.xx, $xx.xx and x.xx%, respectively. As of January&nbsp;31, 2022, we had xx,xxx,xxx
common shares outstanding and managed assets of approximately $x.xx billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table provides information about our outstanding securities
as of December&nbsp;31, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Title of Class</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount<BR> Authorized</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount<BR> Held by the<BR> Fund or for<BR> its Account</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount<BR> Outstanding</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif">Common Shares</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlimited</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MRPS-Series&nbsp;A</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">1,330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MRPS-Series&nbsp;B</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">1,330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MRPS-Series&nbsp;C</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,340,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">1,340,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MRPS-Series&nbsp;D</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,320,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">1,320,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MRPS-Series&nbsp;E</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">1,330,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="S_005"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales of our common shares, if any, under this prospectus supplement
and the accompanying prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at the market&rdquo;
as defined in Rule&nbsp;415 under the 1933 Act, including sales made directly on the Nasdaq or sales made to or through a market maker
other than on an exchange. There is no guarantee that there will be any sales of our common shares pursuant to this prospectus supplement
and the accompanying prospectus. Actual sales, if any, of our common shares under this prospectus supplement and the accompanying prospectus
may be less than as set forth below in this paragraph. In addition, the price per share of any such sale may be greater or less than the
price set forth below in this paragraph, depending on the market price of our common shares at the time of any such sale. As a result,
the actual net proceeds we receive may be more or less than the amount of net proceeds estimated in this prospectus supplement. Assuming
the sale of the remaining [ ] common shares offered under this prospectus supplement and the accompanying prospectus at the last reported
sale price of $[ ] per share for our common shares on the Nasdaq as of [ ], we estimate that the net proceeds of this offering will be
approximately $[ ] million after deducting the estimated sales load and our estimated offering expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise specified in this prospectus supplement, we currently
intend to use the net proceeds from the sale of our common shares in this offering primarily to invest in accordance with our investment
objective and policies (as described under &quot;Investment Objective and Principal Investment Strategies,&quot; beginning on page&nbsp;[
 &nbsp;&nbsp;&nbsp;&nbsp;] of the accompanying prospectus) within approximately three months of receipt of such proceeds. Such investments
may be delayed if suitable investments are unavailable at the time or for other reasons. Pending such use of proceeds, we anticipate that
we will invest the proceeds in securities issued by the U.S. government or its agencies or instrumentalities or in high quality, short-term
or long-term debt obligations. We may also use proceeds from the sale of our securities (i)&nbsp;to retire all or a portion of any short-term
debt we incur in pursuit of our investment objective and policies, (ii)&nbsp;to redeem any outstanding senior securities; and (iii)&nbsp;for
working capital purposes, including the payment of interest and operating expenses, although there is currently no intent to issue securities
primarily for these purposes. A delay in the anticipated use of proceeds could lower returns, reduce our distribution to common shareholders
and reduce the amount of cash available to make dividend and interest payments on preferred shares and debt securities, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="S_006"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[To be updated at the time of the offering]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="S_007"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[ ] &ldquo;[ ]&rdquo;, is counsel to the Fund. [ ] will pass on the
legality of the issuance of the common shares to be offered hereby. If certain legal matters in connection with an offering of securities
are passed upon by counsel for the underwriters of such offering, such matters will be passed upon by counsel to be identified in a prospectus
supplement. [ ] and counsel to the underwriters may rely on the opinion of [ ] with respect to certain matters of Delaware law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="S_008"></A>AVAILABLE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;) and the
1940 Act and are required to file reports, including annual and semi-annual reports, proxy statements and other information with the
Commission. These documents are available on the Commission's website at <U>www.sec.gov</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement and the accompanying prospectus do not contain
all of the information in our registration statement, including amendments, exhibits, and schedules. Statements in this prospectus supplement
and the accompanying prospectus about the contents of any contract or other document are not necessarily complete and in each instance
reference is made to the copy of the contract or other document filed as an exhibit to the registration statement, each such statement
being qualified in all respects by this reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional information about us can be found in our registration statement
(including amendments, exhibits, and schedules) on Form&nbsp;N-2 filed with the Commission. The Commission maintains a website (http://www.sec.gov)
that contains our registration statement, other documents incorporated by reference, and other information we have filed electronically
with the Commission, including proxy statements and reports filed under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Calamos Convertible Opportunities and Income
Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Date], 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[Until [Date] (25 days after the date of this prospectus supplement),
all dealers that buy, sell or trade the common shares, whether or not participating in this offering, may be required to deliver a prospectus.
This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters.]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHIPRO [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white; color: red"><B>The information
in this prospectus supplement, which relates to an effective Registration Statement under the Securities Act of 1933, is not complete
and may be changed. We may not sell these securities until we deliver a final prospectus supplement. This prospectus supplement and the
attached prospectus do not constitute an offer to sell these securities or a solicitation of an offer to buy these securities in any jurisdiction
where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; color: red"><B>SUBJECT
TO COMPLETION, DATED [ ]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">[LOGO]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">FORM&nbsp;OF PROSPECTUS SUPPLEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prospectus Supplement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(To prospectus dated [ ])</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calamos Convertible Opportunities and Income
Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Preferred Shares<BR>
Shares, Series<BR>
Liquidation Preference $ per share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Convertible Opportunities and Income Fund (the &quot;Fund,&quot;
 &quot;we&quot;, &quot;us&quot; or &quot;our&quot;) is a diversified, closed-end management investment company. Our investment objective
is to provide total return through a combination of capital appreciation and current income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are offering an additional series (&quot;Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;)
of our series &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred shares (referred to as &quot;Preferred Shares&quot; or &quot;Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
Shares&quot;) in this prospectus supplement. This prospectus supplement is not complete and should be read in conjunction with our prospectus
dated , 20 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the &quot;prospectus&quot;), which accompanies this prospectus supplement. This
prospectus supplement does not include all information that you should consider before purchasing any Preferred Shares. You should read
this prospectus supplement and our prospectus prior to purchasing any Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
Shares offered in this prospectus supplement, together with the previously issued and currently outstanding Preferred Shares, are collectively
referred to as &quot;Preferred Shares.&quot; Individual series of Preferred Shares are referred to as a &quot;series.&quot; Except as
otherwise described in this prospectus supplement, the terms of this series and all other series are the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Preferred Shares have a liquidation preference of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share, plus any accumulated, unpaid dividends. The Preferred Shares also have priority over the Fund's common shares as to distribution
of assets as described in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investing
in Preferred Shares involves certain risks, including the risks associated with the Fund's use of leverage. See &quot;Risk Factors&quot;
beginning on page&nbsp;[xx] of the prospectus and beginning on page&nbsp;[</B></FONT> &nbsp;&nbsp;&nbsp;<B>] of this prospectus supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this prospectus supplement is truthful or complete. Any representation
to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per Share</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif">Public offering price</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sales load</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds to us (before expenses)(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;&nbsp;Does not include offering expenses payable to us estimated
to be $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriters expect to deliver the Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
Shares in book-entry form, through the facilities of The Depository Trust Company, to broker-dealers on or about , 20 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[UNDERWRITER(S)]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">, 20</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement has been filed with the Securities and Exchange
Commission (the &quot;Commission&quot;). Additional copies of this prospectus supplement, the prospectus, the statement of additional
information dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as supplemented from time to time, or the Fund's annual or semi-annual reports
are available by calling (800) 582-6959 or by writing to the Fund, or you may obtain copies (and other information regarding us) from
the SEC's web site (http://www.sec.gov). The Fund&rsquo;s annual and semi-annual reports are also available on the Fund&rsquo;s website
at www.calamos.com, which provides a link to the Commission's website where the Fund's statement of additional information may be obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement, which describes the specific terms of this
offering, also adds to and updates information contained in the accompanying prospectus and the documents incorporated by reference in
the prospectus. The prospectus gives more general information, some of which may not apply to this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the description of this offering varies between this prospectus
supplement and the accompanying prospectus, you should rely on the information contained in this prospectus supplement; provided that
if any statement in one of these documents is inconsistent with a statement in another document having a later date, the statement in
the document having the later date modifies or supersedes the earlier statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Preferred Shares do not represent a deposit or obligation of, and
are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board or any other government agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus Supplement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 90%; padding-right: 0.7pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 0.7pt; padding-bottom: 4.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#P_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Supplement Summary</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#P_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PREF-1</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#P_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#P_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PREF-2</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#P_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#P_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PREF-</FONT>2</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#P_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset Coverage Requirements</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#P_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PREF-3</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#P_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Preferred Shares</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#P_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PREF-3</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#P_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#P_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PREF-5</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#P_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#P_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PREF-5</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#P_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#P_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PREF-5</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#P_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Unaudited] Financial Statements as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#P_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PREF-6</FONT></A></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; width: 92%; padding-right: 0.7pt"><A HREF="#PS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Summary</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-right: 0.7pt; text-align: right"><A HREF="#PS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary
    of Fund Expenses</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Highlights</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
    and Net Asset Value Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    Objective and Principal Investment Strategies</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leverage</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Rate Transactions</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
    of the Fund</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closed-End
    Fund Structure</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Federal Income Tax Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Asset Value</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
    and Distributions on Common Shares; Automatic Dividend Reinvestment Plan</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Securities</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rating
    Agency Guidelines</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan
    of Distribution</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_020">84</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian,
    Transfer Agent, Dividend Disbursing Agent and Registrar</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation
    </FONT>by Reference</A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>You
should rely only on the information contained in or incorporated by reference in this prospectus supplement. Neither we nor the underwriters
have authorized anyone to provide you with different or inconsistent information. If anyone provides you with different or inconsistent
information, you should not rely on it. We are not, and the underwriters are not, making an offer to sell these Series</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Preferred
Shares in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this prospectus supplement
is accurate only as of the date of this prospectus supplement, and that our business, financial condition and prospects may have changed
since this date. We will amend or supplement this prospectus supplement to reflect material changes to the information contained in this
prospectus supplement to the extent required by applicable law.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement, the accompanying prospectus and the statement
of additional information contain &quot;forward-looking statements.&quot; Forward-looking statements can be identified by the words &quot;may,&quot;
 &quot;will,&quot; &quot;intend,&quot; &quot;expect,&quot; &quot;estimate,&quot; &quot;continue,&quot; &quot;plan,&quot; &quot;anticipate,&quot;
and similar terms and the negative of such terms. Such forward-looking statements may be contained in this prospectus supplement, as well
as in the accompanying prospectus. By their nature, all forward-looking statements involve risks and uncertainties, and actual results
could differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect our actual
results are the performance of the portfolio of securities we hold, the conditions in the U.S. and international financial, petroleum
and other markets, the price at which our shares will trade in the public markets and other factors discussed in our periodic filings
with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we believe that the expectations expressed in our forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our
future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject
to inherent risks and uncertainties, such as those disclosed in the &quot;Risk Factors&quot; section of the prospectus accompanying this
prospectus supplement. All forward-looking statements contained or incorporated by reference in this prospectus supplement or the accompanying
prospectus are made as of the date of this prospectus supplement or the accompanying prospectus, as the case may be. Except for our ongoing
obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update any forward-looking statement.
The forward-looking statements contained in this prospectus supplement are excluded from the safe harbor protection provided by Section&nbsp;27A
of the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Currently known risk factors that could cause actual results to differ
materially from our expectations include, but are not limited to, the factors described in the &quot;Risk Factors&quot; section of the
prospectus accompanying this prospectus supplement. We urge you to review carefully that section for a more detailed discussion of the
risks of an investment in the Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="P_001"></A>PROSPECTUS SUPPLEMENT SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>This summary contains basic information about us but does not contain
all of the information that is important to your investment decision. You should read this summary together with the more detailed information
contained elsewhere in this prospectus supplement and accompanying prospectus and in the statement of additional information, especially
the information set forth under the heading &quot;Risk Factors&quot; beginning on page&nbsp;xx of the accompanying prospectus and on page&nbsp;[
 &nbsp;&nbsp;&nbsp;] of this prospectus supplement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Convertible Opportunities and Income Fund is a diversified,
closed-end management investment company. Throughout the prospectus, we refer to Calamos Convertible Opportunities and Income Fund as
the &quot;Fund&quot; or as &quot;we,&quot; &quot;us,&quot; or &quot;our.&quot; The Fund's common shares are traded on the Nasdaq Global
Select Market (&quot;Nasdaq&quot;) under the symbol &quot;CHI.&quot; As of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], the Fund had [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
common shares outstanding and net assets of $[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]. The Fund's principal offices are
located at 2020 Calamos Court, Naperville,&nbsp;Illinois 60563. We have a fiscal year ending October&nbsp;31st.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our investment objective is to provide total return through a combination
of capital appreciation and current income. There can be no assurance that we will achieve our investment objective. See &quot;The Fund&quot;
in the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We commenced operations in June&nbsp;2002 following our initial public
offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Adviser</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Advisors LLC (&quot;Calamos&quot;) is the Fund's investment
adviser. Calamos is responsible on a day-to-day basis for investment of the Fund's portfolio in accordance with its investment objective
and policies. Calamos makes all investment decisions for the Fund and places purchase and sale orders for the Fund's portfolio securities.
As of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], Calamos managed approximately $xxx billion in assets of individuals and institutions. Calamos
is a wholly owned subsidiary of Calamos Investments LLC (&quot;CILLC&quot;) and an indirect subsidiary of Calamos Asset Management,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund pays Calamos an annual fee, payable monthly, for its investment
management services equal to [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]% of the Fund's average weekly managed assets. &ldquo;Managed assets&rdquo;
means the total assets of the Fund (including any assets attributable to any leverage that may be outstanding) minus the sum of accrued
liabilities (other than debt representing financial leverage). &ldquo;Net assets&rdquo; does not include any assets attributable to any
leverage that may be outstanding, or other debt representing financial leverage. See &quot;Management of the Fund&quot; in the accompanying
prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal business address of the Adviser is 2020 Calamos Court,
Naperville,&nbsp;Illinois, 60563.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-bottom: 7.5pt; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred Shares offered by the Fund</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-bottom: 7.5pt; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are offering Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares, each at a purchase price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share. The Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares are offered through &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-bottom: 7.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-bottom: 7.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund estimates the net proceeds of the offering of Preferred Shares, after payment of sales load and offering expenses, will be approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-bottom: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-bottom: 7.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will invest the net proceeds of any sales of securities in accordance with our investment objective and policies. Such investments may be delayed if suitable investments are unavailable at the time or for other reasons.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-bottom: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-bottom: 7.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending such investment, we anticipate that we will invest the proceeds in securities issued by the U.S. government or its agencies or instrumentalities or in high quality, short-term or long-term debt obligations. We may also use proceeds from the sale of our securities to (i)&nbsp;retire all or a portion of any short-term debt we incur in pursuit of our investment objective and policies, (ii)&nbsp;redeem any outstanding senior securities, and (iii)&nbsp;for working capital purposes, including the payment of interest and operating expenses, although there is currently no intent to issue securities primarily for this purpose. A delay in the anticipated use of proceeds could lower returns, reduce our distribution to common shareholders and reduce the amount of cash available to make dividend and interest payments on preferred shares and debt securities, respectively. See &quot;Investment Objective and Principal Investment Strategies&quot; in the accompanying prospectus.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-bottom: 7.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-bottom: 7.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See &quot;Risk Factors&quot; and other information included in the accompanying prospectus and in this prospectus supplement for a discussion of factors you should carefully consider before deciding to invest in the Preferred Shares.</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="P_002"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund estimates the net proceeds of the offering of Preferred Shares,
after payment of sales load and offering expenses, will be approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
Subject to the remainder of this section, we will invest the net proceeds of any sales of securities in accordance with our investment
objective and policies. Such investments may be delayed if suitable investments are unavailable at the time or for other reasons. Pending
such investment, we anticipate that we will invest the proceeds in securities issued by the U.S. government or its agencies or instrumentalities
or in high quality, short-term or long-term debt obligations. We may also use proceeds from the sale of our securities to (i)&nbsp;retire
all or a portion of any short-term debt we incur in pursuit of our investment objective and policies, (ii)&nbsp;redeem any outstanding
senior securities, and (iii)&nbsp;for working capital purposes, including the payment of interest and operating expenses, although there
is currently no intent to issue securities primarily for this purpose. A delay in the anticipated use of proceeds could lower returns,
reduce our distribution to common shareholders and reduce the amount of cash available to make dividend and interest payments on preferred
shares and debt securities, respectively. See &quot;Investment Objective and Principal Investment Strategies&quot; in the accompanying
prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="P_003"></A>CAPITALIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth the capitalization of the Fund as of
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and as adjusted, to
give effect to the issuance of all the Preferred Shares offered hereby (including estimated offering expenses and sales load of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;).
The sales load and offering expenses of the Preferred Shares will be effectively borne by common shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">As Adjusted<BR> Preferred Shares</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font: bold 10pt Times New Roman, Times, Serif">Loan</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Shareholders Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Preferred Shares, no par value per share, $[&nbsp;&nbsp;] stated value per share, at liquidation value; unlimited shares authorized (no shares issued; and shares issued, respectively)*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Common shares, no par value per share, unlimited shares authorized, shares outstanding*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Undistributed net investment income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accumulated net realized gain (loss) on investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net Unrealized appreciation (depreciation) on investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*&nbsp;&nbsp;None of these outstanding shares are held by or for the
account of the Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="P_004"></A>ASSET COVERAGE REQUIREMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may be subject to certain restrictions on investments imposed
by guidelines of one or more rating agencies that may issue ratings for the preferred shares or debt instruments issued by the Fund. These
guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act.
Certain types of borrowings may result in the Fund being subject to covenants in credit agreements, including those relating to asset
coverage, borrowing base and portfolio composition requirements and additional covenants. The Fund may also be required to pledge its
assets to the lenders in connection with certain types of borrowing. Calamos does not anticipate that these covenants or restrictions
will adversely affect its ability to manage the Fund's portfolio in accordance with the Fund's investment objective and policies. Due
to these covenants or restrictions, the Fund may be forced to liquidate investments at times and at prices that are not favorable to the
Fund, or the Fund may be forced to forgo investments that Calamos otherwise views as favorable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="P_005"></A>[DESCRIPTION OF PREFERRED SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a brief description of the terms of the Preferred
Shares. For the complete terms of the Preferred Shares, please refer to the detailed description of the Preferred Shares in the Statement
of Preferences of Preferred Shares (the &quot;Statement&quot;) attached as Appendix &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the statement of additional information. Where appropriate, terms used in &quot;Description of Preferred Shares&quot; below will have
the same meanings as those terms in the Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's Agreement and Declaration of Trust authorizes the issuance
of preferred shares, no par value per share, in one or more classes or series with rights as determined by the Board of Trustees without
the approval of common shareholders. The Statement currently authorizes the issuance of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
Shares, Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. All Preferred Shares will have a liquidation preference of
$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share, plus an amount equal to accumulated but unpaid dividends (whether or
not earned or declared).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Preferred Shares of each series will rank on parity with any other
series of Preferred Shares and any other series of preferred shares of the Fund as to the payment of dividends and the distribution of
assets upon liquidation. Each Preferred Share carries one vote on matters on which Preferred Shares can be voted. The Preferred Shares,
when issued by the Fund and paid for pursuant to the terms of this prospectus supplement and the accompanying prospectus, will be fully
paid and non-assessable and will have no preemptive, exchange or conversion rights. Any Preferred Shares repurchased or redeemed by the
Fund will be classified as authorized and unissued Preferred Shares. The Board of Trustees may by resolution classify or reclassify any
authorized and unissued Preferred Shares from time to time by setting or changing the preferences, rights, voting powers, restrictions,
limitations as to dividends, qualifications or terms or conditions of redemption of such shares. The Preferred Shares will not be subject
to any sinking fund, but will be subject to mandatory redemption under certain circumstances described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends and Dividend Periods</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a general description of dividends and dividend periods
for the Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Dividend
Periods</I></FONT>. The dividend period for the Preferred Shares is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
the dividend rate is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Dividend
Payment Dates.</I></FONT> Dividends on the Preferred Shares will be payable, when, as and if declared by the Board of Trustees, out of
legally available funds in accordance with the Agreement and Declaration of Trust, the Statement and applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends on Preferred Shares will accumulate from the date of their
original issue, which is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Restrictions
on Dividend, Redemption and Other Payments.</I></FONT> Under the 1940 Act, the Fund may not (i)&nbsp;declare any dividend with respect
to the Preferred Shares if, at the time of such declaration (and after giving effect thereto), asset coverage with respect to the Fund's
senior securities representing indebtedness (as defined in the 1940 Act) would be less than 200% (or such other percentage as may in the
future be specified in or under the 1940 Act as the minimum asset coverage for senior securities representing indebtedness of a closed-end
investment company as a condition of declaring dividends on its preferred shares) or (ii)&nbsp;declare any other distribution on the Preferred
Shares or purchase or redeem Preferred Shares if at the time of the declaration (and after giving effect thereto), asset coverage with
respect to the Fund's senior securities representing indebtedness would be less than 300% (or such other percentage as may in the future
be specified in or under the 1940 Act as the minimum asset coverage for senior securities representing indebtedness of a closed-end investment
company as a condition of declaring distributions, purchases or redemptions of its shares of beneficial interest). &quot;Senior securities
representing indebtedness&quot; generally means any bond, debenture, note or similar obligation or instrument constituting a security
(other than shares of beneficial interest) and evidencing indebtedness and could include the Fund's obligations under any Borrowings.
The term &quot;senior security&quot; also does not include any promissory note or other evidence of indebtedness in any case where such
a loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the Fund at the time when
the loan is made. A loan is presumed under the 1940 Act to be for temporary purposes if it is repaid within 60 days and is not extended
or renewed; otherwise it is presumed not to be for temporary purposes. For purposes of determining whether the 200% and 300% asset coverage
requirements described above apply in connection with dividends or distributions on or purchases or redemptions of Preferred Shares, such
asset coverages may be calculated on the basis of values calculated as of a time within 48 hours (not including Sundays or holidays) next
preceding the time of the applicable determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, a declaration of a dividend or other distribution on,
or purchase or redemption of, Preferred Shares may be prohibited (i)&nbsp;at any time when an event of default under any borrowings has
occurred and is continuing; or (ii)&nbsp;if, after giving effect to such declaration, the Fund would not have eligible portfolio holdings
with an aggregated discounted value at least equal to any asset coverage requirements associated with such borrowings; or (iii)&nbsp;the
Fund has not redeemed the full amount of borrowings, if any, required to be redeemed by any provision for mandatory redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund's common shares and Preferred Shares have equal voting rights
of one vote per share and vote together as a single class. In elections of trustees, the holders of Preferred Shares, as a separate class,
vote to elect two trustees. The Board of Trustees will determine to which class or classes the trustees elected by the holders of Preferred
Shares will be assigned. The holders of the Preferred Shares shall only be entitled to elect the trustees so designated when their term
shall have expired. Such trustees appointed by the holders of Preferred Shares will be allocated as evenly as possible among the classes
of trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So long as any of the Preferred Shares are outstanding, the Fund will
not, without the affirmative vote of the holders of a majority of the outstanding Preferred Shares, take certain other actions as described
in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The common shares and the Preferred Shares also will vote separately
to the extent otherwise required under Delaware law or the 1940 Act as in effect from time to time. The class votes of holders of Preferred
Shares described above will in each case be in addition to any separate vote of the requisite percentage of common shares and Preferred
Shares, voting together as a single class, necessary to authorize the action in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purpose of any right of the holders of Preferred Shares to
vote on any matter, whether the right is created by the Agreement and Declaration of Trust, by statute or otherwise, a holder of a Preferred
Share is not entitled to vote and the Preferred Shares will not be deemed to be outstanding for the purpose of voting or determining the
number of Preferred Shares required to constitute a quorum, if prior to or concurrently with a determination of the Preferred Shares entitled
to vote or of Preferred Shares deemed outstanding for quorum purposes, as the case may be, a notice of redemption was given in respect
of those Preferred Shares and sufficient deposit securities for the redemption of those Preferred Shares were deposited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Mandatory
Redemption.</I></FONT> Under certain circumstances, the Preferred Shares will be subject to mandatory redemption by the Fund out of funds
legally available therefor in accordance with the Statement and applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Optional
Redemption.</I></FONT> Under certain circumstances, to the extent permitted under the 1940 Act and Delaware law, the Fund may have the
option to redeem, in whole or in part, Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the rights of holders of any series or class or classes
of shares ranking on a parity with Preferred Shares with respect to the distribution of assets upon liquidation of the Fund, upon a liquidation,
dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the holders of Preferred Shares then outstanding
will be entitled to receive and to be paid out of the assets of the Fund available for distribution to its shareholders, after claims
of creditors but before any payment or distribution is made on the common shares or any other shares of beneficial interest of the Fund
ranking junior to the Preferred Shares, an amount equal to the liquidation preference with respect to such shares ($ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share), plus an amount equal to all unpaid dividends thereon. After the payment to the holders of Preferred Shares of the full preferential
amounts provided for as described herein, the holders of Preferred Shares as such will have no right or claim to any of the remaining
assets of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If, upon any such liquidation, dissolution or winding up of the affairs
of the Fund, whether voluntary or involuntary, the assets of the Fund available for distribution among the holders of all outstanding
Preferred Shares, including each series, shall be insufficient to permit the payment in full to such holders of the amounts to which they
are entitled, then such available assets shall be distributed among the holders of all outstanding Preferred Shares, including each series,
ratably in any such distribution of assets according to the respective amounts which would be payable on all such shares if all amounts
thereon were paid in full. Unless and until payment in full has been made to the holders of all outstanding Preferred Shares, including
each series, of the liquidation distributions to which they are entitled, no dividends or distributions will be made to holders of common
shares or any shares of beneficial interest of the Fund ranking junior to the Preferred Shares as to liquidation.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="P_006"></A>UNDERWRITING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[To be provided at the time of an offering.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="P_007"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is subject to the informational requirements of the Securities Exchange Act of 1934 and the 1940 Act and is required to file reports,
proxy statements and other information with the Securities and Exchange Commission. These documents are available on the Commission&rsquo;s
website at <U>www.sec.gov</U></FONT>. Reports, proxy statements, and other information about the Fund can be inspected at the offices
of the NASDAQ OMX Group Inc., 165 Broadway #4900, New York, NY 10006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement and the accompanying prospectus do not contain
all of the information in the Fund's registration statement, including amendments, exhibits, and schedules. Statements in this prospectus
supplement and the accompanying prospectus about the contents of any contract or other document are not necessarily complete and in each
instance reference is made to the copy of the contract or other document filed as an exhibit to the registration statement, each such
statement being qualified in all respects by this reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional information about the Fund and Preferred Shares can be found
in the Fund's registration statement (including amendments, exhibits, and schedules) on Form&nbsp;N-2 filed with the Commission. The Commission
maintains a web site (http://www.sec.gov) that contains the Fund's registration statement, other documents incorporated by reference,
and other information the Fund has filed electronically with the Commission, including proxy statements and reports filed under the Securities
Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="P_008"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">, (&quot; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;),
is counsel to the Fund. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will pass on the legality of the securities to be offered
hereby. If certain legal matters in connection with an offering of securities are passed upon by counsel for the underwriters of such
offering, such matters will be passed upon by counsel to be identified in a prospectus supplement. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
counsel to the underwriters may rely on the opinion of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for certain matters of Delaware
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="P_009"></A>[UNAUDITED]
FINANCIAL STATEMENTS AS OF</B></FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>, 20</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$<BR>
Calamos Convertible Opportunities and Income Fund<BR>
Preferred Shares<BR>
Shares, Series</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUPPLEMENT<BR>
, 20</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Underwriters]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white; color: red"><B>The information
in this prospectus supplement, which relates to an effective Registration Statement under the Securities Act of 1933, is not complete
and may be changed. We may not sell these securities until we deliver a final prospectus supplement. This prospectus supplement and the
attached prospectus do not constitute an offer to sell these securities or a solicitation of an offer to buy these securities in any
jurisdiction where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B>SUBJECT
TO COMPLETION, DATED [ ]</B></FONT><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">FORM&nbsp;OF PROSPECTUS SUPPLEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(To prospectus dated [ ])</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calamos
Convertible Opportunities and Income Fund</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
(&quot;Calamos Notes&quot;)</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp; Series&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, Due &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
20</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp; Denominations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Convertible Opportunities and Income Fund (the &quot;Fund,&quot;
 &quot;we,&quot; &quot;us&quot; or &quot;our&quot;) is a diversified, closed-end management investment company. Our investment objective
is to provide total return through a combination of capital appreciation and current income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are offering an aggregate principal amount of $ &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
Series&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Calamos Notes in this prospectus supplement. This prospectus supplement
is not complete and should be read in conjunction with our prospectus dated &#8239;&#8239;&#8239;&#8239;&nbsp; , 20 &#8239;&#8239;&nbsp; (the
 &quot;prospectus&quot;), which accompanies this prospectus supplement. This prospectus supplement does not include all information that
you should consider before purchasing any Calamos Notes. You should read this prospectus supplement and our prospectus prior to purchasing
any Calamos Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The notes offered in this prospectus supplement are referred to as
 &quot;Calamos Notes.&quot; Individual series of Calamos Notes are referred to as a &quot;series.&quot; Except as otherwise described
in this prospectus supplement, the terms of this series and all other series are the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investing in Calamos Notes involves certain risks, including the
risks associated with the Fund's use of leverage. See &quot;Risk Factors&quot; beginning on page&nbsp;[xx] of the accompanying prospectus
and on page&nbsp;[ &#8239;&#8239;&nbsp;] of this prospectus supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this prospectus supplement or accompanying prospectus is
truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per Share</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif">Public offering price</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sales load</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds to us (before expenses)(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&#8239;&#8239;Does not include offering expenses payable to us
estimated to be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriters expect to deliver the Calamos Notes in book-entry form, through the facilities of The Depository
Trust Company, to broker-dealers on or about &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, 20
 &#8239;&#8239;&#8239;&#8239;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[UNDERWRITER(S)]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">, 20</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement has been filed with the Securities and
Exchange Commission (the &quot;Commission&quot;). Additional copies of this prospectus supplement, the prospectus, the statement of additional
information dated &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp; , as supplemented from time to time, or the Fund's annual or semi-annual
reports are available by calling (800) 582-6959 or by writing to the Fund, or you may obtain copies (and other information regarding
us) from the Commission's web site (http://www.sec.gov). The Fund's annual and semi-annual reports are also available on the Fund's website
at www.calamos.com, which provides a link to the Commission's website where the Fund's statement of additional information may be obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement, which describes the specific terms of
this offering, also adds to and updates information contained in the accompanying prospectus and the documents incorporated by reference
in the prospectus. The prospectus gives more general information, some of which may not apply to this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the description of this offering varies between this prospectus
supplement and the accompanying prospectus, you should rely on the information contained in this prospectus supplement; provided that
if any statement in one of these documents is inconsistent with a statement in another document having a later date, the statement in
the document having the later date modifies or supersedes the earlier statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Calamos Notes do not represent a deposit or obligation of, and
are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board or any other government agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 117 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus Supplement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 4.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; width: 90%; padding-right: 0.7pt"><A HREF="#D_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Supplement Summary</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 0.7pt; text-align: right"><A HREF="#D_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEBT-1</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#D_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#D_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEBT-2</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#D_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#D_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEBT-2</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#D_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
    Coverage Requirements</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#D_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEBT-3</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#D_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Calamos Notes</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#D_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEBT-3</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#D_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#D_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEBT-5</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#D_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
    You Can Find More Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#D_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEBT-5</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#D_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#D_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEBT-6</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#D_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Unaudited]
    Financial Statements as of &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
    20</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#D_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEBT-7</FONT></A></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus</B></FONT> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; width: 92%; padding-right: 0.7pt"><A HREF="#PS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Summary</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-right: 0.7pt; text-align: right"><A HREF="#PS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary
    of Fund Expenses</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Highlights</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
    and Net Asset Value Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    Objective and Principal Investment Strategies</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leverage</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Rate Transactions</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
    of the Fund</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closed-End
    Fund Structure</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Federal Income Tax Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Asset Value</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
    and Distributions on Common Shares; Automatic Dividend Reinvestment Plan</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Securities</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rating
    Agency Guidelines</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan
    of Distribution</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_020">84</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian,
    Transfer Agent, Dividend Disbursing Agent and Registrar</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation
    </FONT>by Reference</A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right"><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>You should rely on the information contained in or incorporated
by reference in this prospectus supplement in making an investment decision. Neither we nor the underwriters have authorized anyone to
provide you with different or inconsistent information. If anyone provides you with different or inconsistent information, you should
not rely on it. We are not, and the underwriters are not, making an offer to sell these notes in any jurisdiction where the offer or
sale is not permitted. You should assume that the information in this prospectus supplement is accurate only as of the date of this prospectus
supplement, and that our business, financial condition and prospects may have changed since this date. We will amend or supplement this
prospectus supplement to reflect material changes to the information contained in this prospectus supplement to the extent required by
applicable law.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement, the accompanying prospectus and the statement
of additional information contain &quot;forward-looking statements.&quot; Forward-looking statements can be identified by the words &quot;may,&quot;
 &quot;will,&quot; &quot;intend,&quot; &quot;expect,&quot; &quot;estimate,&quot; &quot;continue,&quot; &quot;plan,&quot; &quot;anticipate,&quot;
and similar terms and the negative of such terms. Such forward-looking statements may be contained in this prospectus supplement, as
well as in the accompanying prospectus. By their nature, all forward-looking statements involve risks and uncertainties, and actual results
could differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect our actual
results are the performance of the portfolio of securities we hold, the conditions in the U.S. and international financial, petroleum
and other markets, the price at which our shares will trade in the public markets and other factors discussed in our periodic filings
with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we believe that the expectations expressed in our forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements.
Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject
to inherent risks and uncertainties, such as those disclosed in the &quot;Risk Factors&quot; section of the prospectus accompanying this
prospectus supplement. All forward-looking statements contained or incorporated by reference in this prospectus supplement or the accompanying
prospectus are made as of the date of this prospectus supplement or the accompanying prospectus, as the case may be. Except for our ongoing
obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update any forward-looking statement.
The forward-looking statements contained in this prospectus supplement are excluded from the safe harbor protection provided by Section&nbsp;27A
of the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Currently known risk factors that could cause actual results to differ
materially from our expectations include, but are not limited to, the factors described in the &quot;Risk Factors&quot; section of the
prospectus accompanying this prospectus supplement. We urge you to review carefully this section for a more detailed discussion of the
risks of an investment in the Calamos Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_001"></A>PROSPECTUS SUPPLEMENT SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>This summary contains basic information about us but does not contain
all of the information that is important to your investment decision. You should read this summary together with the more detailed information
contained elsewhere in this prospectus supplement and accompanying prospectus and in the statement of additional information, especially
the information set forth under the heading &quot;Risk Factors&quot; beginning on page&nbsp;xx of the accompanying prospectus and on
page&nbsp;[ &#8239;&#8239;&nbsp;] of this prospectus summary.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is a diversified, closed-end management investment company.
Throughout the prospectus, we refer to Calamos Convertible Opportunities and Income Fund as the &quot;Fund&quot; or as &quot;we,&quot;
 &quot;us,&quot; or &quot;our.&quot; See &quot;The Fund.&quot; The Fund's common shares are traded on the Nasdaq Global Select Market
(&quot;Nasdaq&quot;) under the symbol &quot;CHI.&quot; As of &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
the Fund had &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp; common shares outstanding and
net assets of $ &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;. The Fund's principal offices are located at 2020
Calamos Court, Naperville,&nbsp;Illinois 60563. We have a fiscal year ending October&nbsp;31st.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our investment objective is to provide total return through a combination
of capital appreciation and current income. There can be no assurance that we will achieve our investment objective. See &quot;The Fund&quot;
in the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We commenced operations in June&nbsp;2002 following our initial public
offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Adviser</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Advisors LLC (&quot;Calamos&quot;) is the Fund's investment
adviser. Calamos is responsible on a day-to-day basis for investment of the Fund's portfolio in accordance with its investment objective
and policies. Calamos makes all investment decisions for the Fund and places purchase and sale orders for the Fund's portfolio securities.
As of &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, Calamos managed approximately $ &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
billion in assets of individuals and institutions. Calamos is a wholly owned subsidiary of Calamos Investments LLC (&quot;CILLC&quot;)
and an indirect subsidiary of Calamos Asset Management,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund pays Calamos an annual fee, payable monthly, for its investment
management services equal to &#8239;&#8239;&#8239;&#8239;% of the Fund's average weekly managed assets. &ldquo;Managed assets&rdquo; means
the total assets of the Fund (including any assets attributable to any leverage that may be outstanding) minus the sum of accrued liabilities
(other than debt representing financial leverage). &ldquo;Net assets&rdquo; does not include any assets attributable to any leverage
that may be outstanding, or other debt representing financial leverage. See &quot;Management of the Fund&quot; in the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal business address of the Adviser is 2020 Calamos Court,
Naperville,&nbsp;Illinois 60563.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="padding: 2pt; vertical-align: top; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Notes offered by the Fund</FONT></TD>
    <TD STYLE="padding: 2pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 2pt; vertical-align: top; width: 83%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp; aggregate principal amount of Series&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Calamos Notes. Series&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Calamos Notes will be sold in denominations of $ &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp; and any integral multiple thereof. The Series&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Calamos Notes are being offered by &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;and &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, as underwriters. See &quot;Underwriting.&quot;</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>

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  <TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; width: 15%">Use of proceeds</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt; width: 83%">The Fund estimates the net proceeds of the offering of Series&nbsp;Calamos &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp; Notes, after payment of sales load and offering expenses, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will invest the net proceeds of any sales of securities in accordance with our investment objective and policies. Such investments may be delayed if suitable investments are unavailable at the time or for other reasons. Pending such investment, we anticipate that we will invest the proceeds in securities issued by the U.S. government or its agencies or instrumentalities or in high quality, short-term or long-term debt obligations. We may also use proceeds from the sale of our securities to (i)&nbsp;retire all or a portion of any short-term debt we incur in pursuit of our investment objective and policies, (ii)&nbsp;redeem any outstanding senior securities, and (iii)&nbsp;for working capital purposes, including the payment of interest and operating expenses, although there is currently no intent to issue securities primarily for this purpose. A delay in the anticipated use of proceeds could lower returns, reduce our distribution to common shareholders and reduce the amount of cash available to make dividend and interest payments on preferred shares and debt securities, respectively. See &quot;Investment Objective and Principal Investment Strategies&quot; in the accompanying prospectus.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk factors</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See &quot;Risk Factors&quot; and other information included in the accompanying prospectus and in this prospectus supplement, for a discussion of factors you should carefully consider before deciding to invest in the Calamos Notes.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_002"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund estimates the net proceeds of the offering of Calamos Notes,
after payment of sales load and offering expenses, will be approximately $ &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;.
The Fund will invest the net proceeds of any sales of securities in accordance with our investment objective and policies. Such investments
may be delayed if suitable investments are unavailable at the time or for other reasons. Pending such investment, we anticipate that
we will invest the proceeds in securities issued by the U.S. government or its agencies or instrumentalities or in high quality, short-term
or long-term debt obligations. We may also use proceeds from the sale of our securities to (i)&nbsp;retire all or a portion of any short-term
debt we incur in pursuit of our investment objective and policies, (ii)&nbsp;redeem any outstanding senior securities, and (iii)&nbsp;for
working capital purposes, including the payment of interest and operating expenses, although there is currently no intent to issue securities
primarily for this purpose. A delay in the anticipated use of proceeds could lower returns, reduce our distribution to common shareholders
and reduce the amount of cash available to make dividend and interest payments on preferred shares and debt securities, respectively.
See &quot;Investment Objective and Principal Investment Strategies&quot; in the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_003"></A>CAPITALIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth the capitalization of the Fund as of
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, 20 &#8239;&#8239;&#8239;&#8239;&nbsp;, and as adjusted, to give effect
to the issuance of all the Calamos Notes offered hereby (including estimated offering expenses and sales load of $ &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;).
The sales load and offering expenses of the Calamos Notes will be effectively borne by common shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0.7pt; padding-bottom: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Actual</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 0.7pt; padding-bottom: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    Adjusted<BR>
    Calamos Notes</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="9" STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Long-Term
    Debt</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 307px; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos
    Notes, denominations of $ &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;or any multiple thereof</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 22px; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 50px; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9px; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 8px">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 22px; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 74px; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9px; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 8px">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Loan</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholders
    Equity</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred
    Shares, no par value per share, $[] stated value per share, at liquidation value; unlimited shares authorized (no shares issued; and &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;shares issued, respectively)*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    shares, no par value per share, unlimited shares authorized, &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;shares outstanding*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undistributed
    net investment income</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    net realized gain (loss) on investments</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Unrealized appreciation (depreciation) on investments</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net
    Assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*&#8239;&#8239;None of these outstanding shares are held by or for the
account of the Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_004"></A>ASSET COVERAGE REQUIREMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may be subject to certain restrictions on investments imposed
by guidelines of one or more rating agencies that may issue ratings for the preferred shares or debt instruments issued by the Fund.
These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940
Act. Certain types of borrowings may result in the Fund being subject to covenants in credit agreements, including those relating to
asset coverage, borrowing base and portfolio composition requirements and additional covenants. The Fund may also be required to pledge
its assets to the lenders in connection with certain types of borrowing. Calamos does not anticipate that these covenants or restrictions
will adversely affect its ability to manage the Fund's portfolio in accordance with the Fund's investment objective and policies. Due
to these covenants or restrictions, the Fund may be forced to liquidate investments at times and at prices that are not favorable to
the Fund, or the Fund may be forced to forgo investments that Calamos otherwise views as favorable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_005"></A>[DESCRIPTION OF CALAMOS NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Notes of each series will rank on a parity with any other
series of Calamos Notes as to the payment of interest and distribution of assets upon liquidation. All Calamos Notes rank senior to our
common and preferred shares as to the payment of interest and distribution of assets upon liquidation. Under the 1940 Act, we may only
issue one class of senior securities representing indebtedness other than promissory notes or other evidences of indebtedness not intended
to be publicly distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Series&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Calamos
Notes will be issued pursuant to the indenture between the Fund and the trustee dated as of &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
20 &#8239;&#8239;&#8239;&#8239;&nbsp;, as it may be supplemented from time to time (referred to herein collectively as the &quot;Indenture&quot;).
The following summary sets forth certain general terms and provisions of the Indenture under which the Calamos Notes may be issued. The
summary is not complete and is qualified in its entirety by the provisions of the Indenture, a more detailed summary of which is contained
in Appendix &#8239;&#8239;&#8239;&#8239; to the statement of additional information, which is on file with the Commission. Whenever defined
terms are used, but not defined in this prospectus supplement, the terms have the meaning given to them in Appendix &#8239;&#8239;&#8239;&#8239;
to the statement of additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Trustees has authorized us to issue the Series&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Calamos
Notes representing indebtedness pursuant to the terms of the Indenture. Currently, the Indenture provides for the issuance of up to $
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;aggregate principal amount of Series&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Calamos
Notes. The principal amount of the Series&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Calamos Notes is due and payable on &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
20 &#8239;&#8239;&#8239;&#8239;&nbsp;. The Series&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Calamos Notes, when issued and sold pursuant
to the terms of the Indenture, will be issued in fully registered form without coupons and in denominations of $ &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
and any integral multiple thereof, unless otherwise provided in the Indenture. The Series&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Calamos
Notes will be unsecured obligations of ours and, upon our liquidation, dissolution or winding up, will rank: (1)&nbsp;senior to our outstanding
common shares and any outstanding preferred shares; (2)&nbsp;on a parity with any of our unsecured creditors, including any other series
of Calamos Notes; and (3)&nbsp;junior to any of our secured creditors. The Calamos Notes may be subject to optional and mandatory redemption
and acceleration of maturity, as described in the Indenture and the accompanying prospectus under &quot;Description of Securities &mdash;
Debt Securities &mdash; Events of Default and Acceleration of Maturity of Debt Securities; Remedies.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Calamos Notes have no voting rights, except to the extent required
by law or as otherwise provided in the Indenture relating to the acceleration of maturity upon the occurrence and continuance of an event
of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unsecured Investment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Calamos Notes represent an unsecured obligation of ours to pay
interest and principal, when due. We cannot assure you that we will have sufficient funds or that we will be able to arrange for additional
financing to pay interest on the Calamos Notes when due or to repay the Calamos Notes at the Stated Maturity. Our failure to pay interest
on the Calamos Notes when due or to repay the Calamos Notes upon the Stated Maturity would, subject to the cure provisions under the
Indenture, constitute an event of default under the Indenture and could cause a default under other agreements that we may enter into
from time to time. There is no sinking fund with respect to the Calamos Notes, and at the Stated Maturity, the entire outstanding principal
amount of the Calamos Notes will become due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Securities Depository</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The nominee of the Securities Depository is expected to be the sole
record holder of the Calamos Notes. Accordingly, each purchaser of Calamos Notes must rely on (1)&nbsp;the procedures of the Securities
Depository and, if such purchaser is not a member of the Securities Depository, such purchaser's Agent Member, to receive interest payments
and notices and (2)&nbsp;the records of the Securities Depository and, if such purchaser is not a member of the Securities Depository,
such purchaser's Agent Member, to evidence its ownership of the Calamos Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Purchasers of Calamos Notes will not receive certificates representing
their ownership interest in such securities. DTC initially will act as Securities Depository for the Agent Members with respect to the
Calamos Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Interest and Rate Periods</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Notes will bear interest from the Original Issue Date at the
Applicable Rate and shall be payable on each Interest Payment Date thereafter. Interest will be paid through the Securities Depository
on each Interest Payment Date. Interest on the Calamos Notes shall be payable when due as described in this prospectus supplement. If
we do not pay interest when due, it will trigger an event of default under the Indenture (subject to the cure provisions), and we will
be restricted from declaring dividends and making other distributions with respect to our common shares and preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Optional
Redemption.</I></FONT> To the extent permitted under the 1940 Act, Delaware law and the Indenture, we may, at our option, redeem Calamos
Notes, in whole or in part, out of funds legally available therefor, in accordance with the terms set forth in this prospectus supplement
and the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Mandatory
Redemption.</I></FONT> Under certain circumstances described in this prospectus supplement and the Indenture, the Calamos Notes will
be subject to mandatory redemption out of funds legally available therefor. The redemption price per Calamos Note in the event of any
mandatory redemption will be not less than the principal amount, plus an amount equal to accrued but unpaid interest to the date fixed
for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Redemption
Procedure.</I></FONT> Pursuant to Rule&nbsp;23c-2 under the 1940 Act, we will file a notice of our intention to redeem with the Commission
so as to provide at least the minimum notice required by such Rule&nbsp;or any successor provision (notice currently must be filed with
the Commission generally at least 30 days prior to the redemption date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If less than all of the outstanding Calamos Notes of a series are
redeemed on any date, the amount per holder to be redeemed on such date will be selected by us on a pro rata basis in proportion to the
principal amount of Calamos Notes held by such holder, by lot or by such other method as is determined by us to be fair and equitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If Notice of Redemption has been given, then upon the deposit of funds
with the Paying Agent sufficient to effect such redemption, interest on such Calamos Notes will cease to accrue and such Calamos Notes
will no longer be deemed to be outstanding for any purpose and all rights of the holders of the Calamos Notes so called for redemption
will cease and terminate, except the right of the holders of such Calamos Notes to receive the redemption price, but without any interest
or additional amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So long as any Calamos Notes are held of record by the nominee of
the Securities Depository, the redemption price for such Calamos Notes will be paid on the redemption date to the nominee of the Securities
Depository. The Securities Depository's normal procedures provide for it to distribute the amount of the redemption price to Agent Members
who, in turn, are expected to distribute such funds to the persons for whom they are acting as agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the provisions for redemption described above, no
Calamos Notes may be redeemed unless all interest in arrears on the outstanding Calamos Notes, and any of our indebtedness ranking on
a parity with the Calamos Notes, have been or are being contemporaneously paid or set aside for payment, except in connection with our
liquidation, in which case all Calamos Notes and all indebtedness ranking on a parity with the Calamos Notes must receive proportionate
amounts. At any time we may purchase or acquire all the outstanding Calamos Notes pursuant to the successful completion of an otherwise
lawful purchase or exchange offer made on the same terms to, and accepted by, holders of all outstanding Calamos Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Payment of Proceeds Upon Dissolution, Etc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of (a)&nbsp;any insolvency or bankruptcy case or proceeding,
or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative to us or to our
creditors, as such, or to our assets, or (b)&nbsp;our liquidation, dissolution or other winding up, whether voluntary or involuntary
and whether or not involving insolvency or bankruptcy, or (c)&nbsp;our assignment for the benefit of creditors or any other marshalling
of assets and liabilities, then (after any payments with respect to our secured creditor outstanding at such time) and in any such event
the holders of Calamos Notes shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all
Calamos Notes (including any interest accruing thereon after the commencement of any such case or proceeding), or provision shall be
made for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of the Calamos Notes, before the
holders of any of our common or preferred shares are entitled to receive any payment on account of any redemption proceeds, liquidation
preference or dividends from such shares, and to that end the holders of Calamos Notes shall be entitled to receive, for application
to the payment thereof, any payment or distribution of any kind or character, whether in cash, property or securities, including any
such payment or distribution which may be payable or deliverable by reason of the payment of any of our other indebtedness being subordinated
to the payment of the Calamos Notes, which may be payable or deliverable in respect of the Calamos Notes in any such case, proceeding,
dissolution, liquidation or other winding up event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unsecured creditors of ours may include, without limitation, service
providers including Calamos, the Fund's custodian, the Fund's administrator, broker-dealers and the trustee, pursuant to the terms of
various contracts with us. Secured creditors of ours may include without limitation State Street Bank and Trust Company and other lenders
to the Fund, parties entering into any interest rate swap, floor or cap transactions, or other similar transactions with us that create
liens, pledges, charges, security interests, security agreements or other encumbrances on our assets.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_006"></A>UNDERWRITING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[To be provided at the time of an offering.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_007"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the &quot;1934 Act&quot;) and the 1940
Act and are required to file reports, including annual and semi-annual reports, proxy statements and other information with the Commission.
We voluntarily file quarterly shareholder reports. Our most recent shareholder report filed with the Commission is for the period ended
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;, 20 &#8239;&#8239;&#8239;&#8239;&nbsp;. These documents are available on the Commission's
website at <U>www.sec.gov</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement and the accompanying prospectus do not
contain all of the information in our registration statement, including amendments, exhibits, and schedules. Statements in this prospectus
supplement and the accompanying prospectus about the contents of any contract or other document are not necessarily complete and in each
instance reference is made to the copy of the contract or other document filed as an exhibit to the registration statement, each such
statement being qualified in all respects by this reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional information about us can be found in our Registration Statement
(including amendments, exhibits, and schedules) on Form&nbsp;N-2 filed with the Commission. The Commission maintains a web site (http://www.sec.gov)
that contains our Registration Statement, other documents incorporated by reference, and other information we have filed electronically
with the Commission, including proxy statements and reports filed under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_008"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">, (&quot; &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
 &quot;), is counsel to the Fund. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;will pass on the legality of the securities to
be offered hereby. If certain legal matters in connection with an offering of securities are passed upon by counsel for the underwriters
of such offering, such matters will be passed upon by counsel to be identified in a prospectus supplement. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
and counsel to the underwriters may rely on the opinion of &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp; for certain
matters of Delaware law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="D_009"></A>[UNAUDITED] FINANCIAL STATEMENTS AS OF &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
20</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$<BR>
Calamos Convertible Opportunities and Income Fund<BR>
Notes (&quot;Calamos Notes&quot;)<BR>
$ &#8239;&#8239;&#8239;&#8239;&nbsp;Series&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Due &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;,
20</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUPPLEMENT<BR>
 &#8239;&#8239;&nbsp;, 20</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Underwriter]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME
FUND STATEMENT OF ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Calamos Convertible Opportunities and Income
Fund (the &ldquo;Fund&rdquo;) is a diversified, closed-end management investment company. This Statement of Additional Information relates
to the offering, on an immediate, continuous or delayed basis, of up to $100,000,000 aggregate initial offering price of common shares,
preferred shares or debt securities in one or more offerings. This Statement of Additional Information does not constitute a prospectus,
but should be read in conjunction with the prospectus relating thereto dated the date hereof and any related prospectus supplement. This
Statement of Additional Information does not include all information that a prospective investor should consider before purchasing any
of the Fund&rsquo;s securities, and investors should obtain and read the prospectus and any related prospectus supplement prior to purchasing
such securities. A copy of the prospectus and any related prospectus supplement may be obtained without charge by calling 800-582-6959.
You may also obtain a copy of the prospectus and any related prospectus supplement on the Securities and Exchange Commission&rsquo;s
website (http://www.sec.gov). Capitalized terms used but not defined in this Statement of Additional Information have the same meanings
ascribed to them in the prospectus and any related prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS FOR STATEMENT OF ADDITIONAL
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_001">Use
    of Proceeds</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_001">S-2</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_002">Investment
    Objective and Policies</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_002">S-2</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_003">Investment
    Restrictions</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_003">S-24</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_004">Management
    of the Fund</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_004">S-26</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_005">Certain
    Shareholders</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_005">S-44</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_006">Portfolio
    Transactions</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_006">S-46</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_007">Net
    Asset Value</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_007">S-47</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_008">Repurchase
    of Common Shares</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_008">S-49</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_009">Certain
    Federal Income Tax Matters</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_009">S-50</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_010">Custodian,
    Transfer Agent, Dividend Disbursing Agent and Registrar</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_010">S-63</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_011">Independent
    Registered Public Accounting Firm</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_011">S-63</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_012">Additional
    Information</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_012">S-63</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_013">Additional
    Information Concerning the Agreement and Declaration of Trust</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_013">S-63</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_014">Financial
    Statements</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_014">S-64</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_015">Incorporation
    by Reference</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_015">S-64</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_016">Appendix
    A &ndash; Summary of Certain Provisions of the Indenture and Form&nbsp;of Supplemental Indenture</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_016">A-1</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_017">Appendix
    B &ndash; Description of Ratings</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#E_017">B-1</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">This Statement of Additional Information is dated
February&nbsp;24, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_001"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise specified in a prospectus supplement,
we currently intend to use the net proceeds from the sale of our securities primarily to invest in accordance with our investment objective
and policies within approximately three months of receipt of such proceeds. We may also use proceeds from the sale of our securities
to retire all or a portion of any short-term debt we incur in pursuit of our investment objective and policies and for working capital
purposes, including the payment of interest and operating expenses, although there is currently no intent to issue securities primarily
for these purposes. Pending such investments, the net proceeds may be invested in U.S. government securities and high grade, short-term
money market instruments. If necessary, the Fund may also purchase, as temporary investments, securities of other open- or closed-end
investment companies that invest primarily in the types of securities in which the Fund may invest directly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_002"></A>INVESTMENT OBJECTIVE AND POLICIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The prospectus presents the investment objective
and the principal investment strategies and risks of the Fund. This section supplements the disclosure in the Fund&rsquo;s prospectus
and provides additional information on the Fund&rsquo;s investment policies or restrictions. Restrictions or policies stated as a maximum
percentage of the Fund&rsquo;s assets are only applied immediately after a portfolio investment to which the policy or restriction is
applicable (other than the limitations on borrowing). Accordingly, any later increase or decrease resulting from a change in values,
managed assets or other circumstances will not be considered in determining whether the investment complies with the Fund&rsquo;s restrictions
and policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Primary Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under normal circumstances, the Fund invests
at least 80% of its managed assets in a diversified portfolio of convertible securities and non-convertible income securities. The Fund
will provide written notice to shareholders at least 60 days prior to any change to the requirement that it invest at least 80% of its
managed assets as described in the sentence above. The portion of the Fund&rsquo;s assets invested in convertible securities and non-convertible
income securities will vary from time to time consistent with the Fund&rsquo;s investment objective, changes in equity prices and changes
in interest rates and other economic and market factors, although, under normal circumstances, the Fund will invest at least 35% of its
managed assets in convertible securities. &ldquo;Managed assets&rdquo; means the total assets of the Fund (including any assets attributable
to any leverage that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). For
this purpose, the liquidation preference on the preferred shares will not constitute a liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Convertible Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Convertible securities include any corporate
debt security or preferred stock that may be converted into underlying shares of common stock. The common stock underlying convertible
securities may be issued by a different entity than the issuer of the convertible securities. Convertible securities entitle the holder
to receive interest payments paid on corporate debt securities or the dividend preference on a preferred stock until such time as the
convertible security matures or is redeemed or until the holder elects to exercise the conversion privilege. As a result of the conversion
feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the case if the
security were a non-convertible obligation. The value of convertible securities is influenced by both the yield of non-convertible securities
of comparable issuers and by the value of the underlying common stock. A convertible security&rsquo;s value viewed without regard to
its conversion feature (i.e., strictly on the basis of its yield) is sometimes referred to as its &ldquo;investment value.&rdquo; A convertible
security&rsquo;s investment value typically will fluctuate inversely with changes in prevailing interest rates. However, at the same
time, the convertible security will be influenced by its &ldquo;conversion value,&rdquo; which is the market value of the underlying
common stock that would be obtained if the convertible security were converted. Conversion value fluctuates directly with the price of
the underlying common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If, because of a low price of the common stock,
a convertible security&rsquo;s conversion value is substantially below its investment value, the convertible security&rsquo;s price is
governed principally by its investment value. If a convertible security&rsquo;s conversion value increases to a point that approximates
or exceeds its investment value, the convertible security&rsquo;s value will be principally influenced by its conversion value. A convertible
security will sell at a premium over its conversion value to the extent investors place value on the right to acquire the underlying
common stock while holding a fixed income security. Holders of convertible securities have a claim on the issuer&rsquo;s assets prior
to the common stockholders, but may be subordinated to holders of similar non-convertible securities of the same issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Synthetic Convertible Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Calamos Advisors LLC (&ldquo;Calamos&rdquo;)
may create a &ldquo;synthetic&rdquo; convertible instrument by combining fixed income securities with the right to acquire equity securities.
More flexibility is possible in the assembly of a synthetic convertible instrument than in the purchase of a convertible security. Although
synthetic convertible instruments may be selected where the two components are issued by a single issuer, thus making the synthetic convertible
instrument similar to the true convertible security, the character of a synthetic convertible instrument allows the combination of components
representing distinct issuers, when Calamos believes that such a combination would better promote the Fund&rsquo;s investment objective.
A synthetic convertible instrument also is a more flexible investment in that its two components may be purchased separately. For example,
the Fund may purchase a warrant for inclusion in a synthetic convertible instrument but temporarily hold short-term investments while
postponing the purchase of a corresponding bond pending development of more favorable market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A holder of a synthetic convertible instrument
faces the risk of a decline in the price of the security or the level of the index involved in the convertible component, causing a decline
in the value of the call option or warrant purchased to create the synthetic convertible instrument. Should the price of the stock fall
below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would
be lost. Because a synthetic convertible instrument includes the fixed-income component as well, the holder of a synthetic convertible
instrument also faces the risk that interest rates will rise, causing a decline in the value of the fixed-income instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may also purchase synthetic convertible
instruments manufactured by other parties, including convertible structured notes. Convertible structured notes are fixed income debentures
linked to equity, and are typically issued by investment banks. Convertible structured notes have the attributes of a convertible security;
however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the
issuer of the underlying common stock into which the note is convertible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund&rsquo;s holdings of synthetic convertible
instruments are considered convertible securities for purposes of the Fund&rsquo;s policy to invest at least 35% of its managed assets
in convertible securities and 80% of its managed assets in a diversified portfolio of convertible and non-convertible income securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Zero Coupon and Payment-in-Kind Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investments in zero coupon and payment-in-kind
securities are subject to certain risks, including that market prices of zero coupon and payment-in-kind securities generally are more
volatile than the prices of securities that pay interest periodically and in cash, and are likely to respond to changes in interest rates
to a greater degree than other types of debt securities with similar maturities and credit quality. Because zero coupon securities bear
no interest, their prices are especially volatile. And because zero coupon bondholders do not receive interest payments, the prices of
zero coupon securities generally fall more dramatically than those of bonds that pay interest on a current basis when interest rates
rise. However, when interest rates fall, the prices of zero coupon securities generally rise more rapidly in value than those of similar
interest paying bonds. Under many market and other conditions, the market for the zero coupon and payment-in-kind securities may suffer
decreased liquidity making it difficult for the Fund to dispose of them or to determine their current value. In addition, as these securities
may not pay cash interest, the Fund&rsquo;s investment exposure to these securities and their risks, including credit risk, will increase
during the time these securities are held in the Fund&rsquo;s portfolio. Further, to maintain its qualification for treatment as a regulated
investment company and to avoid Fund-level U.S. federal income and/or excise taxes, the Fund is required to distribute to its shareholders
any income it is deemed to have received in respect of such investments, notwithstanding that cash has not been received currently, and
the value of paid-in-kind interest. Consequently, the Fund may have to dispose of portfolio securities under disadvantageous circumstances
to generate the cash, or may have to leverage itself by borrowing the cash to satisfy this distribution requirement. The required distributions,
if any, would result in an increase in the Fund&rsquo;s exposure to these securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>High Yield Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A substantial portion of the Fund&rsquo;s assets
may be invested in below investment grade (high yield) securities. The high yield securities in which the Fund invests are rated &ldquo;Ba&rdquo;
or lower by Moody&rsquo;s Investors Service,&nbsp;Inc. (&ldquo;Moody&rsquo;s&rdquo;) or &ldquo;BB&rdquo; or lower by Standard&nbsp;&amp;
Poor&rsquo;s Corporation, a division of The McGraw-Hill Companies (&ldquo;S&amp;P&rdquo; or &ldquo;Standard&nbsp;&amp; Poor&rsquo;s&rdquo;)
or are unrated but determined by Calamos to be of comparable quality. Non- convertible debt securities rated below investment grade are
commonly referred to as &ldquo;junk bonds&rdquo; and are considered speculative with respect to the issuer&rsquo;s capacity to pay interest
and repay principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Below investment grade non-convertible debt securities
or comparable unrated securities are susceptible to greater risk of default or decline in market value due to adverse economic and business
developments than higher-rated debt securities. The market values for high yield securities tend to be very volatile, and these securities
are less liquid than investment grade debt securities. For these reasons, your investment in the Fund is subject to the following specific
risks:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased price sensitivity to changing interest rates
    and to a deteriorating economic environment;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">greater risk of loss due to default or declining credit
    quality;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 62.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse company specific
    events are more likely to render the issuer unable to make interest and/or principal payments; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 62.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 75.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if a negative perception
    of the high yield market develops, the price and liquidity of high yield securities may be depressed. This negative perception could
    last for a significant period of time.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Securities rated below investment grade are speculative
with respect to the capacity to pay interest and repay principal in accordance with the terms of such securities. A rating of &ldquo;Ba1&rdquo;
from Moody&rsquo;s means that the issue so rated can have speculative elements and is subject to substantial credit risk. Standard&nbsp;&amp;
Poor&rsquo;s assigns a rating of &ldquo;BB+&rdquo; to issues that are less vulnerable to nonpayment than other speculative issues, but
nonetheless subject to major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead
to the obligor&rsquo;s inadequate capacity to meet its financial commitment on the obligation. A rating of &ldquo;C&rdquo; from Moody&rsquo;s
means that the issue so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing. Standard&nbsp;&amp;
Poor&rsquo;s assigns a rating of &ldquo;C&rdquo; to issues that are currently highly vulnerable to nonpayment, and the &ldquo;C&rdquo;
rating may be used to cover a situation where a bankruptcy petition has been filed or similar action taken, but payments on the obligation
are being continued (a &ldquo;C&rdquo; rating is also assigned to a preferred stock issue in arrears on dividends or sinking fund payments,
but that is currently paying). See Appendix B to this Statement of Additional Information for a description of Moody&rsquo;s and Standard&nbsp;&amp;
Poor&rsquo;s ratings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Adverse changes in economic conditions are more
likely to lead to a weakened capacity of a high yield issuer to make principal payments and interest payments than an investment grade
issuer. The principal amount of high yield securities outstanding has proliferated in the past decade as an increasing number of issuers
have used high yield securities for corporate financing. An economic downturn could severely affect the ability of highly leveraged issuers
to service their debt obligations or to repay their obligations upon maturity. Similarly, down-turns in profitability in specific industries
could adversely affect the ability of high yield issuers in that industry to meet their obligations. The market values of lower quality
debt securities tend to reflect individual developments of the issuer to a greater extent than do higher quality securities, which react
primarily to fluctuations in the general level of interest rates. Factors having an adverse impact on the market value of lower quality
securities may have an adverse effect on the Fund&rsquo;s net asset value and the market value of its common shares. In addition, the
Fund may incur additional expenses to the extent it is required to seek recovery upon a default in payment of principal or interest on
its portfolio holdings. In certain circumstances, the Fund may be required to foreclose on an issuer&rsquo;s assets and take possession
of its property or operations. In such circumstances, the Fund would incur additional costs in disposing of such assets and potential
liabilities from operating any business acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The secondary market for high yield securities
may not be as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on the Fund&rsquo;s
ability to dispose of a particular security when necessary to meet its liquidity needs. There are fewer dealers in the market for high
yield securities than investment grade obligations. The prices quoted by different dealers may vary significantly and the spread between
the bid and asked price is generally much larger than higher quality instruments. Under adverse market or economic conditions, the secondary
market for high yield securities could contract further, independent of any specific adverse changes in the condition of a particular
issuer, and these instruments may become illiquid. As a result, the Fund could find it more difficult to sell these securities or may
be able to sell the securities only at prices lower than if such securities were widely traded. Prices realized upon the sale of such
lower rated or unrated securities, under these circumstances, may be less than the prices used in calculating the Fund&rsquo;s net asset
value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because investors generally perceive that there
are greater risks associated with lower quality debt securities of the type in which the Fund may invest a portion of its assets, the
yields and prices of such securities may tend to fluctuate more than those for higher rated securities. In the lower quality segments
of the debt securities market, changes in perceptions of issuers&rsquo; creditworthiness tend to occur more frequently and in a more
pronounced manner than do changes in higher quality segments of the debt securities market, resulting in greater yield and price volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Fund invests in high yield securities
that are rated C or below, the Fund will incur significant risk in addition to the risks associated with investments in high yield securities
and corporate loans. Distressed securities frequently do not produce income while they are outstanding. The Fund may purchase distressed
securities that are in default or the issuers of which are in bankruptcy. The Fund may be required to bear certain extraordinary expenses
in order to protect and recover its investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Distressed Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may, but currently does not intend to,
invest up to 5% of its managed assets in distressed securities, including corporate loans, which are the subject of bankruptcy proceedings
or otherwise in default as to the repayment of principal and/or payment of interest at the time of acquisition by the Fund or are rated
in the lower rating categories (&ldquo;Ca&rdquo; or lower by Moody&rsquo;s or &ldquo;CC&rdquo; or lower by Standard&nbsp;&amp; Poor&rsquo;s)
or which are unrated investments considered by Calamos to be of comparable quality. Investment in distressed securities is speculative
and involves significant risk of loss. Distressed securities frequently do not produce income while they are outstanding and may require
the Fund to bear certain extraordinary expenses in order to protect and recover its investment. Therefore, to the extent the Fund seeks
capital appreciation through investment in distressed securities, the Fund&rsquo;s ability to achieve current income for its shareholders
may be diminished. The Fund also will be subject to significant uncertainty as to when and in what manner and for what value the obligations
evidenced by the distressed securities will eventually be satisfied (e.g., through a liquidation of the obligor&rsquo;s assets, an exchange
offer or plan of reorganization involving the distressed securities or a payment of some amount in satisfaction of the obligation). In
addition, even if an exchange offer is made or a plan of reorganization is adopted with respect to distressed securities held by the
Fund, there can be no assurance that the securities or other assets received by the Fund in connection with such exchange offer or plan
of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover,
any securities received by the Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As
a result of the Fund&rsquo;s participation in negotiations with respect to any exchange offer or plan of reorganization with respect
to an issuer of distressed securities, the Fund may be restricted from disposing of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Loans</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may invest in loan participations and
other direct claims against a borrower. The corporate loans in which the Fund may invest primarily consist of direct obligations of a
borrower and may include debtor in possession financings pursuant to Chapter 11 of the U.S. Bankruptcy Code, obligations of a borrower
issued in connection with a restructuring pursuant to Chapter 11 of the U.S. Bankruptcy Code, leveraged buy-out loans, leveraged recapitalization
loans, receivables purchase facilities, and privately placed notes. The Fund may invest in a corporate loan at origination as a co-lender
or by acquiring in the secondary market participations in, assignments of or novations of a corporate loan. By purchasing a participation,
the Fund acquires some or all of the interest of a bank or other lending institution in a loan to a corporate or government borrower.
The participations typically will result in the Fund having a contractual relationship only with the lender not the borrower. The Fund
will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the
participation and only upon receipt by the lender of the payments from the borrower. Many such loans are secured, although some may be
unsecured. Such loans may be in default at the time of purchase. Loans that are fully secured offer the Fund more protection than an
unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of
collateral from a secured loan would satisfy the corporate borrower&rsquo;s obligation, or that the collateral can be liquidated. Direct
debt instruments may involve a risk of loss in case of default or insolvency of the borrower and may offer less legal protection to the
Fund in the event of fraud or misrepresentation. In addition, loan participations involve a risk of insolvency of the lending bank or
other financial intermediary. The markets in such loans are not regulated by federal securities laws or the Securities and Exchange Commission
(&ldquo;SEC&rdquo; or the &ldquo;Commission&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As in the case of other high yield investments,
such corporate loans may be rated in the lower rating categories of the established rating services (&ldquo;Ba&rdquo; or lower by Moody&rsquo;s
or &ldquo;BB&rdquo; or lower by Standard&nbsp;&amp; Poor&rsquo;s), or may be unrated investments considered by Calamos to be of comparable
quality. As in the case of other high yield investments, such corporate loans can be expected to provide higher yields than lower yielding,
higher rated fixed income securities, but may be subject to greater risk of loss of principal and income. There are, however, some significant
differences between corporate loans and high yield bonds. Corporate loan obligations are frequently secured by pledges of liens and security
interests in the assets of the borrower, and the holders of corporate loans are frequently the beneficiaries of debt service subordination
provisions imposed on the borrower&rsquo;s bondholders. These arrangements are designed to give corporate loan investors preferential
treatment over high yield investors in the event of a deterioration in the credit quality of the issuer. Even when these arrangements
exist, however, there can be no assurance that the borrowers of the corporate loans will repay principal and/or pay interest in full.
Corporate loans generally bear interest at rates set at a margin above a generally recognized base lending rate that may fluctuate on
a day-to-day basis, in the case of the prime rate of a U.S. bank, or which may be adjusted on set dates, typically 30 days but generally
not more than one year, in the case of the London Interbank Offered Rate. Consequently, the value of corporate loans held by the Fund
may be expected to fluctuate significantly less than the value of other fixed rate high yield instruments as a result of changes in the
interest rate environment. On the other hand, the secondary dealer market for certain corporate loans may not be as well developed as
the secondary dealer market for high yield bonds, and therefore presents increased market risk relating to liquidity and pricing concerns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Foreign Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may invest up to 25% of its net assets
in securities of foreign issuers. A foreign security is a security issued by a foreign government or a company whose country of incorporation
is a foreign country. For this purpose, foreign securities do not include American Depositary Receipts (&ldquo;ADRs&rdquo;) or securities
guaranteed by a U.S. person but which represent underlying shares of foreign issuers, but may include foreign securities in the form
of European Depositary Receipts (&ldquo;EDRs&rdquo;), Global Depositary Receipts (&ldquo;GDRs&rdquo;) or other securities representing
underlying shares of foreign issuers. Positions in those securities are not necessarily denominated in the same currency as the common
stocks into which they may be converted. ADRs are receipts typically issued by an American bank or trust company evidencing ownership
of the underlying securities. EDRs are European receipts listed on the Luxembourg Stock Exchange evidencing a similar arrangement. GDRs
are U.S. dollar- denominated receipts issued by international banks evidencing ownership of foreign securities. Generally, ADRs, in registered
form, are designed for the U.S. securities markets and EDRs and GDRs, in bearer form, are designed for use in foreign securities markets.
The Fund may invest in sponsored or unsponsored ADRs. In the case of an unsponsored ADR, the Fund is likely to bear its proportionate
share of the expenses of the depository and it may have greater difficulty in receiving shareholder communications than it would have
with a sponsored ADR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent positions in portfolio securities
are denominated in foreign currencies, the Fund&rsquo;s investment performance is affected by the strength or weakness of the U.S. dollar
against those currencies. For example, if the dollar falls in value relative to the Japanese yen, the dollar value of a Japanese stock
held in the portfolio will rise even though the price of the stock remains unchanged. Conversely, if the dollar rises in value relative
to the yen, the dollar value of the Japanese stock will fall. (See discussion of transaction hedging and portfolio hedging below under
 &ldquo;Currency Exchange Transactions.&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investors should understand and consider carefully
the risks involved in foreign investing. Investing in foreign securities, which are generally denominated in foreign currencies, and
utilization of forward foreign currency exchange contracts involve certain considerations comprising both risks and opportunities not
typically associated with investing in U.S. securities. These considerations include: fluctuations in exchange rates of foreign currencies;
possible imposition of exchange control regulation or currency restrictions that would prevent cash from being brought back to the United
States less public information with respect to issuers of securities; less governmental supervision of stock exchanges, securities brokers,
and issuers of securities; lack of uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods
and trading practices; less liquidity and frequently greater price volatility in foreign markets than in the United States; greater costs
of buying, holding and selling securities, including brokerage, tax and custodial costs; and sometimes less advantageous legal, operational
and financial protections applicable to foreign sub-custodial arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although the Fund intends primarily to invest
in companies and government securities of countries having stable political environments, there is the possibility of expropriation or
confiscatory taxation, seizure or nationalization of foreign bank deposits or other assets, establishment of exchange controls, the adoption
of foreign government restrictions, or other adverse political, social or diplomatic developments that could affect investment in these
nations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may invest in the securities of issuers
located in emerging market countries. The securities markets of emerging countries are substantially smaller, less developed, less liquid
and more volatile than the securities markets of the U.S. and other more developed countries. Disclosure and regulatory standards in
many respects are less stringent than in the U.S. and other major markets. There also may be a lower level of monitoring and regulation
of emerging markets and the activities of investors in such markets, and enforcement of existing regulations has been extremely limited.
Economies in individual emerging markets may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross
domestic product, rates of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments
positions. Many emerging market countries have experienced high rates of inflation for many years, which has had and may continue to
have very negative effects on the economies and securities markets of those countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Currency Exchange Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Currency exchange transactions may be conducted
either on a spot (i.e., cash) basis at the spot rate for purchasing or selling currency prevailing in the foreign exchange market or
through forward currency exchange contracts (&ldquo;forward contracts&rdquo;). Forward contracts are contractual agreements to purchase
or sell a specified currency at a specified future date (or within a specified time period) and price set at the time of the contract.
Forward contracts are usually entered into with banks, foreign exchange dealers and broker-dealers, are not exchange traded, and are
usually for less than one year, but may be renewed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Forward currency exchange transactions may involve
currencies of the different countries in which the Fund may invest and serve as hedges against possible variations in the exchange rate
between these currencies and the U.S. dollar. Currency exchange transactions are limited to transaction hedging and portfolio hedging
involving either specific transactions or portfolio positions, except to the extent described below under &ldquo;Synthetic Foreign Money
Market Positions.&rdquo; Transaction hedging is the purchase or sale of forward contracts with respect to specific receivables or payables
of the Fund accruing in connection with the purchase and sale of its portfolio securities or the receipt of dividends or interest thereon.
Portfolio hedging is the use of forward contracts with respect to portfolio security positions denominated or quoted in a particular
foreign currency. Portfolio hedging allows the Fund to limit or reduce its exposure in a foreign currency by entering into a forward
contract to sell such foreign currency (or another foreign currency that acts as a proxy for that currency) at a future date for a price
payable in U.S. dollars so that the value of the foreign denominated portfolio securities can be approximately matched by a foreign denominated
liability. The Fund may not engage in portfolio hedging with respect to the currency of a particular country to an extent greater than
the aggregate market value (at the time of making such sale) of the securities held in its portfolio denominated or quoted in that particular
currency, except that the Fund may hedge all or part of its foreign currency exposure through the use of a basket of currencies or a
proxy currency where such currencies or currency act as an effective proxy for other currencies. In such a case, the Fund may enter into
a forward contract where the amount of the foreign currency to be sold exceeds the value of the securities denominated in such currency.
The use of this basket hedging technique may be more efficient and economical than entering into separate forward contracts for each
currency held in the Fund. The Fund may not engage in &ldquo;speculative&rdquo; currency exchange transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Fund enters into a forward contract, its
custodian will segregate liquid assets of the Fund having a value equal to the Fund&rsquo;s commitment under such forward contract from
day to day, except to the extent that the Fund&rsquo;s forward contract obligation is covered by liquid portfolio securities denominated
in, or whose value is tied to, the currency underlying the forward contract. At the maturity of the forward contract to deliver a particular
currency, the Fund may either sell the portfolio security related to the contract and make delivery of the currency, or it may retain
the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing
an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency.
It is impossible to forecast with absolute precision the market value of portfolio securities at the expiration of a forward contract.
Accordingly, it may be necessary for the Fund to purchase additional currency on the spot market (and bear the expense of such purchase)
if the market value of the security is less than the amount of currency the Fund is obligated to deliver and if a decision is made to
sell the security and make delivery of the currency. Conversely, it may be necessary to sell on the spot market some of the currency
received upon the sale of the portfolio security if its market value exceeds the amount of currency the Fund is obligated to deliver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Fund retains the portfolio security and
engages in an offsetting currency transaction, it will incur a gain or a loss to the extent that there has been movement in forward contract
prices. If the Fund engages in an offsetting currency transaction, it subsequently may enter into a new forward contract to sell the
currency. Should forward prices decline during the period between the Fund&rsquo;s entering into a forward contract for the sale of a
currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent
the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase,
the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has
agreed to sell. A default on the contract would deprive the Fund of unrealized profits or force the Fund to cover its commitments for
purchase or sale of currency, if any, at the current market price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Hedging against a decline in the value of a currency
does not eliminate fluctuations in the value of a portfolio security traded in that currency or prevent a loss if the value of the security
declines. Hedging transactions also preclude the opportunity for gain if the value of the hedged currency should rise. Moreover, it may
not be possible for the Fund to hedge against a devaluation that is so generally anticipated that the Fund is not able to contract to
sell the currency at a price above the devaluation level it anticipates. The cost to the Fund of engaging in currency exchange transactions
varies with such factors as the currency involved, the length of the contract period, and prevailing market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Synthetic Foreign Money Market Positions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may invest in money market instruments
denominated in foreign currencies. In addition to, or in lieu of, such direct investment, the Fund may construct a synthetic foreign
money market position by (a)&nbsp;purchasing a money market instrument denominated in one currency, generally U.S. dollars, and (b)&nbsp;concurrently
entering into a forward contract to deliver a corresponding amount of that currency in exchange for a different currency on a future
date and at a specified rate of exchange. For example, a synthetic money market position in Japanese yen could be constructed by purchasing
a U.S. dollar money market instrument, and entering concurrently into a forward contract to deliver a corresponding amount of U.S. dollars
in exchange for Japanese yen on a specified date and at a specified rate of exchange. Because of the availability of a variety of highly
liquid short-term U.S. dollar money market instruments, a synthetic money market position utilizing such U.S. dollar instruments may
offer greater liquidity than direct investment in foreign currency and a concurrent construction of a synthetic position in such foreign
currency, in terms of both income yield and gain or loss from changes in currency exchange rates, in general should be similar, but would
not be identical because the components of the alternative investments would not be identical. The Fund currently does not intend to
invest a significant amount of its assets in synthetic foreign money market positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Debt Obligations of Non-U.S. Governments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An investment in debt obligations of non-U.S.
governments and their political subdivisions (sovereign debt) involves special risks that are not present in corporate debt obligations.
The non-U.S. issuer of the sovereign debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable
or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods
of economic uncertainty, the market prices of sovereign debt may be more volatile than prices of debt obligations of U.S. issuers. In
the past, certain non-U.S. countries have encountered difficulties in servicing their debt obligations, withheld payments of principal
and interest and declared moratoria on the payment of principal and interest on their sovereign debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A sovereign debtor&rsquo;s willingness or ability
to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of
its foreign currency reserves, the availability of sufficient non-U.S. currency, the relative size of the debt service burden, the sovereign
debtor&rsquo;s policy toward its principal international lenders and local political constraints. Sovereign debtors may also be dependent
on expected disbursements from non-U.S. governments, multilateral agencies and other entities to reduce principal and interest arrearages
on their debt. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance or repay
principal or interest when due may result in the cancellation of third-party commitments to lend funds to the sovereign debtor, which
may further impair such debtor&rsquo;s ability or willingness to service its debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Eurodollar Instruments and Samurai and Yankee Bonds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may invest in Eurodollar instruments
and Samurai and Yankee bonds. Eurodollar instruments are bonds of corporate and government issuers that pay interest and principal in
U.S. dollars but are issued in markets outside the United States, primarily in Europe. Samurai bonds are yen-denominated bonds sold in
Japan by non-Japanese issuers. Yankee bonds are U.S. dollar-denominated bonds typically issued in the U.S. by non-U.S. governments and
their agencies and non-U.S. banks and corporations. The Fund may also invest in Eurodollar Certificates of Deposit (&ldquo;ECDs&rdquo;),
Eurodollar Time Deposits (&ldquo;ETDs&rdquo;) and Yankee Certificates of Deposit (&ldquo;Yankee CDs&rdquo;). ECDs are U.S. dollar-denominated
certificates of deposit issued by non-U.S. branches of domestic banks; ETDs are U.S. dollar-denominated deposits in a non-U.S. branch
of a U.S. bank or in a non-U.S. bank; and Yankee CDs are U.S. dollar-denominated certificates of deposit issued by a U.S. branch of a
non-U.S. bank and held in the U.S. These investments involve risks that are different from investments in securities issued by U.S. issuers,
including potential unfavorable political and economic developments, non-U.S. withholding or other taxes, seizure of non-U.S. deposits,
currency controls, interest limitations or other governmental restrictions which might affect payment of principal or interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lending of Portfolio Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund has authorized State Street Bank and
Trust Company (&ldquo;SSB&rdquo;) as securities lending agent to lend portfolio securities to broker-dealers and banks. Any such loan
must be continuously secured by collateral received in cash under the terms of the Amended and Restated Liquidity Agreement (&ldquo;SSB
Agreement&rdquo;) between the Fund and SSB. Cash collateral received by SSB on behalf of the Fund is treated as refinancing a portion
of the amounts borrowed under the SSB Agreement, such that the Fund will effectively bear lower interest expense with respect to those
borrowed amounts. Any amounts credited against the borrowings under SSB Agreement would count against the Fund&rsquo;s leverage limitations
under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), unless otherwise covered in accordance with SEC Release
IC-10666.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the terms of the SSB Agreement, the Fund
is required to return the value of the collateral to the borrower upon the return of the lent securities, which will eliminate the credit
against the borrowings under SSB Agreement and will increase the balance on which the Fund will pay interest. The Fund is obligated to
make payment to the entity in the event SSB is unable to return the value of the collateral. The Fund would continue to receive the equivalent
of the interest or dividends paid by the issuer on the securities loaned, and would also receive an additional return that may be in
the form of a fixed fee or a percentage of income earned on the collateral. The Fund may experience losses as a result of a diminution
in value of its cash collateral investments. The Fund may pay reasonable fees to persons unaffiliated with the Fund for services in arranging
these loans. The Fund would have the right to call the loan and obtain the securities loaned at any time on notice of not less than five
business days. The Fund would not have the right to vote the securities during the existence of the loan; however, the Fund may attempt
to call back the loan and vote the proxy if time permits prior to the record date. In the event of bankruptcy or other default of the
borrower, the Fund could experience both delays in liquidating the loaned collateral (or recovering the loaned securities) or losses,
including (a)&nbsp;possible decline in the value of the collateral or in the value of the securities loaned during the period while the
Fund seeks to enforce its rights thereto, (b)&nbsp;possible subnormal levels of income and lack of access to income during this period
and (c)&nbsp;expenses of enforcing its rights. The Fund may also experience losses as a result of the diminution in value of its cash
collateral investments. In an effort to reduce these risks, the Fund&rsquo;s securities lending agent will monitor, and report to Calamos
on, the creditworthiness of the firms to which the Fund lends securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Options on Securities,&nbsp;Indices and Currencies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may purchase and sell (write) put options
and call options on securities, indices or foreign currencies. The Fund may purchase agreements, sometimes called cash puts, that may
accompany the purchase of a new issue of bonds from a dealer. The successful use of options depends principally on the price movements
of the underlying securities, indices or other reference assets or rates. Investing in options can result in a greater potential for
profit or loss than directly investing in the underlying assets. The value of an option may change because of, including but not limited
to, a change in the value of the underlying assets, the passage of time, changes in the market&rsquo;s perception as to the future price
behavior of the underlying assets or rates, or any combination of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A put option gives the purchaser of the option,
upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security, commodity, index, currency
or other instrument at the exercise price. For instance, the Fund&rsquo;s purchase of a put option on a security might be designed to
protect its holdings in the underlying instrument (or, in some cases, a similar instrument) against a substantial decline in the market
value by giving the Fund the right to sell such instrument at the option exercise price. A call option, upon payment of a premium, gives
the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying instrument at the exercise price.
The Fund&rsquo;s purchase of a call option on a security, financial future, index, currency or other instrument might be intended to
protect it against an increase in the price of the underlying instrument that it intends to purchase in the future by fixing the price
at which it may purchase such instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain options, known as &ldquo;American style&rdquo;
options, may be exercised at any time during the term of the option. Other options, known as &ldquo;European style&rdquo; options, may
be exercised only on the expiration date of the option. The Fund expects that substantially all of the options written by the Fund will
be American style options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may purchase and sell (write) exchange
listed options and over-the-counter options (&ldquo;OTC options&rdquo;). Exchange listed options are issued by a regulated intermediary
such as the Options Clearing Corporation (&ldquo;OCC&rdquo;), which guarantees the performance of the obligations of the parties to such
options. The discussion below uses the OCC as an example, but is also applicable to other financial intermediaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">With certain exceptions, OCC issued and exchange
listed options generally settle by physical delivery of the underlying security or currency, although in the future cash settlement may
become available. Index options and Eurodollar instruments are cash settled for the net amount, if any, by which the option is &ldquo;in-the-money&rdquo;
(i.e., where the value of the underlying instrument exceeds, in the case of a call option, or is less than, in the case of a put option,
the exercise price of the option) at the time the option is exercised. Frequently, rather than taking or making delivery of the underlying
instrument through the process of exercising the option, listed options are closed by entering into offsetting purchase or sale transactions
that do not result in ownership of the new option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">OTC options are purchased from or sold to securities
dealers, financial institutions or other parties (&ldquo;Counterparties&rdquo;) through direct bilateral agreement with the Counterparty.
In contrast to exchange listed options, which generally have standardized terms and performance mechanics, all the terms of an OTC option,
including such terms as method of settlement, term, exercise price, premium, guarantees and security, are set by negotiation of the parties.
The Fund may sell (write) OTC options (other than OTC currency options) that are subject to a buy-back provision permitting the Fund
to require the Counterparty to sell the option back to the Fund at a formula price within seven days. The Fund generally is expected
to enter into OTC options that have cash settlement provisions, although it is not required to do so. The staff of the SEC currently
takes the position that OTC options purchased by a fund, and portfolio securities &ldquo;covering&rdquo; the amount of a fund&rsquo;s
obligation pursuant to an OTC option sold by it (or the amount of assets equal to the formula price for the repurchase of the option,
if any, less the amount by which the option is &ldquo;in the money&rdquo;) are illiquid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may also purchase and sell (write) options
on securities indices and other financial indices. Options on securities indices and other financial indices are similar to options on
a security or other instrument except that, rather than settling by physical delivery of the underlying instrument, they settle by cash
settlement, i.e., an option or an index gives the holder the right to receive, upon exercise of the option, an amount of cash if the
closing level of the index upon which the option is based exceeds, in the case of a call, or is less than, in the case of a put, the
exercise price of the option (except if, in the case of an OTC option, physical delivery is specified). This amount of cash is equal
to the excess of the closing price of the index over the exercise price of the option, which also may be multiplied by a formula value.
The seller of the option is obligated, in return for the premium received, to make delivery of this amount. The gain or loss on an option
on an index depends on price movements in the instruments making upon the market, market segment, industry or other composite on which
the underlying index is based, rather than primarily on the price movements in individual securities, as is the case with respect to
options on securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund will write call options and put options
only if they are &ldquo;covered.&rdquo; For example, a call option written by the Fund will require the Fund to hold the securities subject
to the call (or securities convertible into the needed securities without additional consideration) or to segregate cash or liquid assets
sufficient to purchase and deliver the securities if the call is exercised. A call option sold by the Fund on an index will require the
Fund to own portfolio securities which correlate with the index or to segregate cash or liquid assets equal to the excess of the index
value over the exercise price on a current basis. A put option written by the Fund requires the Fund to segregate cash or liquid assets
equal to the exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">OTC options entered into by the Fund and OCC
issued and exchange listed index options will generally provide for cash settlement. As a result, when the Fund sells these instruments
it will only segregate an amount of cash or liquid assets equal to its accrued net obligations, as there is no requirement for payment
or delivery of amounts in excess of the net amount. These amounts will equal 100% of the exercise price in the case of a non cash-settled
put, the same as an OCC guaranteed listed option sold by the Fund, or the in-the-money amount plus any sell-back formula amount in the
case of a cash-settled put or call. In addition, when the Fund sells a call option on an index at a time when the in-the-money amount
exceeds the exercise price, the Fund will segregate, until the option expires or is closed out, cash or cash equivalents equal in value
to such excess. OCC issued and exchange listed options sold by the Fund other than those above generally settle with physical delivery,
or with an election of either physical delivery or cash settlement and the Fund will segregate an amount of cash or liquid assets equal
to the full value of the option. OTC options settling with physical delivery, or with an election of either physical delivery or cash
settlement, will be treated the same as other options settling with physical delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an option written by the Fund expires, the
Fund realizes a capital gain equal to the premium received at the time the option was written. If an option purchased by the Fund expires,
the Fund realizes a capital loss equal to the premium paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the earlier of exercise or expiration,
an option may be closed out by an offsetting purchase or sale of an option of the same series (type, exchange, underlying security or
index, exercise price and expiration). There can be no assurance, however, that a closing purchase or sale transaction can be effected
when the Fund desires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund will realize a capital gain from a closing
purchase transaction if the cost of the closing option is less than the premium received from writing the option, or, if it is more,
the Fund will realize a capital loss. If the premium received from a closing sale transaction is more than the premium paid to purchase
the option, the Fund will realize a capital gain or, if it is less, the Fund will realize a capital loss. The principal factors affecting
the market value of a put or a call option include supply and demand, interest rates, the current market price of the underlying security
or index in relation to the exercise price of the option, the volatility of the underlying security or index, and the time remaining
until the expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A put or call option purchased by the Fund is
an asset of the Fund, valued initially at the premium paid for the option. The premium received for an option written by the Fund is
recorded as a deferred credit. The value of an option purchased or written is marked-to-market daily and is valued at the closing price
on the exchange on which it is traded or, if not traded on an exchange or no closing price is available, at the mean between the last
bid and asked prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Associated with Options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There are several risks associated with transactions
in options. For example, there are significant differences between the securities markets, the currency markets and the options markets
that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. A decision
as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be
unsuccessful because of market behavior or unexpected events. The Fund&rsquo;s ability to utilize options successfully will depend on
Calamos&rsquo; ability to predict pertinent market investments, which cannot be assured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund&rsquo;s ability to close out its position
as a purchaser or seller (writer) of an OCC or exchange listed put or call option is dependent, in part, upon the liquidity of the option
market. Among the possible reasons for the absence of a liquid option market on an exchange are: (i)&nbsp;insufficient trading interest
in certain options; (ii)&nbsp;restrictions on transactions imposed by an exchange; (iii)&nbsp;trading halts, suspensions or other restrictions
imposed with respect to particular classes or series of options or underlying securities including reaching daily price limits; (iv)&nbsp;interruption
of the normal operations of the OCC or an exchange; (v)&nbsp;inadequacy of the facilities of an exchange or OCC to handle current trading
volume; or (vi)&nbsp;a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options),
in which event the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange
would generally continue to be exercisable in accordance with their terms. If the Fund were unable to close out an option that it has
purchased on a security, it would have to exercise the option in order to realize any profit or the option would expire and become worthless.
If the Fund were unable to close out a covered call option that it had written on a security, it would not be able to sell the underlying
security until the option expired. As the writer of a covered call option on a security, the Fund foregoes, during the option&rsquo;s
life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium
and the exercise price of the call. As the writer of a covered call option on a foreign currency, the Fund foregoes, during the option&rsquo;s
life, the opportunity to profit from any currency appreciation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The hours of trading for listed options may not
coincide with the hours during which the underlying financial instruments are traded. To the extent that the option markets close before
the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that
cannot be reflected in the option markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the parties provide for it, there is no
central clearing or guaranty function in an OTC option. As a result, if the Counterparty (as described above under &ldquo;Options on
Securities,&nbsp;Indices and Currencies&rdquo;) fails to make or take delivery of the security, currency or other instrument underlying
an OTC option it has entered into with the Fund or fails to make a cash settlement payment due in accordance with the terms of that option,
the Fund will lose any premium it paid for the option as well as any anticipated benefit of the transaction unless the Fund has collected
sufficient collateral from the counterparty to cover its exposure. Accordingly, Calamos must assess the creditworthiness of each such
Counterparty or any guarantor or credit enhancement of the Counterparty&rsquo;s credit to determine the likelihood that the terms of
the OTC option will be satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may purchase and sell (write) call options
on securities indices and currencies. All call options sold by the Fund must be &ldquo;covered.&rdquo; Even though the Fund will receive
the option premium to help protect it against loss, a call sold by the Fund exposes the Fund during the term of the option to possible
loss of opportunity to realize appreciation in the market price of the underlying security or instrument and may require the Fund to
hold a security or instrument which it might otherwise have sold. In addition, a loss on a call option sold may be greater than the premium
received. The Fund may purchase and sell (write) put options on securities indices and currencies. In selling (writing) put options,
there is a risk that the Fund may be required to buy the underlying index or currency at a disadvantageous price above the market price.
A put option written by the Fund requires the Fund to segregate cash or liquid assets equal to the exercise price minus any margin the
Fund is required to post.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Futures Contracts and Options on Futures Contracts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may enter into interest rate futures
contracts, index futures contracts, volatility index futures contracts and foreign currency futures contracts. An interest rate, index,
volatility or foreign currency futures contract provides for the future sale by one party and purchase by another party of a specified
quantity of a financial instrument or the cash value of an index at a specified price and time. A public market exists in futures contracts
covering a number of indices (including, but not limited to the Standard&nbsp;&amp; Poor&rsquo;s 500 Index, the Russell 2000 Index, the
Value Line Composite Index, and the New York Stock Exchange (&ldquo;NYSE&rdquo;) Composite Index) as well as financial instruments (including,
but not limited to U.S. Treasury bonds, U.S. Treasury notes, Eurodollar certificates of deposit and foreign currencies). Other index
and financial instrument futures contracts are available and it is expected that additional futures contracts will be developed and traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may purchase and write call and put
futures options. Futures options possess many of the same characteristics as options on securities, indices and foreign currencies (discussed
above). A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position
(put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option,
the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a
put option, the opposite is true. The Fund might, for example, use futures contracts to hedge against or gain exposure to fluctuations
in the general level of stock prices, anticipated changes in interest rates or currency fluctuations that might adversely affect either
the value of the Fund&rsquo;s securities or the price of the securities that the Fund intends to purchase. Although other techniques
could be used to reduce or increase the Fund&rsquo;s exposure to stock price, interest rate and currency fluctuations, the Fund may be
able to achieve its desired exposure more effectively and perhaps at a lower cost by using futures contracts and futures options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund will only enter into futures contracts
and futures options that are standardized and traded on an exchange, board of trade or similar entity, or quoted on an automated quotation
system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The success of any futures transaction by the
Fund depends on Calamos correctly predicting changes in the level and direction of stock prices, interest rates, currency exchange rates
and other factors. Should those predictions be incorrect, the Fund&rsquo;s return might have been better had the transaction not been
attempted; however, in the absence of the ability to use futures contracts, Calamos might have taken portfolio actions in anticipation
of the same market movements with similar investment results, but, presumably, at greater transaction costs. When the Fund makes a purchase
or sale of a futures contract, the Fund is required to deposit with its custodian (or futures commission merchant (&ldquo;FCM&rdquo;),
if legally permitted) a specified amount of cash or U.S. Government securities or other securities acceptable to the broker (&ldquo;initial
margin&rdquo;). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified
during the term of the contract, although the Fund&rsquo;s broker may require margin deposits in excess of the minimum required by the
exchange. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract, which is returned
to the Fund upon termination of the contract, assuming all contractual obligations have been satisfied. The Fund expects to earn interest
income on its initial margin deposits. A futures contract held by the Fund is valued daily at the official settlement price of the exchange
on which it is traded. Each day the Fund pays or receives cash, called &ldquo;variation margin,&rdquo; equal to the daily change in value
of the futures contract. This process is known as &ldquo;marking-to-market.&rdquo; Variation margin paid or received by the Fund does
not represent a borrowing or loan by the Fund but is instead settlement between the Fund and the broker of the amount one would owe the
other if the futures contract had expired at the close of the previous day. In computing daily net asset value, the Fund will mark-to-market
its open futures positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund is also required to deposit and maintain
margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature
of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures
positions held by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although some futures contracts call for making
or taking delivery of the underlying securities, usually these obligations are closed out prior to delivery by offsetting purchases or
sales of matching futures contracts (same exchange, underlying security or index, and delivery month). If an offsetting purchase price
is less than the original sale price, the Fund engaging in the transaction realizes a capital gain, or if it is more, the Fund realizes
a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund engaging in the transaction
realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs must also be included in these calculations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Associated with Futures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There are several risks associated with the use
of futures contracts and futures options. A purchase or sale of a futures contract or option may result in losses in excess of the amount
invested in the futures contract or option. In trying to increase or reduce market exposure, there can be no guarantee that there will
be a correlation between price movements in the futures contract or option and in the portfolio exposure sought. In addition, there are
significant differences between the securities and futures markets that could result in an imperfect correlation between the markets,
causing a given transaction not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as:
variations in speculative market demand for futures, futures options and the related securities, including technical influences in futures
and futures options trading and differences between the securities markets and the securities underlying the standard contracts available
for trading. For example, in the case of index futures contracts, the composition of the index, including the issuers and the weighing
of each issue, may differ from the composition of the Fund&rsquo;s portfolio, and, in the case of interest rate futures contracts, the
interest rate levels, maturities and creditworthiness of the issues underlying the futures contract may differ from the financial instruments
held in the Fund&rsquo;s portfolio. Futures prices are highly volatile at times, and are influenced by many external economic, governmental
and world events. The low margin deposits normally required in futures trading permits an extremely high degree of leverage, which can
result in the Fund experiencing substantial gains or losses due to relatively small price movements or other factors. A decision as to
whether, when and how to use futures contracts involves the exercise of skill and judgment, and even a well-conceived transaction may
be unsuccessful to some degree because of market behavior or unexpected stock price or interest rate trends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Futures exchanges may limit the amount of fluctuation
permitted in certain futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price
of a futures contract may vary either up or down from the previous day&rsquo;s settlement price at the end of the current trading session.
Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond
that limit. The daily limit governs only price movements during a particular trading day and therefore does not limit potential losses
because the limit may work to prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to
the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and
subjecting some holders of futures contracts to substantial losses. Stock index futures contracts are not normally subject to such daily
price change limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The markets for futures positions may be thinly
traded from time to time. In addition, futures positions may become illiquid due to daily price limits taking effect or due to market
disruptions. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a futures or futures
option position. The Fund would be exposed to possible loss on the position during the interval of inability to close, and would continue
to be required to meet margin requirements until the position is closed. In addition, many of the contracts discussed above are relatively
new instruments without a significant trading history. As a result, there can be no assurance that an active secondary market will develop
or continue to exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limitations on Options and Futures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If options, futures contracts or futures options
of types other than those described herein are traded in the future, the Fund may also use those investment vehicles, provided the Board
of Trustees determines that their use is consistent with the Fund&rsquo;s investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When purchasing a futures contract or writing
a put option on a futures contract, the Fund must maintain with its custodian (or FCM, if legally permitted) cash or cash equivalents
(including any margin) equal to the market value of such contract. When writing a call option on a futures contract, the Fund similarly
will maintain with its custodian (or FCM) cash or cash equivalents (including any margin) equal to the amount by which such option is
in-the-money until the option expires or is closed by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may not maintain open short positions
in futures contracts, call options written on futures contracts or call options written on indices if, in the aggregate, the market value
of all such open positions exceeds the current value of the securities in its portfolio, plus or minus unrealized gains and losses on
the open positions, adjusted for the historical relative volatility of the relationship between the portfolio and the positions. For
this purpose, to the extent the Fund has written call options on specific securities in its portfolio, the value of those securities
will be deducted from the current market value of the securities portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The use of options and futures contracts is subject
to applicable regulations of the SEC, the several exchanges upon which they are traded and the U.S. Commodity Futures Trading Commission
(the &ldquo;CFTC&rdquo;). For example, the CFTC and domestic futures exchanges have established (and continue to evaluate and monitor)
speculative position limits (&ldquo;position limits&rdquo;) on the maximum speculative position which any person, or group of persons
acting in concert, may hold or control in particular options and futures contracts. In addition, starting January&nbsp;1, 2023 federal
position limits will apply to swaps that are economically equivalent to futures contracts that are subject to CFTC set speculative limits.
All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of complying
with speculative limits. Thus, even if the Fund does not intend to exceed applicable position limits, it is possible that different clients
managed by the Adviser and its affiliates may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have
to be modified and positions held by the Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions
or the elimination of open positions, if it occurs, may adversely affect the profitability of the Fund. A violation of position limits
could also lead to regulatory action materially adverse to the Fund&rsquo;s investment strategy. In addition, the Fund&rsquo;s FCM may
limit the Fund&rsquo;s ability to invest in certain futures contracts. Such restrictions may adversely affect the Fund&rsquo;s performance
and its ability to achieve its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to CFTC Regulation 4.5, Calamos, the Fund&rsquo;s investment adviser, is excluded from the definition of commodity pool operator (&ldquo;CPO&rdquo;)
under the Commodity Exchange Act (&ldquo;CEA&rdquo;) and is not subject to registration or regulation as such under the CEA. The terms
of the exclusion require the Fund, among other things, to adhere to certain limits on its investments in &ldquo;commodity interests.&rdquo;
Pursuant to the exemption, if the Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps)
the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized
losses on any such positions and excluding the amount by which options that are &ldquo;in-the-money&rdquo;<SUP>5</SUP></FONT> at the
time of purchase) may not exceed 5% of the Fund&rsquo;s NAV, or alternatively, the aggregate net notional value of those positions, as
determined at the time the most recent position was established, may not exceed 100% of the Fund&rsquo;s NAV (after taking into account
unrealized profits and unrealized losses on any such positions). If, in the future, the Fund can no longer satisfy these requirements,
Calamos would withdraw its exclusion from the definition of CPO, and Calamos would be subject to registration and regulation as a CPO
with respect to the Fund, in accordance with CFTC rules&nbsp;that apply to CPOs of registered investment companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the Fund&rsquo;s ability to use
options and futures contracts may be limited by tax considerations. See &ldquo;Certain Federal Income Tax Matters&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may invest in warrants. A warrant is
a right to purchase common stock at a specific price (usually at a premium above the market value of the underlying common stock at time
of issuance) during a specified period of time. A warrant may have a life ranging from less than a year to twenty years or longer, but
a warrant becomes worthless unless it is exercised or sold before expiration. In addition, if the market price of the common stock does
not exceed the warrant&rsquo;s exercise price during the life of the warrant, the warrant will expire worthless. Warrants have no voting
rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease
in the value of a warrant may be greater than the percentage increase or decrease in the value of the underlying common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> 1 A call option is &ldquo;in-the-money&rdquo; to the
extent, if any, that the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is
 &ldquo;in-the-money&rdquo; if the exercise price exceeds the value of the futures contract that is the subject of the option</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio Turnover</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although the Fund does not purchase securities
with a view to rapid turnover, there are no limitations on the length of time that a portfolio security must be held. Portfolio turnover
can occur for a number of reasons, including calls for redemption, general conditions in the securities markets, more favorable investment
opportunities in other securities, or other factors relating to the desirability of holding or changing a portfolio investment. The portfolio
turnover rates may vary greatly from year to year. A high rate of portfolio turnover in the Fund would result in increased transaction
expense, which must be borne by the Fund. High portfolio turnover may also result in the realization of capital gains or losses and,
to the extent net short-term capital gains are realized, any distributions resulting from such gains will be taxed at ordinary income
tax rates for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Short Sales</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A short sale may be effected when Calamos believes
that the price of a security will decline or underperform the market, and involves the sale of borrowed securities, in the hope of purchasing
the same securities at a later date at a lower price. There can be no assurance that the Fund will be able to close out a short position
(i.e., purchase the same securities) at any particular time or at an acceptable or advantageous price. To make delivery to the buyer,
the Fund must borrow the securities from a broker-dealer through which the short sale is executed, and the broker-dealer delivers the
securities, on behalf of the Fund, to the buyer. The broker- dealer may be entitled to retain the proceeds from the short sale until
the Fund delivers to it the securities sold short or the Fund may receive and invest the proceeds. In addition, the Fund is required
to pay to the broker- dealer the amount of any dividends or interest paid on the securities sold short.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To secure its obligation to deliver to the broker-dealer
the securities sold short, the Fund must segregate an amount of cash or liquid securities that are marked to market daily with its custodian
equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral
with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, the
Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the
segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund is said to have a short position in
the securities sold until it delivers to the broker-dealer the securities sold. The Fund will normally close out a short position by
purchasing on the open market and delivering to the broker-dealer an equal amount of the securities sold short.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund will realize a gain if the price of
the securities declines between the date of the short sale and the date on which the Fund purchases securities to replace the borrowed
securities. On the other hand, the Fund will incur a loss if the price of the securities increases between those dates. The amount of
any gain will be decreased and the amount of any loss increased by any premium or interest that the Fund may be required to pay in connection
with the short sale. It should be noted that possible losses from short sales differ from those that could arise from a cash investment
in a security in that losses from a short sale may be limitless, while the losses from a cash investment in a security cannot exceed
the total amount of the investment in the security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is also a risk that securities borrowed
by the Fund and delivered to the buyer of the securities sold short will need to be returned to the broker-dealer on short notice. If
the request for the return of securities occurs at a time when other short sellers of the security are receiving similar requests, a
 &ldquo;short squeeze&rdquo; can occur, meaning that the Fund might be compelled, at the most disadvantageous time, to replace the borrowed
securities with securities purchased on the open market, possibly at prices significantly in excess of the proceeds received from the
short sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">It is possible that the market value of the securities
the Fund holds in long positions will decline at the same time that the market value of the securities the Fund has sold short increases,
thereby increasing the Fund&rsquo;s potential volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Rule&nbsp;10a-1 under the Securities Exchange
Act of 1934, as amended (&ldquo;Exchange Act&rdquo;) provides that exchange-traded securities can be sold short only at a price that
is higher than the last trade or the same as the last trade price if that price is higher than the price of the previous reported trade.
The requirements of Rule&nbsp;10a-1 can delay, or in some cases prevent, execution of short sales, resulting in opportunity costs and
increased exposure to market action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may also make short sales &ldquo;against
the box,&rdquo; meaning that at all times when a short position is open the Fund owns an equal amount of such securities or securities
convertible into or exchangeable, without payment of further consideration, for securities of the same issue as, and in an amount equal
to, the securities sold short. Short sales &ldquo;against the box&rdquo; result in a &ldquo;constructive sale&rdquo; and require the Fund
to recognize any taxable gain unless an exception to the constructive sale rule&nbsp;applies. The Fund will not make a short sale of securities
(other than a short sale &ldquo;against the box&rdquo;), if more than 20% of its net assets would be deposited with brokers as collateral
or allocated to segregated accounts in connection with all outstanding short sales (other than short sales &ldquo;against the box&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Short sales also may afford the Fund an opportunity
to earn additional current income to the extent it is able to enter into arrangements with broker-dealers through which the short sales
are executed to receive income with respect to the proceeds of the short sales during the period the Fund&rsquo;s short positions remain
open. Calamos believes that some broker-dealers may be willing to enter into such arrangements, but there is no assurance that the Fund
will be able to enter into such arrangements to the desired degree. Further, in response to market events, the SEC and regulatory authorities
in other jurisdictions may adopt (and in certain cases, have adopted) reporting obligations and/or bans on short sales of certain securities,
including short positions on such securities acquired through certain derivative instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Swaps, Caps, Floors and Collars</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may enter into interest rate, currency,
index, credit default and other swaps and the purchase or sale of related caps, floors and collars. The Fund expects to enter into these
transactions primarily as a hedge to preserve a return or spread on a particular investment or portion of its portfolio, to protect against
currency fluctuations, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates
purchasing at a later date. The Fund will not sell interest rate caps or floors where it does not own securities or other instruments
providing the income stream the Fund may be obligated to pay. Interest rate swaps involve the exchange by the Fund with another party
of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect
to a notional amount of principal. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies
based on the relative value differential among them and an index swap is an agreement to swap cash flows on a notional amount based on
changes in the values of the reference indices. A credit default swap is an agreement to transfer the credit exposure of fixed income
products between parties. The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party
selling such cap to the extent that a specified index exceeds a predetermined interest rate or amount. The purchase of a floor entitles
the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified index
falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return within
a predetermined range of interest rates or values for the purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund will usually enter into swaps or caps
on a net basis; that is, the two payment streams will be netted out in a cash settlement on the payment date or dates specified in the
instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. The Fund intends to maintain
in a segregated account with its custodian cash or liquid securities having a value at least equal to the Fund&rsquo;s net payment obligations
under any swap transaction, marked-to-market daily.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The use of swaps and caps is a highly specialized
activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions.
The Fund&rsquo;s use of swaps or caps could enhance or harm the overall performance on the common shares. To the extent there is a decline
in interest rates, the value of the interest rate swap or cap could decline, and could result in a decline in the net asset value of the
common shares. In addition, if short-term interest rates are lower than the Fund&rsquo;s fixed rate of payment on the interest rate swap,
the swap will reduce common share net earnings. If, on the other hand, short-term interest rates are higher than the fixed rate of payment
on the interest rate swap, the swap will enhance common share net earnings. Buying caps could enhance the performance of the common shares
by limiting certain leverage expenses. Buying caps could also decrease the net earnings of the common shares in the event that the premium
paid by the Fund to the counterparty exceeds the additional amount the Fund would have been required to pay had it not entered into the
cap agreement. The Fund has no current intention of selling swaps or caps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Swaps and caps do not involve the delivery of
securities or other underlying assets or principal. Accordingly, the risk of loss with respect to swaps is limited to the net amount of
payments that the Fund is contractually obligated to make. If the counterparty defaults, the Fund would not be able to use the anticipated
net receipts under the swap or cap to offset the payments on the Fund&rsquo;s leverage or offset certain losses in the portfolio. Depending
on whether the Fund would be entitled to receive net payments from the counterparty on the swap or cap, such a default could negatively
impact the performance of the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although this will not guarantee the counterparty
does not default, the Fund will not enter into any swap, cap, floor or collar transaction unless, at the time of entering into such transaction,
the Fund believes that the counterparty has the financial resources to honor its obligation under the transaction. Further, Calamos will
continually monitor the financial stability of a counterparty to a swap or cap transaction in an effort to proactively protect the Fund&rsquo;s
investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, at the time the swap or cap transaction
reaches its scheduled termination date, there is a risk that the Fund would not be able to obtain a replacement transaction or that the
terms of the replacement would not be as favorable as on the expiring transaction. If this occurs, it could have a negative impact on
the performance of the Fund&rsquo;s common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Fund were to issue preferred shares, the
Fund may choose or be required to redeem some or all of the preferred shares or prepay any borrowings. Such redemption or prepayment would
likely result in the Fund seeking to terminate early all or a portion of any swap or cap transaction. Such early termination of a swap
could result in termination payment by or to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although the swap market has grown substantially
over the years increasing liquidity, some swaps, including caps, floors, and collars may be considered illiquid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, certain categories of interest rate
and credit default swaps are, and more in the future may be, centrally cleared. Swaps that are centrally-cleared are subject to the creditworthiness
of the clearing organizations involved in the transaction. For example, the Fund could lose margin payments deposited with the clearing
organization, as well as the net amount of gains not yet paid by the clearing organization, if the clearing organization breaches the
swap agreement with the Fund or becomes insolvent or goes into bankruptcy. Also, the Fund will be exposed to the credit risk of the FCM
who acts as the Fund&rsquo;s clearing member on the clearinghouse for a centrally cleared swap. If the Fund&rsquo;s FCM becomes bankrupt
or insolvent, or otherwise defaults on its obligations to the Fund, the Fund may not receive all amounts owed to it in respect of its
trading, even if the clearinghouse fully discharges all of its obligations. In the event of bankruptcy of the Fund&rsquo;s FCM, the Fund
may be entitled to the net amount of gains the Fund is entitled to receive, plus the return of margin owed to it, only in proportion to
the amount received by the FCM&rsquo;s other customers, potentially resulting in losses to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Associated with Cleared Derivatives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CFTC requires that certain interest rate swaps
and index credit default swaps be cleared through a central counterparty (&ldquo;CCP&rdquo;) (unless an exception or exemption applies),
and the CFTC may expand the types of swaps (e.g., certain foreign currency and commodity swaps) subject to mandatory clearing. While the
SEC has adopted rules&nbsp;establishing a framework for determining which security-based swaps will be subject to mandatory clearing,
no such clearing determination has been issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Where the Fund enters into swaps subject to mandatory
clearing, it may be required to clear such swaps at a CCP through a FCM acting as clearing broker. The Fund will have to post initial
margin to CCPs through such FCMs (in the U.S.) or other clearing brokers (outside the U.S.), and for swaps cleared at CCPs that are U.S.-registered
derivatives clearing organizations, such initial margin will be held by such CCPs and FCMs in segregated accounts under the CFTC rules.
Such segregation is intended to protect the initial margin of swap clearing customers from the claims of other creditors of a CCP or FCM.
Furthermore, the CFTC rules&nbsp;implement&nbsp;the&nbsp;so-called&nbsp;&ldquo;legally segregated, operationally commingled&rdquo; model
for the segregation of swap clearing customer collateral on&nbsp;a&nbsp;customer-by-customer&nbsp;basis,&nbsp;which is intended to protect
each customer from the default of other customers of the FCM. Such segregation, however, will not protect clearing customers like the
Fund from any operational or fraud risk of a CCP or FCM with respect to the initial margin posted to the CCP or FCM. In addition, the
initial margin posted to a&nbsp;non-US&nbsp;CCP&nbsp;through a&nbsp;non-US&nbsp;clearing broker may not even be segregated from the property
of such CCP and/or clearing broker. The SEC has no final rules&nbsp;for the treatment and protection of customer property, including initial
margin, held by CCPs and broker-dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, where the Fund enters into certain
swaps subject to mandatory clearing, it may be required to execute such swaps on a registered designated contract market or swap execution
facility (&ldquo;SEF&rdquo;). The CFTC requires that certain interest rate swaps and index credit default swaps be executed on a registered
designated contract market or SEF, and registered designated contract markets or SEFs may self-certify additional types of interest rate
and index credit default swaps as subject to this requirement. The SEC has not yet adopted registration rules&nbsp;for security-based
registered designated contract markets or SEFs or a mandatory trade execution requirement for security-based swaps. In addition, certain
foreign jurisdictions may impose clearing and trade execution requirements that could apply to the Fund&rsquo;s transactions&nbsp;with&nbsp;non-U.S.&nbsp;entities.&nbsp;While
the Fund may benefit from reduced counterparty credit and operations risk and pricing transparency resulting from these requirements,
it will incur additional costs in trading these swaps. In addition, while the Fund will attempt to execute, clear and settle these swaps
through entities Calamos believes to be sound, there can be no assurance that a failure by such an entity will not cause a loss to the
Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Associated with Uncleared Derivatives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Where the Fund enters into derivatives contracts
that are not centrally cleared through a CCP, the Fund will become subject to the risk that a counterparty will not perform its obligations
under such contracts, because of for example, a dispute over the terms of the contract (whether or not bona fide) or because of a credit
or liquidity problem of the counterparty, thus causing the Fund to suffer a loss. Such counterparty risk may be accentuated by the fact
that the Fund may concentrate its transactions with a single or small group of counterparties. In addition, in the case of a default,
the Fund could become subject to adverse market movements while seeking replacement transactions. The Fund is not restricted from dealing
with any particular counterparty or from concentrating any or all of its transactions with one counterparty. Certain of the swap counterparties
may be entities that are rated by recognized rating agencies. The Fund&rsquo;s ability to transact business with any one or number of
counterparties, the possible lack of a meaningful and independent evaluation of such counterparties&rsquo; financial capabilities, and
the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The U.S. prudential regulators and the CFTC have
adopted variation margin requirements for non-cleared swaps which apply to entities subject to the jurisdiction of the prudential regulators
and entities registered as swap dealers with the CFTC, respectively. While the Fund will not be directly subject to these margin requirements,
the Fund will be indirectly impacted by the margin requirements where its counterparty is subject to such requirement. These requirements
include restrictions on the types of collateral that may be exchanged and the timing of transferring margin, among other things. Mandatory
initial margin requirements are also in the process of being implemented, but such requirements apply only to swap dealers when trading
with financial end users with &ldquo;material swaps exposure.&rdquo; Given the anticipated volume of the Fund&rsquo;s swap transactions,
the Fund is not likely to have &ldquo;material swaps exposure&rdquo; for purposes of these margin rules, and therefore does not expect
to be subject to these initial margin requirements. In addition, the U.S. prudential regulators&rsquo; margin rules&nbsp;apply to non-cleared
security-based swaps entered into by security-based swap dealers that are subject to their jurisdiction. The SEC also finalized margin
rules&nbsp;for security-based swap dealers that are not subject to the jurisdiction of prudential regulators which generally apply to
such dealers and their security-based swap transactions with their counterparties regardless of their material swaps exposure. Similar
requirements have been adopted in the European Union, United Kingdom and other jurisdictions, which impose similar clearing and margin
requirements that may affect the Fund&rsquo;s derivative activities with the Fund&rsquo;s counterparties domiciled in such jurisdictions
and subject to such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent that the Fund&rsquo;s swap dealer
counterparty collects margin from the Fund on its uncleared swaps and security-based swaps, such margin is held in an account at the Fund&rsquo;s
custodian in which the swap dealer has a security interest. The custodian may fail to segregate such assets or collateral properly. In
either case, in the event of the bankruptcy or insolvency of any custodian or counterparty, the Fund&rsquo;s assets and collateral may
be subject to the conflicting claims of the creditors of the relevant custodian or counterparty, and the Fund may be exposed to the risk
of a court treating the Fund as a general unsecured creditor of such custodian or counterparty, rather than as the owner of such assets
or collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, uncleared OTC derivative instruments
can generally be closed out only by negotiation with the counterparty, which may expose the Fund to liquidity risk. There can be no assurance
that a liquid secondary market will exist for any particular derivative instrument at any particular time, including for those derivative
instruments that were originally categorized as liquid at the time they were acquired by the Fund. In volatile markets, the Fund may not
be able to close out a position without incurring a significant amount of loss. In addition, the Fund may not be able to convince its
counterparty to consent to an early termination of an OTC derivative contract or may not be able to enter into an offsetting transaction
to effectively unwind the transaction. Such OTC derivative contracts generally are not assignable except by agreement between the parties,
and a counterparty typically has no obligation to permit assignments. Even if the Fund&rsquo;s counterparty agrees to early termination
of OTC derivatives at any time, doing so may subject the Fund to certain early termination charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&ldquo;When Issued&rdquo; and Delayed Delivery Securities and Reverse
Repurchase Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may purchase securities on a when issued
or delayed delivery basis. Although the payment and interest terms of these securities are established at the time the Fund enters into
the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed.
The Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before settlement
date if Calamos deems it advisable for investment reasons. The Fund may utilize spot and forward foreign currency exchange transactions
to reduce the risk inherent in fluctuations in the exchange rate between one currency and another when securities are purchased or sold
on a when issued or delayed delivery basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may enter into reverse repurchase agreements
with banks and securities dealers. A reverse repurchase agreement is a repurchase agreement in which the Fund is the seller of, rather
than the investor in, securities and agrees to repurchase them at an agreed upon time and price. Use of a reverse repurchase agreement
may be preferable to a regular sale and later repurchase of securities because it avoids certain market risks and transaction costs. Reverse
repurchase agreements involve the risk that the market value of securities and/or other instruments purchased by the Fund with the proceeds
received by the Fund in connection with such reverse repurchase agreements may decline below the market value of the securities the Fund
is obligated to repurchase under such reverse repurchase agreements. They also involve the risk that the counterparty liquidates the securities
delivered to it by the Fund under the reverse repurchase agreement following the occurrence of an event of default under the applicable
master repurchase agreement by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At the time when the Fund enters into a binding
obligation to purchase securities on a when-issued basis or enters into a reverse repurchase agreement, liquid securities (cash, U.S.
Government securities or other &ldquo;high grade&rdquo; debt obligations) of the Fund having a value at least as great as the purchase
price of the securities to be purchased will be segregated on the books of the Fund and held by the custodian throughout the period of
the obligation. The use of these investment strategies may increase net asset value fluctuation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Illiquid Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may invest without limit in securities
that, at the time of investment, are illiquid (i.e., any investment that the Fund reasonably expects cannot be sold or disposed of in
current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the
investment). Illiquid securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to
do so. The market price of illiquid securities generally is more volatile than that of more liquid securities, which may adversely affect
the price that the Fund pays for or recovers upon the sale of illiquid securities. Illiquid securities are also more difficult to value
and Calamos&rsquo; judgment may play a greater role in the valuation process. Investment of the Fund&rsquo;s assets in illiquid securities
may restrict the Fund&rsquo;s ability to take advantage of market opportunities. The risks associated with illiquid securities may be
particularly acute in situations in which the Fund&rsquo;s operations require cash and could result in the Fund borrowing to meet its
short-term needs or incurring losses on the sale of illiquid securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may invest in bonds, corporate loans,
convertible securities, preferred stocks and other securities that lack a secondary trading market or are otherwise considered illiquid.
Liquidity of a security relates to the ability to easily dispose of the security and the price to be obtained upon disposition of the
security, which may be less than would be obtained for a comparable more liquid security. Such investments may affect the Fund&rsquo;s
ability to realize the net asset value in the event of a voluntary or involuntary liquidation of its assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Temporary Defensive Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may make temporary investments without
limitation when Calamos determines that a defensive position is warranted. Such investments may be in money market instruments, consisting
of obligations of, or guaranteed as to principal and interest by, the U.S. Government or its agencies or instrumentalities; certificates
of deposit, bankers&rsquo; acceptances and other obligations of domestic banks having total assets of at least $500 million and that are
regulated by the U.S. Government, its agencies or instrumentalities; commercial paper rated in the highest category by a recognized rating
agency; cash; and repurchase agreements. If the Fund temporarily uses a different investment strategy for defensive purposes, different
factors could affect the Fund&rsquo;s performance, and the Fund may not achieve its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Repurchase Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As part of its strategy for the temporary investment
of cash, the Fund may enter into &ldquo;repurchase agreements&rdquo; with member banks of the Federal Reserve System or primary dealers
(as designated by the Federal Reserve Bank of New York) in such securities. A repurchase agreement arises when the Fund purchases a security
and simultaneously agrees to resell it to the vendor at an agreed upon future date. The resale price is greater than the purchase price,
reflecting an agreed upon market rate of return that is effective for the period of time the Fund holds the security and that is not related
to the coupon rate on the purchased security. Such agreements generally have maturities of no more than seven days and could be used to
permit the Fund to earn interest on assets awaiting long-term investment. The Fund requires continuous maintenance by the custodian for
the Fund&rsquo;s account in the Federal Reserve/Treasury Book Entry System of collateral in an amount equal to, or in excess of, the market
value of the securities that are the subject of a repurchase agreement. Repurchase agreements maturing in more than seven days are considered
illiquid securities. In the event of a bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both
delays in liquidating the underlying security and losses, including: (a)&nbsp;possible decline in the value of the underlying security
during the period while the Fund seeks to enforce its rights thereto; (b)&nbsp;possible subnormal levels of income and lack of access
to income during this period; and (c)&nbsp;expenses of enforcing its rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may invest in preferred shares. The preferred
shares that the Fund will invest in will typically be convertible securities. Preferred shares are equity securities, but they have many
characteristics of fixed income securities, such as a fixed dividend payment rate and/or a liquidity preference over the issuer&rsquo;s
common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Real Estate Investment Trusts (&ldquo;REITs&rdquo;) and Associated
Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">REITs are pooled investment vehicles which invest
primarily in income producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage
REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive
income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated
in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest
payments. REITs are not taxed on income and gains distributed to shareholders provided they comply with the applicable requirements of
the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). The Fund will indirectly bear its proportionate share of any management
and other expenses paid by REITs in which it invests in addition to the expenses paid by the Fund. Debt securities issued by REITs are,
for the most part, general and unsecured obligations and are subject to risks associated with REITs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investing in REITs involves certain unique risks
in addition to those risks associated with investing in the real estate industry in general. An equity REIT may be affected by changes
in the value of the underlying properties owned by the REIT. A mortgage REIT may be affected by changes in interest rates and the ability
of the issuers of its portfolio mortgages to repay their obligations. REITs are dependent upon the skills of their managers and are not
diversified. REITs are generally dependent upon maintaining cash flows to repay borrowings and to make distributions to shareholders and
are subject to the risk of default by lessees or borrowers. REITs whose underlying assets are concentrated in properties used by a particular
industry, such as health care, are also subject to risks associated with such industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">REITs (especially mortgage REITs) are also subject
to interest rate risks. When interest rates decline, the value of a REIT&rsquo;s investment in fixed rate obligations can be expected
to rise. Conversely, when interest rates rise, the value of a REIT&rsquo;s investment in fixed rate obligations can be expected to decline.
If the REIT invests in adjustable rate mortgage loans the interest rates on which are reset periodically, yields on a REIT&rsquo;s investments
in such loans will gradually align themselves to reflect changes in market interest rates. This causes the value of such investments to
fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">REITs may have limited financial resources, may
utilize significant amounts of leverage, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic
price movements than larger company securities. Historically REITs have been more volatile in price than the larger capitalization stocks
included in Standard&nbsp;&amp; Poor&rsquo;s 500 Stock Index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Investment Companies (including ETFs)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may invest in the securities of other
investment companies, including ETFs, to the extent that such investments are consistent with the Fund&rsquo;s investment objective and
policies and permissible under the 1940 Act. Under the 1940 Act, the Fund generally may not acquire the securities of other domestic or
non-U.S. investment companies if, as a result, (i)&nbsp;more than 10% of the Fund&rsquo;s total assets would be invested in securities
of other investment companies, (ii)&nbsp;such purchase would result in more than 3% of the total outstanding voting securities of any
one investment company being held by the Fund, (iii)&nbsp;more than 5% of the Fund&rsquo;s total assets would be invested in any one investment
company, or (iv)&nbsp;such purchase would result in more than 10% of the total outstanding voting securities of a registered closed-end
investment company being held by the Fund and other investment companies advised by Calamos. These limitations do not apply to the purchase
of shares of money market funds or any investment company in connection with a merger, consolidation, reorganization or acquisition of
substantially all the assets of another investment company, or to purchases of investment companies made in accordance with SEC exemptive
relief or rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund, as a holder of the securities of other
investment companies, will bear its pro rata portion of the other investment companies&rsquo; expenses, including advisory fees. These
expenses are in addition to the direct expenses of the Fund&rsquo;s own operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dodd-Frank Act and Other Derivatives Regulations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Financial crises in both the U.S. and global economies
over the past several years has resulted, and may continue to result, in an unusually high degree of volatility in the financial markets
and the economy at large. Both domestic and international equity and fixed income markets have experienced heightened volatility and turmoil,
with issuers that have exposure to the real estate, mortgage and credit markets particularly affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the recent unprecedented turbulence
in financial markets, the reduced liquidity in credit and fixed income markets may negatively affect many issuers worldwide. Reduced liquidity
in these markets may mean there is less money available to purchase raw materials, goods and services, which may, in turn, bring down
the prices of these economic staples. It may also result in some issuers having more difficulty obtaining financing and ultimately may
lead to a decline in their stock prices. The values of some sovereign debt and of securities of issuers that hold that sovereign debt
have fallen. These events, and the potential for continuing market turbulence, may have an adverse effect on the Fund. In addition, global
economies and financial markets have become increasingly interconnected, which increases the possibilities that conditions in one country
or region might adversely impact issuers in a different country or region.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Continuing uncertainty as to the status of the
Euro and the European Monetary Union (&ldquo;EMU&rdquo;) and the potential for certain countries to withdraw from the institution has
created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU could have
significant adverse effects on currency and financial markets, and on the values of the Fund&rsquo;s portfolio investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The U.S. federal government and certain foreign
central banks have acted to calm credit markets and increase confidence in the U.S. and world economies. Certain of these entities have
injected liquidity into the markets and taken other steps in an effort to stabilize the markets and grow the economy. The ultimate effect
of these efforts is, of course, not yet known. Changes in government policies may exacerbate the market&rsquo;s difficulties and the withdrawal
of this support, or other policy changes by governments or central banks, could negatively affect the value and liquidity of certain securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The situation in the financial markets has led
to calls for increased regulation, and the need of many financial institutions for government help has given lawmakers and regulators
new leverage. The Dodd-Frank Act initiated a dramatic revision of the U.S. financial regulatory framework that is expected to continue
to unfold over several years. The Dodd-Frank Act covers a broad range of topics, including (among many others) a reorganization of federal
financial regulators; a process intended to improve financial systemic stability and the resolution of potentially insolvent financial
firms; new rules&nbsp;for derivatives trading; the creation of the Consumer Financial Protection Bureau; the registration and additional
regulation of hedge and private equity fund managers; and new federal requirements for residential mortgage loans. Instruments in which
the Fund may invest, or the issuers of such instruments, may be affected by the legislation and regulations promulgated thereunder in
ways that may be unforeseeable. Because these requirements are relatively new and evolving (and some of the rules&nbsp;are not yet final),
their ultimate impact remains unclear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The statutory provisions of the Dodd-Frank Act
significantly change in several respects the ways in which investment products are marketed, sold, settled or terminated. In particular,
the Dodd-Frank Act mandates the elimination of references to credit ratings in numerous securities laws, including the 1940 Act. Transactions
in some types of swaps (including interest rate swaps and credit default index swaps on North American and European indices) are required
to be centrally cleared. Clearinghouses and futures commission merchants have broad rights to increase margin requirements for existing
cleared transactions or to terminate cleared transactions at any time. Any increase in margin requirements or termination by the clearing
member or the clearinghouse may have an effect on the performance of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under rules&nbsp;adopted under the Dodd-Frank
Act, certain cleared derivatives contracts are required to be executed through swap execution facilities (&ldquo;SEFs&rdquo;). A SEF is
a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants
in the platform. Such requirements may make it more difficult and costly for investment funds, such as the Fund, to enter into highly
tailored or customized transactions. Trading swaps on a SEF may offer certain advantages over traditional bilateral over-the-counter trading,
such as ease of execution, price transparency, increased liquidity and/or favorable pricing. Execution through a SEF is not, however,
without additional costs and risks, as parties are required to comply with SEF and CFTC rules&nbsp;and regulations, including disclosure
and recordkeeping obligations, and SEF rights of inspection, among others. SEFs typically charge fees, and if the Fund executes derivatives
on a SEF through a broker intermediary, the intermediary may impose fees as well. The Fund also may be required to indemnify a SEF, or
a broker intermediary who executes swaps on a SEF on the Fund&rsquo;s behalf, against any losses or costs that may be incurred as a result
of the Fund&rsquo;s transactions on the SEF. In addition, the Fund may be subject to execution risk if it enters into a derivatives transaction
that is required to be cleared, and no clearing member is willing to clear the transaction on the Fund&rsquo;s behalf. In that case, the
transaction might have to be terminated, and the Fund could lose some or all of the benefit of any increase in the value of the transaction
after the time of the trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The European Union, the United Kingdom (and some
other countries) are implementing similar requirements that will affect the Fund when it enters into derivatives transactions with a counterparty
organized in that country or otherwise subject to that country&rsquo;s derivatives regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The new requirements may result in increased uncertainty
about counterparty credit risk, and they may also limit the flexibility of the Fund to protect its interests in the event of an insolvency
of a derivatives counterparty. In the event of a counterparty&rsquo;s (or its affiliate&rsquo;s) insolvency, the Fund&rsquo;s ability
to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or
eliminated under new special resolution regimes adopted in the United States, the European Union and various other jurisdictions. Such
regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty.
In particular, with respect to counterparties who are subject to such proceedings in the European Union, the liabilities of such counterparties
to the Fund could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a &ldquo;bail in&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, U.S. regulators, the European Union,
the United Kingdom, and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared derivatives transactions.
It is expected that these regulations will have a material impact on the Fund&rsquo;s use of uncleared derivatives. These rules&nbsp;will
impose minimum margin requirements on derivatives transactions between the Fund and its swap counterparties and may increase the amount
of margin the Fund is required to provide. They will impose regulatory requirements on the timing of transferring margin. The Fund is
subject to variation margin requirements under such rules&nbsp;and the Fund may, but is not expected to, become subject to initial margin
requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CFTC and U.S. futures exchanges have established
limits, referred to as &ldquo;position limits,&rdquo; on the maximum net long or net short positions which any person may own or control
in certain futures and options contracts. In addition, starting January&nbsp;1, 2023 federal position limits will apply to swaps that
are economically equivalent to futures contracts that are subject to CFTC set speculative limits. All positions owned or controlled by
the same person or entity, even if in different accounts, must be aggregated for purposes of determining whether the applicable position
limits have been exceeded. Thus, even if the Fund does not intend to exceed applicable position limits, it is possible that different
clients managed by the Adviser may be aggregated for this purpose. Any modifications of trading decisions or elimination of open positions
that may be required to avoid exceeding such limits may adversely affect the performance of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In October&nbsp;2020, the SEC adopted Rule&nbsp;18f-4
under the 1940 Act, which will apply to the Fund&rsquo;s use of derivative investments and certain financing transactions (e.g., reverse
repurchase agreements). Among other things, Rule&nbsp;18f-4 will require funds that invest in derivative instruments beyond a specified
limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt
and implement a derivatives risk management program. A fund that uses derivative instruments (beyond certain currency and interest rate
hedging transactions) in a limited amount will not be subject to the full requirements of Rule&nbsp;18f-4. In connection with the adoption
of Rule&nbsp;18f-4, funds will no longer be required to comply with the asset segregation framework arising from prior SEC guidance for
covering certain derivative instruments and related transactions. Compliance with Rule&nbsp;18f-4 will not be required until August&nbsp;2022.
As the Fund comes into compliance, the approach to asset segregation and coverage requirements described in this SAI will be impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These and other new rules&nbsp;and regulations
could, among other things, further restrict the Fund&rsquo;s ability to engage in, or increase the cost to the Fund of, derivatives transactions,
for example, by making some types of derivatives no longer available to the Fund or otherwise limiting liquidity. This may result in changes
to the Fund&rsquo;s principal investment strategies and could adversely affect the Fund&rsquo;s performance and its ability to achieve
its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_003"></A>INVESTMENT RESTRICTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following are the Fund&rsquo;s fundamental
investment restrictions. These restrictions may not be changed without the approval of the holders of a majority of the Fund&rsquo;s outstanding
voting securities (which for this purpose and under the 1940 Act means the lesser of (i)&nbsp;67% of the common shares represented at
a meeting at which more than 50% of the outstanding common shares are represented or (ii)&nbsp;more than 50% of the outstanding common
shares). As long as preferred shares are outstanding, the investment restrictions cannot be changed without the approval of a majority
of the outstanding common and preferred shares, voting together as a class, and the approval of a majority of the outstanding preferred
shares, voting separately by class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-right: 44.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue senior securities, except as permitted by the 1940 Act and the rules&nbsp;and interpretive positions of the SEC thereunder.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 44.2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 46.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrow money, except as permitted by the 1940 Act and the rules&nbsp;and interpretive positions of the SEC thereunder.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 46.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invest in real estate, except that the Fund may invest in securities of issuers that invest in real estate or interests therein, securities that are secured by real estate or interests therein, securities of real estate investment funds and mortgage-backed securities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make loans, except by the purchase of debt obligations, by entering into repurchase agreements or through the lending of portfolio securities and as otherwise permitted by the 1940 Act and the rules&nbsp;and interpretive positions of the SEC thereunder.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invest in physical commodities or contracts relating to physical commodities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-right: 48.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Act as an underwriter, except as it may be deemed to be an underwriter in a sale of securities held in its portfolio.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 48.15pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make any investment inconsistent with the Fund&rsquo;s classification as a diversified investment company under the 1940 Act and the rules&nbsp;and interpretive positions of the SEC thereunder.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="padding-right: 50.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentrate its investments in securities of companies in any particular industry as defined in the 1940 Act and the rules&nbsp;and interpretive positions of the SEC thereunder.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All other investment policies of the Fund are
considered non-fundamental and may be changed by the Board of Trustees without prior approval of the Fund&rsquo;s outstanding voting shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Currently under the 1940 Act, the Fund is not
permitted to issue preferred shares unless immediately after such issuance the net asset value of the Fund&rsquo;s portfolio is at least
200% of the liquidation value of the outstanding preferred shares (i.e., such liquidation value may not exceed 50% of the value of the
Fund&rsquo;s total assets). In addition, currently under the 1940 Act, the Fund is not permitted to declare any cash dividend or other
distribution on its common shares unless, at the time of such declaration, the net asset value of the Fund&rsquo;s portfolio (determined
after deducting the amount of such dividend or distribution) is at least 200% of such liquidation value plus any senior securities representing
indebtedness. Currently under the 1940 Act, the Fund is not permitted to issue senior securities representing indebtedness unless immediately
after such borrowing the Fund has asset coverage of at least 300% of the aggregate outstanding principal balance of indebtedness (i.e.,
such indebtedness may not exceed 33 1/3% of the value of the Fund&rsquo;s total assets). Additionally, currently under the 1940 Act, the
Fund generally may not declare any dividend or other distribution upon any class of its shares, or purchase any such shares, unless the
aggregate indebtedness of the Fund has, at the time of the declaration of any such dividend or distribution or at the time of any such
purchase, an asset coverage of at least 300% after deducting the amount of such dividend, distribution, or purchase price, as the case
may be, except that dividends may be declared upon any preferred shares if such indebtedness has an asset coverage of at least 200% at
the time of declaration thereof after deducting the amount of the dividend. This limitation does not apply to certain privately placed
debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Currently under the 1940 Act, the Fund is not
permitted to lend money or property to any person, directly or indirectly, if such person controls or is under common control with the
Fund, except for a loan from the Fund to a company which owns all of the outstanding securities of the Fund, except directors&rsquo; qualifying
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Currently, under interpretive positions of the
SEC, the Fund may not have on loan at any time securities representing more than one third of its total assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Currently under the 1940 Act, a &ldquo;senior
security&rdquo; does not include any promissory note or evidence of indebtedness where such loan is for temporary purposes only and in
an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary
purposes if it is repaid within sixty days and is not extended or renewed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Currently, the Fund would be deemed to &ldquo;concentrate&rdquo;
in a particular industry if it invested 25% or more of its total assets in that industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Currently under the 1940 Act, a &ldquo;diversified
company&rdquo; means a management company which meets the following requirements: at least 75% of the value of its total assets is represented
by cash and cash items (including receivables), government securities, securities of other investment companies, and other securities
for the purposes of this calculation limited in respect of any one issuer to an amount not greater in value than 5% of the value of the
total assets of such management company and not more than 10% of the outstanding voting securities of such issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231f20">Under the 1940 Act, the Fund may
not acquire the securities of other domestic or non-U.S. investment companies if, as a result, (1)&nbsp;more than 10% of the Fund&rsquo;s
total assets would be invested in securities of other investment companies, (2)&nbsp;such purchase would result in more than 3% of the
total outstanding voting securities of any one investment company being held by the Fund, (3)&nbsp;more than 5% of the Fund&rsquo;s total
assets would be invested in any one investment company, or (4)&nbsp;such purchase would result in more than 10% of the total outstanding
voting securities of a registered closed-end investment company being held by the Fund and any other registered investment companies advised
by Calamos, except as permitted under the 1940 Act, the rules&nbsp;thereunder or SEC exemptive relief. Currently, under the 1940 Act and
the rules&nbsp;thereunder and SEC exemptive relief, a Fund may invest in other investment companies in excess of the above limitations
if the Fund complies with Rule&nbsp;12d1-4 under the 1940 Act. The Fund may also invest without limitation in money market funds, provided
the Fund complies with Rule&nbsp;12d1-1 under the 1940 Act. These limitations do not apply, however, in connection with a merger, consolidation,
reorganization or acquisition of substantially all the assets of another investment company, or to purchases of investment companies made
in accordance with SEC exemptive relief or rule. As a shareholder in any investment company, the Fund will bear its ratable share of that
investment company&rsquo;s expenses, and would remain subject to payment of the Fund&rsquo;s advisory fees and other expenses with respect
to assets so invested. Holders of common shares would therefore be subject to duplicative expenses to the extent the Fund invests in other
investment companies. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to
the same leverage risks described herein and in the prospectus. As described in the prospectus in the section entitled &ldquo;Risks,&rdquo;
the net asset value and market value of leveraged shares will be more volatile and the yield to shareholders will tend to fluctuate more
than the yield generated by unleveraged shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, to comply with federal income tax
requirements for qualification as a regulated investment company, the Fund&rsquo;s investments will be limited by both an income and an
asset test. See &ldquo;Certain Federal Income Tax Matters.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a non-fundamental policy, the Fund may not
issue preferred shares, borrow money and/or issue debt securities with an aggregate liquidation preference and aggregate principal amount
exceeding 38% of the Fund&rsquo;s managed assets measured at the time of borrowing or issuance of the new securities. Investments of short
sale proceeds and economic leverage through derivatives are not considered borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund presently utilizes leverage through its
outstanding borrowings pursuant to the SSB Agreement, and its issuance of mandatory redeemable preferred shares. See the prospectus (under
the caption &ldquo;Leverage&rdquo;) for more information about the Fund&rsquo;s present activities related to the issuance of senior securities
and the borrowing of money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_004"></A>MANAGEMENT OF THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trustees and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund&rsquo;s Board of Trustees provides broad
oversight over the Fund&rsquo;s affairs. The officers of the Fund are responsible for the Fund&rsquo;s operations. The Fund&rsquo;s Trustees
and officers are listed below, together with their year of birth, positions held with the Fund, term of office and length of service and
principal occupations during the past five years. Asterisks indicate those Trustees who are interested persons of the Fund within the
meaning of the 1940 Act, and they are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred
to as &ldquo;Independent Trustees.&rdquo; Each of the Trustees serves as a Trustee of other investment companies (26 U.S. registered investment
portfolios) for which Calamos serves as investment adviser (collectively, the &ldquo;Calamos Funds&rdquo;). The address for all Independent
and Interested Trustees and all officers of the Fund is 2020 Calamos Court, Naperville,&nbsp;Illinois 60563.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trustees Who Are Interested Persons of the Fund:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>NAME AND <BR>
YEAR OF BIRTH</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>POSITION(S)<BR>
AND LENGTH <BR>
OF TIME <BR>
WITH FUND</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center; width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>PORTFOLIOS<BR>
IN <BR>
FUND <BR>
COMPLEX^<BR>
OVERSEEN</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>PRINCIPAL <BR>
OCCUPATION(S)<BR>
DURING THE PAST 5<BR>
 YEARS<BR>
AND OTHER<BR>
 DIRECTORSHIPS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">John P. Calamos,&nbsp;Sr. (1940)*</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Chairman, Trustee and President (since 2002) Term Expires 2023 Co-Portfolio Manager (since inception)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">27</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Founder, Chairman and Global Chief Investment Officer, Calamos Asset Management,&nbsp;Inc. (&ldquo;CAM&rdquo;), Calamos Investments LLC (&ldquo;CILLC&rdquo;), Calamos Advisors LLC and its predecessor (&ldquo;Calamos Advisors&rdquo;) and Calamos Wealth Management LLC (&ldquo;CWM&rdquo;); Director, CAM; and previously Chief Executive Officer, Calamos Financial Services LLC and its predecessor (&ldquo;CFS&rdquo;), CAM, CILLC, Calamos Advisors, and CWM</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="5" STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><B>Trustees Who Are Not Interested Persons of the Fund:</B></FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; width: 14%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 1.5%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 14%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 1.5%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 10%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 1.5%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 28%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 1.5%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 28%; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt; text-align: left; vertical-align: bottom"><B>NAME AND<BR> YEAR OF BIRTH</B></TD>
<TD STYLE="text-align: center; padding: 0.25pt; vertical-align: bottom">&nbsp; &nbsp;</TD>
<TD STYLE="text-align: center; border-bottom: black 1pt solid; padding: 0.25pt; vertical-align: bottom"><B>POSITION(S)&nbsp;<BR> WITH FUND</B></TD>
<TD STYLE="text-align: center; padding: 0.25pt; vertical-align: bottom">&nbsp; &nbsp;</TD>
<TD STYLE="text-align: center; border-bottom: black 1pt solid; padding: 0.25pt; vertical-align: bottom"><B>PORTFOLIOS<BR>
 IN</B> <B><BR>
FUND<BR>
 COMPLEX^<BR> OVERSEEN</B></TD>
<TD STYLE="text-align: center; padding: 0.25pt; vertical-align: bottom">&nbsp; &nbsp;</TD>
<TD STYLE="text-align: center; border-bottom: black 1pt solid; padding: 0.25pt; vertical-align: bottom"><B>PRINCIPAL <BR> OCCUPATION(S)<BR> </B> <B>DURING THE PAST 5 <BR> YEARS AND<BR> OTHER<BR> DIRECTORSHIPS</B></TD>
<TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom"><B>EXPERIENCE,<BR> </B> <B>QUALIFICATIONS,<BR> </B> <B>ATTRIBUTES, SKILLS<BR> </B> <B>FOR BOARD <BR> MEMBERSHIP</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">John E. Neal (1950)</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">Trustee (since 2002) Lead Independent Trustee (since July&nbsp;2019) Term Expires 2024</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">28</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Retired; Private investor; Director, Equity Residential Trust (publicly-owned REIT); Director, Creation Investments (private international microfinance company); Director, Centrust Bank (Northbrook,&nbsp;Illinois community bank); formerly, formerly, Director, Neuro-ID (private company providing prescriptive analytics for the risk industry) (until 2021); formerly, Partner, Linden LLC (health care private equity) (until 2018)</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">William R. Rybak (1951)</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Trustee (since 2002) Term Expires 2023</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">27</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Private investor; Chairman (since 2016) and Director (since 2010), Christian Brothers Investment Services Inc.; Trustee, JNL Series&nbsp;Trust and JNL Investors Series&nbsp;Trust (since 2007), JNL Variable Fund LLC (2007-2020), Jackson Variable Series&nbsp;Trust (2018-2020) and JNL Strategic Income Fund LLC (2007-2018) (open-end mutual funds)**; Trustee, Lewis University (since 2012); formerly Director, Private Bancorp (2003-2017); Executive Vice President and Chief Financial Officer, Van Kampen Investments,&nbsp;Inc. and subsidiaries (investment manager) (until 2000)</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Virginia G. Breen (1964)</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 1.5%">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Trustee (since 2015) Term Expires 2022</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 1.5%">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">27</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 1.5%">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Private investor; Director, Tech and Energy Transition Corporation (blank check company) (since 2021); Director, Paylocity Holding Corporation (since 2018); Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)***; Trustee, Jones Lang LaSalle Income Property Trust,&nbsp;Inc. (REIT) (since 2004); Director, UBS A&amp;Q Fund Complex (closed-end funds) (since 2008)****</FONT></TD>
<TD STYLE="width: 1.5%">&nbsp;</TD>
<TD STYLE="width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; vertical-align: bottom; width: 14%"><B>NAME AND<BR> YEAR OF BIRTH</B></TD>
<TD STYLE="padding: 0.25pt 0.25pt 1pt; text-align: center; vertical-align: bottom; width: 1.5%">&nbsp; &nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; vertical-align: bottom; width: 14%"><B>POSITION(S)<BR> WITH FUND</B></TD>
<TD STYLE="padding: 0.25pt 0.25pt 1pt; text-align: center; vertical-align: bottom; width: 1.5%">&nbsp; &nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; vertical-align: bottom; width: 10%"><B>PORTFOLIOS<BR> IN<BR> FUND<BR> COMPLEX^<BR> OVERSEEN</B></TD>
<TD STYLE="padding: 0.25pt 0.25pt 1pt; text-align: center; vertical-align: bottom; width: 1.5%">&nbsp; &nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; vertical-align: bottom; width: 28%"><B>PRINCIPAL<BR> OCCUPATION(S)<BR> </B> <B>DURING THE PAST 5 <BR> YEARS AND<BR> OTHER <BR> DIRECTORSHIPS</B></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center; width: 1.5%; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 28%"><B>EXPERIENCE,<BR> QUALIFICATIONS,<BR> ATTRIBUTES, SKILLS<BR> FOR BOARD <BR> MEMBERSHIP</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Lloyd A. Wennlund (1957)</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Trustee (since 2018) Term Expires 2022</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">27</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Trustee and Chairman of the Board, Datum One Series&nbsp;Trust (since 2020); Expert Affiliate, Bates Group, LLC (financial services consulting and expert testimony firm) (since 2018); Executive Vice President, The Northern Trust Company (1989- 2017); President and Business Unit Head of Northern Funds and Northern Institutional Funds (1994-2017); Director, Northern Trust Investments (1998-2017); Governor (2004-2017) and Executive Committee member (2011-2017),&nbsp;Investment Company Institute Board of Governors; Member, Securities Industry Financial Markets Association (SIFMA) Advisory Council, Private Client Services Committee and Private Client Steering Group (2006- 2017); Board Member, Chicago Advisory Board of the Salvation Army (2011-2019)</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Karen L. Stuckey (1953)</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 1.5%">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; width: 14%">Trustee (since December&nbsp;2019) Term Expires 2024</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 1.5%">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">27</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 1.5%">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Member (2015-2021) of Desert Mountain Community Foundation Advisory Board (non-profit organization); </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Emeritus Trustee (since 2007) of Lehigh University; Member, Women&rsquo;s Investment Management Forum (professional organization) (since inception); formerly, Trustee, Denver Board of OppenheimerFunds (open-end mutual funds) (2012-2019)</FONT></TD>
<TD STYLE="width: 1.5%">&nbsp;</TD>
<TD STYLE="width: 28%">More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Christopher M. Toub (1959)</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">Trustee (since December&nbsp;2019) Term Expires 2023</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">27</FONT></TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
<TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Private investor; formerly, Director of Equities, AllianceBernstein LP (until 2012)</FONT></TD>
<TD>&nbsp;</TD>
<TD>More than 25 years of experience in the financial services industry; and earned a Masters of Business Administration degree &nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&nbsp;Calamos,&nbsp;Sr. is an &ldquo;interested person&rdquo; of the Fund as defined in the 1940 Act because he is an officer of the Fund and an affiliate of Calamos and CFS.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overseeing 131 portfolios in fund complex.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overseeing eighteen portfolios in fund complex.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">****</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overseeing four portfolios in fund complex.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">^</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The term &ldquo;Fund Complex&rdquo; means two or more registered investment companies that share the same investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies or hold themselves out to investors as related companies for the purpose of investment and investor services. Accordingly, the Fund Complex consists of Calamos Investment Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity&nbsp;&amp; Dynamic Income Trust and Calamos-Avenue Opportunities Fund.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Officers</I></FONT>.
The preceding table gives information about Mr.&nbsp;John P. Calamos,&nbsp;Sr., who is Chairman, Trustee and President of the Fund. The
following table sets forth each other officer&rsquo;s name and year of birth, position with the Fund and date first appointed to that
position, and principal occupation(s)&nbsp;during the past five years. Each officer serves until his or her successor is chosen and qualified
or until his or her resignation or removal by the board of trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-right: 0.25pt; padding-left: 0.25pt; vertical-align: bottom; width: 24%"><B>NAME AND</B><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>YEAR OF BIRTH</B></FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0.25pt; padding-left: 0.25pt; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>POSITION(S)&nbsp;WITH <BR>
FUND</B></FONT></TD>
    <TD STYLE="text-align: center; padding-right: 0.25pt; padding-left: 0.25pt; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>PRINCIPAL OCCUPATION(S)&nbsp;DURING THE PAST<BR>
 5 YEARS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Robert F. Behan (1964)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Vice President (since 2013)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Executive Vice President and Chief Distribution Officer (since February&nbsp;2021), CAM, CILLC, Calamos Advisors and CFS; prior thereto, President (2015-February&nbsp;2021); Head of Global Distribution (2013-February&nbsp;2021); Executive Vice President (2013-2015); Senior Vice President (2009-2013); Head of US Intermediary Distribution (2010-2013)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Thomas E. Herman (1961)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Vice President (since 2016) and Chief Financial Officer (2016-2017 and since August&nbsp;2019)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Executive Vice President (since February&nbsp;2021) and Chief Financial Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2016); Chief Financial Officer and Treasurer, Harris Associates (2010- 2016)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">J. Christopher Jackson (1951)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Vice President and Secretary (since 2010)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM and CFS (since 2010); Director, Calamos Global Funds plc (since 2011)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">John S. Koudounis (1966)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Vice President (since 2016)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">President (since February&nbsp;2021) and Chief Executive Officer, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2016); Director, CAM (since 2016); President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Mark J. Mickey (1951)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Chief Compliance Officer (since 2005)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.3pt 0.25pt 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Chief Compliance Officer, Calamos Funds (since 2005)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.3pt 0.25pt 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Stephen Atkins (1965)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Treasurer (since March&nbsp;2020)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.3pt 0.25pt 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Senior Vice President, Head of Fund Administration, Calamos Advisors (since February&nbsp;2020); prior thereto, Consultant, Fund Accounting and Administration, Vx Capital Partners (March&nbsp;2019-February&nbsp;2020); Chief Financial Officer and Treasurer of SEC Registered Funds, and Senior Vice President, Head of European Special Purpose Vehicles Accounting and Administration, Avenue Capital Group (2010-2018)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.3pt 0.25pt 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Daniel Dufresne (1974)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Vice President (since June&nbsp;2021)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.3pt 0.25pt 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President and Chief Operating Officer, CAM, CILLC, Calamos Advisors, and CWM (since April&nbsp;2021); prior thereto&nbsp;Citadel (1999-2020); Partner (2008-2020); Managing Director, Global Treasurer (2008-2020); Global Head of Operations (2011-2020); Global Head of Counterparty Strategy (2018-2020); Senior Advisor to the COO (2020); CEO, Citadel Clearing LLC (2015-2020).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund&rsquo;s Board of Trustees consists of
seven members. In accordance with the Fund&rsquo;s Agreement and Declaration of Trust, the Board of Trustees is divided into three classes
of approximately equal size. The terms of the trustees of the different classes are staggered. The terms of Virginia G. Breen and Lloyd
A. Wennlund will expire at the annual meeting of shareholders in 2022. The terms of John P. Calamos,&nbsp;Sr., William R. Rybak, and Christopher
M. Toub will expire at the annual meeting of shareholders in 2023. The terms of John E. Neal and Karen L. Stuckey will expire at the annual
meeting of shareholders in 2024. Such classification of the Trustees may prevent the replacement of a majority of the Trustees for up
to a two-year period. Each of the Fund&rsquo;s officers serves until his or her successor is chosen and qualified or until his or her
resignation or removal by the Board of Trustees. In connection with the issuance of the MRP Shares, Mr.&nbsp;Rybak and Ms.&nbsp;Breen
were designated as the Trustees who represent the holders of preferred shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Committees
of the Board of Trustees</I></FONT>. The Fund&rsquo;s Board of Trustees currently has five standing committees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Executive
Committee</U></FONT>. Messrs.&nbsp;John P. Calamos,&nbsp;Sr. and John E. Neal are members of the Executive Committee, which has authority
during intervals between meetings of the Board of Trustees to exercise the powers of the Board, with certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Audit
Committee</U></FONT>. Messrs.&nbsp;William R. Rybak (Chair), John E. Neal, Christopher M. Toub and Lloyd A. Wennlund and Mses. Virginia
G. Breen and Karen L. Stuckey, each a non-interested Trustee, serve on the Audit Committee. The Audit Committee operates under a written
charter adopted and approved by the Board, a copy of which is available on the Fund&rsquo;s website, <U>www.calamos.com</U>. The Audit
Committee selects independent auditors, approves services to be rendered by the auditors, monitors the auditors&rsquo; performance, reviews
the results of the Fund&rsquo;s audit, determines whether to recommend to the Board that the Fund&rsquo;s audited financial statements
be included in the Fund&rsquo;s annual report and responds to other matters deemed appropriate by the Board of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Governance
Committee</U></FONT>. Mses. Virginia G. Breen (Chair) and Karen L. Stuckey and Messrs.&nbsp;John E. Neal, William R. Rybak, Christopher
M. Toub and Lloyd A. Wennlund, each a non-interested Trustee, serve on the Governance Committee. The Governance Committee operates under
a written charter adopted by the Board, a copy of which is available on the Fund&rsquo;s website, <U>www.calamos.com</U>. The Governance
Committee oversees the independence and effective functioning of the Board of Trustees and endeavors to be informed about good practices
for investment company boards. The members of the Governance Committee make recommendations to the Board of Trustees regarding candidates
for election as non-interested Trustees. The Governance Committee will consider shareholder recommendations regarding potential candidates
for nomination as Trustees properly submitted to the Governance Committee for its consideration. A Fund shareholder who wishes to nominate
a candidate to the Fund&rsquo;s Board of Trustees must submit any such recommendation in writing via regular mail to the attention of
the Fund&rsquo;s Secretary, at the address of the Fund&rsquo;s principal executive offices. The shareholder recommendation must include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number and class of all Fund shares owned beneficially and of record by the nominating shareholder at the time the recommendation is submitted and the dates on which such shares were acquired, specifying the number of shares owned beneficially;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a full listing of the proposed candidate&rsquo;s education, experience (including knowledge of the investment company industry, experience as a director or senior officer of public or private companies, and directorships on other boards of other registered investment companies), current employment, date of birth, business and residence address, and the names and addresses of at least three professional references;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information as to whether the candidate is, has been or may be an &ldquo;interested person&rdquo; (as such term is defined in the 1940 Act) of the Fund, Calamos or any of its affiliates, and, if believed not to be or have been an &ldquo;interested person,&rdquo; information regarding the candidate that will be sufficient for the Committee to make such determination;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 53.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee of the Fund, if elected;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 53.2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a description of all arrangements or understandings between the nominating shareholder, the candidate and/or any other person or persons (including their names) pursuant to which the shareholder recommendation is being made, and if none, so specify;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the class or series and number of all shares of the Fund owned of record or beneficially by the candidate, as reported by the candidate; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such other information that would be helpful to the Governance Committee in evaluating the candidate.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Governance Committee may require the nominating
shareholder to furnish other information it may reasonably require or deem necessary to verify any information furnished pursuant to the
procedures delineated above or to determine the qualifications and eligibility of the candidate proposed by the nominating shareholder
to serve as a Trustee. If the nominating shareholder fails to provide such additional information in writing within seven days of receipt
of a written request from the Governance Committee, the recommendation of such candidate as a nominee will be deemed not properly submitted
for consideration, and the Governance Committee is not required to consider such candidate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise specified by the Governance Committee&rsquo;s
chairman or by legal counsel to the non- interested Trustees, the Fund&rsquo;s Secretary will promptly forward all shareholder recommendations
to the Governance Committee&rsquo;s chairman and the legal counsel to the non-interested Trustees, indicating whether the shareholder
recommendation has been properly submitted pursuant to the procedures adopted by the Governance Committee for the consideration of trustee
candidates nominated by shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Recommendations for candidates as trustees will
be evaluated, among other things, in light of whether the number of Trustees is expected to change and whether the Trustees expect any
vacancies. During periods when the Governance Committee is not actively recruiting new Trustees, shareholder recommendations will be kept
on file until active recruitment is under way. After consideration of a shareholder recommendation, the Governance Committee may dispose
of the shareholder recommendation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except to the extent that such requirements are
waived by a majority of the Continuing Trustees (as defined in the Agreement and Declaration of Trust) then in office at the time of nomination
of such trustee, only persons satisfying the following qualification requirements may be nominated, elected, appointed, qualified or seated
(&ldquo;nominated or seated&rdquo;) to serve as trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;An individual nominated or seated as
a trustee shall be at least twenty-one years of age and not older than the mandatory retirement age determined from time to time by the
trustees or a committee of the trustees, in each case at the time the individual is nominated or seated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;An individual nominated or seated as
a trustee shall, at the time the individual is nominated or seated, serve as a trustee or director of no more than 5 investment companies
(including the Fund) having securities registered under the Exchange Act (investment companies or individual series thereof having the
same investment adviser or investment advisers affiliated through a control relationship shall all be counted as a single company for
this purpose).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(C)&nbsp;An individual nominated or seated as
a trustee shall not serve or have served within the past 3 years as a trustee of any closed-end investment company which, while such individual
was serving as a trustee or within one year after the end of such service, ceased to be a closed-end investment company registered under
the 1940 Act, unless such individual was initially nominated for election as a trustee by the board of trustees of such closed-end investment
company or had served as a trustee since the inception of such closed-end investment company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(D)&nbsp;Except as set forth in Section&nbsp;4.6
of the By-Laws of the Fund, an individual nominated or seated as a trustee shall not be an employee, officer, partner, member, trustee,
director or 5% or greater shareholder in any investment adviser (other than the Fund&rsquo;s investment adviser or any investment adviser
affiliated with the Fund&rsquo;s investment adviser), collective investment vehicle primarily engaged in the business of investing in
 &ldquo;investment securities&rdquo; (as defined in the 1940 Act) (an &ldquo;investment company&rdquo;) or entity controlling or controlled
by any investment adviser (other than the Fund&rsquo;s investment adviser or any investment adviser affiliated with the Fund&rsquo;s investment
adviser) or investment company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(E)&nbsp;An individual nominated or seated as
a trustee shall not be and shall not have been subject to any censure, order, consent decree (including consent decrees in which the respondent
has neither admitted nor denied the findings) or adverse final action of any federal, state or foreign governmental or regulatory authority
(including self-regulatory organizations), barring or suspending such individual from participation in or association with any investment-related
business or restricting such individual&rsquo;s activities with respect to any investment-related business, nor shall an individual nominated
or seated as a trustee be the subject of any investigation or proceeding that could reasonably be expected to result in an individual
nominated or seated as a trustee failing to satisfy the requirements of this paragraph, nor shall any individual nominated or seated as
a trustee be or have engaged in any conduct that has resulted in, or could have reasonably been expected or would reasonably be expected
to result in, the Commission censuring, placing limitations on the activities, functions, or operations of, suspending, or revoking the
registration of any investment adviser under Section&nbsp;203(e)&nbsp;or (f)&nbsp;of the Investment Advisers Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(F)&nbsp;An individual nominated or seated as
a trustee shall not have been charged (unless such charges were dismissed or the individual was otherwise exonerated) with a criminal
offense involving moral turpitude, dishonesty or breach of trust, or have been convicted or have pled guilty or nolo contendere with respect
to a felony under the laws of the United States or any state thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(G)&nbsp;An individual nominated or seated as
a trustee shall not be and shall not have been the subject of any of the ineligibility provisions contained in Section&nbsp;9(b)&nbsp;of
the 1940 Act that would permit, or could reasonably have been expected or would reasonably be expected to permit, the Commission by order
to prohibit, conditionally or unconditionally, either permanently or for a period of time, such individual from serving or acting as an
employee, officer, trustee, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a
registered investment company or affiliated person (as defined in Section&nbsp;2(a)(3)&nbsp;of the 1940 Act) of such investment adviser,
depositor, or principal underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Dividend
Committee</U></FONT>. Mr.&nbsp;John P. Calamos,&nbsp;Sr. serves as the sole member of the dividend committee and Mr.&nbsp;Rybak serves
as the liaison to the Dividend Committee for the non-interested Trustees. The Dividend Committee is authorized, subject to Board review,
to declare distributions on the Fund&rsquo;s shares in accordance with the Fund&rsquo;s distribution policies, including, but not limited
to, regular dividends, special dividends and short- and long-term capital gains distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Valuation
Committee</U></FONT>. Messrs.&nbsp;Lloyd A. Wennlund (Chair), John E. Neal, William R. Rybak and Christopher M. Toub and Mses. Virginia
G. Breen, and Karen L. Stuckey, each a non-interested Trustee, serve on the Valuation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Valuation Committee is responsible for overseeing
the implementation of the valuation procedures adopted by the Board of Trustees. The members of the Valuation Committee make recommendations
to the Board of Trustees regarding valuation matters relating to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the above committees, there is
a Board of Trustees directed pricing committee comprised of officers of the Fund and employees of Calamos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table identifies the number of meetings
the Board of Trustees and each standing committee held during the fiscal year ended October&nbsp;31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center">NUMBER OF MEETINGS</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center">DURING FISCAL YEAR ENDED</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">October&nbsp;31, 2021</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 63%">Board of Trustees</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">6</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Executive Committee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Audit Committee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Governance Committee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Committee</FONT><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Valuation Committee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the Dividend Committee held no meetings, it acted by written consent on 12 occasions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund&rsquo;s Agreement and Declaration of
Trust provides that the Fund will indemnify the Trustees and officers against liabilities and expenses incurred in connection with any
claim in which they may be involved because of their offices with the Fund, unless it is determined in the manner specified in the Agreement
and Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests
of the Fund or that such indemnification would relieve any officer or Trustee of any liability to the Fund or its shareholders by reason
of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Leadership
Structure and Qualifications of the Board of Trustees. </I></FONT>The Board of Trustees is responsible for oversight of the Fund. The
Fund has engaged Calamos to manage the Fund on a day-to-day basis. The Board of Trustees oversees Calamos and certain other principal
service providers in the operations of the Fund. The Board of Trustees is currently composed of seven members, six of whom are non-interested
trustees. The Board of Trustees meets in-person at regularly scheduled meetings four times throughout the year. In addition, the Board
may meet in-person or by telephone at special meetings or on an informal basis at other times. As described above, the Board of Trustees
has established five standing committees &mdash; Audit, Dividend, Executive, Governance and Valuation &mdash; and may establish ad hoc
committees or working groups from time to time, to assist the Board of Trustees in fulfilling its oversight responsibilities. The non-interested
trustees also have engaged independent legal counsel to assist them in fulfilling their responsibilities. Such independent legal counsel
also serves as counsel to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The chairman of the Board of Trustees is an &ldquo;interested
person&rdquo; of the Fund (as such term is defined in the 1940 Act). The non-interested trustees have appointed a lead independent trustee.
The lead independent trustee serves as a liaison between Calamos and the non-interested trustees and leads the non-interested trustees
in all aspects of their oversight of the Fund. Among other things, the lead independent trustee reviews and approves, with the chairman,
the agenda for each board and committee meeting and facilitates communication among the Fund&rsquo;s non-interested trustees. The Trustees
believe that the Board&rsquo;s leadership structure is appropriate given the characteristics and circumstances of the Fund. The Trustees
also believe that this structure facilitates the exercise of the Board&rsquo;s independent judgment in fulfilling its oversight function
and efficiently allocates responsibility among committees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Board of Trustees has concluded that, based
on each Trustee&rsquo;s experience, qualifications, attributes or skills on an individual basis and in combination with those of the other
Trustees, each Trustee should serve as a member of the Board. In making this determination, the Board has taken into account the actual
service of the Trustees during their tenure in concluding that each should continue to serve. The Board also has considered each Trustee&rsquo;s
background and experience. Set forth below is a brief discussion of the specific experience qualifications, attributes or skills of each
Trustee that led the Board to conclude that he should serve as a Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each of Messrs.&nbsp;Calamos, Neal and Rybak has
served for more than ten years as a Trustee of the Fund. In addition, each of Mses. Breen and Stuckey and Messrs.&nbsp;Calamos, Neal,
Rybak, Toub and Wennlund has more than 25 years of experience in the financial services industry. Each of Mses. Breen and Stuckey and
Messrs.&nbsp;Calamos, Neal, Rybak and Wennlund has experience serving on boards of other entities, including other investment companies.
Each of Ms.&nbsp;Breen and Messrs.&nbsp;Calamos, Neal, Rybak and Toub has earned a Masters of Business Administration degree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Risk
Oversight. </I></FONT>The operation of a registered investment company, including its investment activities, generally involves a variety
of risks. As part of its oversight of the Fund, the Board of Trustees oversees risk through various regular board and committee activities.
The Board of Trustees, directly or through its committees, reviews reports from, among others, Calamos, the Fund&rsquo;s Compliance Officer,
the Fund&rsquo;s independent registered public accounting firm, independent outside legal counsel, and internal auditors of Calamos or
its affiliates, as appropriate, regarding risks faced by the Fund and the risk management programs of Calamos and certain service providers.
The actual day-to-day risk management with respect to the Fund resides with Calamos and other service providers to the Fund. Although
the risk management policies of Calamos and the service providers are designed to be effective, there is no guarantee that they will anticipate
or mitigate all risks. Not all risks that may affect the Fund can be identified, eliminated or mitigated and some risks simply may not
be anticipated or may be beyond the control of the Board of Trustees or Calamos, its affiliates or other service providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Compensation
of Officers and Trustees. </I></FONT>John P. Calamos,&nbsp;Sr., the trustee who is an &ldquo;interested person&rdquo; of the Fund, does
not receive compensation from the Fund. Although they are compensated, the non-interested trustees do not receive any pension or retirement
benefits from the Fund. Mr.&nbsp;Mickey is the only Trust officer who receives compensation from the Fund. The following table sets forth
the total compensation (including any amounts deferred, as described below) paid by the Fund during the periods indicated to each of the
current trustees and officers compensated by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal"><B>Name</B></FONT></TD><TD STYLE="font-style: normal; font-size: 10pt; font-weight: normal; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; font-size: 10pt; font-weight: normal; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; font-style: normal"><B>Aggregate
    Compensation from the Fund<BR> 11/1/20-10/31/21</B></FONT></TD><TD STYLE="font-style: normal; padding-bottom: 1pt; font-size: 10pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD><TD STYLE="font-style: normal; font-size: 10pt; font-weight: normal; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; font-size: 10pt; font-weight: normal; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; font-style: normal"><B>Total
    Compensation from Calamos Funds Complex(3)<BR> 11/1/20-10/31/21</B></FONT></TD><TD STYLE="font-style: normal; padding-bottom: 1pt; font-size: 10pt; font-weight: normal"><FONT STYLE="font-size: 10pt; font-style: normal"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 64%; text-align: left; padding-left: 0.25pt"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">John
    P. Calamos, Sr</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">0</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">0</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">Virginia
    G. Breen</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">8,589</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">175,000</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">John
    E. Neal</FONT><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal"><SUP>(1)</SUP></FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">9,987</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">220,000</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">William
    R. Rybak</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">9,055</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">185,000</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">Karen
    L. Stuckey <SUP>(2)</SUP></FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">8,123</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">165,000</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">Christopher
    M. Toub <SUP>(2)</SUP></FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">8,123</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">165,000</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255); font-style: normal; font-weight: normal">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">Lloyd
    A. Wennlund</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">8,589</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">175,000</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White; font-style: normal; font-weight: normal">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">Mark
    J. Mickey</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">9,041</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">194,211</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;Includes fees deferred during the relevant period pursuant
    to a deferred compensation plan. Deferred amounts are treated as though such amounts have been invested and reinvested in shares of one
    or more of the Funds as selected by the trustee. As of October&nbsp;31, 2021 the value of the deferred compensation account of Mr.&nbsp;Neal
    was $3,022,849.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;Ms.&nbsp;Stuckey and Mr.&nbsp;Toub were elected to the Board
    effective December&nbsp;16, 2019.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;The Fund Complex consists of Calamos Investment Trust, Calamos
    Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return
    Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short
    Equity&nbsp;&amp; Dynamic Income Trust and Calamos-Avenue Opportunities Fund.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The compensation paid to the non-interested trustees
of Calamos Funds for their services as such consists of an annual retainer fee in the amount of $120,000, with annual supplemental retainers
of $40,000 to the lead independent trustee, $20,000 to the chair of the audit committee and $10,000 to the chair of any other committee.
Each non-interested trustee receives a meeting attendance fee of $7,000 for any regular or special board meeting attended in person, $3,500
for any regular or special board meeting attended by telephone, $3,000 for any committee meeting attended in person or by telephone, and
$1,500 per ad-hoc committee meeting to the ad-hoc committee chair. Compensation paid to the non-interested trustees is allocated among
the series of the Calamos Funds in accordance with a procedure determined from time to time by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund has adopted a deferred compensation plan
for non-interested trustees (the &ldquo;Plan&rdquo;). Under the Plan, a trustee who is not an &ldquo;interested person&rdquo; of Calamos
Advisors and has elected to participate in the Plan (a &ldquo;participating trustee&rdquo;) may defer receipt of all or a portion of his
or her compensation from the Fund in order to defer payment of income taxes or for other reasons. The deferred compensation payable to
the participating trustee is credited to the trustee&rsquo;s deferred compensation account as of the business day such compensation otherwise
would have been paid to the trustee. The value of a trustee&rsquo;s deferred compensation account at any time is equal to what the value
would be if the amounts credited to the account had instead been invested in Class&nbsp;I shares of one or more of the funds of Calamos
Investment Trust as designated by the trustee. Thus, the value of the account increases with contributions to the account or with increases
in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the
value of the measuring shares. If a participating trustee retires, the trustee may elect to receive payments under the plan in a lump
sum or in equal annual installments over a period of five years. If a participating trustee dies, any amount payable under the Plan will
be paid to the trustee&rsquo;s beneficiaries. Each Calamos Fund&rsquo;s obligation to make payments under the Plan is a general obligation
of that Fund. No Fund is liable for any other Fund&rsquo;s obligations to make payments under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Ownership
of Shares of the Fund and Other Calamos Funds</I></FONT>. The following table indicates the value of shares that each Trustee beneficially
owns in the Fund and the Calamos Fund Complex in the aggregate. The value of shares of the Calamos Funds is determined on the basis of
the net asset value of the class of shares held as of December&nbsp;31, 2021. The value of the shares held, are stated in ranges in accordance
with the requirements of the SEC. The table reflects the Trustee&rsquo;s beneficial ownership of shares of the Calamos Fund Complex. Beneficial
ownership is determined in accordance with the rules&nbsp;of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: normal; text-align: center">&nbsp;</TD><TD STYLE="font: normal bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">DOLLAR<BR>
RANGE<BR>
OF EQUITY <BR> SECURITIES</TD><TD STYLE="font: normal bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">AGGREGATE DOLLAR RANGE OF EQUITY<BR> SECURITIES IN ALL<BR> REGISTERED<BR>
INVESTMENT COMPANIES <BR> OVERSEEN BY TRUSTEE IN THE</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: normal bold 10pt Times New Roman, Times, Serif; width: 58%">NAME OF TRUSTEE</TD><TD STYLE="font: normal bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: normal bold 10pt Times New Roman, Times, Serif; width: 20%; text-align: center; padding-left: 0.25pt">IN THE FUND</TD><TD STYLE="font: normal bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: normal bold 10pt Times New Roman, Times, Serif; width: 20%; text-align: center; padding-left: 0.25pt">CALAMOS FUNDS</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">John P. Calamos,&nbsp;Sr.</FONT><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal"><SUP>(1)(2)</SUP></FONT></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">Over $100,000</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">Over $100,000</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left">Virginia G. Breen</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">None</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">Over $100,000</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left">John E. Neal</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">None</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">Over $100,000</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left">William R. Rybak</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">$50,001 &ndash; $100,000</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">Over $100,000</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left">Karen L. Stuckey</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">None</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">Over $100,000</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left">Christopher M. Toub</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">$50,001-$100,000</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">Over $100,000</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left">Lloyd A. Wennlund</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">None</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.25pt">Over $100,000</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to Rule&nbsp;16a-1(a)(2)&nbsp;of the Exchange Act, John P. Calamos,&nbsp;Sr. may be deemed to have indirect beneficial ownership of Fund shares held by Calamos Investments LLC, its subsidiaries, and its parent companies (Calamos Asset Management,&nbsp;Inc. and Calamos Partners LLC, and its parent company, Calamos Family Partners,&nbsp;Inc.) due to his direct or indirect ownership interest in those entities. As a result, these amounts reflect any holdings of those entities in addition to the individual, personal accounts of John P. Calamos,&nbsp;Sr.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicates an &ldquo;interested person&rdquo; of the Trust, as defined in the 1940 Act.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Code
of Ethics</I></FONT>. The Fund and Calamos have adopted a code of ethics under Rule&nbsp;17j-1 under the 1940 Act which is applicable
to officers, directors/Trustees and designated employees of Calamos and CFS. Employees of Calamos and CFS are permitted to make personal
securities transactions, including transactions in securities that the Fund may purchase, sell or hold, subject to requirements and restrictions
set forth in the code of ethics of Calamos and CFS. The code of ethics contains provisions and requirements designed to identify and address
certain conflicts of interest between personal investment activities of Calamos and CFS employees and the interests of investment advisory
clients such as the Fund. Among other things, the code of ethics prohibits certain types of transactions absent prior approval, imposes
time periods during which personal transactions may not be made in certain securities, and requires the submission of duplicate broker
confirmations and statements and quarterly reporting of securities transactions. Additional restrictions apply to portfolio managers,
traders, research analysts and others involved in the investment advisory process. Exceptions to these and other provisions of the code
of ethics may be granted in particular circumstances after review by appropriate personnel. Text only versions of the code of ethics can
be viewed online or downloaded from the EDGAR Database on the SEC&rsquo;s internet website at <U>www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Proxy
Voting Procedures</I></FONT>. The Fund has delegated proxy voting responsibilities to Calamos, subject to the board of trustees&rsquo;
general oversight. The Fund expects Calamos to vote proxies related to the Fund&rsquo;s portfolio securities for which the Fund has voting
authority consistent with the Fund&rsquo;s best interests. Calamos has adopted its own Proxy Voting Policies and Procedures (the &ldquo;Policies&rdquo;).
The Policies address, among other things, conflicts of interest that may arise between the Funds&rsquo; interests, and the interests of
Calamos and its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a summary of the Policies used
by Calamos in voting proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To assist it in voting proxies, Calamos has established
a Proxy Review Committee (&ldquo;committee&rdquo;) comprised of members of its Portfolio Management (which may include portfolio managers
and/or research analysts), Operations, Legal and Compliance Departments. The committee and/or its members will vote proxies using the
following guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In general, if Calamos believes that a company&rsquo;s
management and board have interests sufficiently aligned with the Fund&rsquo;s interest, Calamos will vote in favor of proposals recommended
by the company&rsquo;s board. More specifically, Calamos seeks to ensure that the board of directors of a company is sufficiently aligned
with security holders&rsquo; interests and provides proper oversight of the company&rsquo;s management. In many cases this may be best
accomplished by having a majority of independent board members. Calamos generally prefers that key committees such as audit, nominating,
and compensation committees be comprised of independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because of the enormous variety and complexity
of transactions that are presented to shareholders, such as mergers, acquisitions, reincorporations, adoptions of anti-takeover measures
(including adoption of a shareholder rights plan, requiring supermajority voting on particular issues, adoption of fair price provisions,
issuance of blank check preferred stocks and the creation of a separate class of stock with unequal voting rights), changes to capital
structures (including authorizing additional shares, repurchasing stock or approving a stock split), executive compensation and option
plans, that occur in a variety of industries, companies and market cycles, it is extremely difficult to foresee exactly what would be
in the best interests of a Fund in all circumstances. Moreover, voting on such proposals involves considerations unique to each transaction.
Accordingly, Calamos will vote on a case-by-case basis on proposals presenting these transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Calamos has assigned its administrative duties
with respect to the proxy analysis and voting decisions to the &ldquo;Proxy Group&rdquo; (the Investment team &ndash; research analysts
and portfolio management), and administrative processing to its Corporate Actions Group within the Operations Department. To assist it
in analyzing the proxy proposals, Calamos subscribes to Glass Lewis, an unaffiliated third-party corporate governance research service
that provides in-depth analyses of shareholder meeting agendas and voting recommendations. Glass Lewis facilitates the voting of each
proxy by applying Calamos&rsquo; custom proxy voting rules&nbsp;(&ldquo;proxy voting policy&rdquo;) to the proposal(s). Any proxy proposal
that is not covered by the proxy voting policy is reviewed and considered by the Proxy Group and voted in accordance with that review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Finally, Calamos has established procedures to
identify potential conflicts of interests that might arise when voting proxies for the Fund. Calamos will generally apply its proxy voting
policy to proxy proposals regardless if a conflict has been identified. However, in these situations, the Proxy Group will refer the proxy
proposal, along with the recommended course of action, if any, to the Proxy Review Committee (&ldquo;committee&rdquo;) for evaluation.
The committee will independently review the proposals and determine the appropriate action to be taken. The committee will then memorialize
the conflict and the procedures used to address the conflict.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund is required to file with the SEC its
complete proxy voting record for the 12-month period ending June&nbsp;30, by no later than August&nbsp;31 of each year. The Fund&rsquo;s
proxy voting record for the most recent 12-month period ending June&nbsp;30 is available by August&nbsp;31 of each year (1)&nbsp;on the
SEC&rsquo;s website at <U>www.sec.gov</U>, and (2)&nbsp;without charge, upon request, by calling 800-582-6959.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may obtain a copy of Calamos' Policies by
calling 800.582.6959, by visiting Calamos' website at <U>www.calamos.com</U>, by writing Calamos at: Calamos Investments, Attn: Client
Services, 2020 Calamos Court, Naperville,&nbsp;IL 60563, and on the SEC&rsquo;s website at <U>www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Adviser and Investment Management Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the overall supervision and review
of the Board of Trustees, Calamos provides the Fund with investment research, advice and supervision and furnishes continuously an investment
program for the Fund, consistent with the investment objective and policies of the Fund. In addition, Calamos furnishes for use of the
Fund such office space and facilities as the Fund may require for its reasonable needs, supervises the Fund&rsquo;s business and affairs
and provides the following other services on behalf of the Fund and not provided by persons not a party to the investment management agreement:
(i)&nbsp;preparing or assisting in the preparation of reports to and meeting materials for the Trustees; (ii)&nbsp;supervising, negotiating
contractual arrangements with, to the extent appropriate, and monitoring the performance of, accounting agents, custodians, depositories,
transfer agents and pricing agents, accountants, attorneys, printers, underwriters, brokers and dealers, insurers and other persons in
any capacity deemed to be necessary or desirable to Fund operations; (iii)&nbsp;assisting in the preparation and making of filings with
the SEC and other regulatory and self-regulatory organizations, including, but not limited to, preliminary and definitive proxy materials,
registration statements on Form&nbsp;N-2 and amendments thereto, and reports on Form&nbsp;N-CEN and Form&nbsp;N-CSR; (iv)&nbsp;overseeing
the tabulation of proxies by the Fund&rsquo;s transfer agent; (v)&nbsp;assisting in the preparation and filing of the Fund&rsquo;s federal,
state and local tax returns; (vi)&nbsp;assisting in the preparation and filing of the Fund&rsquo;s federal excise tax returns pursuant
to Section&nbsp;4982 of the Code; (vii)&nbsp;providing assistance with investor and public relations matters; (viii)&nbsp;monitoring the
valuation of portfolio securities and the calculation of net asset value; (ix)&nbsp;monitoring the registration of shares of beneficial
interest of the Fund under applicable federal and state securities laws; (x)&nbsp;maintaining or causing to be maintained for the Fund
all books, records and reports and any other information required under the 1940 Act, to the extent that such books, records and reports
and other information are not maintained by the Fund&rsquo;s custodian or other agents of the Fund; (xi)&nbsp;assisting in establishing
the accounting policies of the Fund; (xii)&nbsp;assisting in the resolution of accounting issues that may arise with respect to the Fund&rsquo;s
operations and consulting with the Fund&rsquo;s independent accountants, legal counsel and the Fund&rsquo;s other agents as necessary
in connection therewith; (xiii)&nbsp;reviewing the Fund&rsquo;s bills; (xiv)&nbsp;assisting the Fund in determining the amount of dividends
and distributions available to be paid by the Fund to its shareholders, preparing and arranging for the printing of dividend notices to
shareholders, and providing the transfer and dividend paying agent, the custodian, and the accounting agent with such information as is
required for such parties to effect the payment of dividends and distributions; and (xv)&nbsp;otherwise assisting the Fund as it may reasonably
request in the conduct of the Fund&rsquo;s business, subject to the direction and control of the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the investment management agreement, the
Fund pays to Calamos a fee based on the average weekly managed assets that is computed weekly and payable monthly in arrears. The fee
paid by the Fund is set at the annual rate of 0.80% of the Fund&rsquo;s average weekly managed assets. Because the management fees paid
to Calamos are based upon a percentage of the Fund&rsquo;s managed assets, the amount of management fees paid to Calamos when the Fund
uses leverage will be higher than if the Fund did not use leverage. Therefore, Calamos has a financial incentive to use leverage, which
creates a conflict of interest between Calamos and the Fund&rsquo;s common shareholders. Subject to the oversight of the Board, Calamos
intends to use leverage only when it believes it will serve the best interests of the Fund&rsquo;s common shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the terms of its investment management agreement
with the Fund, except for the services and facilities provided by Calamos as set forth therein, the Fund shall assume and pay all expenses
for all other Fund operations and activities and shall reimburse Calamos for any such expenses incurred by Calamos. The expenses borne
by the Fund shall include, without limitation: (a)&nbsp;organization expenses of the Fund (including out-of- pocket expenses, but not
including Calamos&rsquo; overhead or employee costs); (b)&nbsp;fees payable to Calamos; (c)&nbsp;legal expenses; (d)&nbsp;auditing and
accounting expenses; (e)&nbsp;maintenance of books and records that are required to be maintained by the Fund&rsquo;s custodian or other
agents of the Fund; (f)&nbsp;telephone, telex, facsimile, postage and other communications expenses; (g)&nbsp;taxes and governmental fees;
(h)&nbsp;fees, dues and expenses incurred by the Fund in connection with membership in investment company trade organizations and the
expense of attendance at professional meetings of such organizations; (i)&nbsp;fees and expenses of accounting agents, custodians, subcustodians,
transfer agents, dividend disbursing agents and registrars; (j)&nbsp;payment for portfolio pricing or valuation services to pricing agents,
accountants, bankers and other specialists, if any; (k)&nbsp;expenses of preparing share certificates; (l)&nbsp;expenses in connection
with the issuance, offering, distribution, sale, redemption or repurchase of securities issued by the Fund; (m)&nbsp;expenses relating
to investor and public relations provided by parties other than Calamos; (n)&nbsp;expenses and fees of registering or qualifying shares
of beneficial interest of the Fund for sale; (o)&nbsp;interest charges, bond premiums and other insurance expenses; (p)&nbsp;freight,
insurance and other charges in connection with the shipment of the Fund&rsquo;s portfolio securities; (q)&nbsp;the compensation and all
expenses (specifically including travel expenses relating to Fund business) of Trustees, officers and employees of the Fund who are not
affiliated persons of Calamos; (r)&nbsp;brokerage commissions or other costs of acquiring or disposing of any portfolio securities of
the Fund; (s)&nbsp;expenses of printing and distributing reports, notices and dividends to shareholders; (t)&nbsp;expenses of preparing
and setting in type, printing and mailing prospectuses and statements of additional information of the Fund and supplements thereto; (u)&nbsp;costs
of stationery; (v)&nbsp;any litigation expenses; (w)&nbsp;indemnification of Trustees and officers of the Fund; (x)&nbsp;costs of shareholders&rsquo;
and other meetings; (y)&nbsp;interest on borrowed money, if any; and (z)&nbsp;the fees and other expenses of listing the Fund&rsquo;s
shares on Nasdaq or any other national stock exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the fiscal years ended October&nbsp;31, 2019,
October&nbsp;31, 2020 and October&nbsp;31, 2021, the Fund incurred $9,012,929 and $9,362,348 and $12,356,437 respectively, in advisory
fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The investment management agreement had an initial
term ending August&nbsp;1, 2003 and continues in effect from year to year thereafter so long as such continuation is approved at least
annually by (1)&nbsp;the Board of Trustees or the vote of a majority of the outstanding voting securities (as defined in the 1940 Act)
of the Fund, and (2)&nbsp;a majority of the Trustees who are not interested persons of any party to the investment management agreement,
cast in person at a meeting called for the purpose of voting on such approval. The investment management agreement may be terminated at
any time, without penalty, by either the Fund or Calamos upon 60 days&rsquo; written notice, and is automatically terminated in the event
of its assignment as defined in the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Calamos Advisors is a wholly-owned subsidiary
of Calamos Investments LLC (&ldquo;CILLC&rdquo;). Calamos Asset Management,&nbsp;Inc. (&ldquo;CAM&rdquo;) is the sole manager of CILLC.
As of January&nbsp;31, 2022, approximately 22% of the outstanding interests of CILLC was owned by CAM and the remaining approximately
78% of CILLC was owned by Calamos Partners LLC (&ldquo;CPL&rdquo;) and John P. Calamos,&nbsp;Sr. CAM was owned by John P. Calamos,&nbsp;Sr.
and John S. Koudounis, and CPL was owned by John S. Koudounis and Calamos Family Partners,&nbsp;Inc. (&ldquo;CFP&rdquo;). CFP was beneficially
owned by members of the Calamos family, including John P. Calamos,&nbsp;Sr. In addition, Mr.&nbsp;Koudounis has the option to purchase
a controlling interest in CPL upon the death or permanent disability of John P. Calamos,&nbsp;Sr., provided Mr.&nbsp;Koudounis is then
serving as Chief Executive Officer of CAM and CILLC. John P. Calamos,&nbsp;Sr. is an affiliated person of the Fund and Calamos Advisors
by virtue of his position as Chairman, Trustee and President of the Fund and Chairman and Global Chief Investment Officer (&ldquo;Global
CIO&rdquo;) of Calamos Advisors. John S. Koudounis, Robert F. Behan, Thomas E. Herman, J. Christopher Jackson, Stephen Atkins, and Daniel
Dufresne are affiliated persons of the Fund and Calamos Advisors by virtue of their positions as Vice President; Vice President; Vice
President and Chief Financial Officer; Vice President and Secretary; Treasurer; and Vice President of the Fund, respectively, and as President
and Chief Executive Officer; Executive Vice President and Chief Distribution Officer; Executive Vice President and Chief Financial Officer;
Senior Vice President, General Counsel and Secretary; Senior Vice President and Head of Fund Administration; and Executive Vice President
and Chief Operating Officer of Calamos Advisors, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A discussion regarding the basis for the Board
of Trustees&rsquo; decision to approve the renewal of the Investment Management Agreement is available in the Fund&rsquo;s Annual Report
to shareholders for the fiscal year ended October&nbsp;31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The use of the name &ldquo;Calamos&rdquo; in the
name of the Fund is pursuant to licenses granted by CILLC, and the Fund has agreed to change its name to remove that reference if Calamos
ceases to act as investment adviser to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio Managers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>John
P. Calamos,&nbsp;Sr. </B></FONT>John P. Calamos,&nbsp;Sr. has been President, Trustee and Co-Portfolio Manager of the Fund since inception
and for Calamos: Founder, Chairman and Global CIO since August&nbsp;2016; Chairman and Global CIO from April&nbsp;to August&nbsp;2016;
Chairman, Chief Executive Officer and Global Co-CIO between April&nbsp;2013 and April&nbsp;2016; Chief Executive Officer and Global Co-CIO
between August&nbsp;2012 and April&nbsp;2013; and Chief Executive Officer and Co-CIO prior thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dennis
Cogan. </B></FONT>Dennis Cogan joined Calamos in March&nbsp;2005 and since February&nbsp;2021 has been a Senior Co-Portfolio Manager.
From March&nbsp;2013 to February&nbsp;2021, he was Co-Portfolio Manager, and from March&nbsp;2005 to March&nbsp;2013, he was a senior
strategy analyst.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>R.
Matthew Freund. </B></FONT>R. Matthew Freund joined Calamos in November&nbsp;2016 as a Co-CIO, Head of Fixed Income Strategies, as well
as a Senior Co-Portfolio Manager. Previously, he was SVP of Investment Portfolio Management and Chief Investment Officer at USAA Investments
since 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>John
Hillenbrand. </B></FONT>John Hillenbrand joined Calamos in 2002 and since September&nbsp;2015 has been a Co-CIO, Head of Multi-Asset Strategies
and Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From March&nbsp;2013 to September&nbsp;2015 he
was a Co-Portfolio Manager. Between August&nbsp;2002 and March&nbsp;2013 he was a senior strategy analyst.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nick
Niziolek. </B></FONT>Nick Niziolek joined Calamos in March&nbsp;2005 and has been a Co-CIO, Head of Global Strategies, as well as a Senior
Co-Portfolio Manager, since September&nbsp;2015. Between August&nbsp;2013 and September&nbsp;2015 he was a Co-Portfolio Manager, Co-Head
of Research. Between March&nbsp;2013 and August&nbsp;2013 he was a Co-Portfolio Manager. Between March&nbsp;2005 and March&nbsp;2013 he
was a senior strategy analyst.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Eli
Pars. </B></FONT>Eli Pars joined Calamos in May&nbsp;2013 and has been a Co-CIO, Head of Alternative Strategies and Co-Head of Convertible
Strategies, as well as a Senior Co-Portfolio Manager, since September&nbsp;2015. Between May&nbsp;2013 and September&nbsp;2015, he was
a Co-Portfolio Manager. Previously, he was a Portfolio Manager at Chicago Fundamental Investment Partners from February&nbsp;2009 until
November&nbsp;2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jon
Vacko. </B></FONT>Jon Vacko joined Calamos in June&nbsp;2000 and has been a Senior Co-Portfolio Manager since September&nbsp;2015. Previously,
he was a Co-Portfolio Manager from August&nbsp;2013 to September&nbsp;2015; prior thereto he was a Co-Head of Research and Investments
from July&nbsp;2010 to August&nbsp;2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joe
Wysocki. </B></FONT>Joe Wysocki joined Calamos in October&nbsp;2003 and since February&nbsp;2021 has been a Senior Co-Portfolio Manager.
Previously, Mr.&nbsp;Wysocki was a Co-Portfolio Manager from March&nbsp;2015 to January&nbsp;2021; sector head from March&nbsp;2014 to
March&nbsp;2015; a Co-Portfolio Manager from March&nbsp;2013 to March&nbsp;2014; and a senior strategy analyst from February&nbsp;2007
to March&nbsp;2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Calamos employs a &ldquo;team of teams&rdquo;
approach to portfolio management, led by the Global CIO and our CIO team consisting of 5 Co-CIOs with specialized areas of investment
expertise. The Global CIO and Co-CIO team are responsible for oversight of investment team resources, investment processes, performance
and risk. As heads of investment verticals, Co-CIOs manage investment team members and, along with Co-Portfolio Managers, have day-to-day
portfolio oversight and construction responsibilities of their respective investment strategies. While investment research professionals
within each Co-CIO&rsquo;s team are assigned specific strategy responsibilities, they also provide support to other investment team verticals,
creating deeper insights across a wider range of investment strategies. The combination of specialized investment teams with cross team
collaboration results in what we call our team of teams approach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This team of teams approach is further reflected
in the composition of Calamos&rsquo; Investment Committee, made up of the Global CIO, the Co-CIO team, the Head of Global Trading and
the Chief of IT and Operations. Other members of the investment team participate in Investment Committee meetings in connection with specific
investment related issues or topics as deemed appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The structure and composition of the Investment
Committee results in a number of benefits, as it:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 51.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leads to broader perspective on investment decisions: multiple viewpoints and areas of expertise feed into consensus;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promotes collaboration between teams; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 47.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Functions as a think tank with the goal of identifying ways to outperform the market on a risk-adjusted basis.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The objectives of the Investment Committee are
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 89.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;the firm&rsquo;s top-down macro view, market direction, asset allocation, and sector/country positioning.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establish firm-wide secular and cyclical themes for review.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review firm-wide and portfolio risk metrics, recommending changes where appropriate.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review firm-wide, portfolio and individual security liquidity constraints.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluate firm-wide and portfolio investment performance.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluate firm-wide and portfolio hedging policies and execution.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluate enhancements to the overall investment process.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">John P. Calamos,&nbsp;Sr., Founder, Chairman and
Global CIO, is responsible for the day-to-day management of the team, bottom-up research efforts and strategy implementation. R. Matthew
Freund, John Hillenbrand, Nick Niziolek, Eli Pars, Dennis Cogan, Jon Vacko and Joe Wysocki are each Sr. Co-Portfolio Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For over 20 years, the Calamos portfolio management
team has managed money for their clients in convertible, high yield and global strategies. Furthermore, Calamos has extensive experience
investing in foreign markets through its convertible securities and high yield securities strategies. Such experience has included investments
in established as well as emerging foreign markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Global CIO,&nbsp;Sr. Co-Portfolio Managers
and Co-Portfolio Managers also have responsibility for the day-to-day management of accounts other than the Fund. Information regarding
these other accounts as of October&nbsp;31, 2021 is set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other Accounts Managed and Assets by Account Type
as of October&nbsp;31, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Registered <BR> Investment <BR> Companies</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Other Pooled <BR> Investment <BR> Vehicles</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Other <BR> Accounts</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Accounts</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Assets</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Accounts</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Assets</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Accounts</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Assets</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: left">John P. Calamos Sr.</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">23</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">35,543,246,637</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">5</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,411,657,418</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,688</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,862,886,001</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">R. Matthew Freund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">17,722,374,975</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">746,338,157</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,360</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,795,563,782</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hillenbrand</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,103,438,276</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,411,657,418</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,671</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,133,231,674</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Nick Niziolek</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,231,059,157</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">665,319,261</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,215</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,916,438,314</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Eli Pars</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">33,035,297,173</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,411,657,418</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,615</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,024,739,052</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Jon Vacko</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,645,921,003</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,411,657,418</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,634</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,065,977,905</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Joe Wysocki</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15,443,544,058</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,408,353,373</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,057</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,221,077,369</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Dennis Cogan</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,231,059,157</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">665,319,261</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,215</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,916,438,314</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Number of Accounts and Assets for which Advisory
Fee is Performance Based as of October&nbsp;31, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Registered<BR> Investment <BR> Companies</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Other Pooled <BR> Investment <BR> Vehicles</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Other <BR> Accounts</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Accounts</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Assets</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Accounts</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Assets</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Accounts</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Assets</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: left">John P. Calamos Sr.</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right">2</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">439,526,949</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">R. Matthew Freund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hillenbrand</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">439,526,949</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Nick Niziolek</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">439,526,949</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Eli Pars</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">439,526,949</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Jon Vacko</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">439,526,949</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Joe Wysocki</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Dennis Cogan</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">439,526,949</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Co-Portfolio Manager may invest for his own
benefit in securities held in brokerage and mutual fund accounts. The information shown in the table does not include information about
those accounts where the Co-Portfolio Manager or members of his family have a beneficial or pecuniary interest because no advisory relationship
exists with Calamos or any of its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund&rsquo;s Co-Portfolio Managers are responsible
for managing both the Fund and other accounts, including separate accounts and funds not required to be registered under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than potential conflicts between investment
strategies, the side-by-side management of both the Fund and other accounts may raise potential conflicts of interest due to the interest
held by Calamos in an account and certain trading practices used by the portfolio managers (e.g., cross-trades between the Fund and another
account and allocation of aggregated trades). Calamos has developed policies and procedures reasonably designed to mitigate those conflicts.
For example, Calamos will place cross-trades in securities held by the Fund only in accordance with the rules&nbsp;promulgated under the
1940 Act and has adopted policies designed to ensure the fair allocation of securities purchased on an aggregated basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The allocation methodology employed by Calamos
varies depending on the type of securities sought to be bought or sold and the type of client or group of clients. Generally, however,
orders are placed first for those clients that have given Calamos brokerage discretion (including the ability to step out a portion of
trades), and then to clients that have directed Calamos to execute trades through a specific broker. However, if the directed broker allows
Calamos to execute with other brokerage firms, which then book the transaction directly with the directed broker, the order will be placed
as if the client had given Calamos full brokerage discretion. Calamos and its affiliates frequently use a &ldquo;rotational&rdquo; method
of placing and aggregating client orders and will build and fill a position for a designated client or group of clients before placing
orders for other clients. A client account may not receive an allocation of an order if: (a)&nbsp;the client would receive an unmarketable
amount of securities based on account size; (b)&nbsp;the client has precluded Calamos from using a particular broker; (c)&nbsp;the cash
balance in the client account will be insufficient to pay for the securities allocated to it at settlement; (d)&nbsp;current portfolio
attributes make an allocation inappropriate; and (e)&nbsp;account specific guidelines, objectives and other account specific factors make
an allocation inappropriate. Allocation methodology may be modified when strict adherence to the usual allocation is impractical or leads
to inefficient or undesirable results. Calamos&rsquo; head trader must approve each instance that the usual allocation methodology is
not followed and provide a reasonable basis for such instances and all modifications must be reported in writing to Calamos&rsquo; Chief
Compliance Officer on a monthly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investment opportunities for which there is limited
availability generally are allocated among participating client accounts pursuant to an objective methodology (i.e., either on a pro rata
basis or using a rotational method, as described above). However, in some instances, Calamos may consider subjective elements in attempting
to allocate a trade, in which case the Fund may not participate, or may participate to a lesser degree than other clients, in the allocation
of an investment opportunity. In considering subjective criteria when allocating trades, Calamos is bound by its fiduciary duty to its
clients to treat all client accounts fairly and equitably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Co-Portfolio Managers advise certain accounts
under a performance fee arrangement. A performance fee arrangement may create an incentive for a Co-Portfolio Manager to make investments
that are riskier or more speculative than would be the case in the absence of performance fees. A performance fee arrangement may result
in increased compensation to the Co-Portfolio Managers from such accounts due to unrealized appreciation as well as realized gains in
the client&rsquo;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of October&nbsp;31, 2021, John P. Calamos,&nbsp;Sr.,
our Global CIO, aside from distributions arising from his ownership from various entities, receives all of his compensation from Calamos.
He has entered into an employment agreement that provides for compensation in the form of an annual base salary and an annual bonus, both
components payable in cash. Similarly, Mr.&nbsp;Calamos is eligible for a Long-Term Incentive (&ldquo;LTI&rdquo;). The LTI program at
Calamos currently consists of deferred bonus payments, which fluctuate in value over time based upon either (1)&nbsp;the performance of
certain managed investment products for investment professionals (&ldquo;Mutual Fund Incentive Awards&rdquo;); or (2)&nbsp;the overall
value of the firm for non-investment professionals (&ldquo;Company Incentive Awards&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of October&nbsp;31, 2021, R. Matthew Freund,
John Hillenbrand, Nick Niziolek, Eli Pars, Jon Vacko, Dennis Cogan, and Joe Wysocki receive all of their compensation from Calamos. These
individuals each receive compensation in the form of an annual base salary, a discretionary bonus (payable in cash) and are eligible for
discretionary Mutual Fund Incentive Awards. Additionally, Messrs.&nbsp;Hillenbrand, Niziolek, and Pars received additional compensation
awards in prior years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The amounts paid to all Co-Portfolio Managers,
together with the criteria utilized to determine such amounts, are benchmarked against industry specific data provided by third party
analytical agencies. This compensation structure considers annually the performance of the various strategies managed by the Co-Portfolio
Managers, among other factors, including, without limitation, the overall performance of the firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At October&nbsp;31, 2021, each portfolio manager
beneficially owned (as determined pursuant to Rule&nbsp;16a-1(a)(2)&nbsp;under the Exchange Act) shares of the Fund having value within
the indicated dollar ranges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 72%; text-align: left; padding-bottom: 1pt">Portfolio Manager</TD><TD STYLE="white-space: nowrap; width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fund</B></FONT></TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John P. Calamos,&nbsp;Sr.</FONT><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$100,001 &ndash; $500,000</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">Nick Niziolek</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">Dennis Cogan</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">John Hillenbrand</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">Jon Vacko</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">Joe Wysocki</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">Eli Pars</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">R. Matthew Freund</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to Rule&nbsp;16a-1(a)(2)&nbsp;of the Exchange Act, John P. Calamos,&nbsp;Sr. may be deemed to have indirect beneficial ownership of Fund shares held by Calamos Investments LLC, its subsidiaries, and its parent companies (Calamos Asset Management,&nbsp;Inc. and Calamos Partners LLC, and its parent company Calamos Family Partners,&nbsp;Inc.) due to his direct or indirect ownership interest in those entities. As a result, these amounts reflect any holdings of those entities in addition to the individual, personal accounts of John P. Calamos,&nbsp;Sr.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fund Accountant and Administration Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund has entered into an agreement with Ernst&nbsp;&amp;
Young LLP (&ldquo;EY&rdquo;) located at 155 N. Wacker Drive, Chicago,&nbsp;IL 60606 to provide certain tax services to the Fund. The tax
services include the following: calculating, tracking and reporting tax adjustments on all assets of the Fund, including but not limited
to contingent debt and preferred trust obligations; preparing excise tax and fiscal year distribution schedules; preparing tax information
required for financial statement footnotes; preparing state and federal income tax returns; preparing specialized calculations of amortization
on convertible securities; preparing year-end dividend disclosure information providing treaty-based foreign withholding tax reclaim services;
providing certain global compliance and reporting services; providing a match service and analysis of the &ldquo;passive foreign investment
company&rdquo; status of foreign corporate entities; and providing services related to corporate actions that may or may not have a tax
impact on the Fund&rsquo;s holdings. For the fiscal years ended October&nbsp;31, 2021, October&nbsp;31, 2020, and October&nbsp;31, 2019,
the Fund paid EY $47,506, $52,630, and $48,931, respectively, for tax services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the arrangements with State Street Bank
and Trust Company (&ldquo;State Street&rdquo;) located at One Iron Street, Boston, MA 02111 to provide fund accounting services, State
Street provides certain administrative and accounting services including providing daily reconciliation of cash, trades and positions;
maintaining general ledger and capital stock accounts; preparing daily trial balance; calculating net asset value; providing selected
general ledger reports; preferred share compliance; calculating total returns; and providing monthly distribution analysis to the Fund.
For the fiscal years ended October&nbsp;31, 2021, October&nbsp;31, 2020, and October&nbsp;31, 2019, the Fund paid State Street $98,994,
$84,693, and $79,226, respectively, for fund accounting services. The Fund has also entered into an agreement with State Street pursuant
to which State Street provides certain administration treasury services to the Fund. These services include: monitoring the calculation
of expense accrual amounts for the Fund and making any necessary modifications; managing the Fund&rsquo;s expenses and expense payment
processing; coordinating any expense reimbursement calculations and payment; calculating net investment income dividends and capital gain
distributions; coordinating the audits for the Fund; preparing financial reporting statements for the Fund; preparing certain regulatory
filings; and calculating asset coverage tests for certain Calamos Funds. For the fiscal years ended October&nbsp;31, 2021, October&nbsp;31,
2020,and October&nbsp;31, 2019, the Fund paid State Street $96,085, $93,840, and $100,026, respectively, for administration services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: 7 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_005"></A>CERTAIN SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At January&nbsp;31, 2022, the following persons
were known to own beneficially or of record more than 5% of the outstanding securities of the Fund:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>Class&nbsp;of Shares </B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>Name and Address of Beneficial <BR>
Owner </B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of<BR>
Shares <BR>
Owned </B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent of<BR>
Class&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0.25pt 0.25pt 1.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; width: 39%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Common </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 37%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">National Financial Services LLC <BR>
499 Washington Blvd. <BR>
Jersey City, NJ 07310 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,435,386 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7 </FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 1%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Charles Schwab&nbsp;&amp; Co.,&nbsp;Inc.<BR>
2423 E. Lincoln Drive<BR>
Phoenix, AZ 85016-1215 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,483,097 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Merrill Lynch Pierce Fenner&nbsp;&amp; Smith<BR>
4804 Deer Lake Dr.&nbsp;E. <BR>
Jacksonville, FL 32246 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,264,623 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7 </FONT></TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">UBS Financial Services Inc. <BR>
1000 Harbor Blvd <BR>
Weehawken, NY 07086</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,146,034 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5 </FONT></TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Morgan Stanley Smith Barney LLC <BR>
1300 Thames Street<BR>
Baltimore, MD&nbsp;&nbsp;21231 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,830,838 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1 </FONT></TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">TD Ameritrade <BR>
200 S. 108th Ave<BR>
Omaha, NE 68154 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,238,560 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Wells Fargo Clearing Services LLC <BR>
2801 Market Street <BR>
H0006-09B <BR>
St. Louis, MO <BR>
63103 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,125,875 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1 </FONT></TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Pershing LLC</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,688,834</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">5.1</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">One Pershing Plaza</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Jersey City, NY&nbsp;&nbsp;07399</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"></TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;A Mandatory Redeemable Preferred&nbsp; Shares </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Massachusetts Mutual Life Insurance </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,050,000 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78.9 </FONT></TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right"></TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o Barings LLC </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1500 Main Street &ndash; Suite&nbsp;2200 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.&nbsp;Box 15189 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Springfield, MA 0115-5189 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0.25pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0.25pt; vertical-align: top">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; width: 39%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Massachusetts Mutual Life Insurance </FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">280,000 </FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1 </FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o Barings LLC </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1500 Main Street &ndash; Suite&nbsp;2200 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.&nbsp;Box 15189 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Springfield, MA 0115-5189 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;B Mandatory Redeemable Preferred Shares </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Massachusetts Mutual Life Insurance </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,050,000 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78.9 </FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company <BR>
c/o Barings LLC </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1500 Main Street &ndash; Suite&nbsp;2200 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.&nbsp;Box 15189 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Springfield, MA 0115-5189 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Massachusetts Mutual Life Insurance </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">280,000 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1 </FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o Barings LLC </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1500 Main Street &ndash; Suite&nbsp;2200 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.&nbsp;Box 15189 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Springfield, MA 0115-5189 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;C Mandatory Redeemable Preferred Shares </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Massachusetts Mutual Life Insurance </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,060,000 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79.1 </FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o Barings LLC </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1500 Main Street &ndash; Suite&nbsp;2200 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.&nbsp;Box 15189 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Springfield, MA 0115-5189 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Massachusetts Mutual Life Insurance </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">280,000 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.9 </FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o Barings LLC </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1500 Main Street &ndash; Suite&nbsp;2200 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.&nbsp;Box 15189 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Springfield, MA 0115-5189 </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;D Mandatory Redeemable Preferred Shares</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northwestern Mutual Life Insurance Company</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">480,000</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">36<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.4</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">720 East Wisconsin Ave</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milwaukee, WI&nbsp;&nbsp;53202</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Metropolitan Life Insurance Company</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">404,000</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">30.6</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One MetLife Way</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whippany, NJ&nbsp;&nbsp;07981</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thrivent Financial for Lutherans</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">400,000</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">30.3</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">901 Marquette Avenue</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minneapolis, MN&nbsp;&nbsp;55402</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-bottom: 0.25pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; width: 39%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;E Mandatory Redeemable Preferred Shares</FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Metropolitan Life Insurance Company</FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">680,000</FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right; width: 10%">51.1</TD>
    <TD STYLE="padding-bottom: 0.25pt; width: 1%">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One MetLife Way</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Whippany, NJ 07981</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northwestern Mutual Life Insurance Company</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">650,000</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">48.9</TD>
    <TD STYLE="padding-bottom: 0.25pt">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">720 East Wisconsin Ave</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Milwaukee, WI 53202</P></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.25pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At January&nbsp;31, 2022, the trustees and officers
as a group owned less than one percent of the Fund&rsquo;s outstanding common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_006"></A>PORTFOLIO TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Portfolio transactions on behalf of the Fund effected
on stock exchanges involve the payment of negotiated brokerage commissions. There is generally no stated commission in the case of securities
traded in the over-the- counter markets, but the price paid by the Fund usually includes an undisclosed dealer commission or mark-up.
In underwritten offerings, the price paid by the Fund includes a disclosed, fixed commission or discount retained by the underwriter or
dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In executing portfolio transactions, Calamos seeks
to obtain for the Fund the most favorable combination of price and execution available. In seeking the most favorable combination of price
and execution, Calamos considers all factors it deems relevant, including price, the size of the transaction, the nature of the market
for the security, the amount of commission, the timing of the transaction taking into account market prices and trends, the execution
capability of the broker-dealer and the quality of service rendered by the broker-dealer in other transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Trustees have determined that portfolio transactions
for the Fund may be executed through CFS, an affiliate of Calamos, if, in the judgment of Calamos, the use of CFS is likely to result
in prices and execution at least as favorable to the Fund as those available from other qualified brokers and if, in such transactions,
CFS charges the Fund commission rates consistent with those charged by CFS to comparable unaffiliated customers in similar transactions.
The Board of Trustees, including a majority of the Trustees who are not &ldquo;interested&rdquo; trustees, has adopted procedures that
are reasonably designed to provide that any commissions, fees or other remuneration paid to CFS are consistent with the foregoing standard.
The Fund will not effect principal transactions with CFS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In allocating the Fund&rsquo;s portfolio brokerage
transactions to unaffiliated broker-dealers, Calamos may take into consideration the research, analytical, statistical and other information
and services provided by the broker- dealer, such as general economic reports and information, reports or analyses of particular companies
or industry groups, market timing and technical information, and the availability of the brokerage firm&rsquo;s analysts for consultation.
Although Calamos believes these services have substantial value, they are considered supplemental to Calamos&rsquo; own efforts in the
performance of its duties under the management agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Calamos does not guarantee any broker the placement
of a predetermined amount of securities transactions in return for the research or brokerage services it provides. Calamos has adopted
internal procedures which it believes are reasonably designed to allocate transactions in a manner consistent with its execution policies
to brokers that it has identified as providing research, research-related products or services, or execution-related services of a particular
benefit to its clients. Calamos has entered into client commission agreements (&ldquo;CCAs&rdquo;) with certain broker-dealers under which
the broker-dealers may use a portion of their commissions to pay third parties or other broker-dealers that provide Calamos with research
or brokerage services, as permitted under Section&nbsp;28(e)&nbsp;of the Exchange Act. CCAs allow Calamos to direct broker-dealers to
pool commissions that are generated from orders executed at that broker-dealer, and then periodically direct the broker-dealer to pay
third parties or other broker-dealers for research or brokerage services. All uses of CCAs by Calamos are subject to applicable law and
its best execution obligations. Brokerage and research products and services furnished by brokers may be used in servicing any or all
of the clients of Calamos and such research may not necessarily be used by Calamos in connection with the accounts which paid commissions
to the broker providing such brokerage and research products and services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As permitted by Section&nbsp;28(e)&nbsp;of the
Exchange Act, Calamos may cause the Fund to pay a broker-dealer that provides brokerage and research services an amount of commission
for effecting a securities transaction for the Fund in excess of the commission that another broker-dealer would have charged for effecting
that transaction if the amount is believed by Calamos to be reasonable in relation to the value of the overall quality of the brokerage
and research services provided. Other clients of Calamos may indirectly benefit from the provision of these services to Calamos, and the
Fund may indirectly benefit from services provided to Calamos as a result of transactions for other clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund paid $0, $0, and $0 in aggregate brokerage
commissions for the fiscal years ended October&nbsp;31, 2019, October&nbsp;31, 2020 and October&nbsp;31, 2021, including $0, $0, and $0
to CFS, which represented 0%, 0% and 0% of the Fund&rsquo;s aggregate brokerage fees paid for the respective fiscal year, and 0%, 0%,
and 0% of the Fund&rsquo;s aggregate dollar amount of transactions involving brokerage commissions for the respective fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio Turnover</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our annual portfolio turnover rate may vary greatly
from year to year. Although we cannot accurately predict our annual portfolio turnover rate, it is not expected to exceed 100% annually
under normal circumstances. For the fiscal years ended October&nbsp;31, 2020 and October&nbsp;31, 2021, the portfolio turnover rate was
76% and 46%, respectively. However, portfolio turnover rate is not considered a limiting factor in the execution of investment decisions
for the Fund, and it is possible that the Fund may exceed this level of turnover in any given year. A higher turnover rate results in
correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. High portfolio turnover also
may result in the realization of capital gains or losses and, to the extent net short-term capital gains are realized, any distributions
resulting from such gains will be taxed at ordinary income tax rates for U.S. federal income tax purposes. See &ldquo;Certain Federal
Income Tax Matters.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_007"></A>NET ASSET VALUE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net asset value per share is determined no less
frequently than the close of regular session trading on the NYSE (usually 4:00 p.m., Eastern time), on the last business day in each week,
or such other time as the Fund may determine. The NYSE is regularly closed on New Year&rsquo;s Day, the third Mondays in January&nbsp;and
February, Good Friday, the last Monday in May,&nbsp;Independence Day, Labor Day, Thanksgiving and Christmas. If the NYSE is closed due
to weather or other extenuating circumstances on a day it would typically be open for business, the Fund reserves the right to treat such
day as a Business Day and calculate the Fund&rsquo;s NAV as of the normally scheduled close of regular trading on the NYSE or such other
time that the Fund may determine, in accordance with applicable law. The Fund reserves the right to close if the primary trading markets
of the Fund&rsquo;s portfolio instruments are closed. On any business day when the Securities Industry and Financial Markets Association
(&ldquo;SIFMA&rdquo;) recommends that the securities markets close trading early or when the NYSE closes earlier than scheduled, the Fund
may (i)&nbsp;close trading early (as such, the time as of which the NAV is calculated would be advanced) or (ii)&nbsp;calculate its NAV
as of, the normally scheduled close of regular trading on the NYSE for that day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net asset value is calculated by dividing the
value of all of the securities and other assets of the Fund, less its liabilities (including accrued expenses and indebtedness) and the
aggregate liquidation value of any outstanding preferred shares, by the total number of common shares outstanding. Information that becomes
known to the Fund after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust
the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund
reserves the right to either (i)&nbsp;calculate its NAV as of the earlier closing time or (ii)&nbsp;calculate its NAV as of the normally
scheduled close of regular trading on the NYSE for that day. The Fund generally does not calculate its NAV on days during which the NYSE
is closed. However, if the NYSE is closed on a day it would normally be open for business, the Fund reserves the right to calculate its
NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine. Because
the Fund may invest in securities that are primarily listed on foreign exchanges and trade on days when the Fund does not price its shares,
the Fund&rsquo;s underlying assets may change in value on days when the NAV is not calculated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The valuation of the Fund&rsquo;s portfolio securities
is in accordance with policies and procedures adopted by and under the ultimate supervision of the Board of Trustees. Securities for which
market quotations are readily available will be valued using the market value of those securities. Securities for which market quotations
are not readily available will be fair valued in accordance with policies and procedures adopted by and under the ultimate supervision
of the Board of Trustees. The method by which a security may be fair valued will depend on the type of security and the circumstances
under which the security is being fair valued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Portfolio securities that are traded on U.S. securities
exchanges, except option securities, are valued at the last current reported sales price at the time the Fund determines its NAV. Securities
traded in the over-the- counter market and quoted on The Nasdaq Stock Market are valued at the Nasdaq Official Closing Price, as determined
by Nasdaq, or lacking a Nasdaq Official Closing Price, the last current reported sale price on Nasdaq at the time the Fund determines
its NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When a last sale or closing price is not available,
equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the
over-the-counter market are valued at the mean between the most recent bid and asked quotations in accordance with guidelines adopted
by the Board of Trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask
quote for the option security, also in accordance with guidelines adopted by the Board of Trustees. Each over-the-counter option that
is not traded through the Options Clearing Corporation is valued based on a quotation provided by the counterparty to such option under
the ultimate supervision of the Board of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fixed income securities are generally traded in
the over-the-counter market and are valued based on evaluations provided by independent pricing services or by dealers who make markets
in such securities. Valuations of fixed income securities consider yield or price of bonds of comparable quality, coupon rate, maturity,
type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Trading on European and Far Eastern exchanges
and over-the-counter markets is typically completed at various times before the close of business on each day on which the NYSE is open.
Each security trading on these exchanges or over-the-counter markets may be valued utilizing a systematic fair valuation model provided
by an independent pricing service approved by the Board of Trustees. The valuation of each security that meets certain criteria in relation
to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close.
Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported
sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean
between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign
securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays
or on other days when the NYSE is not open and on which the Fund&rsquo;s NAV is not calculated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the pricing committee determines that the valuation
of a security in accordance with the methods described above is not reflective of a market value for such security, the security is valued
at a fair value by the pricing committee, under the ultimate supervision of the Board of Trustees, following the guidelines and/or procedures
adopted by the Board of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund also may use fair value pricing, pursuant
to guidelines adopted by the Board of Trustees and under the ultimate supervision of the Board of Trustees, if trading in the security
is halted or if the value of a security it holds is materially affected by events occurring before the Fund&rsquo;s pricing time but after
the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing
services approved by the Board of Trustees, which may be based on market transactions for comparable securities and various relationships
between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information
concerning the securities or similar securities received from recognized dealers in those securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When fair value pricing of securities is employed,
the prices of securities used by the Fund to calculate its NAV may differ from market quotations or official closing prices. In light
of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_008"></A>REPURCHASE OF COMMON SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund is a closed-end investment company and
as such its shareholders will not have the right to cause the Fund to redeem their shares. Instead, the Fund&rsquo;s common shares trade
in the open market at a price that is a function of several factors, including dividend levels (which are in turn affected by expenses),
net asset value, call protection, dividend stability, relative demand for and supply of such shares in the market, general market and
economic conditions and other factors. Because shares of a closed-end investment company may frequently trade at prices lower than net
asset value, the Fund&rsquo;s Board of Trustees may consider action that might be taken to reduce or eliminate any material discount from
net asset value in respect of common shares, which may include the repurchase of such shares in the open market or in private transactions,
the making of a tender offer for such shares, or the conversion of the Fund to an open-end investment company. The Board of Trustees may
decide not to take any of these actions. In addition, there can be no assurance that share repurchases or tender offers, if undertaken,
will reduce market discount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the foregoing, at any time when
the Fund&rsquo;s preferred shares are outstanding, the Fund may not purchase, redeem or otherwise acquire any of its common shares unless
(1)&nbsp;all accumulated preferred shares dividends have been paid and (2)&nbsp;at the time of such purchase, redemption or acquisition,
the net asset value of the Fund&rsquo;s portfolio (determined after deducting the acquisition price of the common shares) is at least
200% of the liquidation value of the outstanding preferred shares (expected to equal the original purchase price per share plus any accrued
and unpaid dividends thereon). Any service fees incurred in connection with any tender offer made by the Fund will be borne by the Fund
and will not reduce the stated consideration to be paid to tendering shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to its investment restrictions, the Fund
may borrow to finance the repurchase of shares or to make a tender offer. Interest on any borrowings to finance share repurchase transactions
or the accumulation of cash by the Fund in anticipation of share repurchases or tenders will reduce the Fund&rsquo;s net income. Any share
repurchase, tender offer or borrowing that might be approved by the Fund&rsquo;s Board of Trustees would have to comply with the Exchange
Act, the 1940 Act and the rules&nbsp;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although the decision to take action in response
to a discount from net asset value will be made by the Board of Trustees at the time it considers such issue, it is not currently anticipated
that the Board of Trustees would authorize repurchases of common shares or a tender offer for such shares if: (1)&nbsp;such transactions,
if consummated, would (a)&nbsp;result in the delisting of the common shares from Nasdaq, or (b)&nbsp;impair the Fund&rsquo;s status as
a regulated investment company under the Code (which would make the Fund a taxable entity, causing the Fund&rsquo;s income to be taxed
at the corporate level in addition to the taxation of shareholders who receive dividends from the Fund) or as a registered closed-end
investment company under the 1940 Act; (2)&nbsp;the Fund would not be able to liquidate portfolio securities in an orderly manner and
consistent with the Fund&rsquo;s investment objective and policies in order to repurchase shares; or (3)&nbsp;there is, in the board&rsquo;s
judgment, any (a)&nbsp;material legal action or proceeding instituted or threatened challenging such transactions or otherwise materially
adversely affecting the Fund, (b)&nbsp;general suspension of or limitation on prices for trading securities on Nasdaq, (c)&nbsp;declaration
of a banking moratorium by federal or state authorities or any suspension of payment by United States or New York banks, (d)&nbsp;material
limitation affecting the Fund or the issuers of its portfolio securities by federal or state authorities on the extension of credit by
lending institutions or on the exchange of foreign currency, (e)&nbsp;commencement of war, armed hostilities or other international or
national calamity directly or indirectly involving the United States, or (f)&nbsp;other event or condition which would have a material
adverse effect (including any adverse tax effect) on the Fund or its shareholders if shares were repurchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The repurchase by the Fund of its shares at prices
below net asset value will result in an increase in the net asset value of those shares that remain outstanding. However, there can be
no assurance that share repurchases or tender offers at or below net asset value will result in the Fund&rsquo;s shares trading at a price
equal to their net asset value. Nevertheless, the fact that the Fund&rsquo;s shares may be the subject of repurchase or tender offers
from time to time, or that the Fund may be converted to an open-end investment company, may reduce any spread between market price and
net asset value that might otherwise exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, a purchase by the Fund of its common
shares will decrease the Fund&rsquo;s total managed assets which would likely have the effect of increasing the Fund&rsquo;s expense ratio.
Any purchase by the Fund of its common shares at a time when preferred shares are outstanding will increase the leverage applicable to
the outstanding common shares then remaining.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Before deciding whether to take any action if
the common shares trade below net asset value, the Fund&rsquo;s Board of Trustees would likely consider all relevant factors, including
the extent and duration of the discount, the liquidity of the Fund&rsquo;s portfolio, the impact of any action that might be taken on
the Fund or its shareholders and market considerations. Based on these considerations, even if the Fund&rsquo;s shares should trade at
a discount, the Board of Trustees may determine that, in the interest of the Fund and its shareholders, no action should be taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_009"></A>CERTAIN FEDERAL INCOME TAX MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a summary discussion of certain
U.S. federal income tax consequences that may be relevant to a shareholder or a noteholder (as the case may be) that acquires, holds and/or
disposes of the Fund&rsquo;s securities. This discussion only addresses certain U.S. federal income tax consequences to U.S. shareholders
and noteholders (as the case may be) who hold their Fund securities as capital assets and does not address all of the U.S. federal income
tax consequences that may be relevant to particular shareholders and noteholders (as the case may be) in light of their individual circumstances.
This discussion also does not address all U.S. federal, state, local and foreign tax concerns affecting the Fund and its shareholders
and noteholders (including shareholders and noteholders subject to special tax rules&nbsp;and shareholders owning large positions in the
Fund), and the discussion set forth herein does not constitute tax advice. The discussion reflects applicable tax laws of the United States
as of the date of this Statement of Additional Information, which tax laws may be changed or subject to new interpretations by the courts
or the Internal Revenue Service (&ldquo;IRS&rdquo;) retroactively or prospectively. No assurance can be given that the IRS would not assert,
or that a court would not sustain, a position different from any of the tax aspects set forth below. In addition, the Biden Administration
has announced that it is contemplating legislation that may result in significant changes to the Code, which could potentially have retroactive
effect. These changes may significantly alter the after-tax return of the Fund&rsquo;s shareholders and noteholders. The specific terms
of preferred shares and debt securities may result in different tax consequences to holders than those described herein. No attempt is
made to present a detailed explanation of all U.S. federal income tax concerns affecting the Fund and its shareholders and noteholders,
and the discussion set forth herein does not constitute tax advice. <B>Investors are urged to consult their own tax advisers to determine
the specific tax consequences to them of investing in the Fund, including the applicable federal, state, local and foreign tax consequences
to them and the effect of possible changes in tax laws.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Federal Income Taxation of the Fund</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund has elected to be treated, and intends
to qualify and to be eligible to be treated each year, as a &ldquo;regulated investment company&rdquo; under Subchapter M of the Code,
so that it will not pay U.S. federal income tax on investment company taxable income and capital gains timely distributed to shareholders.
If the Fund qualifies as a regulated investment company and distributes to its shareholders at least 90% of the sum of (i)&nbsp;its &ldquo;investment
company taxable income&rdquo; as that term is defined in the Code (which includes, among other things, dividends, taxable interest, the
excess of any net short-term capital gains over net long-term capital losses, taking into account certain capital loss carryforwards,
and certain net foreign currency exchange gains, less certain deductible expenses) without regard to the deduction for dividends paid
and (ii)&nbsp;the excess of its gross tax- exempt interest, if any, over certain disallowed deductions, the Fund will be relieved of U.S.
federal income tax on any income of the Fund, including long-term capital gains, distributed to shareholders. However, if the Fund retains
any investment company taxable income or &ldquo;net capital gain&rdquo; (i.e., the excess of net long-term capital gain over the sum of
net short-term capital loss and certain capital loss carryforwards), it will be subject to U.S. federal income tax at regular corporate
rates on the amount retained. The Fund intends to distribute at least annually, all or substantially all of its investment company taxable
income, net tax-exempt interest, if any, and net capital gain.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In determining its net capital gain, its taxable
income, and its earnings and profits, a regulated investment company generally may elect to treat part or all of any post-October&nbsp;capital
loss (defined as any net capital loss attributable to the portion, if any, of the taxable year after October&nbsp;31 or, if there is no
such loss, the net long-term capital loss or net short-term capital loss attributable to any such portion of the taxable year) or late-year
ordinary loss (generally, the sum of (i)&nbsp;net ordinary loss, if any, from the sale, exchange or other taxable disposition of property,
attributable to the portion, if any, of the taxable year after October&nbsp;31, and its (ii)&nbsp;other net ordinary loss, if any, attributable
to the portion of the taxable year, if any, after December&nbsp;31) as if incurred in the succeeding taxable year.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Capital losses in excess of capital gains (&ldquo;net
capital losses&rdquo;) are not permitted to be deducted against the Fund&rsquo;s net investment income. Instead, potentially subject to
certain limitations, the Fund may carry net capital losses from any taxable year forward to subsequent taxable years without expiration
to offset capital gains, if any, realized during such subsequent taxable years. Capital loss carryforwards are reduced to the extent they
offset current-year net realized capital gains, whether the Fund retains or distributes such gains. The Fund must apply such carryforwards
first against gains of the same character.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If for any taxable year the Fund did not qualify
as a regulated investment company for U.S. federal income tax purposes, it would be treated in the same manner as a regular corporation
subject to U.S. federal income tax and distributions to its shareholders would not be deductible by the Fund in computing its taxable
income. In such event, the Fund&rsquo;s distributions, to the extent derived from the Fund&rsquo;s current and accumulated earnings and
profits, would generally constitute ordinary dividends, which would generally be eligible for the dividends received deduction available
to corporate shareholders under Section&nbsp;243 of the Code, and noncorporate shareholders of the Fund would generally be able to treat
such distributions as &ldquo;qualified dividend income&rdquo; eligible for reduced rates of federal income taxation under Section&nbsp;1(h)(11)
of the Code, as described below, provided holding period and other requirements are met. The Fund could be required to recognize unrealized
gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a regulated investment company that
is accorded special tax treatment. If the Fund failed to qualify for a period greater than two taxable years, it would also be required
to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss
that would have been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized
for a period of five years.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Code, the Fund will be subject to a
nondeductible 4% federal excise tax on its undistributed ordinary income for a calendar year and its undistributed capital gains for the
one-year period generally ending on October&nbsp;31 of such calendar year if it fails to meet certain distribution requirements with respect
to that year. Generally the excise tax applies to the extent the Fund fails to distribute by the end of any calendar year at least the
sum of (i)&nbsp;98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii)&nbsp;98.2%
of its capital gains in excess of its capital losses (adjusted for certain ordinary losses). In addition, the minimum amounts that must
be distributed in any year to avoid the excise tax will be increased or decreased to reflect the total amount of any under-distribution
or over-distribution, as the case may be, from the previous year. For purposes of the required excise tax distribution, a regulated investment
company&rsquo;s ordinary gains and losses from the sale, exchange, or other taxable disposition of property that would otherwise be taken
into account after October&nbsp;31 generally are treated as arising on January&nbsp;1 of the following calendar year. Also, for purposes
of the excise tax, the Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable
year ending within the calendar year. The Fund intends to generally make distributions in a timely manner and in an amount sufficient
to avoid such tax and accordingly does not expect to be subject to this excise tax.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to qualify as a regulated investment
company under Subchapter M of the Code, the Fund must, among other things, derive at least 90% of its gross income for each taxable year
from (i)&nbsp;dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock, securities
or foreign currencies, or other income (including gains from options, futures and forward contracts) derived with respect to its business
of investing in such stock, securities or currencies and (ii)&nbsp;net income derived from interests in certain publicly traded partnerships
that derive less than 90% of their gross income from the items described in (i)&nbsp;above (each, a &ldquo;Qualified Publicly Traded Partnership&rdquo;)
(the &ldquo;90% income test&rdquo;). For purposes of the 90% income test, the character of income earned by certain entities in which
the Fund invests that are not treated as corporations for U.S. federal income tax purposes will generally pass through to the Fund. Consequently,
the Fund may be required to limit its equity investments in certain such entities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the 90% income test, the Fund must
also diversify its holdings (the &ldquo;asset test&rdquo;) so that, at the end of each quarter of its taxable year (i)&nbsp;at least 50%
of the market value of the Fund&rsquo;s total assets is represented by cash and cash items, U.S. government securities, securities of
other regulated investment companies and other securities, with such other securities of any one issuer limited for the purposes of this
calculation to an amount not greater in value than 5% of the value of the Fund&rsquo;s total assets and to not more than 10% of the outstanding
voting securities of such issuer, and (ii)&nbsp;not more than 25% of the market value of its total assets is invested, including through
corporations in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or securities
of other regulated investment companies) of any one issuer or of two or more issuers controlled by the Fund and engaged in the same, similar
or related trades or businesses or in the securities of one or more Qualified Publicly Traded Partnerships.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Foreign exchange gains and losses realized by
the Fund in connection with certain transactions involving foreign currency-denominated debt securities, certain options and futures contracts
relating to foreign currency, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign
currency are subject to Section&nbsp;988 of the Code, which generally causes such gains and losses to be treated as ordinary income and
losses and may affect the amount, timing and character of distributions to shareholders.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Fund acquires any equity interest (generally
including not only stock but also an option to acquire stock such as is inherent in a convertible bond) in certain foreign corporations
that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties,
or capital gains) or that hold at least 50% of their assets in investments held for the production of such passive income (&ldquo;passive
foreign investment companies&rdquo;), the Fund could be subject to U.S. federal income tax and additional interest charges on &ldquo;excess
distributions&rdquo; received from such companies or on gain from the sale of equity interests in such companies, even if all income or
gain actually received by the Fund is timely distributed to its shareholders. These investments could also result in the treatment as
ordinary income of associated gains on a sale of the investment. The Fund would not be able to pass through to its shareholders any credit
or deduction for such tax. Tax elections may generally be available that would ameliorate these adverse tax consequences, but any such
election could require the Fund to recognize taxable income or gain (which would be subject to the distribution requirements described
above) without the concurrent receipt of cash. The Fund may limit and/or manage its holdings in passive foreign investment companies to
limit its U.S. federal income tax liability or maximize its return from these investments.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Fund invests in certain pay-in-kind securities,
zero coupon securities, deferred interest securities or, in general, any other securities with original issue discount (&ldquo;OID&rdquo;)
(or with market discount if the Fund elects to include market discount in income currently), the Fund must accrue income on such investments
for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, the Fund must distribute,
at least annually, all or substantially all of its investment company taxable income, including such accrued income, to shareholders to
avoid U.S. federal income and excise taxes. Therefore, the Fund may have to dispose of its portfolio securities under disadvantageous
circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy distribution requirements.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may acquire market discount bonds. A
market discount bond is a security acquired in the secondary market at a price below its stated redemption price at maturity (or its adjusted
issue price if it is also an OID bond). If the Fund invests in a market discount bond, it will be required to treat any gain recognized
on the disposition of such market discount bond as ordinary income (instead of capital gain) to the extent of the accrued market discount,
unless the Fund elects to include the market discount in income as it accrues as discussed above. Such market discount will not constitute
qualified dividend income.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may invest to a significant extent in
debt obligations that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest
or who are in default. Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. The
U.S. federal income tax laws are not entirely clear about issues such as when the Fund may cease to accrue interest, OID or market discount,
when and to what extent deductions may be taken for bad debts or worthless securities and how payments received on obligations in default
should be allocated between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests
in such securities, in order to ensure that it distributes sufficient income to preserve its status as a regulated investment company
and does not become subject to U.S. federal income or excise taxes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Very generally, where the Fund purchases a bond
at a price that exceeds the stated redemption price at maturity &mdash; that is, at a premium &mdash; the premium is amortizable over
the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases,
which election is irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium
and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds, the Fund is permitted
to deduct any remaining premium allocable to a prior period. In the case of a tax-exempt bond, tax rules&nbsp;require the Fund to reduce
its tax basis by the amount of amortized premium.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The interest on municipal bonds is generally exempt
from U.S. federal income tax. The Fund does not expect to invest 50% or more of its assets in municipal bonds on which the interest is
exempt from U.S. federal income tax, or in interests in other regulated investment companies. As a result, it does not expect to be eligible
to pay &ldquo;exempt-interest dividends&rdquo; to its shareholders under the applicable tax rules. As a result, interest on municipal
bonds is taxable to shareholders of the Fund when received as a distribution from the Fund. In addition, gains realized by the Fund on
the sale or exchange of municipal bonds are taxable to shareholders of the Fund when distributed to them.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain of the Fund&rsquo;s other investments
may cause the Fund to recognize income without the corresponding receipt of cash, which could result in the Fund being required to dispose
of its portfolio securities under disadvantageous circumstances to generate cash or leverage itself by borrowing cash to satisfy distribution
requirements and to avoid entity-level tax.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may engage in various transactions in
options, futures contracts, forward contracts, hedging instruments, straddles, swaps and other similar transactions. In addition to the
special rules&nbsp;described below, such transactions may be subject to special provisions of the Code that, among other things, affect
the character of any income realized by the Fund from such investments, accelerate recognition of income to the Fund, defer Fund losses,
affect the holding period of the Fund&rsquo;s securities, affect whether distributions will be eligible for the dividends received deduction
or be treated as qualified dividend income and affect the determination of whether capital gain and loss is characterized as long-term
or short-term capital gain or loss. These rules&nbsp;could therefore affect the character, amount and timing of distributions to shareholders.
These provisions may also require the Fund to &ldquo;mark-to-market&rdquo; certain types of the positions in its portfolio (i.e., treat
them as if they were closed out), which may cause the Fund to recognize income without receiving cash with which to make distributions
in amounts necessary to satisfy the distribution requirements for avoiding U.S. federal income and excise taxes. Because these and other
tax rules&nbsp;applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future
guidance by the IRS with respect to these rules&nbsp;(which determination or guidance could be retroactive) may affect whether the Fund
has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment
company and avoid a Fund-level tax. The Fund will monitor its transactions and will make the appropriate entries in its books and records
when it acquires an option, futures contract, forward contract, hedge instrument, swap or other similar investment, and if the Fund deems
it advisable, will make appropriate elections in order to mitigate the effect of these rules, prevent disqualification of the Fund as
a regulated investment company and minimize the imposition of U.S. federal income and excise taxes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain of the Fund&rsquo;s investments in derivative
instruments and foreign currency denominated instruments, and any of the Fund&rsquo;s transactions in foreign currencies and hedging activities,
are likely to produce a difference between its book income and the sum of its taxable income (including realized capital gains) and net
tax-exempt income (if any). If such a difference arises and the Fund&rsquo;s book income is less than the sum of its taxable income (including
realized capital gains) and net tax-exempt income (if any), the Fund could be required to make distributions exceeding book income to
qualify as a regulated investment company that is accorded special tax treatment and to avoid a Fund-level tax. If the Fund&rsquo;s book
income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income (if any), the distribution (if
any) of such excess generally will be treated as (i)&nbsp;a dividend to the extent of the Fund&rsquo;s remaining current and accumulated
earnings and profits (including earnings and profits arising from tax-exempt income), if any, (ii)&nbsp;thereafter, as a return of capital
to the extent of the recipient&rsquo;s adjusted tax basis in its shares and (iii)&nbsp;thereafter, as gain from the sale or exchange of
a capital asset.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In general, option premiums received by the Fund
are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option
is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call
option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital
gain or loss equal to (a)&nbsp;the sum of the strike price and the option premium received by the Fund minus (b)&nbsp;the Fund&rsquo;s
basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock.
If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium
received for purposes of computing its cost basis in the securities purchased. The termination of the Fund&rsquo;s obligation under an
option other than through the exercise of the option will result in gain or loss, depending on whether the premium income received by
the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Subject to certain exceptions, some
of which are described below, such gain or loss generally will be short-term. Thus, for example, if an option written by the Fund expires
unexercised, the Fund generally will recognize short-term gain equal to the premium received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund&rsquo;s options activities may include
transactions constituting straddles for U.S. federal income tax purposes, that is, that trigger the U.S. federal income tax straddle rules&nbsp;contained
primarily in Section&nbsp;1092 of the Code. Such straddles include, for example, positions in a particular security, or an index of securities,
and one or more options that offset the former position, including options that are &ldquo;covered&rdquo; by the Fund&rsquo;s long position
in the subject security. Very generally, where applicable, Section&nbsp;1092 requires (i)&nbsp;that losses be deferred on positions deemed
to be offsetting positions with respect to &ldquo;substantially similar or related property,&rdquo; to the extent of unrealized gain in
the latter, and (ii)&nbsp;that the holding period of such a straddle position that has not already been held for the long-term holding
period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not &ldquo;deep
in the money&rdquo; may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period
on stock underlying qualified covered calls that are &ldquo;in the money&rdquo; although not &ldquo;deep in the money&rdquo; will be suspended
during the period that such calls are outstanding. These straddle rules&nbsp;and the rules&nbsp;governing qualified covered calls could
cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that
would otherwise constitute &ldquo;qualified dividend income&rdquo; or qualify for the dividends received deduction to fail to satisfy
the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends received deduction,
as the case may be.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund&rsquo;s transactions in certain investments
(including broad based equity index options and certain other futures contracts) are generally considered &ldquo;Section&nbsp;1256 contracts&rdquo;
for federal income tax purposes. Any unrealized gains or losses on such Section&nbsp;1256 contracts are treated as though they were realized
at the end of each taxable year. The resulting gain or loss is treated as sixty percent long-term capital gain or loss and forty percent
short-term capital gain or loss, although certain foreign currency gains and losses from such contracts may be treated as ordinary in
character. Gain or loss recognized on actual sales of Section&nbsp;1256 contracts is treated in the same manner. As noted below, distributions
of net short-term capital gain are taxable to shareholders as ordinary income while distributions of net long-term capital gain that are
properly reported as capital gain dividends are taxable to shareholders as long-term capital gain, regardless of how long the shareholder
has held shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund&rsquo;s entry into a short sale transaction,
an option or certain other contracts could be treated as the constructive sale of an appreciated financial position, causing the Fund
to realize gain, but not loss, on the position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any investment by the Fund in equity securities
of REITs may result in the Fund&rsquo;s receipt of cash in excess of the REIT&rsquo;s earnings; if the Fund distributes these amounts,
these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received
by the Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend
income. The Fund may invest in REITs that hold residual interests in real estate mortgage investment conduits (&ldquo;REMICs&rdquo;).
Under a notice issued by the IRS, a portion of the Fund&rsquo;s income from a REIT that is attributable to the REIT&rsquo;s residual interest
in a REMIC (referred to in the Code as an &ldquo;excess inclusion&rdquo;) will be subject to U.S. federal income tax in all events. This
notice also provides that excess inclusion income of a regulated investment company, such as the Fund, will be allocated to shareholders
of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the
shareholders held the related REMIC residual interest directly. In general, excess inclusion income allocated to shareholders (i)&nbsp;cannot
be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii)&nbsp;will constitute unrelated
business taxable income (&ldquo;UBTI&rdquo;) to entities (including a qualified pension plan, an individual retirement account, a 401(k)&nbsp;plan,
a Keogh plan or other tax-exempt entity) subject to federal income tax on unrelated business income, thereby potentially requiring such
an entity that is allocated excess inclusion income, and otherwise might not be required to file a federal income tax return, to file
a tax return and pay tax on such income, and (iii)&nbsp;in the case of a foreign shareholder, will not qualify for any reduction in U.S.
federal withholding tax. In addition, special tax consequences apply to charitable remainder trusts (&ldquo;CRTs&rdquo;) that invest in
regulated investment companies that invest directly or indirectly in residual interests in REMICs. Under legislation enacted in December&nbsp;2006,
a CRT, as defined in Section&nbsp;664 of the Code, that realizes any UBTI for a taxable year, must pay an excise tax annually of an amount
equal to such UBTI. Under IRS guidance issued in 2006, a CRT will not recognize UBTI solely as a result of investing in a regulated investment
company that recognizes &ldquo;excess inclusion income.&rdquo; Rather, if at any time during any taxable year a CRT (or one of certain
other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and
certain energy cooperatives) is a record holder of a share in a regulated investment company that recognizes &ldquo;excess inclusion income,&rdquo;
then the regulated investment company will be subject to a tax on that portion of its &ldquo;excess inclusion income&rdquo; for the taxable
year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains
applicable in light of the December&nbsp;2006 legislation is unclear. To the extent permitted under the 1940 Act, the Fund may elect to
specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder&rsquo;s distributions for
the year by the amount of the tax that relates to such shareholder&rsquo;s interest in the Fund. The Fund has not yet determined whether
such an election will be made. CRTs and other tax-exempt shareholders are urged to consult their tax advisers concerning the consequences
of investing in the Fund. The Fund does not intend to invest in REITs in which a substantial portion of the assets will consist of residual
interests in REMICs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund may be subject to withholding and other
taxes imposed by foreign countries, including taxes on interest, dividends and capital gains with respect to its investments in those
countries, which would, if imposed, reduce the yield on or return from those investments. If more than 50% of the value of the Fund&rsquo;s
assets at the close of the taxable year consists of stock or securities of foreign corporations, the Fund may make an election under the
Code to pass through such taxes to shareholders of the Fund. If the Fund is eligible to and makes such an election, shareholders will
generally be able (subject to applicable limitations under the Code) to claim a credit or deduction (but not both) on their federal income
tax return for, and will be required to treat as part of the amounts distributed to them, their pro rata portion of the income taxes paid
by the Fund to foreign countries. If the Fund makes such an election, it will provide relevant information to its shareholders. If such
an election is not made, shareholders will not be required to include such taxes in their gross incomes and will not be entitled to a
tax deduction or credit for such taxes on their own federal income tax returns. Each prospective investor is urged to consult its tax
adviser regarding taxation of foreign securities in the Fund&rsquo;s portfolio and any available foreign tax credits with respect to the
prospective investor&rsquo;s own situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Shares and Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Common
Share Distributions</I></FONT>. Unless a shareholder is ineligible to participate or elects otherwise, all distributions on common shares
will be automatically reinvested in additional common shares of the Fund pursuant to the Automatic Dividend Reinvestment Plan (the &ldquo;Dividend
Reinvestment Plan&rdquo;). For U.S. federal income tax purposes, dividends are generally taxable whether a shareholder takes them in cash
or they are reinvested pursuant to the Dividend Reinvestment Plan in additional shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Distributions of investment company taxable income
(determined without regard to the deduction for dividends paid), which includes dividends, taxable interest, net short-term capital gain
in excess of net long-term capital loss, taking into account certain capital loss carryforwards and certain net foreign currency exchange
gains, are, except as discussed below, taxable as ordinary income to the extent of the Fund&rsquo;s current and accumulated earnings and
profits. A portion of such dividends may qualify for the dividends received deduction available to corporations under Section&nbsp;243
of the Code and the reduced rate of taxation under Section&nbsp;1(h)(11) of the Code that applies to qualified dividend income received
by noncorporate shareholders. In general, dividends of net investment income received by corporate shareholders of the Fund qualify for
the dividends received deduction generally available to corporations only to the extent of the amount of eligible dividends received by
the Fund from domestic corporations (other than REITs) for the taxable year. Qualified dividend income received by noncorporate shareholders
is taxed at rates equivalent to long-term capital gain tax rates. Qualified dividend income generally includes dividends from domestic
corporations and dividends from foreign corporations that meet certain specified criteria, although dividends paid by REITs will not generally
be eligible for treatment as qualified dividend income. The Fund generally can pass the tax treatment of dividends eligible for the dividends
received deduction and qualified dividend income it receives through to Fund shareholders. For the Fund to receive tax-advantaged dividend
income, the Fund must meet certain holding period requirements with respect to the stock on which the dividend is paid. In addition, the
Fund cannot be obligated to make payments (pursuant to a short sale or otherwise) with respect to substantially similar or related property.
Similar provisions, including holding period requirements, apply to each shareholder&rsquo;s investment in the Fund. Moreover, the dividends
received deduction may otherwise be disallowed or reduced by application of various provisions of the Code (for instance, the dividends
received deduction is reduced in the case of a dividend received on debt-financed portfolio stock (generally, stock acquired with borrowed
funds)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Distributions of net capital gain, if any, that
are properly reported as capital gain dividends are generally taxable as long-term capital gains for U.S. federal income tax purposes
without regard to the length of time the shareholder has held shares of the Fund. The IRS and the Department of the Treasury have issued
regulations that impose special rules&nbsp;in respect of capital gain dividends received through partnership interests constituting &ldquo;applicable
partnership interests&rdquo; under Section&nbsp;1061 of the Code. A distribution of an amount in excess of the Fund&rsquo;s current and
accumulated earnings and profits, if any, will be treated by a shareholder as a tax-free return of capital which is applied against and
reduces the shareholder&rsquo;s basis in his or her shares. Such distributions represent a return of the investor&rsquo;s capital to the
extent of his or her basis in the shares. To the extent that the amount of any such distribution exceeds the shareholder&rsquo;s basis
in his or her shares, the excess will be treated by the shareholder as gain from the sale or exchange of shares. The U.S. federal income
tax status of all distributions will be reported to the shareholders annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Distributions by the Fund to its shareholders
that the Fund properly reports as &ldquo;section 199A dividends,&rdquo; as defined and subject to certain conditions described below,
are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal
income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a &ldquo;section
199A dividend&rdquo; is any dividend or portion thereof that is attributable to certain dividends received by a regulated investment company
from REITs, to the extent such dividends are properly reported as such by the regulated investment company in a written notice to its
shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the
dividend-paying regulated investment company shares for at least 46 days of the 91-day period beginning 45 days before the shares become
ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property.
The Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Fund retains any net capital gain, the
Fund may report the retained amount as undistributed capital gains to shareholders who, if subject to U.S. federal income tax on long-term
capital gains, (i)&nbsp;will be required to include in income, as long-term capital gain, their proportionate share of such undistributed
amount, and (ii)&nbsp;will be entitled to credit their proportionate share of the federal income tax paid by the Fund on the undistributed
amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities.
If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund will
be increased by the difference between the amount of undistributed net capital gain included in the shareholder&rsquo;s gross income and
the federal income tax deemed paid by the shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a shareholder&rsquo;s distributions are automatically
reinvested pursuant to the Dividend Reinvestment Plan and the plan agent invests the distribution in shares acquired on behalf of the
shareholder in open-market purchases, for U.S. federal income tax purposes, the shareholder will be treated as having received a taxable
distribution in the amount of the cash dividend that the shareholder would have received if the shareholder had elected to receive cash.
If a shareholder&rsquo;s distributions are automatically reinvested pursuant to the Dividend Reinvestment Plan and the plan agent invests
the distribution in newly issued shares of the Fund, the shareholder will generally be treated as receiving a taxable distribution equal
to the fair market value of the shares the shareholder receives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At the time of an investor&rsquo;s purchase of
the Fund&rsquo;s shares, a portion of the purchase price may be attributable to unrealized appreciation in the Fund&rsquo;s portfolio
or undistributed taxable income of the Fund. Consequently, subsequent distributions by the Fund with respect to these shares from such
appreciation or income may be taxable to such investor even if the net asset value of the investor&rsquo;s shares is, as a result of the
distributions, reduced below the investor&rsquo;s cost for such shares and the distributions economically represent a return of a portion
of the investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any dividend declared by the Fund in October,
November&nbsp;or December&nbsp;with a record date in such a month and paid during the following January&nbsp;will be treated for U.S.
federal income tax purposes as paid by the Fund and received by shareholders on December&nbsp;31 of the calendar year in which it is declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Preferred
Share Distributions</I></FONT>. Under present law and based in part on the fact that there is and will be no express or implied agreement
between or among a broker-dealer or any other party, and the Fund or any owners of preferred shares, that the broker-dealer or any other
party will guarantee or otherwise arrange to ensure that an owner of preferred shares will be able to sell his or her shares, the Fund
has treated, and intends to continue to treat, the preferred shares as equity for federal income tax purposes. As such, distributions
with respect to the preferred shares (other than distributions in redemption of the preferred shares subject to Section&nbsp;302(b)&nbsp;of
the Code) will generally constitute dividends to the extent of the Fund&rsquo;s current and accumulated earnings and profits, as calculated
for U.S. federal income tax purposes. Except in the case of net capital gain distributions, such dividends generally will be taxable at
ordinary income tax rates to holders of preferred shares but may qualify for the dividends received deduction available to corporate shareholders
under Section&nbsp;243 of the Code and the reduced rates of federal income taxation that apply to qualified dividend income received by
noncorporate shareholders under Section&nbsp;1(h)(11) of the Code. Distributions reported by the Fund as net capital gain distributions
will be taxable as long-term capital gain regardless of the length of time a shareholder has held shares of the Fund. Please see the discussion
above on qualified dividend income, dividends received deductions and net capital gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The character of the Fund&rsquo;s income will
not affect the amount of dividends which the holders of preferred shares are entitled to receive. If the preferred shares are auction
rate securities, holders of preferred shares are entitled to receive only the amount of dividends as determined by periodic auctions.
For U.S. federal income tax purposes, the IRS requires that a regulated investment company that has two or more classes of shares allocate
to each such class proportionate amounts of each type of its income (such as ordinary income and net capital gain) for each tax year.
Accordingly, the Fund intends to report distributions made with respect to the common shares and preferred shares as consisting of particular
types of income (e.g., net capital gain and ordinary income), in accordance with each class&rsquo;s proportionate share of the total dividends
paid to both classes. Thus, each year the Fund will report dividends qualifying for the corporate dividends received deduction, qualified
dividend income, ordinary income and net capital gains in a manner that allocates such income between the preferred shares and common
shares in proportion to the total dividends made to each class with respect to such taxable year, or otherwise as required by applicable
law. In addition, solely for the purpose of satisfying the 90% distribution requirement and the distribution requirement for avoiding
income taxes, certain distributions made after the close of a taxable year of the Fund may be &ldquo;spilled back&rdquo; and treated as
paid during such taxable year. In such case, shareholders will be treated as having received such dividends in the taxable year in which
the distribution was actually made. The Fund intends to treat any dividends that are paid following the close of a taxable year as &ldquo;paid&rdquo;
in the prior year for purposes of determining a class&rsquo;s proportionate share of a particular type of income. The IRS has ruled privately
that dividends paid following the close of the taxable year that are treated for federal income tax purposes as derived from income from
the prior year will be treated as dividends &ldquo;paid&rdquo; in the prior year for purposes of determining the proportionate share of
a particular type of income for each class. The private ruling is not binding on the IRS, and there can be no assurance that the IRS will
respect such treatment. Each shareholder will be notified of the allocation within 60 days after the end of the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although the Fund is required to distribute annually
at least 90% of its investment company taxable income (determined without regard to the deduction for dividends paid), the Fund is not
required to distribute net capital gains to the shareholders. The Fund may retain and reinvest such gains and pay federal income taxes
on such gains (the &ldquo;net undistributed capital gain&rdquo;). Please see the discussion above on undistributed capital gains. The
Fund intends to distribute its net capital gain for any year during which it has preferred shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although dividends generally will be treated as
distributed when paid, dividends declared in October, November&nbsp;or December&nbsp;with a record date in such a month, and paid in January&nbsp;of
the following year, will be treated as having been distributed by the Fund and received by the shareholders on December&nbsp;31 of the
year in which the dividend was declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Earnings and profits are generally treated, for
federal income tax purposes, as first being used to pay distributions on preferred shares, and then to the extent remaining, if any, to
pay distributions on the common shares. Distributions in excess of current and accumulated earnings and profits of the Fund are treated
first as return of capital to the extent of the shareholder&rsquo;s basis in the shares and, after the adjusted basis is reduced to zero,
will be treated as capital gain to a shareholder who holds such shares as a capital asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Fund utilizes leverage through borrowings,
or otherwise, asset coverage limitations imposed by the 1940 Act as well as additional restrictions that may be imposed by certain lenders
on the payment of dividends or distributions potentially could limit or eliminate the Fund&rsquo;s ability to make distributions on its
common shares and/or preferred shares until the asset coverage is restored. These limitations could prevent the Fund from distributing
at least 90% of its investment company taxable income as is required under the Code and therefore might jeopardize the Fund&rsquo;s qualification
as a regulated investment company and/or might subject the Fund to a nondeductible 4% federal excise tax. Upon any failure to meet the
asset coverage requirements imposed by the 1940 Act, the Fund may, in its sole discretion and to the extent permitted under the 1940 Act,
purchase or redeem preferred shares in order to maintain or restore the requisite asset coverage and avoid the adverse consequences to
the Fund and its shareholders of failing to meet the distribution requirements. There can be no assurance, however, that any such action
would achieve these objectives. The Fund will endeavor to avoid restrictions on its ability to distribute dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Sales
of Fund Shares</I></FONT>. Sales and other dispositions of the Fund&rsquo;s shares, including a repurchase by the Fund of its shares,
generally are taxable events for shareholders that are subject to federal income tax. Selling shareholders will generally recognize gain
or loss in an amount equal to the difference between the amount received for such shares and their adjusted tax basis in the shares sold.
If such shares are held as a capital asset at the time of sale, the gain or loss will generally be a long-term capital gain or loss if
the shares have been held for more than one year and, if not held for such period, a short-term capital gain or loss. Similarly, a repurchase
by the Fund, including as a result of a tender offer by the Fund, if any, of all of the shares (common and preferred) actually and constructively
held by a shareholder generally will give rise to capital gain or loss under Section&nbsp;302(b)&nbsp;of the Code if the shareholder does
not own (and is not regarded under certain federal income tax law rules&nbsp;of constructive ownership as owning) any other common or
preferred shares of the Fund and provided that the proceeds from the purchase do not represent declared but unpaid dividends. If the Fund
repurchases fewer than all of a shareholder&rsquo;s common shares or a shareholder continues to hold (directly or by attribution) other
Fund shares (including preferred shares if then outstanding) subsequent to a Fund repurchase, in certain circumstances such shareholder
may be treated as having received a distribution under Section&nbsp;301 of the Code (&ldquo;Section&nbsp;301 distribution&rdquo;) unless
the repurchase is treated as being either (i)&nbsp;&ldquo;substantially disproportionate&rdquo; with respect to such shareholder or (ii)&nbsp;otherwise
 &ldquo;not essentially equivalent to a dividend&rdquo; under the relevant rules&nbsp;of the Code. A Section&nbsp;301 distribution is not
treated as a sale or exchange giving rise to capital gain or loss, but rather is treated as a dividend to the extent supported by the
Fund&rsquo;s current and accumulated earnings and profits, with the excess treated as a return of capital reducing the shareholder&rsquo;s
tax basis in its Fund shares, and thereafter as capital gain. Where a selling shareholder is treated as receiving a dividend, there is
a risk that non-selling shareholders whose percentage interests in the Fund increase as a result of such repurchase will be treated as
having received a taxable distribution from the Fund. The extent of such risk will vary depending upon the particular circumstances of
the repurchase, in particular whether such repurchase is a single and isolated event or is part of a plan for periodically repurchasing
the common shares of the Fund; if isolated, any such risk is likely remote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Gain or loss will generally be long-term capital
gain or loss if the shares disposed of were held for more than one year and will be short-term capital gain or loss if the shares disposed
of were held for one year or less. Net long-term capital gain recognized by a noncorporate U.S. shareholder generally will be subject
to federal income tax at a lower rate than net short-term capital gain or ordinary income. For corporate holders, capital gain is generally
taxed for federal income tax purposes at the same rate as ordinary income. A holder&rsquo;s ability to deduct capital losses may be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any loss realized by a shareholder upon the sale
or other disposition of shares with a tax holding period of six months or less will be treated as a long-term capital loss to the extent
of any amounts treated as distributions of long-term capital gain with respect to such shares. Losses on sales or other dispositions of
shares may be disallowed under &ldquo;wash sale&rdquo; rules&nbsp;in the event a shareholder acquires, or is treated as acquiring, substantially
identical stock or securities (including Fund shares acquired pursuant to the reinvestment of dividends) within a period of 61 days beginning
30 days before and ending 30 days after a sale or other disposition of shares. In such a case, the disallowed portion of any loss generally
would be included in the U.S. federal income tax basis of the shares acquired. Shareholders should consult their own tax advisers regarding
their individual circumstances to determine whether any particular transaction in the Fund&rsquo;s shares is properly treated as a sale
for U.S. federal income tax purposes and the tax treatment of any gains or losses recognized in such transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the dissolution of the Fund, shareholders
generally will realize capital gain or loss in an amount equal to the difference between the amount of cash or other property received
by the shareholder (including any property deemed received by reason of its being placed in a liquidating trust) and the shareholder&rsquo;s
adjusted tax basis in shares of the Fund for U.S. federal income tax purposes. Any such gain or loss will be long-term if the shareholder
is treated as having a holding period in Fund shares of greater than one year, and otherwise will be short-term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Federal
Income Tax Withholding</I></FONT>. Federal law requires that the Fund withhold, as &ldquo;backup withholding,&rdquo; a percentage of reportable
payments, including dividends, capital gain distributions and the proceeds of sales or other dispositions of the Fund&rsquo;s shares paid
to shareholders who have not complied with IRS regulations. In order to avoid this withholding requirement, shareholders must certify
on their account applications, or on a separate IRS Form&nbsp;W-9, that the social security number or other taxpayer identification number
they provide is their correct number and that they are not currently subject to backup withholding, or that they are exempt from backup
withholding. The Fund may nevertheless be required to backup withhold if it receives notice from the IRS or a broker that the number provided
is incorrect or backup withholding is applicable. Backup withholding is not an additional tax. Any amounts withheld from payments made
to a shareholder may be refunded or credited against such shareholder&rsquo;s U.S. federal income tax liability, if any, provided that
the required information is furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
Matters</I></FONT>. Treasury regulations provide that if a shareholder recognizes a loss with respect to shares of $2 million or more
in a single taxable year (or $4 million or more in any combination of taxable years in which the transaction is entered into and the five
succeeding taxable years) for a shareholder who is an individual, S corporation or trust or $10 million or more for a corporate shareholder
in any single taxable year (or $20 million or more in any combination of taxable years in which the transaction is entered into and the
five succeeding taxable years), the shareholder must file with the IRS a disclosure statement on Form&nbsp;8886. Direct shareholders of
portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated
investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders
of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal determination
of whether the taxpayer&rsquo;s treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability
of these regulations in light of their individual circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Special tax rules&nbsp;apply to investments through
defined contribution plans and other tax-qualified plans. Shareholders should consult their tax advisers to determine the suitability
of shares of the Fund as an investment through such plans and the precise effect of an investment on their particular tax situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Taxation
of Non-U.S. Shareholders. </I></FONT>The description of certain federal income tax provisions above relates only to U.S. federal income
tax consequences for shareholders who are U.S. persons (i.e., U.S. citizens or resident aliens or U.S. corporations, partnerships, trusts
or estates who are subject to U.S. federal income tax on a net income basis). Investors other than U.S. persons, including non-resident
alien individuals, may be subject to different U.S. federal income tax treatment. With respect to such persons, the Fund must generally
withhold U.S. federal withholding tax at the rate of 30% (or, if the Fund receives certain certifications from such non-U.S. shareholder,
such lower rate as prescribed by an applicable tax treaty) on amounts treated as ordinary dividends from the Fund. However, the Fund is
not required to withhold tax on any amounts paid to a non-U.S. person with respect to capital gain dividends (that is, distributions of
net capital gain that are properly reported by the Fund as capital gain dividends), dividends attributable to &ldquo;qualified short-term
gain&rdquo; (i.e., the excess of net short-term capital gain over net long-term capital loss) reported as such by the Fund and dividends
attributable to certain U.S. source interest income of types similar to those not subject to federal withholding tax if earned directly
by a non-U.S. person, provided such amounts are properly reported by the Fund. <B>Shareholders should consult their own tax advisers on
these matters and on any specific question of U.S. federal, state, local, foreign and other applicable tax laws before making an investment
in the Fund.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under present law, the Fund intends to treat the
debt securities as indebtedness for federal income tax purposes, which treatment the discussion below assumes. We intend to treat all
payments made with respect to the debt securities consistent with this characterization. The following discussion assumes that all interest
on the debt securities will be qualified stated interest (which is generally interest that is unconditionally payable at least annually
at a fixed or qualified floating rate), and that the debt securities will have a fixed maturity date of more than one year from the date
of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Taxation
of Interest. </I></FONT>Payments or accruals of interest on debt securities generally will be taxable to holders as ordinary interest
income at the time such interest is received (actually or constructively) or accrued, in accordance with the holder&rsquo;s regular method
of accounting for federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Purchase,
Sale and Redemption of Debt Securities. </I></FONT>Initially, a holder&rsquo;s tax basis in debt securities acquired generally will be
equal to the cost to acquire such debt securities. This basis will be increased by the amounts, if any, that the holder includes in income
under the rules&nbsp;governing OID (taking into account any acquisition premium that offsets such OID) and market discount, and will be
decreased by the amount of any amortized premium on such debt securities, as discussed below, and any payments on such debt securities
other than stated interest. When the holder sells, exchanges or redeems any of its debt securities, or otherwise disposes of its debt
securities in a taxable transaction, the holder generally will recognize gain or loss equal to the difference between the amount realized
on the transaction (less any accrued and unpaid interest (including any OID), which will be subject to federal income tax as interest
in the manner described above) and the tax basis in the debt securities relinquished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as discussed below with respect to market
discount, the gain or loss recognized on the sale, exchange, redemption or other taxable disposition of any debt securities generally
will be capital gain or loss. Such gain or loss will generally be long-term capital gain or loss if the disposed debt securities were
held for more than one year and will be short-term capital gain or loss if the disposed debt securities were held for one year or less.
Net long-term capital gain recognized by a noncorporate U.S. holder generally will be subject to federal income tax at a lower rate than
net short-term capital gain or ordinary income. For corporate holders, capital gain is generally taxed for federal income tax purposes
at the same rate as ordinary income. A holder&rsquo;s ability to deduct capital losses may be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Amortizable
Premium. </I></FONT>If a holder purchases debt securities at a cost greater than their stated redemption price at maturity, plus accrued
interest, the holder will be considered to have purchased the debt securities at a premium, and generally may elect to amortize this premium
as an offset to interest income, using a constant yield method, over the remaining term of the debt securities. If the holder makes the
election to amortize the premium, it generally will apply to all debt instruments held at the beginning of the first taxable year to which
the election applies, as well as any debt instruments that were subsequently acquired. In addition, the holder may not revoke the election
without the consent of the IRS. If the holder elects to amortize the premium, it will be required to reduce its tax basis in the debt
securities by the amount of the premium amortized during its holding period. If the holder does not elect to amortize premium, the amount
of premium will be included in the holder&rsquo;s tax basis in the debt securities. Therefore, if the holder does not elect to amortize
the premium and holds the debt securities to maturity, the holder generally will be required to treat the premium as a capital loss when
the debt securities are redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Original
Issue Discount. </I></FONT>If the stated redemption price at maturity of the debt securities exceeds their issue price by at least the
statutory <I>de minimis </I>amount, the debt securities will be treated as being issued with OID for U.S. federal income tax purposes.
The stated redemption price at maturity includes all payments on the debt securities other than qualified stated interest, which is generally
interest that is unconditionally payable at least annually at a fixed or qualified floating rate. If the debt securities are issued with
OID, you will be required to include such OID in gross income (as ordinary income) as it accrues over the term of the debt securities
on a constant-yield basis, in advance of the receipt of cash attributable to that income and regardless of your regular method of accounting
for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Acquisition
Premium. </I></FONT>If a holder purchases debt securities that were issued with OID at a cost greater than their issue price and less
than or equal to their stated redemption price at maturity, the holder will be considered to have purchased the debt securities with acquisition
premium. Such holder will generally be permitted to reduce the daily portions of OID required to be included in income by a fraction,
the numerator of which is the excess of the holder&rsquo;s initial basis in the debt securities over the debt securities&rsquo; issue
price, and the denominator of which is the excess of the redemption price at maturity of the debt securities over their issue price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Discount. </I></FONT>If the holder purchases debt securities in the secondary market at a price that reflects a &ldquo;market discount,&rdquo;
any principal payments on, or any gain that the holder realized on the disposition of, the debt securities generally will be treated as
ordinary interest income to the extent of the market discount that accrued on the debt securities during the time such debt securities
were held. &ldquo;Market discount&rdquo; is defined under the Code as, in general, the excess (subject to a statutory de minimis amount)
of the stated redemption price at maturity (or in the case of an obligation issued with OID, its &ldquo;revised issue price&rdquo;) over
the purchase price of the debt security. In addition, the holder may be required to defer the deduction of all or a portion of any interest
paid on any indebtedness incurred or continued to purchase or carry the debt securities that were acquired at a market discount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holder may elect to include market discount
in gross income currently as it accrues (on either a ratable or constant yield basis), in lieu of treating a portion of any gain realized
on a sale of the debt securities as ordinary income. If the holder elects to include market discount on a current basis, the interest
deduction deferral rule&nbsp;described above will not apply and the holder will increase its basis in the debt security by the amount
of market discount included in gross income. If the holder does make such an election, it will apply to all market discount debt instruments
acquired on or after the first day of the first taxable year to which the election applies. This election may not be revoked without the
consent of the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Information
Reporting and Backup Withholding</I></FONT>. In general, information reporting requirements will apply to payments of principal, interest,
and premium, if any, paid on debt securities and to the proceeds of the sale of debt securities paid to U.S. holders other than certain
exempt recipients (such as certain corporations) provided they establish such exemption. Information reporting generally will apply to
payments of interest on the debt securities to non-U.S. Holders (as defined below) and the amount of tax, if any, withheld with respect
to such payments. Copies of the information returns reporting such interest payments and any withholding may also be made available to
the tax authorities in the country in which the non-U.S. Holder resides under the provisions of an applicable income tax treaty. In addition,
for non-U.S. Holders, information reporting will apply to the proceeds of the sale of debt securities within the United States or conducted
through United States-related financial intermediaries unless the certification requirements described below have been complied with and
the statement described below in &ldquo;Taxation of Non-U.S. Holders&rdquo; has been received (and the payor does not have actual knowledge
or reason to know that the holder is a United States person) or the holder otherwise establishes an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may be required to withhold, for U.S. federal
income tax purposes, a portion of all payments (including redemption proceeds) payable to holders of debt securities who fail to provide
us with their correct taxpayer identification number, who fail to make required certifications or who have been notified by the IRS that
they are subject to backup withholding (or if we have been so notified). Certain corporate and other shareholders specified in the Code
and the regulations thereunder are exempt from backup withholding. Backup withholding is not an additional tax. Any amounts withheld may
be credited against the holder&rsquo;s U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A holder who is a non-U.S. Holder may have to
comply with certification procedures to establish its non-U.S. status in order to avoid backup withholding tax requirements. The certification
procedures required to claim the exemption from withholding tax on interest income described below with respect to non-U.S. Holders will
satisfy these requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Taxation
of Non-U.S. Holders</I></FONT>. If a holder is a non-resident alien individual or a foreign corporation (a &ldquo;non-U.S. Holder&rdquo;),
the payment of interest on the debt securities generally will be considered &ldquo;portfolio interest&rdquo; and thus generally will be
exempt from U.S. federal withholding tax. This exemption will apply to the holder provided that (1)&nbsp;interest paid on the debt securities
is not effectively connected with the holder&rsquo;s conduct of a trade or business in the United States, (2)&nbsp;the holder is not a
bank whose receipt of interest on the debt securities is described in Section&nbsp;881(c)(3)(A)&nbsp;of the Code, (3)&nbsp;the holder
does not actually or constructively own 10 percent or more of the combined voting power of all classes of our stock entitled to vote,
(4)&nbsp;the holder is not a controlled foreign corporation that is related, directly or indirectly, to us through stock ownership, and
(5)&nbsp;the holder satisfies the certification requirements described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To satisfy the certification requirements, either
(1)&nbsp;the holder of any debt securities must certify, under penalties of perjury, that such holder is a non-U.S. person and must provide
such owner&rsquo;s name, address and taxpayer identification number, if any, on IRS Form&nbsp;W-8BEN or W-8BEN-E, or (2)&nbsp;a securities
clearing organization, bank or other financial institution that holds customer securities in the ordinary course of its trade or business
and holds the debt securities on behalf of the holder thereof must certify, under penalties of perjury, that it has received a valid and
properly executed IRS Form&nbsp;W-8BEN or W-8BEN-E from the beneficial holder and comply with certain other requirements. Special certification
rules&nbsp;apply for debt securities held by a foreign partnership and other intermediaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest on debt securities received by a non-U.S.
Holder that is not excluded from U.S. federal withholding tax under the portfolio interest exemption as described above generally will
be subject to withholding at a 30% rate, except where (1)&nbsp;the interest is effectively connected with the conduct of a U.S. trade
or business, in which case the interest will be subject to U.S. income tax on a net basis at graduated rates as applicable to U.S. holders
generally (and, in the case of corporate non-U.S. Holders, may be subject to an additional 30% branch profits tax) or (2)&nbsp;a non-U.S.
Holder can claim the benefits of an applicable income tax treaty to reduce or eliminate such withholding tax. To claim the benefit of
an income tax treaty or to claim an exemption from withholding because the interest is effectively connected with a U.S. trade or business,
a non-U.S. Holder must timely provide the appropriate, properly executed IRS forms. These forms may be required to be periodically updated.
Also, a non-U.S. Holder who is claiming the benefits of an income tax treaty may be required to obtain a U.S. taxpayer identification
number and to provide certain documentary evidence issued by foreign governmental authorities to prove residence in the foreign country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any capital gain that a non-U.S. Holder realizes
on a sale, exchange or other disposition of debt securities generally will be exempt from U.S. federal income tax, including withholding
tax. This exemption will not apply to a holder whose gain is effectively connected with the conduct of a trade or business in the U.S.
or who is an individual holder and is present in the U.S. for a period or periods aggregating 183 days or more in the taxable year of
the disposition and, in each case, certain other conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">See &ldquo;Information Reporting and Backup Withholding&rdquo;
above for a general discussion of information reporting and backup withholding requirements applicable to non-U.S. Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Tax Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Medicare
Tax on Certain Investment Income. </I></FONT>Certain noncorporate taxpayers are subject to an additional tax of 3.8% with respect to the
lesser of (1)&nbsp;their &ldquo;net investment income&rdquo; (or undistributed &ldquo;net investment income&rdquo; in the case of an estate
or trust) or (2)&nbsp;the excess of their &ldquo;modified adjusted gross income&rdquo; over a threshold amount ($250,000 for married persons
filing jointly and $200,000 for single taxpayers). For this purpose, &ldquo;net investment income&rdquo; includes interest, dividends
(including dividends paid with respect to shares), annuities, royalties, rent, net gain attributable to the disposition of property not
held in a trade or business (including net gain from the sale, exchange or other taxable disposition of shares) and certain other income,
but will be reduced by any deductions properly allocable to such income or net gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
Reporting and Withholding Requirements. </I></FONT>Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder
(collectively, &ldquo;FATCA&rdquo;) generally require the Fund to obtain information sufficient to identify the status of each of its
shareholders and holders of its debt securities under FATCA or under an applicable intergovernmental agreement (an &ldquo;IGA&rdquo;)
between the United States and a foreign government. If a shareholder or holder of debt securities fails to provide the required information
or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that
holder on ordinary dividends and interest payments. The IRS and the Department of Treasury have issued proposed regulations providing
that these withholding rules&nbsp;will not be applicable to the gross proceeds of share redemptions or capital gains dividends that the
Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise
be exempt from withholding under the rules&nbsp;applicable to non-U.S. persons. Each prospective investor is urged to consult its tax
adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor&rsquo;s own
situation, including investments through an intermediary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Shareholders that are U.S. persons and own, directly
or indirectly, more than 50% of the Fund could be required to report annually their &ldquo;financial interest&rdquo; in the Fund&rsquo;s
 &ldquo;foreign financial accounts,&rdquo; if any, on FinCEN Form&nbsp;114, Report of Foreign Bank and Financial Accounts (FBAR). Shareholders
should consult a tax adviser regarding the applicability to them of this reporting requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Alternative Minimum Tax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investors may be subject to the federal alternative
minimum tax on their income (including taxable income from the Fund), depending on their individual circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_010"></A>CUSTODIAN, TRANSFER AGENT, DIVIDEND DISBURSING
AGENT AND REGISTRAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund&rsquo;s securities and cash are held
under a custodian agreement with State Street Bank and Trust Company, 100 Lincoln Street, Boston, Massachusetts 02111. The transfer agent,
dividend disbursing agent and registrar for the Fund&rsquo;s shares is Computershare Investor Services, P.O.&nbsp;Box 505000, Louisville,
KY 40233- 5000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_011"></A>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Deloitte&nbsp;&amp; Touche LLP, 111 S. Wacker
Drive, Chicago,&nbsp;IL 60606, serves as our independent registered public accounting firm. Deloitte&nbsp;&amp; Touche LLP provides audit
and audit-related services and consultation in connection with the review of our filing with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_012"></A>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A Registration Statement on Form&nbsp;N-2, including
amendments thereto, relating to the securities offered hereby, has been filed by the Fund with the SEC, Washington, D.C. The prospectus,
any prospectus supplement and this Statement of Additional Information do not contain all of the information set forth in the Registration
Statement, including any exhibits and schedules thereto. For further information with respect to the Fund and the securities offered hereby,
reference is made to the Registration Statement. Statements contained in the prospectus, prospectus supplement and this Statement of Additional
Information as to the contents of any contract or other document referred to are not necessarily complete and in each instance reference
is made to the copy of such contract or other document filed as an exhibit to the Registration Statement, each such statement being qualified
in all respects by such reference. A copy of the Registration Statement may be reviewed on the SEC&rsquo;s website at http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_013"></A>ADDITIONAL INFORMATION CONCERNING THE AGREEMENT
AND DECLARATION OF TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund&rsquo;s Agreement and Declaration of
Trust provides that the Fund&rsquo;s Trustees shall have the power to cause each shareholder to pay directly, in advance or arrears, for
charges of the Fund&rsquo;s custodian or transfer, shareholder servicing or similar agent, an amount fixed from time to time by the Trustees,
by setting off such charges due from such shareholder from declared but unpaid dividends owed such shareholder and/or by reducing the
number of shares in the account of such shareholder by that number of full and/or fractional shares which represents the outstanding amount
of such charges due from such shareholder. The Fund has no present intention of relying on this provision of the Agreement and Declaration
of Trust and would only do so if consistent with the 1940 Act or the rules&nbsp;and regulations or interpretations of the SEC thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="E_014"></A>Financial
Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The Fund&rsquo;s financial
statements appearing in the <A HREF="https://www.sec.gov/Archives/edgar/data/0001171471/000138713121012335/chi-ncsr_103121.htm" STYLE="-sec-extract: exhibit">Fund&rsquo;s annual shareholder report for the year ended October&nbsp;31, 2021</A> are incorporated by reference
in this Statement of Additional Information and have been so incorporated in reliance upon the reports of Deloitte&nbsp;&amp; Touche LLP,
independent registered public accounting firm for the Fund, which report is included in such annual shareholder reports and is incorporated
by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The annual shareholder
report is available without charge on its website at <U>www.calamos.com</U> or by request in writing to the Fund at 2020 Calamos Court,
Naperville,&nbsp;IL 60564.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_015"></A>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This Statement of Additional
Information is part of a registration statement filed with the Commission. The Fund is permitted to &ldquo;incorporate by reference&rdquo;
the information filed with the Commission, which means that the Fund can disclose important information to you by referring you to those
documents. The information incorporated by reference is considered to be part of this Statement of Additional Information, and later information
that the Fund files with the SEC will automatically update and supersede this information. The documents listed below, and any reports
and other documents subsequently filed with the SEC pursuant to Rule&nbsp;30(b)(2)&nbsp;under the 1940 Act and Sections 13(a), 13(c),
14 or 15(d)&nbsp;of the Exchange Act, prior to the termination of the offering will be incorporated by reference into this Statement of
Additional Information and deemed to be part of this Statement of Additional Information from the date of the filing of such reports and
documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund&rsquo;s prospectus,
    dated February&nbsp;24, 2022, filed with this Statement of Additional Information;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund&rsquo;s </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000138713121012335/chi-ncsr_103121.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;N-CSR, filed on December&nbsp;29, 2021</A>;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund&rsquo;s </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312512287018/d369908d8a12b.htm" STYLE="-sec-extract: exhibit">description of Common Shares on Form&nbsp;8-A, filed on June&nbsp;28, 2012</A>; and</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund&rsquo;s </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000110465921109808/tm2122382d2_8k.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-K, filed on August&nbsp;26, 2021</A>.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may obtain copies of any information incorporated
by reference into this Statement of Additional Information, at no charge, by calling toll-free 800.582.6959 or by writing to the Fund
at 2020 Calamos Court, Naperville,&nbsp;IL 50463. The Fund&rsquo;s periodic reports filed pursuant to Section&nbsp;30(b)(2)&nbsp;of the
1940 Act and Sections 13 and 15(d)&nbsp;of the Exchange Act, as well as the prospectus and this Statement of Additional Information, are
available on the Fund&rsquo;s website http://www.calamos.com. In addition, the Commission maintains a website at www.sec.gov, free of
charge, that contains these reports, the Fund&rsquo;s proxy statement and information statements, and other information relating to the
Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<FONT>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="E_016"></A>APPENDIX A &ndash;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE
AND FORM&nbsp;OF SUPPLEMENTAL INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a summary of certain provisions
of the indenture (the &ldquo;Original Indenture&rdquo;) and the supplemental indenture (&ldquo;Supplemental Indenture&rdquo;) that the
Fund expects to enter into in connection with the issuance of debt securities. This summary does not purport to be complete and is qualified
in its entirety by reference to the indenture, a copy of which will be filed with the Commission in connection with an offering of debt
securities by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>&lsquo;AA&rsquo; Composite Commercial
Paper Rate</B>&rdquo; on any date means (i)&nbsp;the interest equivalent of (1)&nbsp;the 7-day rate, in the case of a Rate Period which
is 7 days or shorter, (2)&nbsp;the 30-day rate, in the case of a Rate Period which is a Standard Rate Period greater than 7 days but fewer
than or equal to 31 days, or (3)&nbsp;the 180-day rate, in the case of all other Rate Periods, on financial commercial paper on behalf
of issuers whose corporate bonds are rated &ldquo;AA&rdquo; by S&amp;P, or the equivalent of such rating by another nationally recognized
rating agency, as announced by the Federal Reserve Bank of New York for the close of business on the Business Day immediately preceding
such date; or (ii)&nbsp;if the Federal Reserve Bank of New York does not make available such a rate, then the arithmetic average of the
interest equivalent of such rates on financial commercial paper placed on behalf of such issuers, as quoted on a discount basis or otherwise
by the Commercial Paper Dealers to the Auction Agent for the close of business on the Business Day immediately preceding such date (rounded
to the next highest .001 of 1%). If any Commercial Paper Dealer does not quote a rate required to determine the &ldquo;AA&rdquo; Composite
Commercial Paper Rate, such rate shall be determined on the basis of the quotations (or quotation) furnished by the remaining Commercial
Paper Dealers (or Dealer), if any, or, if there are no such Commercial Paper Dealers, a nationally recognized dealer in commercial paper
of such issues then making such quotations selected by the Issuer. For purposes of this definition, (A)&nbsp;&ldquo;Commercial Paper Dealers&rdquo;
shall mean (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and ; (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in lieu of any thereof, its respective Affiliate or successor; and (3)&nbsp;in the event that any of the foregoing shall cease to quote
rates for financial commercial paper of issuers of the sort described above, in substitution therefor, a nationally recognized dealer
in financial commercial paper of such issuers then making such quotations selected by the Issuer, and (B)&nbsp;&ldquo;interest equivalent&rdquo;
of a rate stated on a discount basis for financial commercial paper of a given number of days&rsquo; maturity shall mean a number equal
to the quotient (rounded upward to the next higher one-thousandth of 1%) of (1)&nbsp;such rate expressed as a decimal, divided by (2)&nbsp;the
difference between (x)&nbsp;1.00 and (y)&nbsp;a fraction, the numerator of which shall be the product of such rate expressed as a decimal,
multiplied by the number of days in which such commercial paper shall mature and the denominator of which shall be 360.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Affiliate</B>&rdquo; means any person
controlled by, in control of or under common control with the Issuer; provided that no Broker-Dealer controlled by, in control of or under
common control with the Issuer shall be deemed to be an Affiliate nor shall any corporation or any person controlled by, in control of
or under common control with such corporation one of the directors or executive officers of which is also a Director of the Issuer be
deemed to be an Affiliate solely because such director or executive officer is also a Director of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Agent Member</B>&rdquo; means a member
of or participant in the Securities Depository that will act on behalf of a Bidder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>All Hold Rate</B>&rdquo; means 80% of
the &ldquo;AA&rdquo; Composite Commercial Paper Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Applicable Rate</B>&rdquo; means the
rate determined in accordance with the procedures in Section&nbsp;2.02(c)(i)&nbsp;of this Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Auction</B>&rdquo; means each periodic
implementation of the Auction Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Auction Agent</B>&rdquo; means&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unless
and until another commercial bank, trust company, or other financial institution appointed by a resolution of the Board of Directors enters
into an agreement with the Issuer to follow the Auction Procedures for the purpose of determining the Applicable Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Auction Agreement</B>&rdquo; means the
agreement between the Auction Agent and the Issuer pursuant to which the Auction Agent agrees to follow the procedures specified in Appendix
A-I to this Supplemental Indenture, as such agreement may from time to time be amended or supplemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Auction Date</B>&rdquo; means the first
Business Day next preceding the first day of a Rate Period for each series of Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Auction Desk</B>&rdquo; means the business
unit of a Broker-Dealer that fulfills the responsibilities of the Broker- Dealer under a Broker-Dealer Agreement, including soliciting
Bids for the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, and units of the Broker-Dealer which are not
separated by information controls appropriate to control, limit and monitor the inappropriate dissemination of information about Bids.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Auction Period</B>&rdquo; means with
respect to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, either a Standard Auction Period or a Special
Auction Period, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Auction Procedures</B>&rdquo; means
the procedures for conducting Auctions set forth in Appendix A-I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Auction Rate</B>&rdquo; means for each
series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes for each Auction Period, (i)&nbsp;if Sufficient
Clearing Bids exist, the Winning Bid Rate, provided, however, if all of the Notes are the subject of Submitted Hold Orders, the All Hold
Rate for such series of Notes and (ii)&nbsp;if Sufficient Clearing Bids do not exist, the Maximum Rate for such series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Authorized Denomination</B>&rdquo; means
$25,000 and any integral multiple thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Available&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes</B>&rdquo;
means for each series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes on each Auction Date, the number
of Units of Notes of such series that are not the subject of Submitted Hold Orders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Beneficial Owner</B>,&rdquo; with respect
to each series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, means a customer of a Broker-Dealer who
is listed on the records of that Broker-Dealer (or, if applicable, the Auction Agent) as a holder of such series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Bid</B>&rdquo; shall have the meaning
specified in Appendix A-I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Bidder</B>&rdquo; means each Beneficial
Owner, Potential Beneficial Owner and Broker Dealer who places an Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Board of Directors</B>&rdquo; or &ldquo;<B>Board</B>&rdquo;
means the Board of Directors of the Issuer or any duly authorized committee thereof as permitted by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Broker-Dealer</B>&rdquo; means any broker-dealer
or broker-dealers, or other entity permitted by law to perform the function required of a Broker-Dealer by the Auction Procedures, that
has been selected by the Issuer and that is a party to a Broker-Dealer Agreement with the Auction Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Broker-Dealer Agreement</B>&rdquo; means
an agreement between the Auction Agent and a Broker-Dealer, pursuant to which such Broker-Dealer agrees to follow the Auction Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Broker-Dealer Deadline</B>&rdquo; means,
with respect to an Order, the internal deadline established by the Broker-Dealer through which the Order was placed after which it will
not accept Orders or any change in any Order previously placed with such Broker-Dealer; provided, however, that nothing shall prevent
the Broker- Dealer from correcting Clerical Errors by the Broker-Dealer with respect to Orders from Bidders after the Broker-Dealer Deadline
pursuant to the provisions herein. Any Broker-Dealer may change the time or times of its Broker-Dealer Deadline as it relates to such
Broker-Dealer by giving notice not less than two Business Days prior to the date such change is to take effect to Bidders who place Orders
through such Broker-Dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Business Day</B>&rdquo; means a day
on which the New York Stock Exchange is open for trading and which is not a Saturday, Sunday or other day on which banks in the City of
New York, New York are authorized or obligated by law to close, days on which the Federal Reserve Bank of New York is not open for business,
days on which banking institutions or trust companies located in the state in which the operations of the Auction Agent are conducted
are authorized or required to be closed by law, regulation or executive order of the state in which the Auction Agent conducts operations
with respect to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Clerical Error</B>&rdquo; means a clerical
error in the processing of an Order, and includes, but is not limited to, the following: (i)&nbsp;a transmission error, including but
not limited to, an Order sent to the wrong address or number, failure to transmit certain pages&nbsp;or illegible transmission, (ii)&nbsp;failure
to transmit an Order received from one or more Existing Holders or Potential Beneficial Owners (including Orders from the Broker-Dealer
which were not originated by the Auction Desk) prior to the Broker-Dealer Deadline or generated by the Broker-Dealer&rsquo;s Auction Desk
for its own account prior to the Submission Deadline or (iii)&nbsp;a typographical error. Determining whether an error is a &ldquo;Clerical
Error&rdquo; is within the reasonable judgment of the Broker-Dealer, provided that the Broker-Dealer has a record of the correct Order
that shows it was so received or so generated prior to the Broker- Dealer Deadline or the Submission Deadline, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Code</B>&rdquo; means the Internal Revenue
Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Commercial Paper Dealers</B>&rdquo;
has the meaning set forth in the definition of AA Composite Commercial Paper Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Commission</B>&rdquo; means the Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Default Rate</B>&rdquo; means the Reference
Rate multiplied by three (3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Deposit Securities</B>&rdquo; means
cash and any obligations or securities, including short term money market instruments that are Eligible Assets, rated at least&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
except that, such obligations or securities shall be considered &ldquo;Deposit Securities&rdquo; only if they are also rated at least
P-2 by Moody&rsquo;s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Discount Factor</B>&rdquo; means the
Moody&rsquo;s Discount Factor (if Moody&rsquo;s is then rating&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Notes),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount Factor (if&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
then rating the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes) or an Other Rating Agency Discount Factor,
whichever is applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Discounted Value</B>&rdquo; means the
quotient of the Market Value of an Eligible Asset divided by the applicable Discount Factor, provided that with respect to an Eligible
Asset that is currently callable, Discounted Value will be equal to the quotient as calculated above or the call price, whichever is lower,
and that with respect to an Eligible Asset that is prepayable, Discounted Value will be equal to the quotient as calculated above or the
par value, whichever is lower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Eligible Assets</B>&rdquo; means Moody&rsquo;s
Eligible Assets or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rsquo;s Eligible Assets (if Moody&rsquo;s or
are then rating the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes) and/or Other Rating Agency Eligible
Assets, whichever is applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Error Correction Deadline</B>&rdquo;
means one hour after the Auction Agent completes the dissemination of the results of the Auction to Broker-Dealers without regard to the
time of receipt of such results by any Broker- Dealer; provided, however, in no event shall the Error Correction Deadline extend past
4:00 p.m., New York City time unless the Auction Agent experiences technological failure or force majeure in disseminating the Auction
results which causes a delay in dissemination past 3:00 p.m., New York City time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Existing Holder</B>,&rdquo; with respect
to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of a series, shall mean a Broker-Dealer (or any such other
Person as may be permitted by the Issuer) that is listed on the records of the Auction Agent as a holder of Notes of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rdquo;
means&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratings and its successors at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Discount
Factor</B>&rdquo; means the discount factors set forth in the Guidelines for use in calculating the Discounted Value of the Issuer&rsquo;s
assets in connection with &rsquo;s ratings of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Eligible
Asset</B>&rdquo; means assets of the Issuer set forth in the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidelines
as eligible for inclusion in calculating the Discounted Value of the Issuer&rsquo;s assets in connection with&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rsquo;s
ratings of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Guidelines</B>&rdquo;
mean the guidelines provided by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as may be amended from time to
time, in connection with&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rsquo;s ratings of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Hold Order</B>&rdquo; shall have the
meaning specified in Appendix A-I hereto or an Order deemed to have been submitted as provided in paragraph (c)&nbsp;of Section&nbsp;1
of Appendix A-I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Holder</B>&rdquo; means, with respect
to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, the registered holder of notes of each series of Notes
as the same appears on the books or records of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Index</B>&rdquo; means on any Auction
Date with respect to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes in any Auction Period of 35 days or
less the applicable LIBOR rate. The Index with respect to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
in any Auction Period of more than 35 days shall be the rate on United States Treasury Securities having a maturity which most closely
approximates the length of the Auction Period as last published in The Wall Street Journal or such other source as may be mutually agreed
upon by the Trustee and the Broker-Dealers. If either rate is unavailable, the Index shall be an index or rate agreed to by all Broker-Dealers
and consented to by the Issuer. For the purpose of this definition an Auction Period of 35 days or less means a 35-day Auction Period
or shorter Auction Period, i.e., a 35-day Auction Period which is extended because of a holiday would still be considered an Auction Period
of 35 days or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Interest Payment Date</B>&rdquo; when
used with respect to any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, means the date on which an installment
of interest on such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes shall be due and payable which generally
shall be the day next following an Auction Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>LIBOR</B>&rdquo; means, for purposes
of determining the Reference Rate, (i)&nbsp;the rate for deposits in U.S. dollars for the designated Rate Period, which appears on display
page&nbsp;3750 of Moneyline&rsquo;s Telerate Service (&ldquo;Telerate Page&nbsp;3750&rdquo;) (or such other page&nbsp;as may replace that
page&nbsp;on that service, or such other service as may be selected by Lehman Brothers Inc. or its successors) as of 11:00 a.m., London
time, on the day that is the Business Day on the Auction Date or, if the Auction Date is not a Business Day, the Business Day preceding
the Auction Date (the &ldquo;LIBOR Determination Date&rdquo;), or (ii)&nbsp;if such rate does not appear on Telerate Page&nbsp;3750 or
such other page&nbsp;as may replace such Telerate Page&nbsp;3750, (A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall
determine the arithmetic mean of the offered quotations of the reference banks to leading banks in the London interbank market for deposits
in U.S. dollars for the designated Rate Period in an amount determined by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
reference to requests for quotations as of approximately 11:00 a.m.&nbsp;(London time) on such date made by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the reference banks, (B)&nbsp;if at least two of the reference banks provide such quotations, LIBOR shall equal such arithmetic mean of
such quotations, (C)&nbsp;if only one or none of the reference banks provide such quotations, LIBOR shall be deemed to be the arithmetic
mean of the offered quotations that leading banks in The City of New York, New York selected by (after obtaining the Issuer&rsquo;s approval)
are quoting on the relevant LIBOR Determination Date for deposits in U.S. dollars for the designated Rate Period in an amount determined
by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(after obtaining the Issuer&rsquo;s approval) that is representative
of a single transaction in such market at such time by reference to the principal London office of leading banks in the London interbank
market; provided, however, that if&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is not a Broker-Dealer or does
not quote a rate required to determine LIBOR, LIBOR will be determined on the basis of the quotation or quotations furnished by any other
Broker-Dealer selected by the Issuer to provide such rate or rates not being supplied by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;;
provided further, that if&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and/or a substitute Broker- Dealer are
required but unable to determine a rate in accordance with at least one of the procedures provided above, LIBOR shall be the most recently
determinable LIBOR. If the number of Rate Period days shall be (i)&nbsp;7 or more but fewer than 21 days, such rate shall be the seven-day
LIBOR rate; (ii)&nbsp;more than 21 but fewer than 49 days, such rate shall be one-month LIBOR rate; (iii)&nbsp;49 or more but fewer than
77 days, such rate shall be the two-month LIBOR rate; (iv)&nbsp;77 or more but fewer than 112 days, such rate shall be the three-month
LIBOR rate; (v)&nbsp;112 or more but fewer than 140 days, such rate shall be the four-month LIBOR rate; (vi)&nbsp;140 or more but fewer
than 168 days, such rate shall be the five-month LIBOR rate; (vii)&nbsp;168 or more but fewer 189 days, such rate shall be the six-month
LIBOR rate; (viii)&nbsp;189 or more but fewer than 217 days, such rate shall be the seven- month LIBOR rate; (ix)&nbsp;217 or more but
fewer than 252 days, such rate shall be the eight-month LIBOR rate; (x)&nbsp;252 or more but fewer than 287 days, such rate shall be the
nine-month LIBOR rate; (xi)&nbsp;287 or more but fewer than 315 days, such rate shall be the ten-month LIBOR rate; (xii)&nbsp;315 or more
but fewer than 343 days, such rate shall be the eleven-month LIBOR rate; and (xiii)&nbsp;343 or more days but fewer than 365 days, such
rate shall be the twelve-month LIBOR rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Market Value</B>&rdquo; means the market
value of an asset of the Issuer determined as follows: For equity securities, the value obtained from readily available market quotations.
If an equity security is not traded on an exchange or not available from a Board-approved pricing service, the value obtained from written
broker-dealer quotations. For fixed-income securities, the value obtained from readily available market quotations based on the last sale
price of a security on the day the Issuer values its assets or the market value obtained from a pricing service or the value obtained
from a direct written broker-dealer quotation from a dealer who has made a market in the security. &ldquo;Market Value&rdquo; for other
securities will mean the value obtained pursuant to the Issuer&rsquo;s valuation procedures. If the market value of a security cannot
be obtained, or the Issuer&rsquo;s investment adviser determines that the value of a security as so obtained does not represent the fair
value of a security, fair value for that security shall be determined pursuant to the valuation procedures adopted by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Maximum Rate</B>&rdquo; means, on any
date on which the Applicable Rate is determined, the rate equal to the applicable percentage of the Reference Rate, subject to upward
but not downward adjustment in the discretion of the Board of Directors after consultation with the Broker-Dealers, provided that immediately
following any such increase the Issuer would be in compliance with the Notes Basic Maintenance Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Minimum Rate</B>&rdquo; means, on any
Auction Date with respect to a Rate Period of days or fewer, 70% of the AA Composite Commercial Paper Rate at the close of business on
the Business Day next preceding such Auction Date. There shall be no Minimum Rate on any Auction Date with respect to a Rate Period of
more than the Standard Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Moody&rsquo;s</B>&rdquo; means Moody&rsquo;s
Investors Service,&nbsp;Inc., a Delaware corporation, and its successors at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Moody&rsquo;s Discount Factor</B>&rdquo;
means the discount factors set forth in the Moody&rsquo;s Guidelines for use in calculating the Discounted Value of the Issuer&rsquo;s
assets in connection with Moody&rsquo;s ratings of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Moody&rsquo;s Eligible Assets</B>&rdquo;
means assets of the Issuer set forth in the Moody&rsquo;s Guidelines as eligible for inclusion in calculating the Discounted Value of
the Issuer&rsquo;s assets in connection with Moody&rsquo;s ratings of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Moody&rsquo;s Guidelines</B>&rdquo;
mean the guidelines provided by Moody&rsquo;s, as may be amended from time to time, in connection with Moody&rsquo;s ratings of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Asset Coverage</B>&rdquo; means asset coverage, as determined in accordance with Section&nbsp;18(h)&nbsp;of the Investment Company Act,
of at least 300% with respect to all outstanding senior securities representing indebtedness of the Issuer, including all Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
(or such other asset coverage as may in the future be specified in or under the Investment Company Act as the minimum asset coverage for
senior securities representing indebtedness of a closed-end investment company as a condition of declaring dividends on its common stock),
determined on the basis of values calculated as of a time within 48 hours next preceding the time of such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Notes</B>&rdquo; means Securities of
the Issuer ranking on a parity with the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes that may be issued
from time to time pursuant to the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Order</B>&rdquo; means a Hold Order,
Bid or Sell Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Original Issue Date</B>&rdquo; means,
with respect to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Other Rating Agency</B>&rdquo; means
each rating agency, if any, other than Moody&rsquo;s or then providing a rating for the Notes pursuant to the request of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Other Rating Agency Discount Factor</B>&rdquo;
means the discount factors set forth in the Other Rating Agency Guidelines of each Other Rating Agency for use in calculating the Discounted
Value of the Issuer&rsquo;s assets in connection with the Other Rating Agency&rsquo;s rating of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Other Rating Agency Eligible Assets</B>&rdquo;
means assets of the Issuer set forth in the Other Rating Agency Guidelines of each Other Rating Agency as eligible for inclusion in calculating
the Discounted Value of the Issuer&rsquo;s assets in connection with the Other Rating Agency&rsquo;s rating of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Other Rating Agency Guidelines</B>&rdquo;
mean the guidelines provided by each Other Rating Agency, as may be amended from time to time, in connection with the Other Rating Agency&rsquo;s
rating of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Outstanding</B>&rdquo; or &ldquo;<B>outstanding</B>&rdquo;
means, as of any date,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes theretofore issued by the Issuer except,
without duplication, (i)&nbsp;any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes theretofore canceled, redeemed
or repurchased by the Issuer, or delivered to the Trustee for cancellation or with respect to which the Issuer has given notice of redemption
and irrevocably deposited with the Paying Agent sufficient funds to redeem such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
and (ii)&nbsp; any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes represented by any certificate in lieu
of which a new certificate has been executed and delivered by the Issuer. Notwithstanding the foregoing, (A)&nbsp;in connection with any
Auction, any series of Notes as to which the Issuer or any person known to the Auction Agent to be an Affiliate of the Issuer shall be
the Existing Holder thereof shall be disregarded and deemed not to be Outstanding; and (B)&nbsp;for purposes of determining the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount, Notes held by the Issuer shall be disregarded and not deemed Outstanding but&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
held by any Affiliate of the Issuer shall be deemed Outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Paying Agent</B>&rdquo; means&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unless
and until another entity appointed by a resolution of the Board of Directors enters into an agreement with the Issuer to serve as paying
agent, transfer agent, registrar, and redemption agent with respect to the Notes, which Paying Agent may be the same as the Trustee or
the Auction Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Person</B>&rdquo; or &ldquo;<B>person</B>&rdquo;
means and includes an individual, a partnership, a trust, a company, an unincorporated association, a joint venture or other entity or
a government or any agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Potential Beneficial Owner</B>,&rdquo;
with respect to a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, shall mean a customer of a Broker-Dealer that is not
a Beneficial Owner of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of such series but that wishes to purchase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of such series, or that is a Beneficial Owner of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of such series that wishes to purchase additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of such series; provided, however, that for purposes of conducting an Auction, the Auction Agent may consider a Broker-Dealer acting on
behalf of its customer as a Potential Beneficial Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Potential Holder</B>,&rdquo; with respect
to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of such series, shall mean a Broker-Dealer (or any such
other person as may be permitted by the Issuer) that is not an Existing Holder of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of such series or that is an Existing Holder of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of such series
that wishes to become the Existing Holder of additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of
such series; provided, however, that for purposes of conducting an Auction, the Auction Agent may consider a Broker-Dealer acting on behalf
of its customer as a Potential Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Rate Period</B>&rdquo; means, with respect
to a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, the period commencing on the Original Issue
Date thereof and ending on the date specified for such series on the Original Issue Date thereof and thereafter, as to such series, the
period commencing on the day following each Rate Period for such series and ending on the day established for such series by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Rating Agency</B>&rdquo; means each
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(if&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
then rating&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes), Moody&rsquo;s (if Moody&rsquo;s is then rating
Notes) and any Other Rating Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Rating Agency Guidelines</B>&rdquo;
mean&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidelines (if&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
then rating&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes), Moody&rsquo;s Guidelines (if Moody&rsquo;s
is then rating&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes) and any Other Rating Agency Guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Redemption Date</B>,&rdquo; when used
with respect to any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note to be redeemed, means the date fixed for
such redemption by or pursuant to the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Redemption Price</B>,&rdquo; when used
with respect to any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note to be redeemed, means the price at which
it is to be redeemed pursuant to the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Reference Rate</B>&rdquo; means, with
respect to the determination of the Maximum Rate and Default Rate, the greater of (i)&nbsp;the applicable AA Composite Commercial Paper
Rate (for a Rate Period of fewer than 184 days) or the applicable Treasury Index Rate (for a Rate Period of 184 days or more), or (ii)&nbsp;the
applicable LIBOR Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Securities Act</B>&rdquo; means the
Securities Act of 1933, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Securities Depository</B>&rdquo; means
The Depository Trust Company and its successors and assigns or any successor securities depository selected by the Issuer that agrees
to follow the procedures required to be followed by such securities depository in connection with the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Sell Order</B>&rdquo; shall have the
meaning specified in Appendix A-I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Special Auction Period</B>&rdquo; means
an Auction Period that is not a Standard Auction Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Special Rate Period</B>&rdquo; means
a Rate Period that is not a Standard Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Specific Redemption Provisions</B>&rdquo;
means, with respect to any Special Rate Period of more than one year, either, or any combination of a period (a &ldquo;Non-Call Period&rdquo;)
determined by the Board of Directors after consultation with the Broker-Dealers, during which the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
subject to such Special Rate Period are not subject to redemption at the option of the Issuer consisting of a number of whole years as
determined by the Board of Directors after consultation with the Broker-Dealers, during each year of which the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
subject to such Special Rate Period shall be redeemable at the Issuer&rsquo;s option and/or in connection with any mandatory redemption
at a price equal to the principal amount plus accrued but unpaid interest plus a premium expressed as a percentage or percentages of $25,000
or expressed as a formula using specified variables as determined by the Board of Directors after consultation with the Broker-Dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Standard Auction Period</B>&rdquo; means
an Auction Period of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Standard Rate Period</B>&rdquo; means
a Rate Period of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Stated Maturity</B>&rdquo; with respect
to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
shall mean&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Submission Deadline</B>&rdquo; means
1:00 P.M., New York City time, on any Auction Date or such other time on such date as shall be specified by the Auction Agent from time
to time pursuant to the Auction Agreement as the time by which the Broker-Dealers are required to submit Orders to the Auction Agent.
Notwithstanding the foregoing, the Auction Agent will follow the Securities Industry and Financial Markets Association&rsquo;s Early Market
Close Recommendations for shortened trading days for the bond markets (the &ldquo;SIFMA Recommendation&rdquo;) unless the Auction Agent
is instructed otherwise in writing by the Issuer. In the event of a SIFMA Recommendation with respect to an Auction Date, the Submission
Deadline will be 11:30 A.M., instead of 1:00 P.M., New York City time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Submitted Bid</B>&rdquo; shall have
the meaning specified in Appendix A-I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Submitted Hold Order</B>&rdquo; shall
have the meaning specified in Appendix A-I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Submitted Order</B>&rdquo; shall have
the meaning specified in Appendix A-I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Submitted Sell Order</B>&rdquo; shall
have the meaning specified in Appendix A-I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Sufficient Clearing Bids</B>&rdquo;
means for each series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, an Auction for which the number
of Units of Notes of such series that are the subject of Submitted Bids by Potential Beneficial Owners specifying one or more rates not
higher than the Maximum Rate is not less than the number of Units of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of such series that are the subject of Submitted Sell Orders and of Submitted Bids by Existing Holders specifying rates higher than the
Maximum Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Notes Basic Maintenance Amount</B>&rdquo;
as of any Valuation Date has the meaning set forth in the Rating Agency Guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Notes Series</B>&rdquo; means the Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
or any other Notes hereinafter designated as Series&nbsp;of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Treasury Index Rate</B>&rdquo; means
the average yield to maturity for actively traded marketable U.S. Treasury fixed interest rate securities having the same number of 30-day
periods to maturity as the length of the applicable Rate Period, determined, to the extent necessary, by linear interpolation based upon
the yield for such securities having the next shorter and next longer number of 30-day periods to maturity treating all Rate Periods with
a length greater than the longest maturity for such securities as having a length equal to such longest maturity, in all cases based upon
data set forth in the most recent weekly statistical release published by the Board of Governors of the Federal Reserve System (currently
in H.15(519)); provided, however, if the most recent such statistical release shall not have been published during the 15 days preceding
the date of computation, the foregoing computations shall be based upon the average of comparable data as quoted to the Issuer by at least
three recognized dealers in U.S. Government securities selected by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Trustee</B>&rdquo; means&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or
such other person who is named as a trustee pursuant to the terms of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Unit</B>&rdquo; means, with respect
to each series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, the principal amount of the minimum Authorized
Denomination of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Valuation Date</B>&rdquo; means every
Friday, or, if such day is not a Business Day, the next preceding Business Day; provided, however, that the first Valuation Date may occur
on any other date established by the Issuer; provided, further, however, that such first Valuation Date shall be not more than one week
from the date on which&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;initially
are issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Winning Bid Rate</B>&rdquo; means for
each series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, the lowest rate specified in any Submitted
Bid of such series of Notes which if selected by the Auction Agent as the Applicable Rate would cause the number of Units of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of such series that are the subject of Submitted Bids specifying a rate not greater than such rate to be not less than the number of Units
of Available&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTE DETAILS, FORM&nbsp;OF NOTES AND REDEMPTION
OF NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp; The Holders of any series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
shall be entitled to receive interest payments on their Notes at the Applicable Rate, determined as set forth in paragraph (c)&nbsp;of
this Section&nbsp;2.02, and no more, payable on the respective dates determined as set forth in paragraph (b)&nbsp;of this Section&nbsp;2.02.
Interest on the Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of any series issued on the Original
Issue Date shall accumulate from the Original Issue Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp; (i)&nbsp;Interest shall be payable,
subject to subparagraph (b)(ii)&nbsp;of this Section&nbsp;2.02, on each series of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, with respect to
any Rate Period on the first Business Day following the last day of such Rate Period; provided, however, if the Rate Period is greater
than 30 days then on a monthly basis on the first Business Day of each month within such Rate Period, not including the initial Rate Period,
and on the Business Day following the last day of such Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(ii)&nbsp; If a day for payment of
interest resulting from the application of subparagraph (b)(i)&nbsp;above is not a Business Day, then the Interest Payment Date shall
be the first Business Day following such day for payment of interest in the case of a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
designated as &ldquo;Series&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(iii)&nbsp; The Issuer shall pay to
the Paying Agent not later than 3:00 p.m., New York City time, on the Business Day next preceding each Interest Payment Date for each
series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, an aggregate amount of funds available on the
next Business Day in the City of New York, New York, equal to the interest to be paid to all Holders of such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
on such Interest Payment Date. The Issuer shall not be required to establish any reserves for the payment of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(iv)&nbsp; All moneys paid to the Paying
Agent for the payment of interest shall be held in trust for the payment of such interest by the Paying Agent for the benefit of the Holders
specified in subparagraph (b)(v)&nbsp;of this Section&nbsp;2.02. Any moneys paid to the Paying Agent in accordance with the foregoing
but not applied by the Paying Agent to the payment of interest, including interest earned on such moneys, will, to the extent permitted
by law, be repaid to the Issuer at the end of 90 days from the date on which such moneys were to have been so applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(v)&nbsp; Each interest payment on
a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes shall be paid on the Interest Payment Date therefor
to the Holders of that series as their names appear on the security ledger or security records of the Issuer on the Business Day next
preceding such Interest Payment Date. Interest in arrears for any past Rate Period may be declared and paid at any time, without reference
to any regular Interest Payment Date, to the Holders as their names appear on the books or records of the Issuer on such date, not exceeding
15 days preceding the payment date thereof, as may be fixed by the Board of Directors. No interest will be payable in respect of any Interest
Payment or payments which may be in arrears.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp; (i)&nbsp;The interest rate on Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of each series during the period from and after the Original Issue Date to and including the last day of the initial Rate Period therefor
shall be equal to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%. For each subsequent Rate Period with respect
to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Outstanding thereafter, the interest rate shall be
equal to the rate per annum that results from an Auction; provided, however, that if an Auction for any subsequent Rate Period of a series
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes is not held for any reason or if Sufficient Clearing Bids
have not been made in an Auction (other than as a result of all series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
being the subject of Submitted Hold Orders), then the interest rate on a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
for any such Rate Period shall be the Maximum Rate (except during a Default Period (as defined below) when the interest rate shall be
the Default Rate, as set forth in Section&nbsp;2.02(c)(ii)&nbsp;below). The All Hold Rate will apply automatically following an Auction
in which all of the Outstanding series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Notes are subject (or
are deemed to be subject) to Hold Orders. The rate per annum at which interest is payable on a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
as determined pursuant to this Section&nbsp;2(c)(i)&nbsp;shall be the &ldquo;Applicable Rate.&rdquo; For Standard Rate Periods or shorter
periods only, the Applicable Rate resulting from an Auction will not be less than the Minimum Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(ii)&nbsp; Subject to the cure provisions
below, a &ldquo;Default Period&rdquo; with respect to a particular series will commence on any date the Issuer fails to deposit irrevocably
in trust in same-day funds, with the Paying Agent by 12:00 noon, New York City time, (A)&nbsp;the full amount of any redemption price
(the &ldquo;Redemption Price&rdquo;) payable on the date fixed for redemption (the &ldquo;Redemption Date&rdquo;) (a &ldquo;Redemption
Default,&rdquo; which shall constitute an Event of Default pursuant to Section&nbsp;5.1(7)&nbsp;of the Original Indenture) or (B)&nbsp;the
full amount of any accrued interest on that series payable on the Interest Payment Date (an &ldquo;Interest Default&rdquo; and together
with a Redemption Default, hereinafter referred to as &ldquo;Default&rdquo;). Subject to the cure provisions of Section&nbsp;2(c)(iii)&nbsp;below,
a Default Period with respect to an Interest Default or a Redemption Default shall end on the Business Day on which, by 12:00 noon, New
York City time, all unpaid interest and any unpaid Redemption Price shall have been deposited irrevocably in trust in same-day funds with
the Paying Agent. In the case of an Interest Default, the Applicable Rate for each Rate Period commencing during a Default Period will
be equal to the Default Rate, and each subsequent Rate Period commencing after the beginning of a Default Period shall be a Standard Rate
Period; provided, however, that the commencement of a Default Period will not by itself cause the commencement of a new Rate Period. No
Auction shall be held during a Default Period with respect to an Interest Default applicable to that series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(iii)&nbsp; No Default Period with
respect to an Interest Default or Redemption Default shall be deemed to commence if the amount of any interest or any Redemption Price
due (if such default is not solely due to the willful failure of the Issuer) is deposited irrevocably in trust, in same-day funds with
the Paying Agent by 12:00 noon, New York City time within three Business Days after the applicable Interest Payment Date or Redemption
Date, together with an amount equal to the Default Rate applied to the amount of such non-payment based on the actual number of days comprising
such period divided by 360 for each series. The Default Rate shall be equal to the Reference Rate multiplied by three (3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(iv)&nbsp; The amount of interest per
Unit of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable on each Interest Payment Date of each Rate
Period of less than one (1)&nbsp;year (or in respect of interest on another date in connection with a redemption during such Rate Period)
shall be computed by multiplying the Applicable Rate (or the Default Rate) for such Rate Period (or a portion thereof) by a fraction,
the numerator of which will be the number of days in such Rate Period (or portion thereof) that such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
were outstanding and for which the Applicable Rate or the Default Rate was applicable and the denominator of which will be 360, multiplying
the amount so obtained by $25,000, and rounding the amount so obtained to the nearest cent. During any Rate Period of one (1)&nbsp;year
or more, the amount of interest per Unit of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable on any
Interest Payment Date (or in respect of interest on another date in connection with a redemption during such Rate Period) shall be computed
as described in the preceding sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp; Any Interest Payment made on any series
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes shall first be credited against the earliest accrued but
unpaid interest due with respect to such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp; (i)&nbsp;After the initial Rate Period,
subject to the provisions of this Section&nbsp;2.03 and to the extent permitted under the Investment Company Act, the Issuer may, at its
option, redeem in whole or in part out of funds legally available therefor a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
herein designated as (A)&nbsp;having a Rate Period of one year or less, on the Business Day after the last day of such Rate Period by
delivering a notice of redemption not less than 15 days and not more than 40 days prior to the date fixed for such redemption, at a redemption
price equal to the aggregate principal amount, plus an amount equal to accrued but unpaid interest thereon (whether or not earned) to
the date fixed for redemption (&ldquo;Redemption Price&rdquo;), or (B)&nbsp;having a Rate Period of more than one year, on any Business
Day prior to the end of the relevant Rate Period by delivering a notice of redemption not less than 15 days and not more than 40 days
prior to the date fixed for such redemption, at the Redemption Price, plus a redemption premium, if any, determined by the Board of Directors
after consultation with the Broker-Dealers and set forth in any applicable Specific Redemption Provisions at the time of the designation
of such Rate Period as set forth in Section&nbsp;2.04 hereof; provided, however, that during a Rate Period of more than one year no series
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes will be subject to optional redemption except in accordance
with any Specific Redemption Provisions approved by the Board of Directors after consultation with the Broker-Dealers at the time of the
designation of such Rate Period. Notwithstanding the foregoing, the Issuer shall not give a notice of or effect any redemption pursuant
to this Section&nbsp;2.03(a)(i)&nbsp;unless, on the date on which the Issuer intends to give such notice and on the date of redemption
(a)&nbsp;the Issuer has available certain Deposit Securities with maturity or tender dates not later than the day preceding the applicable
redemption date and having a value not less than the amount (including any applicable premium) due to Holders of a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
by reason of the redemption of such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes on such date fixed for
the redemption and (b)&nbsp;the Issuer would have Eligible Assets with an aggregate Discounted Value at least equal the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount immediately subsequent to such redemption, if such redemption were to occur on such date, it being understood
that the provisions of paragraph (d)&nbsp;of this Section&nbsp;2.03 shall be applicable in such circumstances in the event the Issuer
makes the deposit and takes the other action required thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(ii)&nbsp; If the Issuer fails to maintain, as
of any Valuation Date, Eligible Assets with an aggregate Discounted Value at least equal to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount or, as of the last Business Day of any month, the 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Asset Coverage, and such failure is not cured within ten Business Days following such Valuation Date in the case of a failure to maintain
the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Basic Maintenance Amount or on the last Business Day
of the following month in the case of a failure to maintain the 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Asset Coverage as of such last Business Day (each an &ldquo;Asset Coverage Cure Date&rdquo;), the Notes will be subject to mandatory redemption
out of funds legally available therefor. The aggregate principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
to be redeemed in such circumstances will be equal to the lesser of (A)&nbsp;the minimum principal amount of Notes the redemption of which,
if deemed to have occurred immediately prior to the opening of business on the relevant Asset Coverage Cure Date, would result in the
Issuer having Eligible Assets with an aggregate Discounted Value at least equal to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount, or sufficient to satisfy 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Asset Coverage, as the case may be, in either case as of the relevant Asset Coverage Cure Date (provided that, if there is no such minimum
principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes the redemption of which would have such
result, all&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes then Outstanding will be redeemed), and (B)&nbsp;the
maximum principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes that can be redeemed out of funds
expected to be available therefor on the Mandatory Redemption Date at the Mandatory Redemption Price set forth in subparagraph (a)(iii)&nbsp;of
this Section&nbsp;2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(iii)&nbsp; In determining the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
required to be redeemed in accordance with the foregoing Section&nbsp;2.03(a)(ii), the Issuer shall allocate the aggregate principal amount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
Notes required to be redeemed to satisfy the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Basic Maintenance
Amount or the 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Asset Coverage, as the case may be,
pro rata among the Holders of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes in proportion to the aggregate
principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes they hold, by lot or by such other method
as the Issuer shall deem equitable, subject to the further provisions of this subparagraph (iii). The Issuer shall effect any required
mandatory redemption pursuant to subparagraph (a)(ii)&nbsp;of this Section&nbsp;2.03 no later than 40 days after the Asset Coverage Cure
Date (the &ldquo;Mandatory Redemption Date&rdquo;), except that if the Issuer does not have funds legally available for the redemption
of, or is not otherwise legally permitted to redeem, the aggregate principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
which would be required to be redeemed by the Issuer under clause (A)&nbsp;of subparagraph (a)(ii)&nbsp;of this Section&nbsp;2.03 if sufficient
funds were available, or the Issuer otherwise is unable to effect such redemption on or prior to such Mandatory Redemption Date, the Issuer
shall redeem those&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, and other Notes, on the earliest practicable
date on which the Issuer will have such funds available, upon notice pursuant to Section&nbsp;2.03(b)&nbsp;to record owners of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
to be redeemed and the Paying Agent. The Issuer will deposit with the Paying Agent funds sufficient to redeem the specified aggregate
principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes with respect to a redemption required
under subparagraph (a)(ii)&nbsp;of this Section&nbsp;2.03, by 1:00 p.m., New York City time, of the Business Day immediately preceding
the Mandatory Redemption Date. If fewer than all of the Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
are to be redeemed pursuant to this Section&nbsp;2.03(a)(iii), the aggregate principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
to be redeemed shall be redeemed pro rata from the Holders of such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
in proportion to the aggregate principal amount of such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes held
by such Holders, by lot or by such other method as the Issuer shall deem fair and equitable, subject, however, to the terms of any applicable
Specific Redemption Provisions. &ldquo;Mandatory Redemption Price&rdquo; means the Redemption Price plus (in the case of a Rate Period
of one year or more only) a redemption premium, if any, determined by the Board of Directors after consultation with the Broker-Dealers
and set forth in any applicable Specific Redemption Provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp; In the event of a redemption pursuant
to Section&nbsp;2.03(a), the Issuer will file a notice of its intention to redeem with the Commission so as to provide at least the minimum
notice required under Rule&nbsp;23c-2 under the Investment Company Act or any successor provision. In addition, the Issuer shall deliver
a notice of redemption to the Auction Agent and the Trustee (the &ldquo;Notice of Redemption&rdquo;) containing the information set forth
below (i)&nbsp;in the case of an optional redemption pursuant to subparagraph (a)(i)&nbsp;above, at least three Business Days prior to
the giving of notice to the Holders and (ii)&nbsp;in the case of a mandatory redemption pursuant to subparagraph (a)(ii)&nbsp;above, on
or prior to the 30th day preceding the Mandatory Redemption Date. The Trustee will use its reasonable efforts to provide notice to each
Holder of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes called for redemption by electronic or other reasonable
means not later than the close of business on the Business Day immediately following the day on which the Trustee determines the Notes
to be redeemed (or, during a Default Period with respect to such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes,
not later than the close of business on the Business Day immediately following the day on which the Trustee receives Notice of Redemption
from the Issuer). The Trustee shall confirm such notice in writing not later than the close of business on the third Business Day preceding
the date fixed for redemption by providing the Notice of Redemption to each Holder of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
called for redemption, the Paying Agent (if different from the Trustee) and the Securities Depository. Notice of Redemption will be addressed
to the registered owners of each series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes at their addresses
appearing on the books or records of the Issuer. Such Notice of Redemption will set forth (i)&nbsp;the date fixed for redemption, (ii)&nbsp;the
principal amount and identity of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to be redeemed, (iii)&nbsp;the
redemption price (specifying the amount of accrued interest to be included therein and any redemption premium, if any), (iv)&nbsp;that
interest on the Notes to be redeemed will cease to accrue on such date fixed for redemption, (v)&nbsp;applicable cusip number(s)&nbsp;and
(vi)&nbsp;the provision under which redemption shall be made. No defect in the Notice of Redemption or in the transmittal or mailing thereof
will affect the validity of the redemption proceedings, except as required by applicable law. If fewer than all&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
held by any Holder are to be redeemed, the Notice of Redemption mailed to such Holder shall also specify the principal amount of Notes
to be redeemed from such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp; Notwithstanding the provisions of paragraph
(a)&nbsp;of this Section&nbsp;2.03, no&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes may be redeemed unless
all interest on the Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes and all Notes of the Issuer
ranking on a parity with the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, have been or are being contemporaneously
paid or set aside for payment; provided, however, that the foregoing shall not prevent the purchase or acquisition of all Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
pursuant to the successful completion of an otherwise lawful purchase or exchange offer made on the same terms to, and accepted by, Holders
of all Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp; Upon the deposit of funds sufficient
to redeem any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes with the Paying Agent and the giving of the
Notice of Redemption to the Trustee under paragraph (b)&nbsp;of this Section&nbsp;2.03, interest on such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
shall cease to accrue and such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes shall no longer be deemed
to be Outstanding for any purpose (including, without limitation, for purposes of calculating whether the Issuer has maintained the requisite&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount or the 1940 Act Notes Asset Coverage), and all rights of the Holder of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
so called for redemption shall cease and terminate, except the right of such Holder to receive the redemption price specified herein,
but without any interest or other additional amount. Such redemption price shall be paid by the Paying Agent to the nominee of the Securities
Depository. The Issuer shall be entitled to receive from the Paying Agent, promptly after the date fixed for redemption, any cash deposited
with the Paying Agent in excess of (i)&nbsp;the aggregate redemption price of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
called for redemption on such date and (ii)&nbsp;such other amounts, if any, to which Holders of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
called for redemption may be entitled. Any funds so deposited that are unclaimed at the end of two years from such redemption date shall,
to the extent permitted by law, be paid to the Issuer, after which time the Holders of Notes so called for redemption may look only to
the Issuer for payment of the redemption price and all other amounts, if any, to which they may be entitled. The Issuer shall be entitled
to receive, from time to time after the date fixed for redemption, any interest earned on the funds so deposited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e)&nbsp; To the extent that any redemption for
which Notice of Redemption has been given is not made by reason of the absence of legally available funds therefor, or is otherwise prohibited,
such redemption shall be made as soon as practicable to the extent such funds become legally available or such redemption is no longer
otherwise prohibited. Failure to redeem any series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes shall
be deemed to exist at any time after the date specified for redemption in a Notice of Redemption when the Issuer shall have failed, for
any reason whatsoever, to deposit in trust with the Paying Agent the redemption price with respect to any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
for which such Notice of Redemption has been given. Notwithstanding the fact that the Issuer may not have redeemed any Notes for which
a Notice of Redemption has been given, interest may be paid on a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
and shall include those Notes for which Notice of Redemption has been given but for which deposit of funds has not been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(f)&nbsp; All moneys paid to the Paying Agent
for payment of the redemption price of any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes called for redemption
shall be held in trust by the Paying Agent for the benefit of Holders of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(g)&nbsp; So long as any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
are held of record by the nominee of the Securities Depository, the redemption price for such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
will be paid on the date fixed for redemption to the nominee of the Securities Depository for distribution to Agent Members for distribution
to the persons for whom they are acting as agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(h)&nbsp; Except for the provisions described
above, nothing contained herein limits any right of the Issuer to purchase or otherwise acquire any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
outside of an Auction at any price, whether higher or lower than the price that would be paid in connection with an optional or mandatory
redemption, so long as, at the time of any such purchase, there is no arrearage in the payment of interest on, or the mandatory or optional
redemption price with respect to, any series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes for which
Notice of Redemption has been given and the Issuer is in compliance with the 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Asset Coverage and has Eligible Assets with an aggregate Discounted Value at least equal to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount after giving effect to such purchase or acquisition on the date thereof. If fewer than all the Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of any series are redeemed or otherwise acquired by the Issuer, the Issuer shall give notice of such transaction to the Trustee, in accordance
with the procedures agreed upon by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i)&nbsp; The Board of Directors may, without
further consent of the holders of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes or the holders of shares
of capital stock of the Issuer, authorize, create or issue any class or series of Notes, including other series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes,
ranking prior to or on a parity with the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to the extent permitted
by the Investment Company Act, if, upon issuance, either (A)&nbsp;the net proceeds from the sale of such Notes (or such portion thereof
needed to redeem or repurchase the Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes) are deposited
with the Trustee in accordance with Section&nbsp;2.03(d), Notice of Redemption as contemplated by Section&nbsp;2.03(b)&nbsp;has been delivered
prior thereto or is sent promptly thereafter, and such proceeds are used to redeem all Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
or (B)&nbsp;the Issuer would meet the 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Asset Coverage,
the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Basic Maintenance Amount and the requirements of Section&nbsp;2.08
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(j)&nbsp; If any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
are to be redeemed and such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes are held by the Securities Depository,
the Issuer shall include in the notice of redemption delivered to the Securities Depository: (i)&nbsp;under an item entitled &ldquo;Publication
Date for Securities Depository Purposes&rdquo;, the Interest Payment Date prior to the Redemption Date, and (ii)&nbsp;an instruction to
the Securities Depository to (x)&nbsp;determine on such Publication Date after the Auction held on the immediately preceding Auction Date
has settled, the Depository participants whose Securities Depository positions will be redeemed and the principal amount of such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
to be redeemed from each such position (the &ldquo;Securities Depository Redemption Information&rdquo;), and (y)&nbsp;notify the Auction
Agent immediately after such determination of (A)&nbsp;the positions of the Depository Participants in such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
immediately prior to such Auction settlement, (B)&nbsp;the positions of the Depository Participants in such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
immediately following such Auction settlement and (C)&nbsp;the Securities Depository Redemption Information. &ldquo;Publication Date&rdquo;
shall mean three Business Days after the Auction Date next preceding such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Designation of Rate Period</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The initial Rate Period for each series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
is as set forth under &ldquo;Designation&rdquo; in Section&nbsp;2.01(a)&nbsp;above. The Issuer will designate the duration of subsequent
Rate Periods of each series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes; provided, however, that no
such designation is necessary for a Standard Rate Period and, provided further, that any designation of a Special Rate Period shall be
effective only if (i)&nbsp;notice thereof shall have been given as provided herein, (ii)&nbsp;any failure to pay in a timely manner to
the Trustee the full amount of any interest on, or the redemption price of,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
shall have been cured as provided above, (iii)&nbsp;Sufficient Clearing Bids shall have existed in an Auction held on the Auction Date
immediately preceding the first day of such proposed Special Rate Period, (iv)&nbsp;if the Issuer shall have mailed a Notice of Redemption
with respect to any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, the redemption price with respect to
such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes shall have been deposited with the Paying Agent, and
(v)&nbsp;in the case of the designation of a Special Rate Period, the Issuer has confirmed that as of the Auction Date next preceding
the first day of such Special Rate Period, it has Eligible Assets with an aggregate Discounted Value at least equal to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount, and the Issuer has consulted with the Broker-Dealers and has provided notice of such designation and otherwise
complied with the Rating Agency Guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Issuer proposes to designate any Special
Rate Period, not fewer than 7 (or two Business Days in the event the duration of the Rate Period prior to such Special Rate Period is
fewer than 8 days) nor more than 30 Business Days prior to the first day of such Special Rate Period, notice shall be (i)&nbsp;made by
press release and (ii)&nbsp; communicated by the Issuer by telephonic or other means to the Trustee and confirmed in writing promptly
thereafter. Each such notice shall state (A)&nbsp;that the Issuer proposes to exercise its option to designate a succeeding Special Rate
Period, specifying the first and last days thereof and (B)&nbsp;that the Issuer will by 3:00 p.m., New York City time, on the second Business
Day next preceding the first day of such Special Rate Period, notify the Auction Agent and the Trustee, who will promptly notify the Broker-Dealers,
of either (x)&nbsp;its determination, subject to certain conditions, to proceed with such Special Rate Period, subject to the terms of
any Specific Redemption Provisions, or (y)&nbsp;its determination not to proceed with such Special Rate Period, in which latter event
the succeeding Rate Period shall be a Standard Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No later than 3:00 p.m., New York City time, on
the second Business Day next preceding the first day of any proposed Special Rate Period, the Issuer shall deliver to the Auction Agent
and Trustee, who will promptly deliver to the Broker-Dealers and Existing Holders, either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(i)&nbsp; a notice stating (A)&nbsp;that
the Issuer has determined to designate the next succeeding Rate Period as a Special Rate Period, specifying the first and last days thereof
and (B)&nbsp;the terms of any Specific Redemption Provisions; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(ii)&nbsp; a notice stating that the
Issuer has determined not to exercise its option to designate a Special Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Issuer fails to deliver either such notice
with respect to any designation of any proposed Special Rate Period to the Auction Agent or is unable to make the confirmation provided
in clause (v)&nbsp;of Paragraph (a)&nbsp;of this Section&nbsp;2.04 by 3:00 p.m., New York City time, on the second Business Day next preceding
the first day of such proposed Special Rate Period, the Issuer shall be deemed to have delivered a notice to the Auction Agent with respect
to such Rate Period to the effect set forth in clause (ii)&nbsp;above, thereby resulting in a Standard Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restrictions on Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notes may be transferred only (a)&nbsp;pursuant
to an order placed in an Auction, (b)&nbsp;to or through a Broker-Dealer or (c)&nbsp;to the Issuer or any Affiliate. Notwithstanding the
foregoing, a transfer other than pursuant to an Auction will not be effective unless the selling Existing Holder or the Agent Member of
such Existing Holder, in the case of an Existing Holder whose Notes are listed in its own name on the books of the Auction Agent, or the
Broker-Dealer or Agent Member of such Broker-Dealer, in the case of a transfer between persons holding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
through different Broker-Dealers, advises the Auction Agent of such transfer. The certificates representing the Notes issued to the Securities
Depository will bear legends with respect to the restrictions described above and stop-transfer instructions will be issued to the Transfer
Agent and/or Registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Asset Coverage</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Issuer shall maintain, as of the last Business
Day of each month in which any Notes are Outstanding, asset coverage with respect to the Notes which is equal to or greater than the 1940
Act Notes Asset Coverage; provided, however, that Section&nbsp;2.03(a)(ii)&nbsp;shall be the sole remedy in the event the Issuer fails
to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Notes Basic Maintenance Amount</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">So long as the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
are Outstanding and any Rating Agency is then rating the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes,
the Issuer shall maintain, as of each Valuation Date, Eligible Assets having an aggregate Discounted Value equal to or greater than the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount; provided, however, that Section&nbsp;2.03(a)(ii)&nbsp;shall be the sole remedy in the event the Issuer fails
to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Other Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For so long as any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
are Outstanding and any Rating Agency is then rating&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Notes,
the Issuer will not engage in certain proscribed transactions set forth in the Rating Agency Guidelines, unless it has received written
confirmation from each such Rating Agency that proscribes the applicable transaction in its Rating Agency Guidelines that any such action
would not impair the rating then assigned by such Rating Agency to a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For so long as any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
are Outstanding, the Issuer will not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or
distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, common shares or other shares of capital
stock of the Issuer) upon any class of shares of capital stock of the Issuer, unless, in every such case, immediately after such transaction,
the 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Asset Coverage would be achieved after deducting
the amount of such dividend, distribution, or purchase price, as the case may be; provided, however, that dividends may be declared upon
any preferred shares of capital stock of the Issuer if the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
and any other senior securities representing indebtedness of the Issuer have an asset coverage of at least 200% at the time of declaration
thereof, after deducting the amount of such dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A declaration of a dividend or other distribution
on or purchase or redemption of any common or preferred shares of capital stock of the Issuer is prohibited (i)&nbsp;at any time that
an Event of Default under the Indenture has occurred and is continuing, (ii)&nbsp;if after giving effect to such declaration, the Issuer
would not have Eligible Assets with an aggregate Discounted Value at least equal to the Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic
Maintenance Amount or the 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Asset Coverage, or (iii)&nbsp;the
Issuer has not redeemed the full amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes required to be
redeemed by any provisions for mandatory redemption contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compliance Procedures for Asset Maintenance Tests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For so long as any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
are Outstanding and any Rating Agency is then rating such Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;As of each Valuation Date,
the Issuer shall determine in accordance with the procedures specified herein (i)&nbsp;the Market Value of each Eligible Asset owned
by the Issuer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on that date, (ii)&nbsp;the Discounted Value of
each such Eligible Asset using the Discount Factors, (iii)&nbsp;whether the Notes Basic Maintenance Amount is met as of that date,
(iv)&nbsp;the value of the total assets of the Issuer, less all liabilities, and (v)&nbsp;whether the 1940 Act Notes Asset Coverage
is met as of that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp; Upon any failure to maintain the required&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount or 1940 Act Notes Asset Coverage on any Valuation Date, the Issuer may use reasonable commercial efforts (including,
without limitation, altering the composition of its portfolio, purchasing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
outside of an Auction or in the event of a failure to file a Rating Agency Certificate (as defined below) on a timely basis, submitting
the requisite Rating Agency Certificate) to re-attain (or certify in the case of a failure to file on a timely basis, as the case may
be) the required&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Basic Maintenance Amount or 1940 Act Notes
Asset Coverage on or prior to the Asset Coverage Cure Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp; Compliance with the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount and 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Asset Coverage tests
shall be determined with reference to those&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes which are deemed
to be Outstanding hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp; The Issuer shall deliver to each Rating
Agency which is then rating&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes and any other party specified
in the Rating Agency Guidelines all certificates that are set forth in the respective Rating Agency Guidelines regarding 1940 Act Notes
Asset Coverage,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Basic Maintenance Amount and/or related calculations
at such times and containing such information as set forth in the respective Rating Agency Guidelines (each, a &ldquo;Rating Agency Certificate&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e)&nbsp; In the event that any Rating Agency
Certificate is not delivered within the time periods set forth in the Rating Agency Guidelines, the Issuer shall be deemed to have failed
to maintain the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Basic Maintenance Amount or the 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Asset Coverage, as the case may be, on such Valuation Date for purposes of Section&nbsp;2.09(b). In the event that any Rating Agency Certificate
with respect to an applicable Asset Coverage Cure Date is not delivered within the time periods set forth in the Rating Agency Guidelines,
the Issuer shall be deemed to have failed to have Eligible Assets with an aggregate Discounted Value at least equal to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount or to meet the 1940&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Asset Coverage,
as the case may be, as of the related Valuation Date, and such failure shall be deemed not to have been cured as of such Asset Coverage
Cure Date for purposes of the mandatory redemption provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Delivery of Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the execution and delivery of this Supplemental
Indenture, the Issuer shall execute and deliver to the Trustee and the Trustee shall authenticate the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
and deliver them to The Depository Trust Company and as hereinafter in this Section&nbsp;provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the delivery by the Trustee of any of
the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, there shall have been filed with or delivered to the
Trustee the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp; A resolution duly adopted by the Issuer,
certified by the Secretary or other Authorized Officer thereof, authorizing the execution and delivery of this Supplemental Indenture
and the issuance of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;Duly executed copies of this Supplemental
Indenture and a copy of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;Rating letters from each Rating Agency
rating the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp; An Opinion of Counsel and an Officers&rsquo;
Certificate pursuant to Sections 3.3 and 9.3 of the Original Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trustee&rsquo;s Authentication Certificate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Trustee&rsquo;s authentication certificate
upon the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes shall be substantially in the forms provided in
Appendix&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hereto. No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
shall be secured hereby or entitled to the benefit hereof, or shall be valid or obligatory for any purpose, unless a certificate of authentication,
substantially in such form, has been duly executed by the Trustee; and such certificate of the Trustee upon any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
shall be conclusive evidence and the only competent evidence that such Bond has been authenticated and delivered hereunder. The Trustee&rsquo;s
certificate of authentication shall be deemed to have been duly executed by it if manually signed by an authorized officer of the Trustee,
but it shall not be necessary that the same person sign the certificate of authentication on all of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EVENTS OF DEFAULT; REMEDIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Events of Default</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An &ldquo;Event of Default&rdquo; means any one
of the following events set forth below (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule&nbsp;or regulation of
any administrative or governmental body):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp; default in the payment of any interest
upon a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes when it becomes due and payable and the
continuance of such default for thirty (30) days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp; default in the payment of the principal
of, or any premium on, a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes at its Stated Maturity;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp; default in the performance, or breach,
of any covenant or warranty of the Company in the Indenture, and continuance of such default or breach for a period of ninety (90) days
after there has been given, by registered or certified mail, to the Company by the Trustee a written notice specifying such default or
breach and requiring it to be remedied and stating that such notice is a &ldquo;Notice of Default;&rdquo; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp; the entry by a court having jurisdiction
in the premises of (A)&nbsp;a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable
Federal or State bankruptcy, insolvency, reorganization or other similar law or (B)&nbsp;a decree or order adjudging the Company a bankrupt
or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect
of the Company under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator
or other similar official of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its
affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period
of 60 consecutive days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e)&nbsp; the commencement by the Company of a
voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any
other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief
in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization
or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of
such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors,
or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by
the Company in furtherance of any such action; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(f)&nbsp;if, pursuant to Section&nbsp;18(a)(1)(c)(ii)&nbsp;of
the 1940 Act on the last business day of each of twenty-four(24) consecutive calendar months, the 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Asset Coverage is less than 100%; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(g)&nbsp; any other Event of Default provided
with respect to a series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, including a default in the payment
of any Redemption Price payable on the date fixed for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise noted, an Event of Default that
relates only to one series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes will not affect any other series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Acceleration of Maturity; Rescission and Annulment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an Event of Default with respect to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of a series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the holders of not less than a majority
in principal amount of the Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of that series may
declare the principal amount of all the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of that series to
be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by holders), and upon any such declaration
such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default specified in paragraphs (d)&nbsp;and
(e)&nbsp;above with respect to Notes of any series at the time Outstanding occurs, the principal amount of all the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of that series shall automatically, and without any declaration or other action on the part of the Trustee or any holder, become immediately
due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At any time after such a declaration of acceleration
with respect to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of any series has been made and before a
judgment or decree for payment of the money due has been obtained by the Trustee, the holders of a majority in principal amount of the
Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of that series, by written notice to the Company
and the Trustee, may rescind and annul such declaration and its consequences if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;the Company has paid or deposited with
the Trustee a sum sufficient to pay</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(i)&nbsp;all overdue interest on all&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of that series,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(ii)&nbsp; the principal of (and premium,
if any, on) any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of that series which have become due otherwise
than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Notes,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(iii)&nbsp; to the extent that payment
of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(iv)&nbsp;&nbsp;&nbsp;&nbsp; all sums
paid or advanced by the Trustee and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp; all Events of Default with respect to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of that series, other than the non-payment of the principal of Notes of that series which have become due solely by such declaration of
acceleration, have been cured or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No such rescission shall affect any subsequent
default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Collection of Indebtedness and Suits for Enforcement by Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company covenants that if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp; default is made in the payment of any
interest on any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes when such interest becomes due and payable
and such default continues for a period of 90 days, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp; default is made in the payment of the
principal of (or premium, if any, on) any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes at the Maturity
thereof, the Company will, upon demand of the Trustee, pay to it, for the benefit of the holders of such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes,
the whole amount then due and payable on such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes for principal
and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal
and premium and on any overdue interest, at the rate or rates prescribed therefor in such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an Event of Default with respect to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of
the holders of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of such series by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in the Indenture or in aid of the exercise of any power granted in the Indenture, or to enforce any other proper
remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Application of Money Collected</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any money collected by the Trustee pursuant to
the provisions of the Indenture relating to an Event of Default shall be applied in the following order, at the date or dates fixed by
the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">FIRST: To the payment of all amounts due the Trustee
under the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">SECOND: To the payment of the amounts then due
and unpaid for principal of and any premium and interest on the Notes in respect of which or for the benefit of which such money has been
collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
for principal and any premium and interest, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limitation On Suits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No holder of any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp; such holder has previously given written
notice to the Trustee of a continuing Event of Default with respect to the Notes of that series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp; the holders of not less than a majority
in principal amount of the Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of that series shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp; such holder or holders have offered
to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such
request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp; the Trustee for 60 days after its receipt
of such notice, request and offer of indemnity has failed to institute any such proceeding; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e)&nbsp; no direction inconsistent with such
written request has been given to the Trustee during such 60-day period by the holders of a majority in principal amount of the Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of that series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">it being understood and intended that no one or
more of such holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of the Indenture to affect,
disturb or prejudice the rights of any other of such holders, or to obtain or to seek to obtain priority or preference over any other
of such holders or to enforce any right under the Indenture, except in the manner provided and for the equal and ratable benefit of all
of such holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unconditional Right of Holders to Receive Principal, Premium and
Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding any other provision in the Indenture,
the holder of any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes shall have the right, which is absolute
and unconditional, to receive payment of the principal of and any premium and (subject to the provisions of any supplemental indenture)
interest on such Notes on the respective Stated Maturities expressed in such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
(or, in the case of redemption, on the Redemption Date), and to institute suit for the enforcement of any such payment and such rights
shall not be impaired without the consent of such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restoration of Rights and Remedies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Trustee or any holder has instituted any
proceeding to enforce any right or remedy under the Indenture and such proceeding has been discontinued or abandoned for any reason, or
has been determined adversely to the Trustee or to such holder, then and in every such case, subject to any determination in such proceeding,
the Company, the Trustee and the holders shall be restored severally and respectively to their former positions and thereafter all rights
and remedies of the Trustee and the holders shall continue as though no such proceeding had been instituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rights and Remedies Cumulative</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes, no right or remedy conferred upon or reserved to the Trustee or
to the holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Control By Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders of not less than a majority in principal
amount of the Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of any series shall have the right
to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee, with respect to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of such
series, provided that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1)&nbsp;such direction shall not be in conflict
with any rule&nbsp;of law or with the Indenture, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2)&nbsp; the Trustee may take any other action
deemed proper by the Trustee which is not inconsistent with such direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Waiver of Past Defaults</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders of not less than a majority in principal
amount of the Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of any series may on behalf of
the holders of all the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of such series waive any past default
hereunder with respect to such series and its consequences, except a default</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1)&nbsp;in the payment of the principal of or
any premium or interest on any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of such series, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2)&nbsp; in respect of a covenant or provision
which cannot be modified or amended without the consent of the holder of each Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of such series affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon any such waiver, such default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of the Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SATISFACTION AND DISCHARGE OF INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Indenture shall upon request of the Company
cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
expressly provided for herein or in the terms of such security), and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of the Indenture, when</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;Either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(i)&nbsp;&nbsp; all&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
theretofore authenticated and delivered (other than (1)&nbsp;securities which have been destroyed, lost or stolen and which have been
replaced or paid as provided in the Indenture; and (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes for
whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in the Indenture) have been delivered to the Trustee for cancellation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(ii)&nbsp; all such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
not theretofore delivered to the Trustee for cancellation have become due and payable, or will become due and payable at their Stated
Maturity within one year, or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of this subsection
(ii)&nbsp;has deposited or caused to be deposited with the Trustee as trust funds in trust money in an amount sufficient to pay and discharge
the entire indebtedness on such securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and
interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;the Company has paid or caused to be
paid all other sums payable hereunder by the Trust; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp; the Company has delivered to the Trustee
an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of the Indenture have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the satisfaction and discharge
of the Indenture, the obligations of the Company to the Trustee under the Indenture and, if money shall have been deposited with the Trustee
pursuant to subparagraph (ii)&nbsp;of paragraph (a)&nbsp;above, the obligations of the Trustee under certain provisions of the Indenture
shall survive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE TRUSTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Duties and Responsibilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1)&nbsp;Except during the continuance of an Event
of Default,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(A)&nbsp;&nbsp; the Trustee undertakes
to perform such duties and only such duties as are specifically set forth in the Indenture and as required by the Trust Indenture Act,
and no implied covenants or obligations shall be read into the Indenture against the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(B)&nbsp; in the absence of bad faith
on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee and conforming to the requirements of the Indenture; but in the case of any such
certificates or opinions which by any provision of the Indenture are specifically required to be furnished to the Trustee, the Trustee
shall be under a duty to examine the same to determine whether or not they conform to the requirements of the Indenture (but need not
confirm or investigate the accuracy of mathematical calculations or other facts stated therein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(2)&nbsp; In case an Event of Default has occurred
and is continuing, the Trustee shall exercise such of the rights and powers vested in it by the Indenture, and use the same degree of
care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(3)&nbsp; In no event shall the Trustee be responsible
or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(4)&nbsp; In no event shall the Trustee be responsible
or liable for any failure or delay in the performance of its obligations arising out of or caused by, directly or indirectly, forces beyond
its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(5)&nbsp; No provision of the Indenture shall
be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(A)&nbsp;this Subsection shall not be
construed to limit the effect of Subsection (1)(A)&nbsp;of this Section;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(B)&nbsp; the Trustee shall not be liable
for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining
the pertinent facts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(C)&nbsp; the Trustee shall not be liable
with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of a majority
in principal amount of the Outstanding securities of any series, determined as provided in the Indenture, relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee,
under the Indenture with respect to the Securities of such series; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">(D)&nbsp; no provision of the Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its
duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice of Defaults</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a default occurs hereunder with respect to
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes of any series,
the Trustee shall give the Holders of Notes of such series notice of such default as and to the extent provided by the Trust Indenture
Act; provided, however, that in the case of any default with respect to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of such series, no such notice to Holders shall be given until at least 90 days after the occurrence thereof. For the purpose hereof,
the term &ldquo;default&rdquo; means any event which is, or after notice or lapse of time or both would become, an Event of Default with
respect to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes of
such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Rights of Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the provisions under &ldquo;Certain
Duties and Responsibilities&rdquo; above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp; the Trustee may conclusively rely and
shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to
be genuine and to have been signed or presented by the proper party or parties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp; any request or direction of the Company
shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the Board of Directors shall be sufficiently
evidenced by a Board Resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp; whenever in the administration of the
Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action
hereunder, the Trustee may, in the absence of bad faith on its part, rely upon an Officers&rsquo; Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp; the Trustee may consult with counsel
of its selection and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it in good faith and in reliance thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e)&nbsp; the Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by the Indenture at the request or direction of any of the holders pursuant to the
Indenture, unless such holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs,
expenses and liabilities which might be incurred by it in compliance with such request or direction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(f)&nbsp; the Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by
agent or attorney;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(g)&nbsp; the Trustee may execute any of the trusts
or powers or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible
for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(h)&nbsp; the Trustee shall not be liable for
any action taken, suffered or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion
or rights or powers conferred upon it by the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i)&nbsp; the Trustee shall not be deemed to have
notice of any default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice
of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Notes and the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(j)&nbsp; the rights, privileges, protections,
immunities and benefits given to the Trustee, including its rights to be indemnified, are extended to, and shall be enforceable by, the
Trustee in each of its capacities hereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(k)&nbsp; the Trustee may request that the Company
deliver an Officers&rsquo; Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take
specified actions pursuant to the Indenture, which Officers&rsquo; Certificate may be signed by any person authorized to sign an Officers&rsquo;
Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation and Reimbursement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company agrees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp; to pay to the Trustee from time to time
such compensation as shall be agreed in writing between the parties for all services rendered by it (which compensation shall not be limited
by any provision of law in regard to the compensation of a trustee of an express trust);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp; except as otherwise expressly provided,
to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance
with any provision of the Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel),
except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp; to indemnify each of the Trustee or
any predecessor Trustee for, and to hold it harmless against, any and all losses, liabilities, damages, claims or expenses including taxes
(other than taxes imposed on the income of the Trustee) incurred without negligence or bad faith on its part, arising out of or in connection
with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any
claim (whether asserted by the Company, a holder or any other Person) or liability in connection with the exercise or performance of any
of its powers or duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When the Trustee incurs expenses or renders services
in connection with an Event of Default, the expenses (including the reasonable charges and expenses of its counsel) and the compensation
for the services are intended to constitute expenses of administration under any applicable Federal or State bankruptcy, insolvency or
other similar law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The provisions hereof shall survive the termination
of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conflicting Interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and
in the manner provided by, and subject to the provisions of, the Trust Indenture Act and the Indenture. To the extent not prohibited by
the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under the Indenture
with respect to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes
of more than one series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Resignation and Removal; Appointment of Successor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No resignation or removal of the Trustee and no
appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee in accordance with
the applicable requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Trustee may resign at any time with respect
to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes of one
or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee shall not have
been delivered to the Trustee within 60 days after the giving of such notice of resignation, the resigning Trustee may petition, at the
expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Trustee may be removed at any time with respect
to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes of any
series by Act of the holders of a majority in principal amount of the Outstanding &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of such series, delivered to the Trustee and to the Company. If the instrument of acceptance by a successor Trustee shall not have
been delivered to the Trustee within 30 days after the giving of a notice of removal pursuant to this paragraph, the Trustee being removed
may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect
to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes of such
series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp; the Trustee shall fail to comply after
written request therefor by the Company or by any holder who has been a bona fide holder of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes for at least six months, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp; the Trustee shall cease to be eligible
and shall fail to resign after written request therefor by the Company or by any such holder, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp; the Trustee shall become incapable of
acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer
shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, (i)&nbsp; the Company by a Board Resolution may remove the Trustee with respect to all &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes, or (ii)&nbsp;any holder who has been a bona fide holder of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee with respect to all &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes and the appointment of a successor Trustee or Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to
the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes of that or
those series (it being understood that any such successor Trustee may be appointed with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of one or more or all of such series and that at any time there shall be only one Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of any particular series) and shall comply with the applicable requirements. If, within one year after such resignation, removal
or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of any series shall be appointed by Act of the holders of a majority in principal amount of the Outstanding &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements, become the successor Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of such series and to that extent supersede the successor Trustee appointed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If no successor Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of any series shall have been so appointed by the Company or the holders and accepted appointment in the manner required, any holder
who has been a bona fide holder of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company shall give notice of each resignation
and each removal of the Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of any series and each appointment of a successor Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of any series to all holders of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of such series in the manner provided. Each notice shall include the name of the successor Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of such series and the address of its Corporate Trust Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Acceptance of Appointment by Successor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In case of the appointment hereunder of a successor
Trustee with respect to all &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of
the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and
shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In case of the appointment hereunder of a successor
Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of one or more series shall execute and deliver a supplemental indenture wherein each successor Trustee shall accept such appointment
and which (1)&nbsp;shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor
Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of that or those series to which the appointment of such successor Trustee relates, (2)&nbsp;if the retiring Trustee is not retiring
with respect to all &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3)&nbsp;shall add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that nothing in the Indenture shall constitute such Trustees co-trustees
of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes of that or those
series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder
with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of that or those series to which the appointment of such successor Trustee relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon request of any such successor Trustee, the
Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such
rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No successor Trustee shall accept its appointment
unless at the time of such acceptance such successor Trustee shall be qualified and eligible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Merger, Conversion, Consolidation or Succession to Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible, without the execution
or filing of any paper or any further act on the part of any of the parties hereto. In case any &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER
OR LEASE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Company May&nbsp;Consolidate, Etc., Only On Certain Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company shall not consolidate with or merge
into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, and the Company
shall not permit any Person to consolidate with or merge into the Company, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp; in case the Company shall consolidate
with or merge into another Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the
Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which
leases, the properties and assets of the Company substantially as an entirety shall be a corporation, partnership or trust, shall be organized
and validly existing under the laws of any domestic or foreign jurisdiction and shall expressly assume, by an indenture supplemental hereto,
executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium
and interest on all the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes
and the performance or observance of every covenant of the Indenture on the part of the Company to be performed or observed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp; immediately after giving effect to such
transaction and treating any indebtedness which becomes an obligation of the Company or any subsidiary as a result of such transaction
as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp; the Company has delivered to the Trustee
an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease
and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply and that all conditions
precedent in the Indenture provided for relating to such transaction have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Successor Substituted</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon any consolidation of the Company with, or
merger of the Company into, any other Person or any conveyance, transfer or lease of the properties and assets of the Company substantially
as an entirety, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer
or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture
with the same effect as if such successor Person had been named as the Company in the Indenture, and thereafter, except in the case of
a lease, the predecessor Person shall be relieved of all obligations and covenants under the Indenture and the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEFEASANCE AND COVENANT DEFEASANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Defeasance and Discharge</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the Company&rsquo;s exercise of its option
(if any) to have the provisions of the Indenture relating to Defeasance applied to any &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes or any series of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes,
as the case may be, the Company shall be deemed to have been discharged from its obligations, with respect to such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes as provided in the Indenture on and after the date the conditions set forth are satisfied (hereinafter called &ldquo;Defeasance&rdquo;).
For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes and to have
satisfied all its other obligations under such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes and the Indenture insofar as such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject
to the following which shall survive until otherwise terminated or discharged hereunder: (1)&nbsp;the rights of holders of such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes to receive, solely from the trust fund, payments in respect of the principal of and any premium and interest on such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes when payments are due, (2)&nbsp;the Company&rsquo;s obligations with respect to such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes, (3)&nbsp;the rights, powers, trusts, duties and immunities of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Covenant Defeasance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the Company&rsquo;s exercise of its option
(if any) to have provisions of the Indenture relating to Covenant Defeasance applied to any &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes or any series of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes,
as the case may be, (1)&nbsp;the Company shall be released from its obligations under certain provisions of the Indenture for the benefit
of the holders of such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes
and (2)&nbsp;the occurrence of any event specified in the Indenture, and any such covenants provided pursuant to certain provisions of
the Indenture shall be deemed not to be or result in an Event of Default, in each case with respect to such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes as provided in the Indenture on and after the date the conditions are satisfied (hereinafter called &ldquo;Covenant Defeasance&rdquo;).
For this purpose, such Covenant Defeasance means that, with respect to such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any
such specified section of the Indenture, whether directly or indirectly by reason of any reference elsewhere in the Indenture, or by reason
of any reference in any such section or article of the Indenture to any other provision in the Indenture or in any other document, but
the remainder of the Indenture and such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes shall be unaffected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conditions to Defeasance or Covenant Defeasance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp; The Company shall irrevocably have deposited
or caused to be deposited with the Trustee (or another trustee which satisfies the requirements and agrees to comply with the provisions
of the relevant Article&nbsp;of the Indenture applicable to it) as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefits of the holders of such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes, (i)&nbsp;money in an amount, or (ii)&nbsp;U.S. Government Obligations which through the scheduled payment of principal and interest
in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an
amount, or (iii)&nbsp;such other obligations or arrangements as may be specified with respect to such Notes, or (iv)&nbsp;a combination
thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying
trustee) to pay and discharge, the principal of and any premium and interest on such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
on the respective Stated Maturities, in accordance with the terms of the Indenture and such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes. As used in the Indenture, &ldquo;U.S. Government Obligation&rdquo; means (x)&nbsp;any security which is (i)&nbsp;a direct obligation
of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii)&nbsp;an
obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment
of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i)&nbsp;or
(ii), is not callable or redeemable at the option of the Company thereof, and (y)&nbsp;any depositary receipt issued by a bank (as defined
in Section&nbsp;3(a)(2)&nbsp;of the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes Act) as custodian with respect to any U.S. Government Obligation which is specified in Clause (x)&nbsp;above and held by such bank
for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S.
Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make
any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of
the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp; In the event of an election to have
Defeasance and Discharge apply to any &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes or any series of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes,
as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i)&nbsp;the Company has received
from, or there has been published by, the Internal Revenue Service a ruling or (ii)&nbsp;since the date of this instrument, there has
been a change in the applicable Federal income tax law, in either case (i)&nbsp;or (ii)&nbsp;to the effect that, and based thereon such
opinion shall confirm that, the holders of such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes will not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected
with respect to such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes
and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit,
Defeasance and discharge were not to occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp; In the event of an election to have
Covenant Defeasance apply to any &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes or any series of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes,
as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the holders of such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected
with respect to such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes
and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit
and Covenant Defeasance were not to occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp; The Company shall have delivered to
the Trustee an Officers&rsquo; Certificate to the effect that neither such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes nor any other &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes
of the same series, if then listed on any &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes exchange, will be delisted as a result of such deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e)&nbsp; No event which is, or after notice or
lapse of time or both would become, an Event of Default with respect to such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes or any other &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes
shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified, at any time on or prior
to the 90th day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such
90th day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(f)&nbsp; Such Defeasance or Covenant Defeasance
shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes are in default within the meaning of such Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(g)&nbsp; Such Defeasance or Covenant Defeasance
shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is
a party or by which it is bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(h)&nbsp; Such Defeasance or Covenant Defeasance
shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company
Act unless such trust shall be registered under the Investment Company Act or exempt from registration thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(i)&nbsp; No event or condition shall exist that
would prevent the Company from making payments of the principal of (and any premium) or interest on the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes of such series on the date of such deposit or at any time on or prior to the 90th day after the date of such deposit (it being understood
that this condition shall not be deemed satisfied until after such 90th day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(j)&nbsp; The Company shall have delivered to
the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such
Defeasance or Covenant Defeasance have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(k)&nbsp;The Company shall have delivered to the
Trustee an Opinion of Counsel substantially to the effect that (i)&nbsp; the trust funds deposited pursuant hereto will not be subject
to any rights of any holders of indebtedness or equity of the Company, and (ii)&nbsp;after the 90th day following the deposit, the trust
funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo;
rights generally, except that if a court were to rule&nbsp;under any such law in any case or proceeding that the trust funds remained
property of the Company, no opinion is given as to the effect of such laws on the trust funds except the following: (A)&nbsp;assuming
such trust funds remained in the possession of the trustee with whom such funds were deposited prior to such court ruling to the extent
not paid to holders of such &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes, such trustee would hold, for the benefit of such holders, a valid and perfected security interest in such trust funds that is not
avoidable in bankruptcy or otherwise and (B)&nbsp;such holders would be entitled to receive adequate protection of their interests in
such trust funds if such trust funds were used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A NAME="E_017"></A>APPENDIX
B &mdash; DESCRIPTION OF RATINGS</B></FONT><B><SUP>1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">6</FONT></SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A rating of a rating service represents the service&rsquo;s
opinion as to the credit quality of the security being rated. However, the ratings are general and are not absolute standards of quality
or guarantees as to the creditworthiness of an issuer. Consequently, Calamos believes that the quality of debt securities in which the
Fund invests should be continuously reviewed. A rating is not a recommendation to purchase, sell or hold a security, because it does not
take into account market value or suitability for a particular investor. When a security has received a rating from more than one service,
each rating should be evaluated independently. Ratings are based on current information furnished by the issuer or obtained by the ratings
services from other sources that they consider reliable. Ratings may be changed, suspended or withdrawn as a result of changes in or unavailability
of such information, or for other reasons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a description of the characteristics
of ratings used by Moody&rsquo;s Investors Service (&ldquo;Moody&rsquo;s&rdquo;) and Standard&nbsp;&amp; Poor&rsquo;s Corporation, a division
of The McGraw-Hill Companies (&ldquo;S&amp;P&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Moody&rsquo;s Global Short-Term Rating Scale</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>P-1</U></I></FONT><I>:
</I>Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>P-2</U></I></FONT><I>:
</I>Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>P-3</U></I></FONT><I>:
</I>Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>NP</U></I></FONT><I>:
</I>Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Moody&rsquo;s Global Long-Term Rating Scale</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Aaa</U></I></FONT><I>:
</I>Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Aa</U></I></FONT><I>:
</I>Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>A</U></I></FONT><I>:
</I>Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Baa</U></I></FONT><I>:
</I>Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative
characteristics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Ba</U></I></FONT><I>:
</I>Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>B</U></I></FONT><I>:
</I>Obligations rated B are considered speculative and are subject to high credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Caa</U></I></FONT><I>:
</I>Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Ca</U></I></FONT><I>:
</I>Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal
and interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> The ratings indicated herein are believed to be the most
recent ratings available at the date of this prospectus for the securities listed. Ratings are generally given to securities at the time
of issuance. While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings
indicated do not necessarily represent ratings which will be given to these securities on the date of the Fund&rsquo;s fiscal year-end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>C</U></I></FONT><I>:
</I>Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Note</U></I></FONT><I>:
</I>Moody&rsquo;s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates
that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier
3 indicates a ranking in the lower end of that generic rating category. Additionally, a &ldquo;(hyb)&rdquo; indicator is appended to all
ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>S&amp;P Short-Term Issue Credit Ratings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>A-1</U></I></FONT><I>:
</I>A short-term obligation rated &lsquo;A-1&rsquo; is rated in the highest category by S&amp;P Global Ratings. The obligor&rsquo;s capacity
to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign
(+). This indicates that the obligor&rsquo;s capacity to meet its financial commitments on these obligations is extremely strong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>A-2</U></I></FONT><I>:
</I>A short-term obligation rated &lsquo;A-2&rsquo; is somewhat more susceptible to the adverse effects of changes in circumstances and
economic conditions than obligations in higher rating categories. However, the obligor&rsquo;s capacity to meet its financial commitments
on the obligation is satisfactory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>A-3</U></I></FONT><I>:
</I>A short-term obligation rated &lsquo;A-3&rsquo; exhibits adequate protection parameters. However, adverse economic conditions or changing
circumstances are more likely to weaken an obligor&rsquo;s capacity to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>B</U></I></FONT><I>:
</I>A short-term obligation rated &lsquo;B&rsquo; is regarded as vulnerable and has significant speculative characteristics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The obligor currently has the capacity to meet
its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor&rsquo;s inadequate capacity to
meet its financial commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>C</U></I></FONT><I>:
</I>A short-term obligation rated &lsquo;C&rsquo; is currently vulnerable to nonpayment and is dependent upon favorable business, financial,
and economic conditions for the obligor to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>D</U></I></FONT><I>:
</I>A short-term obligation rated &lsquo;D&rsquo; is in default or in breach of an imputed promise. For non-hybrid capital instruments,
the &lsquo;D&rsquo; rating category is used when payments on an obligation are not made on the date due, unless S&amp;P Global Ratings
believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days
will be treated as five business days. The &lsquo;D&rsquo; rating also will be used upon the filing of a bankruptcy petition or the taking
of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating
on an obligation is lowered to &lsquo;D&rsquo; if it is subject to a distressed exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>S&amp;P Long-Term Issue Credit Ratings*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Issue credit ratings are based, in varying degrees,
on S&amp;P Global Ratings analysis of the following considerations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 91.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The likelihood of payment &ndash; the capacity and willingness of the obligor to meet its financial commitment on a financial obligation in accordance with the terms of the obligation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* By their terms, hybrid securities allow for the omission of scheduled
dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may
also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator,
the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The nature and provisions of the financial obligation, and the promise we impute; and</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 44.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors&rsquo; rights.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An issue rating is an assessment of default risk,
but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically
rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an
entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>AAA</U></I></FONT><I>:
</I>An obligation rated &lsquo;AAA&rsquo; has the highest rating assigned by S&amp;P Global Ratings. The obligor&rsquo;s capacity to meet
its financial commitments on the obligation is extremely strong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>AA</U></I></FONT><I>:
</I>An obligation rated &lsquo;AA&rsquo; differs from the highest rated obligations only to a small degree. The obligor&rsquo;s capacity
to meet its financial commitments on the obligation is very strong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>A</U></I></FONT><I>:
</I>An obligation rated &lsquo;A&rsquo; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions
than obligations in higher rated categories. However, the obligor&rsquo;s capacity to meet its financial commitments on the obligation
is still strong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>BBB</U></I></FONT><I>:
</I>An obligation rated &lsquo;BBB&rsquo; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances
are more likely to weaken an obligor&rsquo;s capacity to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>BB,
B, CCC, CC, and C:</U></I></FONT> Obligations rated &lsquo;BB&rsquo;, &lsquo;B&rsquo;, &lsquo;CCC&rsquo;, &lsquo;CC&rsquo;, and &lsquo;C&rsquo;
are regarded as having significant speculative characteristics. &lsquo;BB&rsquo; indicates the least degree of speculation and &lsquo;C&rsquo;
the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties
or major exposure to adverse conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>BB</U></I></FONT><I>:
</I>An obligation rated &lsquo;BB&rsquo; is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor&rsquo;s inadequate capacity
to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>B</U></I></FONT><I>:
</I>An obligation rated &lsquo;B&rsquo; is more vulnerable to nonpayment than obligations rated &lsquo;BB&rsquo;, but the obligor currently
has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely
impair the obligor&rsquo;s capacity or willingness to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>CCC</U></I></FONT><I>:
</I>An obligation rated &lsquo;CCC&rsquo; is currently vulnerable to nonpayment, and is dependent upon favorable business, financial,
and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial,
or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>CC</U></I></FONT><I>:
</I>An obligation rated &lsquo;CC&rsquo; is currently highly vulnerable to nonpayment. The &lsquo;CC&rsquo; rating is used when a default
has not yet occurred but S&amp;P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>C</U></I></FONT><I>:
</I>An obligation rated &lsquo;C&rsquo; is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative
seniority or lower ultimate recovery compared with obligations that are rated higher.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>D</U></I></FONT><I>:
</I>An obligation rated &lsquo;D&rsquo; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &lsquo;D&rsquo;
rating category is used when payments on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that such
payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period
or 30 calendar days. The &lsquo;D&rsquo; rating also will be used upon the filing of a bankruptcy petition or the taking of similar action
and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation&rsquo;s rating
is lowered to &lsquo;D&rsquo; if it is subject to a distressed exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>*
</U></I></FONT>Ratings from &lsquo;AA&rsquo; to &lsquo;CCC&rsquo; may be modified by the addition of a plus (+) or minus (-) sign to show
relative standing within the rating categories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NR indicates that a rating has not been assigned
or is no longer assigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Local Currency and Foreign Currency Ratings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">S&amp;P Global Ratings&rsquo; issuer credit ratings
make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer will differ from
the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency versus
obligations denominated in a foreign currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;C &mdash; OTHER INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 25:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS AND EXHIBITS</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Included in Part&nbsp;A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Financial highlights for the fiscal years October&nbsp;31,
2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, and 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Incorporated into Part&nbsp;B by reference to Registrant&rsquo;s
most recent Certified Shareholder Report on <A HREF="https://www.sec.gov/Archives/edgar/data/0001171471/000138713121012335/chi-ncsr_103121.htm" STYLE="-sec-extract: exhibit">Form&nbsp;N-CSR, filed</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/0001171471/000138713121012335/chi-ncsr_103121.htm" STYLE="-sec-extract: exhibit">December&nbsp;29, 2021 (File No.&nbsp;811-21080) (Accession No.&nbsp;0001387131-21-012335):</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Schedule of Investments as of October&nbsp;31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Statement of Assets and Liabilities as of October&nbsp;31,
2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Statement of Operations for the year ended October&nbsp;31,
2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Statements of Changes in Net Assets for the year ended October&nbsp;31,
2021 and the year ended October&nbsp;31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notes to Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Statement of Cash Flows for the fiscal year ended October&nbsp;31,
2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Report of Independent Registered Public Accounting Firm dated
December&nbsp;20, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 24px">&nbsp;</TD>
<TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibits:</FONT></TD>
</TR></TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 40px"><A HREF="tm227263d1_ex99-a1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>a.1</FONT></FONT></A></TD>
    <TD><A HREF="tm227263d1_ex99-a1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third Amended and Restated Agreement and Declaration
    of Trust. (*)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013702002336/c68995ex99-a_2.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.2</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013702002336/c68995ex99-a_2.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Certificate of Trust.</FONT></FONT> (2)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="tm227263d1_ex99-b.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>b.</FONT></FONT></A></TD>
    <TD><A HREF="tm227263d1_ex99-b.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By-laws, as amended and restated through August&nbsp;23,
    2021. (*)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013702003725/c68995a2exv99wd.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.1</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013702003725/c68995a2exv99wd.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Form&nbsp;of Common Share Certificate</FONT></FONT>. (3)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013702004804/c70744a1exv99wd.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.2</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013702004804/c70744a1exv99wd.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Form&nbsp;of Preferred Share Certificate</FONT></FONT>. (5)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Note. (1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture of Trust. (1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Supplemental Indenture of Trust. (1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013708002621/c19270a2exv99wxey.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013708002621/c19270a2exv99wxey.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Terms and Conditions of the Dividend Reinvestment Plan.</FONT></FONT> (4)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095012311040739/c64170exv99wg.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095012311040739/c64170exv99wg.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Investment Management Agreement with Calamos Advisors LLC.</FONT></FONT> (7)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Underwriting Agreement relating to Common Shares. (1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Master Agreement Among Underwriters relating to Common Shares. (1)</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 40px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Master Selected Dealers Agreement relating to Common Shares. (1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013708002621/c19270a2exv99wxhyx4y.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.4</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013708002621/c19270a2exv99wxhyx4y.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Form&nbsp;of Underwriting Agreement relating to Preferred Shares.</FONT></FONT> (4)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Underwriting Agreement relating to Notes. (1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312514430976/d720300dex99h6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.6</FONT></A></TD>
    <TD STYLE="padding-right: 39.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312514430976/d720300dex99h6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Sales Agreement relating to Common Shares dated December&nbsp;2, 2014, among Registrant, Calamos Advisors LLC and JonesTrading Institutional Services LLC.</FONT></FONT> (9)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 39.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="tm227263d1_ex99-h7.htm" STYLE="-sec-extract: exhibit">h.7</A></TD>
    <TD><A HREF="tm227263d1_ex99-h7.htm" STYLE="-sec-extract: exhibit">Form of Distribution Agreement relating to Common Shares between Registrant and Foreside Fund Services, LLC (*)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="tm227263d1_ex99-h8.htm" STYLE="-sec-extract: exhibit">h.8</A></TD>
    <TD STYLE="padding-right: 39.55pt"><A HREF="tm227263d1_ex99-h8.htm" STYLE="-sec-extract: exhibit">Form Sub-Placement Agent Agreement relating to Common Shares between Foreside Fund Services, LLC and UBS Securities LLC (*)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 39.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095012310022653/c55756exexv99wjw1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.1</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095012310022653/c55756exexv99wjw1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Custody Agreement.</FONT></FONT> (6)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095012311040739/c64170exv99wjw2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.2</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095012311040739/c64170exv99wjw2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Amendment to Appendix A to Custody Agreement</FONT></FONT>. (7)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095012311040739/c64170exv99wkw1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.1.i</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095012311040739/c64170exv99wkw1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Stock Transfer Agency Agreement.</FONT></FONT> (7)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312516481938/d112228dex99k1ii.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.1.ii</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312516481938/d112228dex99k1ii.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Amendment, dated December&nbsp;30, 2011, to Stock Transfer Agency Agreement.</FONT></FONT> (11)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312518358993/d680490dex99k13.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.1.iii</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312518358993/d680490dex99k13.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Amendment, dated March&nbsp;20, 2015, to Stock Transfer Agency Agreement.</FONT></FONT> (12)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312518358993/d680490dex99k14.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.1.iv</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312518358993/d680490dex99k14.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Amendment, dated September&nbsp;6, 2017, to Stock Transfer Agency Agreement.</FONT></FONT> (12)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312518358993/d680490dex99k15.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.1.v</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312518358993/d680490dex99k15.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Amendment, dated October&nbsp;18, 2017, to Stock Transfer Agency Agreement.</FONT></FONT> (12)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013708002621/c19270a2exv99wxkyx3y.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.2</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013708002621/c19270a2exv99wxkyx3y.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Master Services Agreement.</FONT></FONT> (4)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095012311040739/c64170exv99wkw4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.3</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095012311040739/c64170exv99wkw4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Amendment to Appendix A to Master Services Agreement</FONT></FONT>. (7)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312518358993/d680490dex99k4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.4</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312518358993/d680490dex99k4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Administration Agreement.</FONT></FONT> (12)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312518358993/d680490dex99k5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.5</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312518358993/d680490dex99k5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Services Agreement.</FONT></FONT> (12)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013702004804/c70744a1exv99wkw3.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.6</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013702004804/c70744a1exv99wkw3.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Form&nbsp;of Auction Agency Agreement relating to Preferred Shares.</FONT></FONT> (5)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013702004804/c70744a1exv99wkw4.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.7</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013702004804/c70744a1exv99wkw4.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Form&nbsp;of Broker &mdash; Dealer Agreement relating to Preferred Shares.</FONT></FONT> (5)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Auction Agency Agreement relating to Notes. (1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Broker &mdash; Dealer Agreement relating to Notes. (1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013708002621/c19270a2exv99wxkyx8y.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.10</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095013708002621/c19270a2exv99wxkyx8y.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Form&nbsp;of DTC Representations Letter relating to Preferred Shares and Notes.</FONT></FONT> (4)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312514430976/d720300dex99l1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">l.1</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312514430976/d720300dex99l1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Opinion of K&amp;L Gates LLP regarding Common Shares.</FONT></FONT> (9)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312514430976/d720300dex99l2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">l.2</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312514430976/d720300dex99l2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Opinion of Morris, Nichols, Arsht&nbsp;&amp; Tunnell LLP regarding Common Shares</FONT></FONT>. (9)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312514425681/d720300dex99l.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">l.3</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312514425681/d720300dex99l.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Opinion of Morris, Nichols, Arsht&nbsp;&amp; Tunnell LLP regarding shelf registration.</FONT></FONT> (8)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312519048472/d680490dex99l4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">l.4</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000119312519048472/d680490dex99l4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Opinion of Richards, Layton&nbsp;&amp; Finger, P.A. regarding Common Shares</FONT></FONT>. (13)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="tm227263d1_ex99-i5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">l.5</FONT></A></TD>
    <TD><A HREF="tm227263d1_ex99-i5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Morris, Nichols, Arsht&nbsp;&amp; Tunnell LLP. (*)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="tm227263d1_ex99-n.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>n.</FONT></FONT></A></TD>
    <TD><A HREF="tm227263d1_ex99-n.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Auditors. (*)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 40px"><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095012311040739/c64170exv99wp.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">p.</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1171471/000095012311040739/c64170exv99wp.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>Subscription Agreement.</FONT></FONT> (7)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">q.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT>r.1</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics. (16)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="tm227263d1_ex99-s.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">s.</FONT></A></TD>
    <TD><A HREF="tm227263d1_ex99-s.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table (*)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="tm227263d1_ex99-t.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">t.</FONT></A></TD>
    <TD><A HREF="tm227263d1_ex99-t.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers of Attorney for Virginia G. Breen, John E. Neal, William R. Rybak, Karen L. Stuckey, Christopher M. Toub.and Lloyd A. Wennlund (*)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be filed by amendment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 10.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Registrant&rsquo;s initial Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-86678) as filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on April&nbsp;22, 2002.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 10.9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-right: 28.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-86678) as filed with the Commission on June&nbsp;21, 2002.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 28.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 14.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Pre-Effective Amendment No.&nbsp;2 to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-146945) as filed with the SEC on February&nbsp;22, 2008.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 14.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-right: 8.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Pre-Effective Amendment No.&nbsp;1 to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-96997) as filed with the SEC on September&nbsp;9, 2002.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 8.85pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-right: 10.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Post-Effective Amendment No.&nbsp;5 to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-146945) as filed with the SEC on March&nbsp;9, 2010.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 10.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="padding-right: 30.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Registrant&rsquo;s initial Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-173767) as filed with the SEC on April&nbsp;28, 2011.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="padding-right: 14.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Pre-Effective Amendment No.&nbsp;2 to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-196373) as filed with the SEC on November&nbsp;25, 2014.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 14.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="padding-right: 10.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Post-Effective Amendment No.&nbsp;1 to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-196373) as filed with the SEC on December&nbsp;2, 2014.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 10.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="padding-right: 10.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Post-Effective Amendment No.&nbsp;2 to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-196373) as filed with the SEC on February&nbsp;27, 2015.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 10.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="padding-right: 10.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Post-Effective Amendment No.&nbsp;3 to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-196373) as filed with the SEC on February&nbsp;26, 2016.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 10.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="padding-right: 30.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Registrant&rsquo;s initial Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-229042) as filed with the SEC on December&nbsp;27, 2018.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 30.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT></TD>
    <TD STYLE="padding-right: 14.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Pre-Effective Amendment No.&nbsp;1 to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-229042) as filed with the SEC on February&nbsp;22, 2019.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 14.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</FONT></TD>
    <TD STYLE="padding-right: 10.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Post-Effective Amendment No.&nbsp;1 to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-229042) as filed with the SEC on March&nbsp;13, 2019.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 10.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</FONT></TD>
    <TD STYLE="padding-right: 10.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Post-Effective Amendment No.&nbsp;2 to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-229042) as filed with the SEC on February&nbsp;21, 2020.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 10.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</FONT></TD>
    <TD STYLE="padding-right: 10.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Post-Effective Amendment No.&nbsp;3 to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-229042) as filed with the SEC on February&nbsp;19, 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #231f20">(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed
herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 26:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARKETING ARRANGEMENTS</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 27:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTHER OFFERING EXPENSES AND DISTRIBUTION</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The following table sets forth the estimated expenses to
be incurred in connection with all offerings described in this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 76%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt">Registration fees</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,270</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt">Printing (other than certificates)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt">FINRA fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt">Accounting fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt">Legal fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">150,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25pt">Miscellaneous</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">730</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">194,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 73px; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 28.</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PERSONS CONTROLLED BY OR UNDER COMMON CONTROL</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 29.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NUMBER OF HOLDERS OF SECURITIES</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As of January&nbsp;31, 2022, the number of record holders
of each class of securities of the Registrant was</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TITLE OF CLASS</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; padding: 0.25pt 0.25pt 0.5pt; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NUMBER OF RECORD HOLDERS</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common shares (no par value)</FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD STYLE="width: 48%; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;A Mandatory Redeemable Preferred Shares</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;B Mandatory Redeemable Preferred Shares</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;C Mandatory Redeemable Preferred Shares</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;D Mandatory Redeemable Preferred Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;E Mandatory Redeemable Preferred Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 0.25pt 1.25pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 73px; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 30.</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEMNIFICATION</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Registrant&rsquo;s Second Amended and Restated
Agreement and Declaration of Trust (the &ldquo;Declaration&rdquo;), dated January&nbsp;12, 2021, provides that every person who is, or
has been, a Trustee or an officer, employee or agent of the Registrant (including any individual who serves at its request as director,
officer, partner, employee, Trustee, agent or the like of another organization in which it has any interest as a shareholder, creditor
or otherwise (&ldquo;Covered Person&rdquo;)) shall be indemnified by the Registrant or the appropriate series of the Registrant to the
fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim,
action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been a Covered Person
and against amounts paid or incurred by him in the settlement thereof; provided that no indemnification shall be provided to a Covered
Person (i)&nbsp;who shall have been adjudicated by a court or body before which the proceeding was brought (A)&nbsp;to be liable to the
Registrant or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved
in the conduct of his office, or (B)&nbsp;not to have acted in good faith and in a manner the person reasonably believed to be or not
opposed to the best interests of the Registrant; or (ii)&nbsp;in the event of a settlement, unless there has been a determination that
such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in
the conduct of his office; (A)&nbsp;by the court or other body approving the settlement; (B)&nbsp;by at least a majority of those Trustees
who are neither Interested Persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed
to a full trial-type inquiry); (C)&nbsp;by written opinion of independent legal counsel based upon a review of readily available facts
(as opposed to a full trial-type inquiry) or (D)&nbsp;by a vote of a majority of the Outstanding Shares entitled to vote (excluding any
Outstanding Shares owned of record or beneficially by such individual).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Declaration also provides that if any shareholder
or former shareholder of the Registrant shall be held personally liable solely by reason of his being or having been a shareholder and
not because of his acts or omissions or for some other reason, the shareholder or former shareholder (or his heirs, executors, administrators
or other legal representatives or in the case of any entity, its general successor) shall be entitled out of the assets belonging to the
Registrant to be held harmless from and indemnified against all loss and expense arising from such liability. The Registrant shall, upon
request by such shareholder, assume the defense of any claim made against such shareholder for any act or obligation of the series and
satisfy any judgment thereon from the assets of the series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Registrant, its Trustees and officers, its
investment adviser, the other investment companies advised by the adviser and certain persons affiliated with them are insured, within
the limits and subject to the limitations of the insurance, against certain expenses in connection with the defense of actions, suits
or proceedings, and certain liabilities that might be imposed as a result of such actions, suits or proceedings. The insurance expressly
excludes coverage for any Trustee or officer whose personal dishonesty, fraudulent breach of trust, lack of good faith, or intention to
deceive or defraud has been finally adjudicated or may be established or who willfully fails to act prudently.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section&nbsp;8 of the Distribution Agreement and
Section&nbsp;5 of the Sub-Placement Agent Agreement, previously filed as Exhibit&nbsp;h.7.i and Exhibit&nbsp;h.8.i to this Registration
Statement, respectively, provide for each of the parties thereto, including the Registrant and/or the underwriters, to indemnify the other
parties, their officers, trustees, directors and persons who control them against certain liabilities in connection with the offering
described herein, including liabilities under the federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insofar as indemnification for liability arising under the Securities
Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), may be available to Trustees, officers, controlling persons of the Registrant and
underwriter, pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the Registrant&rsquo;s expenses incurred or paid by a Trustee,
officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee,
officer, controlling person or underwriter in connection with the securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such
issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 31.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information in the Statement of Additional
Information under the caption &ldquo;Management of the Fund&mdash;Trustees and Officers&rdquo; is incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 32.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LOCATION OF ACCOUNTS AND RECORDS</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">All such accounts, books,
and other documents are maintained at the offices of the Registrant, at the offices of the Registrant&rsquo;s investment manager, Calamos
Advisors LLC 2020 Calamos Court, Naperville,&nbsp;Illinois 60563, at the offices of the Custodian and Accounting Agent, 200 Clarendon
Street, P.O.&nbsp;Box 9130, Boston, Massachusetts 02117-9130, or at the offices of the Transfer Agent, P.O.&nbsp;Box 358016, Pittsburgh,
PA 15252-8016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%"></TD>
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 33.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT SERVICES</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 84px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 34.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNDERTAKINGS</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. The Registrant undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Provided,
however, </I></FONT>that paragraphs a(1), a(2), and a(3)&nbsp;of this section do not apply to the extent the information required to be
included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference into the registration statement,
or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">(b)&nbsp;&nbsp;that, for the purpose of determining
any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">(c)&nbsp;&nbsp;to remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d)&nbsp;&nbsp;that, for the purpose of determining
liability under the Securities Act to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(1)&nbsp;if the Registrant is subject to Rule&nbsp;430B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 144px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each prospectus filed by the Registrant pursuant to Rule&nbsp;424(b)(3)&nbsp;shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 144px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7)&nbsp;as part of a registration statement in reliance on Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (x), or (xi)&nbsp;under the Securities Act for the purpose of providing the information required by Section&nbsp;10 (a)&nbsp;of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left">(2)&nbsp;if the Registrant is subject
to Rule&nbsp;430C: each prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act as part of a registration statement
relating to an offering, other than registration statements relying on Rule&nbsp;430B or other than prospectuses filed in reliance on
Rule, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided,
however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement
will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such
date of first use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(e)&nbsp;&nbsp;that for the purpose of determining
liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The undersigned Registrant undertakes
that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to
the purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule&nbsp;424 under the Securities Act;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the portion of any other free writing prospectus or advertisement pursuant to Rule&nbsp;482 under the Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">4. The Registrant undertakes that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">(a)&nbsp;For purposes of determining
any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement
in reliance upon Rule&nbsp;430A and contained in the form of prospectus filed by the Registrant under Rule&nbsp;424(b)(1)&nbsp;under the
Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">(b)&nbsp;For the purpose of determining
any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial
bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">5. The undersigned Registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report
pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act that is incorporated by reference into the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">6. Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of
the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">7. The Registrant undertakes to send by first class mail
or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus
or Statement of Additional Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, as amended (&ldquo;1933 Act&rdquo;) and the Investment Company Act of 1940, as amended, the Registrant has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Naperville, and State
of Illinois, on the 24th day of February, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John P. Calamos,&nbsp;Sr. &nbsp;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John P. Calamos,&nbsp;Sr. &nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">Trustee and President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the 1933 Act,
this registration statement has been signed below by the following persons in the capacities and on the date(s)&nbsp;indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 42%; padding: 0.25pt 0.25pt 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 35%; padding: 0.25pt 0.25pt 0.25pt 7.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 8%; padding: 0.25pt 0.25pt 0.25pt 7.45pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding: 0.25pt 0.25pt 0.25pt 7.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ John P. Calamos,&nbsp;Sr.</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John P. Calamos,&nbsp;Sr.</P></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 7.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee and President (principal executive officer)</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;24,&nbsp;2022</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ John E. Neal*</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John E. Neal</P></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 7.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;24,&nbsp;2022</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ William Rybak*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William Rybak</P></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 7.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;24,&nbsp;2022</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Virginia G. Breen*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Virginia G. Breen</P></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 7.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;24,&nbsp;2022</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Lloyd A. Wennlund*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lloyd A. Wennlund</P></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 7.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;24,&nbsp;2022</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Karen L. Stuckey*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Karen L. Stuckey</P></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 7.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;24,&nbsp;2022</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Christopher M. Toub*</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christopher M. Toub</P></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 7.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;24,&nbsp;2022</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Thomas E. Herman</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thomas E. Herman</P></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 7.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and Chief Financial Officer</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">)</P></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;24,&nbsp;2022</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John P. Calamos,&nbsp;Sr.
signs this document pursuant to powers of attorney filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John&nbsp;P.&nbsp;Calamos,&nbsp;Sr. &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John P. Calamos,&nbsp;Sr.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-Fact <BR>
February&nbsp;24, 2022 &nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEX TO EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit</U></B></FONT></TD>
    <TD STYLE="width: 90%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit&nbsp;Name</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-a1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.1.</FONT></A></TD>
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-a1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third Amended and Restated Agreement and Declaration of Trust.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-b.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></A></TD>
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-b.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By-laws, as amended and restated through August&nbsp;23, 2021.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-h7.htm" STYLE="-sec-extract: exhibit">h.7 </A></TD>
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-h7.htm" STYLE="-sec-extract: exhibit">Form of Distribution Agreement relating to Common Shares between Registrant and Foreside Fund Services, LLC.</A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-h8.htm">h.8</A></TD>
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-h8.htm"> Form of Sub-Placement Agent Agreement relating to Common Shares between Foreside Fund Services, LLC and UBS Securities LLC.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-i5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">l.5</FONT></A></TD>
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-i5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Morris, Nichols, Arsht&nbsp;&amp; Tunnell LLP.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-n.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n.</FONT></A></TD>
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-n.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Auditors.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-s.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">s</FONT></A></TD>
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-s.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-t.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">t.</FONT></A></TD>
    <TD STYLE="padding: 0.25pt"><A HREF="tm227263d1_ex99-t.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers of Attorney for Virginia G. Breen, John E. Neal, William R. Rybak, Karen L. Stuckey, Christopher M. Toub.and Lloyd A. Wennlund.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.A.1
<SEQUENCE>2
<FILENAME>tm227263d1_ex99-a1.htm
<DESCRIPTION>EXHIBIT 99.A.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit a.1</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Calamos
Convertible Opportunities and Income Fund</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>THIRD
AMENDED AND RESTATED Agreement and Declaration of Trust</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This THIRD AMENDED AND RESTATED
AGREEMENT AND DECLARATION OF TRUST is made on August&nbsp;23, 2021, by the Trustees hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Trust has been
formed under the Delaware Act upon the filing of the Certificate of Trust in the Office of the Secretary of State of the State of Delaware;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Trustees amended
and restated the Trust&rsquo;s original declaration of trust in its entirety on September&nbsp;13, 2006 as the Amended and Restated Agreement
and Declaration of Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Trustees further
amended and restated the Trust&rsquo;s Amended and Restated Agreement and Declaration of Trust in its entirety on January&nbsp;12, 2021
as the Second Amended and Restated Agreement and Declaration of Trust; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to their
authority to amend or supplement the Trust&rsquo;s declaration of trust as they deem necessary or appropriate in connection with the
issuance of preferred securities under Article&nbsp;V, Section&nbsp;7 thereof, the Trustees desire to further amend and restate such
Second Amended and Restated Agreement and Declaration of Trust in its entirety as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, the Trustees
declare that all money and property contributed to the Trust shall be held and managed <FONT STYLE="text-transform: uppercase">in trust
</FONT>pursuant to this Third Amended and Restated Agreement and Declaration of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;I</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>NAME
AND DEFINITIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.
</FONT><U>Name</U>. The name of the Trust is &ldquo;Calamos Convertible Opportunities and Income Fund&rdquo; and the Trustees shall conduct
the business of the Trust under that name or any other name or names as they may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.
</FONT><U>Definitions</U>. In addition to terms defined in other sections hereof, unless otherwise provided or required by the context,
the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Administrator&rdquo;
means the party, other than the Trust, to the contract described in Article&nbsp;III, Section&nbsp;3 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;By-Laws&rdquo;
means the By-Laws of the Trust adopted by the Trustees, as amended from time to time, which By-Laws are expressly herein incorporated
by reference as part of the &ldquo;governing instrument&rdquo; within the meaning of the Delaware Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Class&rdquo;
means any class of Shares of the Trust or any Series&nbsp;(as such term is used in Article&nbsp;II, Section&nbsp;2(p)) or any class of
other equity securities (including without limitation Preferred Securities) of the Trust or any Series&nbsp;(as such term is used in
Article&nbsp;II, Section&nbsp;2(p)) established and designated under or in accordance with the provisions of Article&nbsp;V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Commission,&rdquo;
 &ldquo;Interested Person&rdquo; and &ldquo;Principal Underwriter&rdquo; have the meanings provided in the 1940 Act. Except as such term
may be otherwise defined by the Trustees in conjunction with the establishment of any Class&nbsp;or Series&nbsp;of Shares or Preferred
Securities, the term &ldquo;vote of a majority of the shares outstanding and entitled to vote&rdquo; shall have the same meaning as is
assigned to the term &ldquo;vote of a majority of the outstanding voting securities&rdquo; in the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Continuing
Trustee&rdquo; means a Trustee who either (a)&nbsp;has been a member of the Board of Trustees for a period of at least thirty-six months
(or since the commencement of the Trust&rsquo;s operations, if less than thirty-six months) or (b)&nbsp;was nominated to serve as a member
of the Board of Trustees, or designated as a Continuing Trustee, by a majority of the Continuing Trustees then members of the Board of
Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Covered
Person&rdquo; means a person so defined in Article&nbsp;IV, Section&nbsp;3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Custodian&rdquo;
means any Person other than the Trust who has custody of any Trust Property as required by Section&nbsp;17(f)&nbsp;of the 1940 Act, but
does not include a system for the central handling of securities described in said Section&nbsp;17(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Declaration&rdquo;
and &ldquo;Declaration of Trust&rdquo; shall mean this Third Amended and Restated Agreement and Declaration of Trust, as amended or restated
or supplemented from time to time, including by any Securities Designation. Reference in this Declaration of Trust to &ldquo;Declaration,&rdquo;
 &ldquo;Declaration of Trust,&rdquo; &ldquo;hereof,&rdquo; &ldquo;herein,&rdquo; and &ldquo;hereunder&rdquo; shall be deemed to refer
to this Declaration rather than exclusively to the article or section in which such words appear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Delaware
Act&rdquo; means the Delaware Statutory Trust Act, 12&nbsp;<U>Del</U>. <U>C</U>. &sect;&sect;3801, et seq., as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Distributor&rdquo;
means the party or parties, other than the Trust, to the contract described in Article&nbsp;III, Section&nbsp;1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;His&rdquo;
shall include the feminine and neuter, as well as the masculine, genders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Investment
Adviser&rdquo; means the party, other than the Trust, to the contract described in Article&nbsp;III, Section&nbsp;2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Net
Asset Value&rdquo; means the net asset value of each Series&nbsp;of the Trust, determined as provided in Article&nbsp;VI, Section&nbsp;3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Outstanding
Securities&rdquo; means, collectively, (i)&nbsp;Outstanding Shares and (ii)&nbsp;outstanding Preferred Securities and other securities
issued pursuant to Section&nbsp;7 of Article&nbsp;V hereunder (solely to the extent the holders of such Preferred Securities or other
securities are provided the right to vote or consent on matters submitted to holders of Shares), in each case shown in the books of the
Trust or its transfer agent as then issued and outstanding, but in each case does not include any Shares, Preferred Securities or any
other securities issued pursuant to Section&nbsp;7 of Article&nbsp;V hereunder which have been repurchased or redeemed by the Trust and
which are held in the treasury of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Outstanding
Shares&rdquo; means Shares shown in the books of the Trust or its transfer agent as then issued and outstanding, but does not include
Shares which have been repurchased or redeemed by the Trust and which are held in the treasury of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Person&rdquo;
means and includes individuals, corporations, partnerships, trusts, associations, joint ventures, estates and other entities, whether
or not legal entities, and governments and agencies and political subdivisions, thereof, whether domestic or foreign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Preferred
Holders&rdquo; means the record owners of outstanding Preferred Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(r)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Preferred
Securities&rdquo; means preferred securities issued on or after the date hereof under Article&nbsp;V, Section&nbsp;7 hereof solely to
the extent that the Securities Designation provides such preferred securities are &ldquo;Preferred Securities&rdquo; hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(s)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Securities
Act&rdquo; means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(t)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Securities
Designation&rdquo; means any instrument, designation, supplement, statement of preferences or other document pursuant to which securities
contemplated by Article&nbsp;V, Section&nbsp;7 hereof are issued, and a Securities Designation adopted on or after the date hereof shall
be part of the &ldquo;governing instrument&rdquo; (within the meaning of the Delaware Act) of the Trust to the extent that such Securities
Designation expressly provides that it shall constitute part of the &ldquo;governing instrument&rdquo; (within the meaning of the Delaware
Act) of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(u)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Series&rdquo;
means a series of Shares and/or other equity securities (including without limitation Preferred Securities) established and designated
under or in accordance with the provisions of Article&nbsp;V, each of which shall be accounted for and maintained as a separate series
or portfolio of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Shareholder&rdquo;
means a record owner of Outstanding Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(w)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Shares&rdquo;
means the equal proportionate transferable units of interest into which, together with other equity securities of the Trust, the beneficial
interest of each Series&nbsp;and Class, as applicable, of the Trust is divided from time to time (including whole Shares and fractions
of Shares). For the avoidance of doubt, as set forth in Article&nbsp;V, Section&nbsp;7, the Trustees may authorize and issue Preferred
Securities and other securities of beneficial interest that are not Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Transfer
Agent&rdquo; means any Person other than the Trust who maintains the records of the Trust pertaining to the Shares, Preferred Securities
and other securities issued by the Trust, such as the lists of Shareholders and Preferred Holders, the number of shares credited to each
account, and the like.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(y)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Trust&rdquo;
means Calamos Convertible Opportunities and Income Fund established hereby, and reference to the Trust, when applicable to one or more
Series, refers to that Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(z)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Trustee&rdquo;
means each person who has signed this Declaration of Trust, so long as he shall continue in office in accordance with the terms hereof,
and all other persons who may from time to time be duly qualified and serving as Trustees in accordance with Article&nbsp;II, in all
cases in their capacities as Trustees hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(aa)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&ldquo;Trust
Property&rdquo; means any and all property, real or personal, tangible or intangible, which is from time to time owned or held by or
for the account of the Trust or any Series&nbsp;or the Trustees on behalf of the Trust or any Series, each and every asset of which shall
be allocated and belong to a specific series to the exclusion of all other series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(bb)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
 &ldquo;1940 Act&rdquo; means the Investment Company Act of 1940, as amended from time to time, including the rules&nbsp;and regulations
of the Commission thereunder and any order or orders thereunder which may from time to time be applicable to the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>THE
TRUSTEES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.
</FONT><U>Management of the Trust</U>. The business and affairs of the Trust shall be managed by or under the direction of the Trustees,
and they shall have all powers necessary or desirable to carry out that responsibility. The Trustees may execute all instruments and
take all action they deem necessary or desirable to promote the interests of the Trust. Any determination made by the Trustees in good
faith as to what is in the interests of the Trust shall be conclusive. In construing the provisions of this Declaration, the presumption
shall be in favor of a grant of power to the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.
</FONT><U>Powers</U>. The Trustees in all instances shall act as principals, free of the control of the Shareholders. The Trustees shall
have full power and authority to take or refrain from taking any action and to execute any contracts and instruments that they may consider
necessary or desirable in the management of the Trust. The Trustees shall not in any way be bound or limited by current or future laws
or customs applicable to trust investments, but shall have full power and authority to make any investments which they, in their sole
discretion, deem proper to accomplish the purposes of the Trust. The Trustees may exercise all of their powers without recourse to any
court or other authority. Subject to any applicable limitation in the Declaration or in the By-Laws or resolutions of the Trust, the
Trustees shall have power and authority, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
operate as and carry on the business of an investment company, and exercise all the powers necessary and appropriate to the conduct of
such operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
invest in, hold for investment, or reinvest in, cash; securities of any type, including, but not limited to, common, preferred and preference
stocks; warrants; subscription rights; profit-sharing interests or participations and all other contracts for or evidence of equity interests;
bonds, debentures, bills, time notes and all other evidences of indebtedness; negotiable or non-negotiable instruments; government securities,
including securities of any state, municipality or other political subdivision thereof, or any governmental or quasi-governmental agency
or instrumentality; and money market instruments including bank certificates of deposit, finance paper, commercial paper, bankers&rsquo;
acceptances and all kinds of repurchase agreements, of any corporation, company, trust, association, firm or other business organization
however established, and of any country, state, municipality or other political subdivision, or any governmental or quasi-governmental
agency or instrumentality; or any other security, property or instrument in which the Trust or any of its Series&nbsp;shall be authorized
to invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
acquire (by purchase, subscription or otherwise), to hold, to trade in and deal in, to acquire any rights or options to purchase or sell,
to sell or otherwise dispose of, to lend and to pledge any such securities, to enter into repurchase agreements, reverse repurchase agreements,
firm commitment agreements, forward foreign currency exchange contracts, interest rate mortgage or currency swaps and interest rate caps,
floors and collars, to purchase and sell options on securities, securities indices, currency, swaps and other financial assets, futures
contracts and options on futures contracts of all descriptions and to engage in all types of hedging, risk-management or income enhancement
transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
exercise all rights, powers and privileges of ownership or interest in all securities, repurchase agreements and other assets included
in the Trust Property, including the right to vote thereon and otherwise act with respect thereto and to do all acts for the preservation,
protection, improvement and enhancement in value of all such securities, repurchase agreements and other assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
acquire (by purchase, lease or otherwise)&nbsp;and to hold, use, maintain, develop and dispose of (by sale or otherwise) any property,
real or personal, including cash or foreign currency, and any interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
borrow money or other property in the name of the Trust exclusively for Trust purposes and in this connection issue notes or other evidence
of indebtedness; to secure borrowings by mortgaging, pledging or otherwise subjecting as security the Trust Property; and to endorse,
guarantee, or undertake the performance of any obligation or engagement of any other Person and to lend Trust Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
aid by further investment any corporation, company, trust, association or firm, any obligation of or interest in which is included in
the Trust Property or in the affairs of which the Trustees have any direct or indirect interest; to do all acts and things designed to
protect, preserve, improve or enhance the value of such obligation or interest; and to guarantee or become surety on any or all of the
contracts, stocks, bonds, notes, debentures and other obligations of any such corporation, company, trust, association or firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
adopt By-Laws not inconsistent with this Declaration providing for the conduct of the business of the Trust and to amend and repeal them
to the extent such right is not reserved to the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;To elect and remove with or without cause such officers and appoint and terminate such agents as they deem appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;To employ as custodian of any assets of the Trust, subject to any provisions herein or in the By-Laws, one or more banks,
trust companies or companies that are members of a national securities exchange, or other entities permitted by the Commission to
serve as such.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
retain one or more transfer agents and shareholder servicing agents, or both.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;To provide for the distribution of Shares, Preferred Securities or other securities issued by the Trust either through a
Principal Underwriter as provided herein or by the Trust itself, or both, or pursuant to a distribution plan of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
set record dates in the manner provided for herein or in the By-Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
delegate such authority as they consider desirable to any officers of the Trust and to any agent, independent contractor, manager, investment
adviser, custodian or underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
hold any security or other property (i)&nbsp;in a form not indicating any trust, whether in bearer, book entry, unregistered or other
negotiable form, or (ii)&nbsp;either in the Trust&rsquo;s or Trustees&rsquo; own name or in the name of a custodian or a nominee or nominees,
subject to safeguards according to the usual practice of statutory trusts or investment companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
establish separate and distinct Series&nbsp;with separately defined investment objectives and policies and distinct investment purposes,
and with separate Shares, Preferred Securities or other securities issued in accordance herewith representing beneficial interests in
such Series, and to establish separate Classes, all in accordance with the provisions of Article&nbsp;V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
the full extent permitted by Section&nbsp;3804 of the Delaware Act, to allocate assets, liabilities and expenses of the Trust to a particular
Series&nbsp;and assets, liabilities and expenses to a particular Class&nbsp;or to apportion the same between or among two or more Series&nbsp;or
Classes, provided that any liabilities or expenses incurred by a particular Series&nbsp;or Class&nbsp;shall be payable solely out of
the assets belonging to that Series&nbsp;or Class&nbsp;as provided for in Article&nbsp;V, Section&nbsp;4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(r)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or concern whose
securities are held by the Trust; to consent to any contract, lease, mortgage, purchase, or sale of property by such corporation or
concern; and to pay calls or subscriptions with respect to any security held in the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(s)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
compromise, arbitrate, or otherwise adjust claims in favor of or against the Trust or any matter in controversy including, but not limited
to, claims for taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(t)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239;To make distributions of income, capital gains, returns of capital (if any) and redemption proceeds to
Shareholders in the manner provided for in the Declaration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(u)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
establish committees for such purposes, with such membership, and with such responsibilities as the Trustees may consider proper, including
a committee consisting of fewer than all of the Trustees then in office, which may act for and bind the Trustees and the Trust with respect
to the institution, prosecution, dismissal, settlement, review or investigation of any action, suit or proceeding, pending or threatened
to be brought before any court, administrative agency or other adjudicatory body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
issue, sell, repurchase, redeem, cancel, retire, acquire, hold, resell, reissue, dispose of and otherwise deal in Shares, Preferred Securities
and other securities issued by the Trust; to establish terms and conditions regarding the issuance, sale, repurchase, redemption, cancellation,
retirement, acquisition, holding, resale, reissuance, disposition of or dealing in Shares, Preferred Securities and other securities
issued by the Trust; and, subject to Articles V and VI, to apply to any such repurchase, redemption, retirement, cancellation or acquisition
of Shares, Preferred Securities and other securities issued by the Trust any funds or property of the Trust or of the particular Series&nbsp;with
respect to which such Shares, Preferred Securities and other securities issued by the Trust are issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(w)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
invest part or all of the Trust Property (or part or all of the assets of any Series), or to dispose of part or all of the Trust Property
(or part or all of the assets of any Series) and invest the proceeds of such disposition, in securities issued by one or more other investment
companies registered under the 1940 Act (including investment by means of transfer of part or all of the Trust Property in exchange for
an interest or interest in such one or more investment companies) all without any requirement of approval by Shareholders. Any such other
investment company may (but need not) be a trust (formed under the laws of any state) which is classified as a partnership for federal
income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
sell or exchange any or all of the assets of the Trust, subject to Article&nbsp;IX, Sections&nbsp;4, 6 and 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(y)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
enter into joint ventures, partnerships and any other combinations and associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(z)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
join with other security holders in acting through a committee, depositary, voting trustee or otherwise, and in that connection to deposit
any security with, or transfer any security to, any such committee, depositary or trustee, and to delegate to them such power and authority
with relation to any security (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and
to pay, such portion of the expenses and compensation of such Committee, depositary or trustee as the Trustees shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(aa)</FONT>&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;&#8239;&#8239;&nbsp;To purchase and pay for entirely out of Trust Property such insurance as the Trustees may deem necessary or
appropriate for the conduct of the business, including, without limitation, insurance policies insuring the assets of the Trust or
payment of distributions and principal on its portfolio investments, and, subject to applicable law and any restrictions set forth
in the By-Laws, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisers, Principal
Underwriters, or independent contractors of the Trust, individually, against all claims and liabilities of every nature arising by
reason of holding Shares, Preferred Securities and other securities issued by the Trust, holding, being or having held any such
office or position, or by reason of any action alleged to have been taken or omitted by any such Person as Trustee, beneficial
owner, officer, employee, agent, investment adviser, Principal Underwriter, or independent contractor, including any action taken or
omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such Person
against liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(bb)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&#8239;&#8239;To
adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive
and benefit plans and trusts, including the purchasing of life insurance and annuity contracts as a means of providing such retirement
and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(cc)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;To
vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver
proxies or powers of attorneys to such Person or Persons as the Trustees shall deem proper, granting to such Person or Persons such power
and discretion with relation to securities and property as the Trustees shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(dd)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;To
enter into contracts of any kind and description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ee)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;To
interpret the investment policies, practices or limitations of any Series&nbsp;or Class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ff)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;To
guarantee indebtedness and contractual obligations of others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(gg)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;To
carry on any other business in connection with or incidental to any of the foregoing powers, to do everything necessary or desirable
to accomplish any purpose or to further any of the foregoing powers, and to take every other action incidental to the foregoing business
or purposes, objects or powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The clauses above shall be
construed as objects and powers, and the enumeration of specific powers shall not limit in any way the general powers of the Trustees.
Any action by one or more of the Trustees in their capacity as such hereunder shall be deemed an action on behalf of the Trust or the
applicable Series, and not an action in an individual capacity. No one dealing with the Trustees shall be under any obligation to make
any inquiry concerning the authority of the Trustees, or to see to the application of any payments made or property transferred to the
Trustees or upon their order. In construing this Declaration, the presumption shall be in favor of a grant of power to the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.
</FONT><U>Certain Transactions</U>. Except as prohibited by applicable law, the Trustees may, on behalf of the Trust, buy any securities
from or sell any securities to, or lend any assets of the Trust to, any Trustee or officer of the Trust or any firm of which any such
Trustee or officer is a member acting as principal, or have any such dealings with any investment adviser, administrator, distributor
or transfer agent for the Trust or with any Interested Person of such person. The Trust may employ any such person or entity in which
such person is an Interested Person, as broker, legal counsel, registrar, investment adviser, administrator, distributor, transfer agent,
dividend disbursing agent, custodian or in any other capacity upon customary terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.
</FONT><U>Election and Number of Trustees</U>. The Trustees shall be the persons serving as Trustees on the date hereof and all other
persons who at the time in question have been duly elected or appointed and have qualified as Trustees in accordance with the provisions
hereof and are then in office. The number of Trustees shall be fixed from time to time by a majority of the Trustees then in office;
provided, that there shall be at least one (1)&nbsp;Trustee and no more than fifteen (15).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.
</FONT><U>Term of Office of Trustees; Classes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the voting rights established with respect to a particular Series&nbsp;or Class, each Trustee shall hold office for life or until
his successor is elected and duly qualified or the Trust terminates. Notwithstanding the foregoing but subject to the voting rights established
with respect to a particular Series&nbsp;or Class, (1)&nbsp;any Trustee may resign by delivering to the other Trustees or to any Trust
officer a written resignation effective upon such delivery or a later date specified therein; (2)&nbsp;any Trustee may be removed with
or without cause at any time by a written instrument signed by at least two-thirds of the then Trustees, specifying the effective date
of removal; (3)&nbsp;any Trustee who requests to be retired, or who is declared bankrupt or has become physically or mentally incapacitated
or is otherwise unable to serve, may be retired by a written instrument signed by a majority of the other Trustees, specifying the effective
date of retirement; and (4)&nbsp;any Trustee may be removed, with or without cause, by a vote of at least a majority of the then Trustees
if such removal is approved by the holders of at least two-thirds of the Outstanding Shares and the holders of at least two-thirds of
the outstanding Preferred Securities , in each case entitled to vote with respect to the election of such Trustee and present in person
or by proxy at a meeting of the Shareholders called for such purpose, voting as separate classes and voting together as a single class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Board of Trustees shall be divided into three classes, designated Class&nbsp;I, Class&nbsp;II and Class&nbsp;III. Each class shall consist,
as nearly as may be possible, of one-third of the total number of trustees constituting the entire Board of Trustees. Within the limits
above specified, the number of the Trustees in each class shall be determined by resolution of the Board of Trustees. The term of office
of the 1st class shall expire on the date of the 1st annual meeting of Shareholders or special meeting in lieu thereof following the
effective date of the Registration Statement relating to the Shares under the Securities Act. The term of the 2nd class shall expire
on the date of the 2nd annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the Registration
Statement relating to the Shares under the Securities Act. The term of the 3rd class shall expire on the date of the 3rd annual meeting
of Shareholders or special meeting in lieu thereof following the effective date of the Registration Statement relating to the Shares
under the Securities Act. Upon expiration of the term of office of each class as set forth above, the number of Trustees in such class,
as determined by the Board of Trustees, shall be elected for a term expiring on the date of the 3rd annual meeting of Shareholders or
special meeting in lieu thereof following such expiration to succeed the Trustees whose terms of office expire. The Trustees shall be
elected at an annual meeting of the Shareholders or special meeting in lieu thereof called for that purpose. In the case of a failure
to elect Trustees at a meeting of Shareholders, each incumbent Trustee shall hold-over as Trustee until he or she sooner dies, resigns,
retires, or is disqualified or removed from office or until the election at an annual meeting and qualification of his or her successor.
For the avoidance of doubt, as set forth in Article&nbsp;V, Section&nbsp;7, the provisions of this Section&nbsp;5 and the following Section&nbsp;6
may be subject to provisions in one or more Securities Designations regarding the rights of Preferred Holders with respect to the nomination
and election of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.
</FONT><U>Vacancies; Appointment of Trustees</U>. Whenever a vacancy shall exist in the Board of Trustees, regardless of the reason for
such vacancy, the remaining Trustees shall appoint any person as they determine in their sole discretion to fill that vacancy, consistent
with the limitations under the 1940 Act, provided, that if the Shareholders of any Class&nbsp;or Series&nbsp;of Shares or Preferred Securities
are entitled separately to elect one or more Trustees, a majority of the remaining Trustees or the sole remaining Trustee elected by
that Class&nbsp;or Series&nbsp;may fill any vacancy among the number of Trustees elected by that Class&nbsp;or Series. Such appointment
shall be made by a written instrument signed by a majority of the Trustees or by a resolution of the Trustees, duly adopted and recorded
in the records of the Trust, specifying the effective date of the appointment. The Trustees may appoint a new Trustee as provided above
in anticipation of a vacancy expected to occur because of the retirement, resignation or removal of a Trustee, or an increase in number
of Trustees, provided that such appointment shall become effective only at or after the expected vacancy occurs. As soon as any such
Trustee has accepted his appointment in writing, the trust estate shall vest in the new Trustee, together with the continuing Trustees,
without any further act or conveyance, and he shall be deemed a Trustee hereunder. The Trustees&rsquo; power of appointment is subject
to Section&nbsp;16(a)&nbsp;of the 1940 Act. Whenever a vacancy in the number of Trustees shall occur, until such vacancy is filled as
provided in this Article&nbsp;II, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees
and shall discharge all the duties imposed upon the Trustees by the Declaration. The death, declination to serve, resignation, retirement,
removal or incapacity of one or more Trustees, or all of them, shall not operate to annul the Trust or to revoke any existing agency
created pursuant to the terms of this Declaration of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.
</FONT><U>Chairman</U>. The Trustees may appoint one of their number to be Chairman of the Board of Trustees. The Chairman shall preside
at all meetings of the Trustees, shall be responsible for the execution of policies established by the Trustees and the administration
of the Trust, and may be the chief executive, financial and/or accounting officer of the Trust. If the Trustees do not appoint a Chairman,
the President shall perform the duties and have the responsibilities hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.
</FONT><U>Action by the Trustees</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as expressly provided in this Declaration, the Trustees shall act by majority vote at a meeting duly called at which a quorum is present,
including a meeting held by conference telephone, teleconference or other electronic media or communication equipment by means of which
all persons participating in the meeting can communicate with each other; or by written consent of a majority of Trustees (or such greater
number as may be required by applicable law) without a meeting. A majority of the Trustees shall constitute a quorum at any meeting.
Meetings of the Trustees may be called orally or in writing by the President or by any one of the Trustees or as set forth in the By-Laws.
Notice of the time, date and place of all Trustees&rsquo; meetings shall be given to each Trustee as set forth in the By-Laws; provided,
however, that no notice is required if the Trustees provide for regular or stated meetings. Notice need not be given to any Trustee who
attends the meeting without objecting to the lack of notice or who signs a waiver of notice either before or after the meeting. Except
as expressly provided in this Agreement, the Trustees by majority vote may delegate to any Trustee or Trustees or committee authority
to approve particular matters or take particular actions on behalf of the Trust. Any written consent or waiver may be provided and delivered
to the Trust by facsimile or other similar electronic mechanism.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
Trustee who with respect to the Trust is not an Interested Person shall be deemed to be independent and disinterested when making any
determinations or taking any action as a Trustee, whether pursuant to the 1940 Act, the Delaware Act or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: 1 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.
<U>Ownership of Trust Property</U>. The Trust Property of the Trust and of each Series&nbsp;shall be held separate and apart from any
assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title in
and beneficial ownership of all of the assets of the Trust shall at all times be considered as vested in the Trust, except that the Trustees
may cause legal title in and beneficial ownership of any Trust Property to be held by, or in the name of one or more of the Trustees
acting for and on behalf of the Trust, or in the name of any person as nominee acting for and on behalf of the Trust. No Shareholder
shall be deemed to have a severable ownership in any individual asset of the Trust or of any Series&nbsp;or any right of partition or
possession thereof, but each Shareholder shall have, as provided in Article&nbsp;V, a proportionate undivided beneficial interest in
the Trust or Series&nbsp;or Class&nbsp;thereof represented by Shares, Preferred Securities or other equity securities issued by the Trust.
The Shares, Preferred Securities and other equity securities issued by the Trust shall be personal property giving only the rights specifically
set forth in the Declaration. The Trust, or at the determination of the Trustees one or more of the Trustees or a nominee acting for
and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities of the Trust
issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign
country. Upon the resignation or removal of a Trustee, or his otherwise ceasing to be a Trustee, he shall execute and deliver such documents
as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in
the name of the resigning or removed Trustee. Upon the incapacity or death of any Trustee, his legal representative shall execute and
deliver on his behalf such documents as the remaining Trustees shall require as provided in the preceding sentence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.
<U>Effect of Trustees Not Serving</U>. The death, resignation, retirement, removal, incapacity or inability or refusal to serve of the
Trustees, or any one of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of
this Declaration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.
<U>Trustees, Etc. as Shareholders</U>. Subject to any restrictions in the By-Laws, any Trustee, officer, agent or independent contractor
of the Trust may acquire, own and dispose of securities issued by the Trust to the same extent as any other Person holding such securities;
the Trustees may issue and sell securities issued by the Trust to and buy them from any such Person or any firm or company in which such
Person is interested, subject only to any general limitations herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;12.
<U>Series&nbsp;Trustees</U>. In connection with the establishment of one or more Series&nbsp;or Classes, the Trustees establishing such
Series&nbsp;or Class&nbsp;may appoint, to the extent permitted by the Delaware Act, separate Trustees with respect to such Series&nbsp;or
Classes (the &ldquo;Series&nbsp;Trustees&rdquo;). Series&nbsp;Trustees may, but are not required to, serve as Trustees of the Trust or
any other Series&nbsp;or Class&nbsp;of the Trust. The Series&nbsp;Trustees shall have, to the exclusion of any other Trustee of the Trust,
all the powers and authorities of Trustees hereunder with respect to such Series&nbsp;or Class, but shall have no power or authority
with respect to any other Series&nbsp;or Class. Any provision of this Declaration relating to election of Trustees by Shareholders only
shall entitle the Shareholders of a Series&nbsp;or Class&nbsp;for which Series&nbsp;Trustees have been appointed to vote with respect
to the election of such Series&nbsp;Trustees and the Shareholders of any other Series&nbsp;or Class&nbsp;shall not be entitled to participate
in such vote. In the event that Series&nbsp;Trustees are appointed, the Trustees initially appointing such Series&nbsp;Trustees shall,
without the approval of any holder of Outstanding Securities, amend either the Declaration or the By-Laws to provide for the respective
responsibilities of the Trustees and the Series&nbsp;Trustees in circumstances where an action of the Trustees or Series&nbsp;Trustees
affects all Series&nbsp;of the Trust or two or more Series&nbsp;represented by different Trustees.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;III</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>CONTRACTS
WITH SERVICE PROVIDERS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.
<U>Underwriting Contract</U>. The Trustees may in their discretion from time to time enter into an exclusive or non-exclusive underwriting
or distribution contract or contracts providing for the sale of the Shares, Preferred Securities or other securities issued by the Trust
whereby the Trustees may either agree to sell such securities to the other party to the contract or appoint such other party as their
sales agent for the such securities, and in either case on such terms and conditions, if any, as may be prescribed in the By-Laws, any
applicable Securities Designation and such further terms and conditions as the Trustees may in their discretion determine not inconsistent
with the provisions of this Article&nbsp;III or of the By-Laws and such Securities Designation; and such contract may also provide for
the repurchase of such securities by such other party as agent of the Trustees.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
<U>Advisory or Management Contract</U>. The Trustees may in their discretion from time to time enter into one or more investment advisory
or management contracts or, if the Trustees establish multiple Series, separate investment advisory or management contracts with respect
to one or more Series&nbsp;whereby the other party or parties to any such contracts shall undertake to furnish the Trust or such Series&nbsp;management,
investment advisory, administration, accounting, legal, statistical and research facilities and services, promotional or marketing activities,
and such other facilities and services, if any, as the Trustees shall from time to time consider desirable and all upon such terms and
conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of the Declaration, the Trustees may authorize
the Investment Adviser(s)&nbsp;or persons to whom the Investment Adviser(s)&nbsp;delegates certain or all of its duties, or any of them,
under any such contracts (subject to such general or specific instructions as the Trustees may from time to time adopt) to effect purchases,
sales, loans or exchanges of portfolio securities and other investments of the Trust on behalf of the Trustees or may authorize any officer,
employee or Trustee to effect such purchases, sales, loans or exchanges pursuant to recommendations of such Investment Adviser(s), or
any of them (and all without further action by the Trustees). Any such purchases, sales, loans and exchanges shall be deemed to have
been authorized by all of the Trustees.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.
<U>Administration Agreement</U>. The Trustees may in their discretion from time to time enter into an administration agreement or, if
the Trustees establish multiple Series&nbsp;or Classes, separate administration agreements with respect to each Series&nbsp;or Class,
whereby the other party to such agreement shall undertake to manage the business affairs of the Trust or of a Series&nbsp;or Class&nbsp;thereof
of the Trust and furnish the Trust or a Series&nbsp;or a Class&nbsp;thereof with office facilities, and shall be responsible for the
ordinary clerical, bookkeeping and recordkeeping services at such office facilities, and other facilities and services, if any, and all
upon such terms and conditions as the Trustees may in their discretion determine.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.
<U>Service Agreement</U>. The Trustees may in their discretion from time to time enter into service agreements with respect to one or
more Series&nbsp;or Classes whereby the other parties to such Service Agreements will provide administration and/or support services
pursuant to administration plans and service plans, and all upon such terms and conditions as the Trustees in their discretion may determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.
<U>Transfer Agent</U>. The Trustees may in their discretion from time to time enter into a transfer agency and shareholder service contract
whereby the other party to such contract shall undertake to furnish transfer agency and shareholder services to the Trust. The contract
shall have such terms and conditions as the Trustees may in their discretion determine not inconsistent with the Declaration. Such services
may be provided by one or more Persons.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.
<U>Custodian</U>. The Trustees may appoint or otherwise engage one or more banks or trust companies or any other entity satisfying the
requirements of the 1940 Act, to serve as Custodian with authority as its agent, but subject to such restrictions, limitations and other
requirements, if any, as may be contained in the By-Laws of the Trust. The Trustees may also authorize the Custodian to employ one or
more sub-custodians, including such foreign banks and securities depositories as meet the requirements of applicable provisions of the
1940 Act, and upon such terms and conditions as may be agreed upon between the Custodian and such sub-custodian, to hold securities and
other assets of the Trust and to perform the acts and services of the Custodian, subject to applicable provisions of law and resolutions
adopted by the Trustees.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.
<U>Affiliations of Trustees or Officers, Etc</U>. The fact that: (i)&nbsp;any of the Shareholders, Trustees or officers of the Trust
or any Series&nbsp;thereof is a shareholder, director, officer, partner, trustee, employee, manager, adviser or distributor of or for
any partnership, corporation, trust, association or other organization or of or for any parent or affiliate of any organization, with
which a contract of the character described in this Article&nbsp;III or for services as Custodian, Transfer Agent or disbursing agent
or for related services may have been or may hereafter be made, or that any such organization, or any parent or affiliate thereof, is
a Shareholder of or has an interest in the Trust, or that (ii)&nbsp;any partnership, corporation, trust, association or other organization
with which a contract of the character described in Sections&nbsp;1, 2, 3 or 4 of this Article&nbsp;III or for services as Custodian,
Transfer Agent or disbursing agent or for related services may have been or may hereafter be made also has any one or more of such contracts
with one or more other partnerships, corporations, trusts, associations or other organizations, or has other business or interests, shall
not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing
the same or create any liability or accountability to the Trust or its Shareholders.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;IV</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>COMPENSATION,
LIMITATION OF LIABILITY AND INDEMNIFICATION</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.
<U>Compensation</U>. The Trustees as such shall be entitled to reasonable compensation from the Trust, and they may fix the amount of
such compensation. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal, accounting,
investment banking or other services and payment for the same by the Trust.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
<U>Limitation of Liability</U>. All persons contracting with or having any claim against the Trust or a particular Series&nbsp;shall
look only to the assets of all Series&nbsp;or such particular Series&nbsp;for payment under such contract or claim; and neither the Trustees
nor, when acting in such capacity, any of the Trust&rsquo;s officers, employees or agents, whether past, present or future, shall be
personally liable therefor. Every written instrument or obligation on behalf of the Trust or any Series&nbsp;shall contain a statement
to the foregoing effect, but the absence of such statement shall not operate to make any Trustee or officer of the Trust liable thereunder.
Provided they have exercised reasonable care and have acted under the reasonable belief that their actions are in the best interest of
the Trust, the Trustees and officers of the Trust shall not be responsible or liable for any act or omission or for neglect or wrongdoing
of them or any officer, agent, employee, investment adviser or independent contractor of the Trust, but nothing contained in this Declaration
or in the Delaware Act shall protect any Trustee or officer of the Trust against liability to the Trust or to Shareholders to which he
would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved
in the conduct of his office.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.
<U>Indemnification</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the exceptions and limitations contained in subsection&nbsp;(b)&nbsp;below:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;every
person who is, or has been, a Trustee or an officer, employee or agent of the Trust (including any individual who serves at its request
as director, officer, partner, employee, trustee, agent or the like of another organization in which it has any interest as a shareholder,
creditor or otherwise) (&ldquo;Covered Person&rdquo;) shall be indemnified by the Trust or the appropriate Series&nbsp;to the fullest
extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim, action,
suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been a Covered Person and against
amounts paid or incurred by him in the settlement thereof; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;as
used herein, the words &ldquo;claim,&rdquo; &ldquo;action,&rdquo; &ldquo;suit,&rdquo; or &ldquo;proceeding&rdquo; shall apply to all
claims, actions, suits or proceedings (civil, criminal, administrative, investigative or other, including appeals), actual or threatened,
and the words &ldquo;liability&rdquo; and &ldquo;expenses&rdquo; shall include, without limitation, attorneys&rsquo; fees, costs, judgments,
amounts paid in settlement, fines, penalties and other liabilities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
indemnification shall be provided hereunder to a Covered Person:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;who
shall have been adjudicated by a court or body before which the proceeding was brought (A)&nbsp;to be liable to the Trust or its Shareholders
by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office,
or (B)&nbsp;not to have acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests
of the Trust; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the event of a settlement, unless there has been a determination that such Covered Person did not engage in willful misfeasance, bad
faith, gross negligence or reckless disregard of the duties involved in the conduct of his office; (A)&nbsp;by the court or other body
approving the settlement; (B)&nbsp;by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties
to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); (C)&nbsp;by written opinion of
independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry)&nbsp;or (D)&nbsp;by
a vote of a majority of the Outstanding Shares and a majority of the outstanding Preferred Securities, in each case entitled to vote
(excluding any Outstanding Shares or outstanding Preferred Securities owned of record or beneficially by such individual), voting as
separate classes and voting together as a single class.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be
exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled, and shall inure to the benefit
of the heirs, executors and administrators of a Covered Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
the maximum extent permitted by applicable law, expenses in connection with the preparation and presentation of a defense to any claim,
action, suit or proceeding of the character described in subsection (a)&nbsp;of this Section&nbsp;may be paid by the Trust or applicable
Series&nbsp;from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person
that such amount will be paid over by him to the Trust or applicable Series&nbsp;if it is ultimately determined that he is not entitled
to indemnification under this Section; provided, however, that either (i)&nbsp;such Covered Person shall have provided appropriate security
for such undertaking, (ii)&nbsp;the Trust is insured against losses arising out of any such advance payments or (iii)&nbsp;either a majority
of a quorum of the Trustees who are neither Interested Persons of the Trust nor parties to the matter, or independent legal counsel in
a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a full trial-type inquiry) that
there is reason to believe that such Covered Person will not be disqualified from indemnification under this Section. Independent counsel
retained for the purpose of rendering an opinion regarding advancement of expenses and/or a majority of a quorum of the Trustees who
are neither Interested Persons of the Trust nor parties to the matter, may proceed under a rebuttable presumption that the Covered Person
has not engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the Covered Person&rsquo;s duties to the
Trust and were based on the Covered Person&rsquo;s determination that those actions were in the best interests of the Trust and its Shareholders;
provided that the Covered Person is not an Interested Person (or is an Interested Person solely by reason of being an officer of the
Trust).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
repeal or modification of this Article&nbsp;IV by the Shareholders, or adoption or modification of any other provision of the Declaration
or By-Laws inconsistent with this Article, shall be prospective only, to the extent that such repeal, or modification would, if applied
retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification available to any Covered Person
with respect to any act or omission which occurred prior to such repeal, modification or adoption. Any such repeal or modification by
the Shareholders shall require a vote of at least two-thirds of the Outstanding Shares and at least two-thirds of the outstanding Preferred
Securities, in each case entitled to vote and present in person or by proxy at any meeting of the Shareholders, voting as separate classes
and voting together as a single class.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.
<U>Indemnification of Shareholders</U>. If any Shareholder or former Shareholder of any Series&nbsp;shall be held personally liable solely
by reason of his being or having been a Shareholder and not because of his acts or omissions or for some other reason, the Shareholder
or former Shareholder (or his heirs, executors, administrators or other legal representatives or in the case of any entity, its general
successor) shall be entitled out of the assets belonging to the applicable Series&nbsp;to be held harmless from and indemnified against
all loss and expense arising from such liability. The Trust, on behalf of the affected Series, shall, upon request by such Shareholder,
assume the defense of any claim made against such Shareholder for any act or obligation of the Series&nbsp;and satisfy any judgment thereon
from the assets of the Series.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.
<U>No Bond Required of Trustees</U>. No Trustee shall be obligated to give any bond or other security for the performance of any of his
duties hereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.
<U>No Duty of Investigation; Notice in Trust Instruments, Etc</U>. No purchaser, lender, transfer agent or other Person dealing with
the Trustees or any officer, employee or agent of the Trust or a Series&nbsp;thereof shall be bound to make any inquiry concerning the
validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application
of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation,
contract, instrument, certificate, Share, Preferred Security, other security of the Trust or a Series&nbsp;thereof or undertaking, and
every other act or thing whatsoever executed in connection with the Trust shall be conclusively presumed to have been executed or done
by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents
of the Trust or a Series&nbsp;thereof. Every written obligation, contract, instrument, certificate, Share, Preferred Security, other
security of the Trust or a Series&nbsp;thereof or undertaking made or issued by the Trustees may recite that the same is executed or
made by them not individually, but as Trustees under the Declaration, and that the obligations of the Trust or a Series&nbsp;thereof
under any such instrument are not binding upon any of the Trustees or Shareholders individually, but bind only the Trust Property or
the Trust Property of the applicable Series, and may contain any further recital which they may deem appropriate, but the omission of
such recital shall not operate to bind the Trustees individually. The Trustees may maintain insurance for the protection of the Trust
Property or the Trust Property of the applicable Series, its Shareholders, Trustees, officers, employees and agents in such amount as
the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall
deem advisable.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.
<U>Reliance on Experts, Etc</U>. Each Trustee, officer or employee of the Trust or a Series&nbsp;thereof shall, in the performance of
his duties, powers and discretions hereunder be fully and completely justified and protected with regard to any act or any failure to
act resulting from reliance in good faith upon the books of account or other records of the Trust or a Series&nbsp;thereof, upon an opinion
of counsel, or upon reports made to the Trust or a Series&nbsp;thereof by any of its officers or employees or by the Investment Adviser,
the Administrator, the Distributor, the Principal Underwriter, Transfer Agent, selected dealers, accountants, appraisers or other experts
or consultants selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel
or expert may also be a Trustee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;V</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>SERIES;
CLASSES; SHARES; OTHER SECURITIES</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.
<U>Establishment of Series&nbsp;or Class</U>. The Trust shall consist of one or more Series. Without limiting the authority of the Trustees
to establish and designate any further Series&nbsp;or Classes, the Trustees has heretofore established a single Series, designated Calamos
Convertible Opportunities and Income Fund, and one Class&nbsp;of Shares, designated as the common shares. Each additional Series&nbsp;or
Class&nbsp;shall be established and is effective upon the adoption of a resolution of a majority of the Trustees or any alternative date
specified in such resolution. Such resolution may establish such additional Series&nbsp;or Classes directly in such resolution or by
reference to, or approval of, another document that sets forth such Series&nbsp;or Classes, including any registration statement of the
Trust, or as otherwise provided in such resolution. The Trustees may designate the relative rights and preferences of the Shares of each
Series. The Trustees may divide the Shares of any Series&nbsp;into Classes. Any Shares of any further Series&nbsp;and Classes that may
from time to time be established and designated by the Trustees shall be established and designated, and the variations in the relative
rights and preferences as between the different Series&nbsp;shall be fixed and determined, by the Trustees; provided, that all Shares
shall be identical except for such variations as shall be fixed and determined between different Series&nbsp;or Classes by the Trustees
in establishing and designating such Class&nbsp;or Series. Unless otherwise designated by the Trustees in the By-Laws or resolutions
establishing a Series&nbsp;or Class, the purchase price, the method of determining the net asset value, and the relative liquidation,
voting, dividend and other rights and preferences of holders of each Series&nbsp;or Class&nbsp;shall be as set forth in the Trust&rsquo;s
Registration Statement on Form&nbsp;N-2 under the Securities Act and/or the 1940 Act relating to the issuance of Shares of such Series&nbsp;or
Class.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
references to Shares or Preferred Securities in this Declaration shall be deemed, respectively, to be Shares or Preferred Securities,
respectively. of any or all Series&nbsp;or Classes as the context may require. The Trust shall maintain separate and distinct records
for each Series&nbsp;and hold and account for the assets thereof separately from the other assets of the Trust or of any other Series.
A Series&nbsp;may issue any number of Shares or any Class&nbsp;thereof and need not issue Shares. Except as otherwise provided with respect
to a specific Class, each Share of a Series&nbsp;shall represent an equal beneficial interest in the net assets of such Series. Each
holder of Shares of a Series&nbsp;or a Class&nbsp;thereof shall be entitled to receive his pro rata share of all distributions made with
respect to such Series&nbsp;or Class. Upon redemption of his Shares, such Shareholder shall be paid solely out of the funds and property
of such Series. The Trustees may adopt and change the name of any Series&nbsp;or Class&nbsp;without Shareholder approval.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
<U>Shares</U>. The beneficial interest in the Trust shall be divided into transferable Shares and any other equity securities issued
pursuant to Article&nbsp;V, Section&nbsp;7 of one or more separate and distinct Series&nbsp;or Classes established by the Trustees. The
number of Shares of each Series&nbsp;and Class&nbsp;is unlimited and each Share shall have no par value per Share or such other amount
as the Trustees may establish. All Shares issued hereunder shall be fully paid and nonassessable. Shareholders shall have no preemptive
or other right to subscribe to any additional Shares or other securities issued by the Trust. The Trustees shall have full power and
authority, in their sole discretion and without obtaining Shareholder approval, to issue original or additional Shares at such times
and on such terms and conditions as they deem appropriate; to issue fractional Shares and Shares held in the treasury; to establish and
to change in any manner Shares of any Series&nbsp;or Classes with such preferences, rights upon liquidation, redemption rights, terms
of conversion, voting powers, and other rights and privileges as the Trustees may determine (but the Trustees may not change Outstanding
Shares in a manner materially adverse to the holders of such Outstanding Shares); to divide or combine the Shares of any Series&nbsp;or
Classes into a greater or lesser number; to classify or reclassify any unissued Shares of any Series&nbsp;or Classes into one or more
Series&nbsp;or Classes of Shares; to abolish any one or more Series&nbsp;or Classes; to issue Shares to acquire other assets (including
assets subject to, and in connection with, the assumption of liabilities) and businesses; and to take such other action with respect
to the Shares as the Trustees may deem desirable. Shares held in the treasury shall not confer any voting rights on the Trustees and
shall not be entitled to any dividends or other distributions declared with respect to the Shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.
<U>Investment in the Trust</U>. The Trustees shall accept investments in any Series&nbsp;or Class&nbsp;from such Persons and on such
terms as they may from time to time authorize. At the Trustees&rsquo; discretion, such investments, subject to applicable law, may be
in the form of cash or securities in which that Series&nbsp;is authorized to invest, valued as provided in Article&nbsp;VI, Section&nbsp;3.
Investments in Shares of a Series&nbsp;shall be credited to such Shareholder&rsquo;s account in the form of full Shares at the Net Asset
Value per Share next determined after the investment is received or accepted as may be determined by the Trustees; provided, however,
that the Trustees may, in their sole discretion, (a)&nbsp;impose a sales charge upon investments in any Series&nbsp;or Class, (b)&nbsp;issue
fractional Shares, (c)&nbsp;determine the Net Asset Value per Share of the initial capital contribution or (d)&nbsp;authorize the issuance
of Shares at a price other than Net Asset Value to the extent permitted by the 1940 Act or any rule, order or interpretation of the Commission
thereunder. The Trustees shall have the right to refuse to accept investments in any Series&nbsp;at any time without any cause or reason
therefor whatsoever.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.
<U>Assets and Liabilities of Series</U>. All consideration received by the Trust for the issue or sale of Shares (and, for the avoidance
of doubt, any other securities issued pursuant to Article&nbsp;V, Section&nbsp;7) of a particular Series, together with all assets in
which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof (including any proceeds derived
from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever
form the same may be), shall be held and accounted for separately from the assets of every other Series&nbsp;and are referred to as &ldquo;assets
belonging to&rdquo; that Series. The assets belonging to a Series&nbsp;shall belong only to that Series&nbsp;for all purposes, and to
no other Series, subject only to the rights of creditors of that Series. Any assets, income, earnings, profits, and proceeds thereof,
funds, or payments which are not readily identifiable as belonging to any particular Series&nbsp;shall be allocated by the Trustees between
and among one or more Series&nbsp;as the Trustees deem fair and equitable. Each such allocation shall be conclusive and binding upon
the Shareholders of all Series&nbsp;for all purposes, and such assets, earnings, income, profits or funds, or payments and proceeds thereof
shall be referred to as assets belonging to that Series. Separate and distinct records shall be maintained for each Series&nbsp;and the
assets held with respect to each Series&nbsp;shall be held and accounted for separately from the assets held with respect to all other
Series&nbsp;and from any assets, income, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable
as belonging to any particular Series&nbsp;that are not allocated to such Series&nbsp;by the Trustees in accordance with this Section&nbsp;4.
The assets belonging to a Series&nbsp;shall be so recorded upon the books of the Trust, and shall be held by the Trustees in trust for
the benefit of the Shareholders of that Series. The assets belonging to a Series&nbsp;shall be charged with the liabilities of that Series&nbsp;and
all expenses, costs, charges and reserves attributable to that Series, except that liabilities and expenses allocated solely to a particular
Class&nbsp;shall be borne by that Class. Any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily
identifiable as belonging to any particular Series&nbsp;or Class&nbsp;shall be allocated and charged by the Trustees between or among
any one or more of the Series&nbsp;or Classes in such manner as the Trustees deem fair and equitable. Each such allocation shall be conclusive
and binding upon the Shareholders of all Series&nbsp;or Classes for all purposes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
limiting the foregoing, but subject to the right of the Trustees to allocate general liabilities, expenses, costs, charges or reserves
as herein provided, (a)&nbsp;the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect
to a particular Series&nbsp;shall be enforceable against the assets of such Series&nbsp;only, and not against the assets of any other
Series&nbsp;or against the assets of the Trust generally, and (b)&nbsp;none of the debts, liabilities, obligations and expenses incurred,
contracted for or otherwise existing with respect to the Trust generally or any other Series&nbsp;thereof shall be enforceable against
the assets of such Series. Notice of this contractual limitation on liabilities among Series&nbsp;shall be set forth in the certificate
of trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State
of Delaware pursuant to the Delaware Act, and upon the giving of such notice in the certificate of trust, the statutory provisions of
Section&nbsp;3804 of the Delaware Act relating to limitations on liabilities among Series&nbsp;(and the statutory effect under Section&nbsp;3804
of setting forth such notice in the certificate of trust) shall become applicable to the Trust and each Series. Any person extending
credit to, contracting with or having any claim against any Series&nbsp;may look only to the assets of that Series&nbsp;to satisfy or
enforce any debt, with respect to that Series. No Shareholder or former Shareholder of any Series&nbsp;shall have a claim on or any right
to any assets allocated or belonging to any other Series.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.
<U>Ownership and Transfer of Shares and Preferred Securities</U>. The Trust or a transfer or similar agent for the Trust shall maintain
a register containing the names and addresses of the Shareholders of each Series&nbsp;and Class&nbsp;thereof, the number of Shares and
Preferred Securities of each Series&nbsp;and Class&nbsp;held by such Shareholders, and a record of all Share and Preferred Security transfers.
The register shall be conclusive as to the identity of Shareholders of Shares and Preferred Securities of record and the number of Shares
and Preferred Securities held by them from time to time. The Trustees may authorize the issuance of certificates representing Shares
and Preferred Securities and adopt rules&nbsp;governing their use. The Trustees may make rules&nbsp;governing the transfer of Shares
and Preferred Securities, whether or not represented by certificates. Except as otherwise provided by the Trustees, Shares and Preferred
Securities shall be transferable on the books of the Trust only by the record holder thereof or by his duly authorized agent upon delivery
to the Trustees or the Trust&rsquo;s transfer agent of a duly executed instrument of transfer, together with a Share or Preferred Security
certificate if one is outstanding, and such evidence or the genuineness of each such execution and authorization and of such other matters
as may be required by the Trustees. Upon such delivery, and subject to any further requirements specified by the Trustees or contained
in the By-Laws, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder of record
of Shares or Preferred Securities shall be deemed to be the holder of such Shares or Preferred Securities for all purposes hereunder
and neither the Trustees nor the Trust, nor any transfer agent or registrar or any officer, employee or agent of the Trust, shall be
affected by any notice of a proposed transfer. For the avoidance of doubt, provisions (including without limitation additional and/or
differing provisions) relating to the ownership and transfer of securities issued pursuant to Article&nbsp;V, Section&nbsp;7 may be set
forth in the Securities Designation of such securities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.
<U>Status of Shares/Preferred Securities; Limitation of Shareholder/Preferred Holder Liability</U>. Shares and Preferred Securities shall
be deemed to be personal property giving Shareholders and Preferred Holders only the rights provided in the Declaration. Every Shareholder
or Preferred Holder, by virtue of having acquired a Share or Preferred Security, respectively, shall be held expressly to have assented
to and agreed to be bound by the terms of the Declaration and to have become a party hereto. No Shareholder or Preferred Holder shall
be personally liable for the debts, liabilities, obligations and expenses incurred by, contracted for, or otherwise existing with respect
to, the Trust or any Series. The death, incapacity, dissolution, termination or bankruptcy of a Shareholder during the existence of the
Trust shall not operate to terminate the Trust, nor entitle the representative of any such Shareholder to an accounting or to take any
action in court or elsewhere against the Trust or the Trustees, but entitles such representative only to the rights of such Shareholder
under this Trust. Ownership of Shares or Preferred Securities shall not entitle the Shareholder to any title in or to the whole or any
part of the Trust Property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of
Shares or Preferred Securities constitute the Shareholders as partners. Neither the Trust nor the Trustees shall have any power to bind
any Shareholder personally or to demand payment from any Shareholder for anything, other than as agreed by the Shareholder. Shareholders
shall have the same limitation of personal liability as is extended to shareholders of a private corporation for profit incorporated
in the State of Delaware. Every written obligation of the Trust or any Series&nbsp;shall contain a statement to the effect that such
obligation may only be enforced against the assets of the appropriate Series&nbsp;or all Series; however, the omission of such statement
shall not operate to bind or create personal liability for any Shareholder or Trustee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.
</FONT><U>Other Securities</U>. The Trustees may authorize and issue Preferred Securities and such other securities of the Trust as they
determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions
as the Trustees see fit, including preferred interests, debt securities or other senior securities. Unless otherwise expressly provided
in the Securities Designation pursuant to which such other securities are authorized or issued, any such other securities (including without
limitation Preferred Securities) issued on or after the date hereof shall not be Shares (for the avoidance of doubt, as such term is defined
herein), provided that the holders of Preferred Securities and such other securities shall be Shareholders to the extent provided herein,
with the rights thereof and the obligations associated therewith, and Preferred Securities shall have the rights, privileges, preferences
and priorities of and obligations associated with Preferred Securities, in each case hereunder and under the By-laws and in the Securities
Designation applicable to such Preferred Securities. To the extent that the Trustees authorize and issue preferred shares (including without
limitation Preferred Securities) of any Class&nbsp;or Series, they are hereby authorized and empowered to amend or supplement this Declaration
(including without limitation with any Securities Designation) as they deem necessary or appropriate, including to comply with the requirements
of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. Any such supplement
or amendment (including without limitation any Securities Designation) shall be filed as is necessary. In addition, any such supplement
or amendment (including without limitation any Securities Designation) may set forth the rights, powers, preferences and privileges of
such preferred shares (including without limitation Preferred Securities) and any such supplement or amendment (including without limitation
any Securities Designation) shall operate either as additions to or modifications of the rights, powers, preferences and privileges of
any such preferred shares under this Declaration. To the extent the provisions set forth in such supplement or amendment (including without
limitation any Securities Designation) conflict with the provisions of this Declaration with respect to any such rights, powers and privileges
of the preferred shares, such amendment or supplement (including without limitation any Securities Designation) shall control. Except
as contemplated by the immediately preceding sentence, this Declaration shall control as to the Trust generally and the rights, powers,
preferences and privileges of the other Shareholders of the Trust. The Trustees are also authorized to take such actions and retain such
persons as they see fit to offer and sell such securities. All Preferred Securities issued hereunder shall be fully paid and nonassessable.
Notwithstanding anything else herein, any amendment to Article&nbsp;IV which would have the effect of reducing the indemnification and
other rights provided thereby to Trustees, officers, employees, and agents of the Trust or to Shareholders or former Shareholders, and
any repeal or amendment of this sentence shall each require the affirmative vote of the holders of two-thirds of the outstanding Preferred
Securities entitled to vote thereon and no such amendment shall effect the right to indemnification of any person who is no longer a Trustee,
Officer or employee or agent at the time of such amendment or of any person with respect to any act or omission taken or omitted prior
to the adoption or enactment of such amendment or repeal. The Trustees may not amend this Declaration to eliminate the rights of Shareholders
of any Class&nbsp;or Series&nbsp;of Preferred Securities in this sentence or the following sentence to vote on any amendment of this Declaration
or the By-Laws or alter or amend the percentage of voting Preferred Securities required to approve any amendment or action which requires
a specific Shareholder vote under this Declaration or the By-Laws unless an equivalent vote has authorized such an amendment of the Declaration
or By-Laws. Any amendment which adversely affects the holders of one or more Classes or Series&nbsp;of Preferred Securities shall require
a vote of the Shareholders holding a majority of the Preferred Securities of each Class&nbsp;or Series&nbsp;so adversely affected and
entitled to vote thereon and no vote of Shareholders of any Class&nbsp;or Series&nbsp;of Preferred Securities not so adversely affected
shall be required, except that any amendment of any provision of Article&nbsp;IX, Sections 5, 6 or 7 shall require the vote of the Shareholders
holding three-quarters of the Preferred Securities of each Class&nbsp;and Series&nbsp;entitled to vote thereon, regardless of the percentage
of Trustees recommending such amendment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;VI</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>DISTRIBUTIONS
AND REDEMPTIONS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.
</FONT><U>Distributions</U>. The Trustees or a committee of one or more Trustees may declare and pay dividends and other distributions,
including dividends on Shares, Preferred Securities or other securities of a particular Series&nbsp;and other distributions from the assets
belonging to that Series. No dividend or distribution, including, without limitation, any distribution paid upon termination of the Trust
or of any Series&nbsp;(or Class) with respect to, nor any redemption or repurchase of, the Shares, Preferred Securities or other securities
of any Series&nbsp;(or Class) shall be effected by the Trust other than from the assets held with respect to such Series, nor shall any
Shareholder of any particular Series&nbsp;otherwise have any right or claim against the assets held with respect to any other Series&nbsp;except
to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series. The Trustees shall have
full discretion to determine which items shall be treated as income and which items as capital; and each such determination and allocation
shall be conclusive and binding upon the Shareholders. The amount and payment of dividends or distributions and their form, whether they
are in cash, Shares or other Trust Property, shall be determined by the Trustees, including with respect to a particular Class, in the
resolutions establishing such Class. Dividends and other distributions may be paid pursuant to a standing resolution adopted once or more
often as the Trustees determine. Except as provided with respect to a particular Class&nbsp;in the By-Laws or the resolutions establishing
such Class, all dividends and other distributions on Shares or Preferred Securities of a particular Series&nbsp;shall be distributed pro
rata to the Shareholders of Shares or Preferred Securities of that Series&nbsp;in proportion to the number of Shares or Preferred Securities
of that Series&nbsp;they held on the record date established for such payment. The Trustees may adopt and offer to Shareholders such dividend
reinvestment plans, cash dividend payout plans or similar plans as the Trustees deem appropriate.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.
</FONT><U>Redemptions</U>. Except as provided with respect to a particular Class&nbsp;in the By-Laws or the resolutions establishing such
Class, Shares or Preferred Securities of the Trust will not be redeemed or repurchased by the Trust, except as the Trustees shall determine
from time to time and the Trust shall be under no obligation to redeem or repurchase Shares. The Trustees may specify conditions, prices,
and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the
amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in
securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash.
Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders of Shares to redeem Shares for any reason
under terms set by the Trustees, including, but not limited to, the failure of a Shareholder of Shares to supply a taxpayer identification
number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him.
To the extent permitted by law, the Trustees may retain the proceeds of any redemption of Shares required by them for payment of amounts
due and owing by a Shareholder to the Trust or any Series&nbsp;or Class&nbsp;or any governmental authority. Notwithstanding the foregoing,
the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series&nbsp;or
Class&nbsp;to redeem Shares during any period of time when and to the extent permissible under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.
</FONT><U>Determination of Net Asset Value</U>. The Trustees shall cause the Net Asset Value of Shares of each Series&nbsp;or Class&nbsp;to
be determined from time to time in a manner consistent with applicable laws and regulations. The Trustees may delegate the power and duty
to determine Net Asset Value per Share to one or more Trustees or officers of the Trust or to a custodian, depository or other agent appointed
for such purpose. The Net Asset Value of Shares shall be determined separately for each Series&nbsp;or Class&nbsp;at such times as may
be prescribed by the Trustees or, in the absence of action by the Trustees, as of the close of trading on the New York Stock Exchange
on the last day of each week.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.
</FONT><U>Suspension of Right of Redemption</U>. If, as referred to in Section&nbsp;2 of this Article, the Trustees postpone payment of
the redemption price and suspend the right of Shareholders to redeem their Shares, such suspension shall take effect at the time the Trustees
shall specify, but not later than the close of business on the business day next following the declaration of suspension. Thereafter Shareholders
shall have no right of redemption or payment until the Trustees declare the end of the suspension. If the right of redemption is suspended,
a Shareholder may withdraw his request for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;VII</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SHAREHOLDERS&rsquo;
VOTING POWERS AND MEETINGS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.
</FONT><U>Voting Powers</U>. Subject to the voting rights established with respect to a particular Class&nbsp;in the By-Laws or the resolutions
establishing such Class, the Shareholders shall have power to vote only with respect to (a)&nbsp;the election of Trustees as provided
in Section&nbsp;2 of this Article; (b)&nbsp;the removal of Trustees as provided in Article&nbsp;II, Section&nbsp;5(a); (c)&nbsp;any investment
advisory or management contract to the extent required by the 1940 Act; (d)&nbsp;the amendment of this Declaration to the extent and as
provided in Article&nbsp;IX, Section&nbsp;10; (e)&nbsp;the conversion of the Trust to an open-end investment company to the extent provided
in Article&nbsp;IX, Section&nbsp;5; (f)&nbsp;the reorganization of the Trust to the extent provided in Article&nbsp;IX, Section&nbsp;6;
(g)&nbsp;to approve a transaction subject to Article&nbsp;IX, Section&nbsp;7, and (h)&nbsp;such additional matters relating to the Trust
as may be required by the 1940 Act or any registration of the Trust with the Commission or any State, or as the Trustees may consider
desirable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On any matter submitted to
a vote of the Shareholders, all Shares or Preferred Securities shall be voted by individual Series&nbsp;or Class, except (a)&nbsp;as provided
with respect to a particular Class&nbsp;in the By-Laws or the resolutions establishing such Class, (b)&nbsp;when required by the 1940
Act, Shares and Preferred Securities shall be voted in the aggregate and not by individual Series&nbsp;or Class, and (c)&nbsp;when the
Trustees have determined that the matter affects the interests of more than one Series&nbsp;or Class, then the Shareholders of all such
Series&nbsp;or Classes shall be entitled to vote thereon. As determined by the Trustees without the vote or consent of shareholders and
except as provided with respect to a particular Class&nbsp;in the By-Laws or the resolutions establishing such Class, on any matter submitted
to a vote of Shareholders either (i)&nbsp;each whole Share or Preferred Security shall be entitled to one vote as to any matter on which
it is entitled to vote and each fractional Share or Preferred Security shall be entitled to a proportionate fractional vote or (ii)&nbsp;each
dollar of net asset value (number of Shares owned times net asset value per share of such Series&nbsp;or Class, as applicable) shall be
entitled to one vote on any matter on which such Shares are entitled to vote and each fractional dollar amount shall be entitled to a
proportionate fractional vote. Without limiting the power of the Trustees in any way to designate otherwise in accordance with the preceding
sentence, the Trustees hereby establish that each whole Share or Preferred Security shall be entitled to one vote as to any matter on
which it is entitled to vote and each fractional Share or Preferred Security shall be entitled to a proportionate fractional vote. There
shall be no cumulative voting in the election of Trustees. Shares or Preferred Securities may be voted in person or by proxy or in any
manner provided for in the By-Laws. The By-Laws may provide that proxies may be given by any electronic or telecommunications device or
in any other manner, but if a proposal by anyone other than the officers or Trustees is submitted to a vote of the Shareholders of any
Series&nbsp;or Class, or if there is a proxy contest or proxy solicitation or proposal in opposition to any proposal by the officers or
Trustees, Shares or Preferred Securities may be voted only in person or by written proxy. Until Shares or Preferred Securities of a Series&nbsp;are
issued, as to that Series&nbsp;the Trustees may exercise all rights of Shareholders and may take any action required or permitted to be
taken by Shareholders by law, this Declaration or the By-Laws. Meetings of Shareholders shall be called and notice thereof and record
dates therefor shall be given and set as provided in the By-Laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.
</FONT><U>Quorum; Required Vote</U>. One-third of the Outstanding Securities of each Series&nbsp;or Class, or one-third of the Outstanding
Securities of the Trust, entitled to vote in person or by proxy shall be a quorum for the transaction of business at a Shareholders&rsquo;
meeting with respect to such Series&nbsp;or Class, or with respect to the entire Trust, respectively. Any lesser number shall be sufficient
for adjournments. In addition, any meeting of Shareholders may be adjourned one or more times from time to time by the chairman of the
meeting to another time for any reason, including the failure of a quorum to be present at the meeting with respect to any proposal or
the failure of any proposal to receive sufficient votes for approval, and as to one or more proposals regardless of whether action has
been taken on other matters. Any adjourned meeting may be held as adjourned one or more times to a date not more than ninety (90) days
beyond the originally scheduled meeting date. Notice of adjournment of a Shareholders&rsquo; meeting to another time or place need not
be given, if such time and place (which shall include a meeting held solely by means of remote communications) are announced at the meeting.
Prior to the date upon which any meeting of Shareholders is to be held, the Board of Trustees or the President may postpone such meeting
one or more times for any reason to a date not more than ninety (90) days beyond the originally scheduled meeting date by giving notice
to each Shareholder entitled to vote at the meeting so postponed of the place (which shall include a meeting held solely by means of remote
communications), date and hour at which such meeting will be held. Such notice shall be given not fewer than two (2)&nbsp;days before
the date of such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No new record date need be
fixed for any meeting that is postponed and/or adjourned as provided in this Section. If, after a postponement or adjournment, a new record
date is fixed for the postponed or adjourned meeting, the Secretary shall give notice of the postponed or adjourned meeting to Shareholders
of record entitled to vote at such meeting. If a quorum is present with respect to any one or more proposals, the chairman of the meeting
may, but shall not be required to, cause a vote to be taken with respect to any such proposal or proposals which vote can be certified
as final and effective notwithstanding the adjournment of the meeting with respect to any other proposal or proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except when a larger vote
is required by the 1940 Act, this Declaration or the By-Laws, a majority of the Shares and Preferred Securities, each voting as a separate
class and voting together as a single class, voting at a Shareholders&rsquo; meeting in person or by proxy shall decide any matters to
be voted upon with respect to the entire Trust and a plurality of such Shares and Preferred Securities shall elect a Trustee; provided,
that if this Declaration or applicable law permits or requires that Shares or Preferred Securities be voted on any matter by individual
Series&nbsp;or Classes, then a majority of the Shares or Preferred Securities of that Series&nbsp;or Class&nbsp;(or, if required by law,
a majority of the Shares or Preferred Securities outstanding and entitled to vote of that Series&nbsp;or Class) voting at the meeting
in person or by proxy on the matter shall decide that matter insofar as that Series&nbsp;or Class&nbsp;is concerned.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.
</FONT><U>Record Dates</U>. For the purpose of determining the Shareholders of any Series&nbsp;(or Class) who are entitled to receive
payment of any dividend or of any other distribution, the Trustees may from time to time fix a date, which shall be before the date for
the payment of such dividend or such other payment, as the record date for determining the Shareholders of such Series&nbsp;(or Class)
having the right to receive such dividend or distribution. Without fixing a record date, the Trustees may for distribution purposes close
the register or transfer books for one or more Series&nbsp;(or Classes) any time prior to the payment of a distribution. Nothing in this
Section&nbsp;shall be construed as precluding the Trustees from setting different record dates for different Series&nbsp;(or Classes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.
</FONT><U>Additional Provisions</U>. The By-Laws and, for the avoidance of doubt, any Series&nbsp;Designation may include further provisions
for Shareholders&rsquo; votes and meetings and related matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;VIII</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>EXPENSES
OF THE TRUST AND SERIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.
</FONT><U>Payment of Expenses by the Trust</U>. Subject to Article&nbsp;V, Section&nbsp;4, the Trust or a particular Series&nbsp;shall
pay, or shall reimburse the Trustees from the assets belonging to all Series&nbsp;or the particular Series, for their expenses (or the
expenses of a Class&nbsp;of such Series) and disbursements, including, but not limited to, interest charges, taxes, brokerage fees and
commissions; expenses of issue, repurchase and redemption of Shares and Preferred Securities; insurance premiums; applicable fees, interest
charges and expenses of third parties, including the Trust&rsquo;s investment advisers, managers, administrators, distributors, custodians,
transfer agents and fund accountants; fees of pricing, interest, dividend, credit and other reporting services; costs of membership in
trade associations; telecommunications expenses; funds transmission expenses; auditing, legal and compliance expenses; costs of forming
the Trust and its Series&nbsp;and maintaining its existence; costs of preparing and printing the prospectuses of the Trust and each Series,
statements of additional information and Shareholder/Preferred Holder reports and delivering them to Shareholders and Preferred Holders;
expenses of meetings of Shareholders and Preferred Holders and proxy solicitations therefor; costs of maintaining books and accounts;
costs of reproduction, stationery and supplies; fees and expenses of the Trustees; compensation of the Trust&rsquo;s officers and employees
and costs of other personnel performing services for the Trust or any Series; costs of Trustee meetings; Commission registration fees
and related expenses; state or foreign securities laws registration fees and related expenses; and for such non-recurring items as may
arise, including litigation to which the Trust or a Series&nbsp;(or a Trustee or officer of the Trust acting as such) is a party, and
for all losses and liabilities by them incurred in administering the Trust. The Trustees shall have a lien on the assets belonging to
the appropriate Series, or in the case of an expense allocable to more than one Series, on the assets of each such Series, prior to any
rights or interests of the Shareholders and Preferred Holders thereto, for the reimbursement to them of such expenses, disbursements,
losses and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.
</FONT><U>Payment of Expenses by Shareholders and Preferred Holders</U>. The Trustees shall have the power, as frequently as they may
determine, to cause each Shareholder and Preferred Holder, or each Shareholder or Preferred Holder of any particular Series, to pay directly,
in advance or arrears, for charges of the Trust&rsquo;s custodian or transfer, shareholder servicing or similar agent, an amount fixed
from time to time by the Trustees, by setting off such charges due from such Shareholder or Preferred Holder from declared but unpaid
dividends owed such Shareholder or Preferred Holder and/or by reducing the number of Shares or Preferred Securities in the account of
such Shareholder or Preferred Holder by that number of full and/or fractional Shares or Preferred Securities which represents the outstanding
amount of such charges due from such Shareholder or Preferred Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;IX</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>MISCELLANEOUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.
</FONT><U>Trust Not a Partnership</U>. This Declaration creates a trust and not a partnership. No Trustee shall have any power to bind
personally either the Trust&rsquo;s officers or any Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.
</FONT><U>Trustee Action</U>. The exercise by the Trustees of their powers and discretion hereunder in good faith and with reasonable
care under the circumstances then prevailing shall be binding upon everyone interested. Subject to the provisions of Article&nbsp;IV,
the Trustees shall not be liable for errors of judgment or mistakes of fact or law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.
</FONT><U>Record Dates</U>. The Trustees may fix in advance a date up to ninety (90) days before the date of any Shareholders&rsquo; meeting,
or the date for the payment of any dividends or other distributions, or the date for the allotment of rights, or the date when any change
or conversion or exchange of Shares or Preferred Securities shall go into effect as a record date for the determination of the Shareholders
entitled to notice of, and to vote at, any such meeting, or entitled to receive payment of such dividend or other distribution, or to
receive any such allotment of rights, or to exercise such rights in respect of any such change, conversion or exchange of Shares and Preferred
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.
</FONT><U>Termination of the Trust</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Trust shall have perpetual existence subject to the provisions of this Section&nbsp;4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trust or any Series&nbsp;or Class&nbsp;thereof may be dissolved and terminated by the affirmative vote of not less than three-quarters
of the Trustees then in office by written notice to the Shareholders and Preferred Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
connection with subsection (b)&nbsp;or to the extent appropriate in connection with a reorganization as provided in Article&nbsp;IX,
Section&nbsp;6, upon making reasonable provision for the payment of all known liabilities of all Series&nbsp;or any affected Series&nbsp;or
Classes, by such assumption or otherwise, the Trustees shall, subject to any liquidation preference in any Securities Designation, distribute
the remaining proceeds or assets (as the case may be) ratably among the Shareholders of Shares of all Series&nbsp;or any affected Series&nbsp;or
Classes; however, the payment to any particular Class&nbsp;of such Series&nbsp;may be reduced by any fees, expenses or charges allocated
to that Class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
completion of the distribution of the remaining proceeds or assets pursuant to subsection (c)&nbsp;above, the Trust or affected Series&nbsp;or
Classes shall terminate and the Trustees and the Trust shall be discharged of any and all further liabilities and duties hereunder with
respect thereto and the right, title and interest of all parties therein shall be canceled and discharged. Upon termination of the Trust,
following completion of winding up of its business, the Trustees shall cause a certificate of cancellation of the Trust&rsquo;s certificate
of trust to be filed in accordance with the Delaware Act, which certificate of cancellation may be signed by any one Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.
</FONT><U>Conversion to an Open-End Investment Company</U>. Notwithstanding any other provisions of this Declaration or the By-Laws of
the Trust, a favorable vote of a majority of the Continuing Trustees then in office followed by the favorable vote of the holders of not
less than three-quarters of the Shares of each affected Class&nbsp;or Series&nbsp;outstanding, voting as separate classes or series, shall
be required to approve, adopt or authorize an amendment to this Declaration that makes the Shares a &ldquo;redeemable security&rdquo;
as that term is defined in the 1940 Act, unless such amendment has been approved by three-quarters of the Continuing Trustees, in which
case approval by a vote of a majority of the Shares outstanding and entitled to vote shall be required. Upon the adoption of a proposal
to convert the Trust from a &ldquo;closed-end company&rdquo; to an &ldquo;open-end company&rdquo; as those terms are defined by the 1940
Act and the necessary amendments to this Declaration to permit such a conversion of the Trust&rsquo;s outstanding Shares entitled to vote,
the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an &ldquo;open-end&rdquo; investment company.
Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or
any agreement between the Trust and any national securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.
</FONT><U>Reorganization</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as provided in clause&nbsp;(b)&nbsp;of this Section&nbsp;6 or in Section&nbsp;7 of this Article&nbsp;IX, subject to the affirmative vote
of not less than three-quarters of the Outstanding Shares and not less than three-quarters of the outstanding Preferred Securities, in
each case entitled to vote of the Trust or any affected Series, voting as separate classes and voting together as a single class, the
Trust may merge or consolidate with any other corporation, association, trust or other organization or may sell, lease or exchange all
or substantially all of the Trust Property or the property, including its good will, upon such terms and conditions and for such consideration
when and as authorized by a majority of the Continuing Trustees; provided however, if at least three-quarters of the Continuing Trustees
then in office have approved such transaction, then the actions may be approved by the affirmative vote of a majority of the Outstanding
Shares and a majority of the outstanding Preferred Securities, in each case entitled to vote of the Trust or the affected Series, voting
as separate classes and voting together as a single class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
anything else herein, to change the Trust&rsquo;s form or place of organization a majority of the Continuing Trustees may, without Shareholder
approval unless such approval is required by applicable law, (i)&nbsp;cause the Trust to merge or consolidate with or into one or more
entities, if the surviving or resulting entity is the Trust or any other corporation, association, trust or other organization, or a series
thereof, (ii)&nbsp;cause the Shares to be exchanged under or pursuant to any state or federal statute to the extent permitted by law,
or (iii)&nbsp;cause the Trust to incorporate under the laws of Delaware or any other U.S. jurisdiction. Any agreement of merger or consolidation
or certificate of merger may be signed by a majority of Continuing Trustees and facsimile signatures conveyed by electronic or telecommunication
means shall be valid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Pursuant
to and in accordance with the provisions of Section&nbsp;3815(f)&nbsp;of the Delaware Act, an agreement of merger or consolidation approved
by the Continuing Trustees, and if applicable, Shareholders in accordance with this Section&nbsp;6 may effect any amendment to the Declaration
or effect the adoption of a new trust instrument of the Trust if it is the surviving or resulting trust in the merger or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Continuing Trustees may create one or more statutory trusts to which all or any part of the assets, liabilities, profits or losses of
the Trust or any Series&nbsp;or Class&nbsp;thereof may be transferred and may provide for the conversion of Shares in the Trust or any
Series&nbsp;or Class&nbsp;thereof into beneficial interests in any such newly created trust or trusts or any series or classes thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.
</FONT><U>Certain Transactions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
any other provision of this Declaration and subject to the exceptions provided in paragraph&nbsp;(d)&nbsp;of this Section, the types of
transactions described in paragraph&nbsp;(c)&nbsp;of this Section&nbsp;shall require the affirmative vote or consent of a majority of
the Continuing Trustees then in office followed by the affirmative vote or consent of holders of not less than three-quarters of the Shares
of each affected Class&nbsp;or Series&nbsp;outstanding, votes voting as separate classes or series, when a Principal Shareholder (as defined
in paragraph&nbsp;(b)&nbsp;of this Section) is a party to the transaction. Such affirmative vote or consent shall be in addition to the
vote or consent of the holders of Shares otherwise required by law or by the terms of any Class&nbsp;or Series&nbsp;of preferred stock,
whether now or hereafter authorized, or any agreement between the Trust and any national securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
term &ldquo;Principal Shareholder&rdquo; shall mean any corporation, Person or other entity which is the beneficial owner, directly or
indirectly, of five percent (5%) or more of the outstanding Shares of any Class&nbsp;or Series&nbsp;and shall include any affiliate or
associates, as such terms are defined in clause&nbsp;(ii)&nbsp;below, of a Principal Shareholder. For the purpose of this Section, in
addition to the Shares which a corporation, Person or other entity beneficially owns directly, (a)&nbsp;any corporation, Person or other
entity shall be deemed to be the beneficial owner of any Shares (i)&nbsp;which it has the right to acquire pursuant to any agreement or
upon exercise of conversion rights or warrants, or otherwise (but excluding share options granted by the Trust) or (ii)&nbsp;which are
beneficially owned, directly or indirectly (including Shares deemed owned through application of clause&nbsp;(i)&nbsp;above, by any other
corporation, Person or entity with which its &ldquo;affiliate&rdquo; or &ldquo;associate&rdquo; (as defined below) has any agreement,
arrangement or understanding for the purpose of acquiring, holding, voting or disposing of Shares, of which is its &ldquo;affiliate&rdquo;
or &ldquo;associate&rdquo; as those terms are defined in Rule&nbsp;12b-2 of the General Rules&nbsp;and Regulations under the Securities
Exchange Act of 1934, and (b)&nbsp;the outstanding Shares shall include Shares deemed owned through application of clauses&nbsp;(i)&nbsp;and
(ii)&nbsp;above but shall not include any other Shares which may be issuable pursuant to any agreement, or upon exercise of conversion
rights or warrants, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Section&nbsp;shall apply to the following transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
merger or consolidation of the Trust or any subsidiary of the Trust with or into any Principal Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
issuance of any securities of the Trust to any Principal Shareholder for cash (other than pursuant to any automatic dividend reinvestment
plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
sale, lease or exchange to the Trust or any subsidiary thereof, in exchange for securities of the Trust, of any assets of any Principal
Shareholder (except assets having an aggregate fair market value of less than $1,000,000, aggregating for the purpose of such computation
all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
sale, lease or exchange to the Trust or any subsidiary thereof, in exchange for securities of the Trust, of any assets of any Principal
Shareholder (except assets having an aggregate fair market value of less than $1,000,000, aggregating for the purposes of such computation
all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this Section&nbsp;shall not be applicable to (i)&nbsp;any of the transactions described in paragraph&nbsp;(c)&nbsp;of this
Section&nbsp;if three-quarters of the Continuing Trustees shall by resolution have approved a memorandum of understanding with such Principal
Shareholder with respect to and substantially consistent with such transaction, in which case approval by the vote of a majority of the
Shares outstanding and entitled to vote shall be the only vote of Shareholders required by this Section, or (ii)&nbsp;any such transaction
with any entity of which a majority of the outstanding shares of all classes and series of a stock normally entitled to vote in elections
of directors is owned of record or beneficially by the Trust and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Board of Trustees shall have the power and duty to determine for the purposes of this Section&nbsp;on the basis of information known to
the Trust whether (i)&nbsp;a corporation, person or entity beneficially owns five percent (5%) or more of the outstanding Shares of any
Class&nbsp;or Series, (ii)&nbsp;a corporation, person or entity is an &ldquo;affiliate&rdquo; or &ldquo;associate&rdquo; (as defined above)&nbsp;of
another, (iii)&nbsp;the assets being acquired or leased to or by the Trust or any subsidiary thereof constitute a substantial part of
the assets of the Trust and have an aggregate fair market value of less than $1,000,000, and (iv)&nbsp;the memorandum of understanding
referred to in paragraph&nbsp;(d)&nbsp;hereof is substantially consistent with the transaction covered thereby. Any such determination
shall be conclusive and binding for all purposes of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.
</FONT><U>Declaration of Trust</U>. The original or a copy of this Declaration of Trust and of each amendment hereto or Declaration of
Trust supplemental shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust
may rely on a certificate by a Trustee or an officer of the Trust as to the authenticity of the Declaration of Trust or any such amendments
or supplements and as to any matters in connection with the Trust. The masculine gender herein shall include the feminine and neuter genders.
Headings herein are for convenience only and shall not affect the construction of this Declaration of Trust. This Declaration of Trust
may be executed in any number of counterparts, each of which shall be deemed an original.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.
</FONT><U>Applicable Law</U>. This Declaration and the Trust created hereunder are governed by and construed and administered according
to the Delaware Act and the applicable laws of the State of Delaware; provided, however, that there shall not be applicable to the Trust,
the Trustees or this Declaration of Trust (a)&nbsp;the provisions of Section&nbsp;3540 of Title 12 of the Delaware Code, or (b)&nbsp;any
provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts which relate
to or regulate (i)&nbsp;the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and
charges, (ii)&nbsp;affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii)&nbsp;the necessity
for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv)&nbsp;fees
or other sums payable to trustees, officers, agents or employees of a trust, (v)&nbsp;the allocation of receipts and expenditures to income
or principal, (vi)&nbsp;restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements
relating to the titling, storage or other manner of holding of trust assets, or (vii)&nbsp;the establishment of fiduciary or other standards
of responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities
and powers of the Trustees set forth or referenced in this Declaration. The Trust shall be of the type commonly called a Delaware statutory
trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under
Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that
may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action
shall not imply that the Trust may not exercise such power or privilege or take such actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.
</FONT><U>Amendments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustees may, without any Shareholder vote, amend or otherwise supplement this Declaration by making an amendment, a Declaration of Trust
supplemental hereto or an amended and restated trust instrument; provided, that Shareholders shall have the right to vote on any amendment
(a)&nbsp;which would affect the voting rights of Shareholders granted in Article&nbsp;VII, Section&nbsp;l, (b)&nbsp;to this Section&nbsp;10,
(c)&nbsp;required to be approved by Shareholders by the 1940 Act or by the Trust&rsquo;s registration statement(s)&nbsp;filed with the
Commission or any State, and (d)&nbsp;submitted to them by the Trustees in their discretion. Any amendment submitted to Shareholders which
the Trustees determine would affect the Shareholders of any Series&nbsp;shall be authorized by vote of the Shareholders of such Series&nbsp;and
no vote shall be required of Shareholders of a Series&nbsp;not affected. Notwithstanding anything else herein, any amendment to Article&nbsp;IV
which would have the effect of reducing the indemnification and other rights provided thereby to Trustees, officers, employees, and agents
of the Trust or to Shareholders or former Shareholders, and any repeal or amendment of this sentence shall each require the affirmative
vote of the holders of two-thirds of the Outstanding Shares of the Trust entitled to vote thereon and no such amendment shall effect the
right to indemnification of any person who is no longer a Trustee, Officer or employee or agent at the time of such amendment or of any
person with respect to any act or omission taken or omitted prior to the adoption or enactment of such amendment or repeal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trustees may not amend this Declaration of Trust to eliminate the rights of Shareholders of any Class&nbsp;or Series&nbsp;as set forth
in this Section&nbsp;10(b)&nbsp;to vote on any amendment of this Declaration of Trust or the By-Laws or alter or amend the percentage
of voting Shares required to approve any amendment or action which requires a specific Shareholder vote under this Declaration of Trust
or the By-Laws unless an equivalent vote has authorized such an amendment of the Declaration of Trust or By-Laws. Any amendment which
adversely affects the holders of one or more Classes or Series&nbsp;of Shares shall require a vote of the Shareholders holding a majority
of the Shares of each Class&nbsp;or Series&nbsp;so adversely affected and entitled to vote thereon and no vote of Shareholders of any
Class&nbsp;or Series&nbsp;not so adversely affected shall be required, except that any amendment of any provision of Article&nbsp;IX,
Sections&nbsp;5, 6 or 7 shall require the vote of the Shareholders holding three-quarters of the Shares of each Class&nbsp;and Series&nbsp;entitled
to vote thereon, regardless of the percentage of Trustees recommending such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.
</FONT><U>Derivative Actions</U>. In addition to the requirements set forth in Section&nbsp;3816 of the Delaware Act, a Shareholder may
bring a derivative action on behalf of the Trust only if the following conditions are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees
to bring such an action is not likely to succeed. For purposes of this Section&nbsp;11(a), a demand on the Trustees shall only be deemed
not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider
the merits of such action, is composed of Trustees who are not &ldquo;independent trustees&rdquo; (as that term is defined in the Delaware
Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless
a demand is not required under paragraph&nbsp;(a)&nbsp;of this Section&nbsp;11, Shareholders eligible to bring such derivative action
under the Delaware Act who hold at least 10% of the Outstanding Shares of the Trust, or 10% of the Outstanding Shares of the Series&nbsp;or
Class&nbsp;to which such action relates, shall join in the request for the Trustees to commence such action; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless
a demand is not required under paragraph&nbsp;(a)&nbsp;of this Section&nbsp;11, the Trustees must be afforded a reasonable amount of time
to consider such shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other
advisers in considering the merits of the request and shall require an undertaking by the Shareholders making such request to reimburse
the Trust for the expense of any such advisers in the event that the Trustees determine not to bring such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For purposes of this Section&nbsp;11,
the Board of Trustees may designate a committee of one Trustee to consider a Shareholder demand if necessary to create a committee with
a majority of Trustees who are independent trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;12.
</FONT><U>Fiscal Year</U>. The fiscal year of the Trust shall end on a specified date as set forth in the By-Laws. The Trustees may change
the fiscal year of the Trust without Shareholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.
</FONT><U>Severability</U>. The provisions of this Declaration are severable. If the Trustees determine, with the advice of counsel, that
any provision hereof conflicts with the 1940 Act, the regulated investment company provisions of the Internal Revenue Code or with other
applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided,
however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any
action taken or omitted prior to such determination. If any provision hereof shall be held invalid or unenforceable in any jurisdiction,
such invalidity or unenforceability shall attach only to such provision only in such jurisdiction and shall not affect any other provision
of this Declaration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">{REMAINDER OF PAGE&nbsp;INTENTIONALLY LEFT BLANK.}</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the undersigned being all the Trustees of the Trust have executed this instrument as Trustee and not individually and as of the date first
written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 50%">/s/ John P. Calamos</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">John P. Calamos,&nbsp;Sr.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Virginia G. Breen</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">Virginia G. Breen</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ John E. Neal</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">John E. Neal</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ William R. Ryback</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">William R. Rybak</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Karen L. Stuckey</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">Karen L. Stuckey</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Christopher M. Toub</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">Christopher M. Toub</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Lloyd A. Wennlund</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">Lloyd A. Wennlund</TD>
</TR></TABLE>



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<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>3
<FILENAME>tm227263d1_ex99-b.htm
<DESCRIPTION>EXHIBIT 99.B
<TEXT>
<HTML>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.b</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Calamos
Convertible Opportunities and Income Fund</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>BY-LAWS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(as
amended and restated through August&nbsp;23, 2021)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agreement
and Declaration of Trust</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>General.
</B> These By-Laws shall be subject to the Agreement and Declaration of Trust, as from time to time amended, supplemented or restated
(the &ldquo;Declaration of Trust&rdquo;) of Calamos Convertible Opportunities and Income Fund (the &ldquo;Trust&rdquo;), a Delaware statutory
trust established by the Declaration of Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Definitions.
</B>Unless otherwise defined herein, the terms used herein have the respective meanings given them in the Declaration of Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Offices</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Offices.
</B> The Trust may have such offices in such places without as well as within the State of Delaware as the Trustees may from time to
time determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Registered
Office and Registered Agent.</B> The registered office of the Trust shall be located in the City of Wilmington, State of Delaware or
such other location within the State of Delaware as the Trustees may from time to time determine. The Board of Trustees shall establish
a registered office in the State of Delaware and shall appoint a registered agent for service of process in the State of Delaware for
the Trust as provided in the Delaware Statutory Trust Act, 12 <U>Del</U>. <U>C</U>. &sect;&sect; 3801, et seq., as amended from time
to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholders</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Annual
Meetings. </B> Annual meetings of the Shareholders of the Trust or a Series&nbsp;or Class&nbsp;thereof shall be held on such date and
at such place (which shall include a meeting held solely by means of remote communications) within or without the State of Delaware as
the Trustees shall designate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Special
Meetings.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Special
meetings of the Shareholders may be called at any time by the Chairman, the President or the Trustees. Subject to subsection&nbsp;(c)&nbsp;of
this Section&nbsp;3.2, a special meeting of Shareholders shall also be called by the Secretary of the Trust upon the written request
of the Shareholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
Shareholder of record seeking to have Shareholders request a special meeting shall, by sending written notice to the Secretary (the &ldquo;Record
Date Request Notice&rdquo;) by registered mail, return receipt requested, request the Trustees to fix a record date to determine the
Shareholders entitled to request a special meeting (the &ldquo;Requested Record Date&rdquo;). The Record Date Request Notice shall set
forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more Shareholders of record
as of the date of signature (or their duly authorized agents), shall bear the date of signature of each such Shareholder (or other agent)
and shall set forth all information relating to each such Shareholder that must be disclosed in solicitations of proxies for election
of trustees in an election contest (even if an election contest is not involved), or is otherwise required, in each case pursuant to
Regulation 14A under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and the rules&nbsp;and regulations
promulgated thereunder. Upon receiving the Record Date Request Notice, the Trustees may fix a Requested Record Date. The Requested Record
Date shall not precede and shall not be more than ten days after the close of business on the date on which the resolution fixing the
Requested Record Date is adopted by the Trustees. If the Trustees, within thirty days after the date on which a valid Record Date Request
Notice is received, fail to adopt a resolution fixing the Requested Record Date and make a public announcement of such Requested Record
Date, the Requested Record Date shall be the close of business on the 30th day after the first date on which the Record Date Request
Notice is received by the Secretary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
order for any Shareholder to request a special meeting, one or more written requests for a special meeting signed by Shareholders of
record (or their duly authorized agents) as of the Requested Record Date entitled to cast not less than a majority (the &ldquo;Special
Meeting Percentage&rdquo;) of all of the votes entitled to be cast at such meeting (the &ldquo;Special Meeting Request&rdquo;) shall
be delivered to the Secretary. The purpose of the meeting and the matters proposed to be acted on at it, which may be presented by the
Special Meeting Request, shall be limited to the matters set forth in the Record Date Request Notice received by the Secretary. The Special
Meeting Request shall bear the date of signature of each such Shareholder (or other agent) signing the Special Meeting Request, shall
set forth the name and address, as they appear in the Trust&rsquo;s books, of each Shareholder signing such request (or on whose behalf
the Special Meeting Request is signed) and the class and number of shares of the Trust which are owned of record and beneficially by
each such Shareholder, shall be sent to the Secretary by registered mail, return receipt requested, and shall be received by the Secretary
within sixty days after the Request Record Date. Any requesting Shareholder may revoke his, her or its request for a special meeting
at any time by written revocation delivered to the Secretary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Secretary shall inform the requesting Shareholders of the reasonably estimated cost of preparing and mailing the notice of meeting (including
the Trust&rsquo;s proxy materials). The Secretary shall not be required to call a special meeting upon Shareholder request and such meeting
shall not be held unless, in addition to the documents required by paragraphs&nbsp;(b)&nbsp;and (c)&nbsp;of this Section&nbsp;3.2, the
Secretary receives payment of such reasonably estimated cost prior to the mailing of any notice of the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as provided in the next sentence, any special meeting shall be held at such place (which shall include a meeting held solely by means
of remote communications), date and time as may be designated by the President, Chairman or Trustees, whoever has called the meeting.
In the case of any special meeting called by the Secretary upon the request of Shareholders (a &ldquo;Shareholder Requested Meeting&rdquo;),
such meeting shall be held at such place (which shall include a meeting held solely by means of remote communications), date and time
as may be designated by the Trustees; PROVIDED, however, that the date of any Shareholder Requested Meeting shall be not more than ninety&nbsp;days
after the record date for such meeting (the &ldquo;Meeting Record Date&rdquo;); and PROVIDED FURTHER that if the Trustees fail to designate,
within thirty&nbsp;days after the date that a valid Special Meeting Request is actually received by the Secretary (the &ldquo;Delivery
Date&rdquo;), a date and time for a Shareholder Requested Meeting, then such meeting shall be held at 2:00&nbsp;p.m.&nbsp;Central Time
on the 90th day after the date the request for such meeting is actually received by the Trust or, if such 90th day is not a Business
Day (as defined below), on the first preceding Business Day; and PROVIDED FURTHER that in the event that the Trustees fail to designate
a place (which shall include a meeting held solely by means of remote communications) for a Shareholder Requested Meeting within thirty&nbsp;days
after the Delivery Date, then such meeting shall be held at the principal office of the Trust. In fixing a date for any special meeting,
the President, Chairman or Trustees may consider such factors as he, she, or they deem(s)&nbsp;relevant within the good faith exercise
of business judgment, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding
any request for a meeting and any plan of the Trustees to call an annual meeting or a special meeting. In the case of any Shareholder
Requested Meeting, if the Trustees fail to fix a Meeting Record Date that is a date within thirty&nbsp;days after the Delivery Date,
then the close of business on the 30th day after the Delivery Date shall be the Meeting Record Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
at any time as a result of written revocations of requests for the special meeting, Shareholders of record (or their duly authorized
agents) as of the Request Record Date entitled to cast less than the Special Meeting Percentage shall have delivered and not revoked
requests for a special meeting, the Secretary may refrain from mailing the notice of the meeting or, if the notice of the meeting has
been mailed, the Secretary may revoke the notice of the meeting at any time before ten&nbsp;days prior to the meeting if the Secretary
has first sent to all other requesting Shareholders written notice of such revocation and of intention to revoke the notice of the meeting.
Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting shall be considered a request
for a new special meeting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Chairman, the President or the Trustees may appoint regionally or nationally recognized independent inspectors of elections to act as
the agent of the Trust for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request
received by the Secretary. For the purpose of permitting the inspectors to perform such review, no such purported request shall be deemed
to have been delivered to the Secretary until the earlier of (i)&nbsp;five Business Days after receipt by the Secretary of such purported
request and (ii)&nbsp;such date as the independent inspectors certify to the Trust that the valid requests received by the Secretary
represent at least a majority of the issued and outstanding shares of stock that would be entitled to vote at such meeting. Nothing contained
in this paragraph&nbsp;(g)&nbsp;shall in any way be construed to suggest or imply that the Trust or any Shareholder shall not be entitled
to contest the validity of any request, whether during or after such five&nbsp;Business Day period, or to take any other action (including,
without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief
in such litigation).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Business
Day.</B> For purposes of these By-Laws, &ldquo;Business Day&rdquo; shall mean any day other than a Saturday, a Sunday or a day on which
banking institutions in the State of New York are authorized or obligated by law or executive order to close.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Notice
of Meetings.</B> Notice of all meetings of the Shareholders, stating the time, place (which shall include a meeting held solely by means
of remote communications) and purposes of the meeting, shall be given by the Trustees by mail or telegraphic or electronic means, or
given as otherwise provided herein, to each Shareholder at the Shareholder&rsquo;s address as recorded on the register of the Trust mailed
at least ten&nbsp;days and not more than ninety&nbsp;days before the meeting, PROVIDED, HOWEVER, that notice of a meeting need not be
given to a Shareholder to whom such notice need not be given under the proxy rules&nbsp;of the Commission under the 1940 Act and the
Exchange Act; and PROVIDED, FURTHER, that notice of any Shareholder Requested Meeting shall be provided in a manner and time consistent
with Section&nbsp;3.2(e). Only the business stated in the notice of the meeting shall be considered at such meeting. Any adjourned meeting
may be held and adjourned without further notice. No notice need be given to any Shareholder who shall have failed to inform the Trust
of his or her current address or if a written waiver of notice, executed before or after the meeting by the Shareholder who shall have
failed to inform the Trust of his or her current address or if a written waiver of notice, executed before or after the meeting by the
Shareholder or his or her attorney thereunto authorized, is filed with the records of the meeting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Record
Date for Meetings and Other Purposes.</B> Except as provided in Section&nbsp;3.2, for the purpose of determining the Shareholders who
are entitled to notice of and to vote at any meeting, or to participate in any distribution, or for the purpose of any other action,
the Trustees may from time to time close the transfer books for such period, not exceeding thirty&nbsp;days, as the Trustees may determine;
or without closing the transfer books the Trustees may fix a date not more than ninety&nbsp;days prior to the date of any meeting of
Shareholders or distribution or other action as a record date for the determination of the persons to be treated as Shareholders of record
for such purposes, except for dividend payments which shall be governed by the Declaration of Trust.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Proxies.
</B>At any meeting of Shareholders, any holder of Shares or Preferred Securities entitled to vote thereat may vote by proxy, provided
that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or
agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken, and no such proxy
shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable
if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable
power. A Shareholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to
the Secretary a revocation of the proxy or a new proxy bearing a later date. A proxy shall be deemed signed if the Shareholder&rsquo;s
name is placed on the proxy, (whether by manual signature, typewriting, telegraphic transmission, facsimile, other electronic means or
otherwise) by the Shareholder or the Shareholder&rsquo;s attorney-in-fact. Proxies may be recorded by any electronic, telephonic, internet
or other telecommunication device except as otherwise provided in the Declaration of Trust. The placing of a Shareholder&rsquo;s name
on a proxy pursuant to telephonic or electronically transmitted instructions pursuant to procedures reasonably designed to verify that
such instructions have been authorized by the Shareholder shall constitute execution of the proxy by or on behalf of the Shareholder.
Proxies may be solicited in the name of one or more Trustees or one or more of the officers of the Trust. Only Shareholders of record
shall be entitled to vote. As determined by the Trustees without the vote or consent of Shareholders, on any matter submitted to a vote
of Shareholders each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share
shall be entitled to a proportionate fractional vote. Without limiting their power to designate otherwise in accordance with the preceding
sentence, the Trustees have established in the Declaration of Trust that each whole Share and Preferred Security shall be entitled to
one vote as to any matter on which it is entitled by the Declaration of Trust to vote and fractional shares shall be entitled to a proportionate
fractional vote. When any Share or Preferred Security is held jointly by several persons, any one of them may vote at any meeting in
person or by proxy in respect of such Share or Preferred Security, but if more than one of them shall be present at such meeting in person
or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in
respect of such Share or Preferred Security. A proxy, including a photographic or similar reproduction thereof and a telegram, cablegram,
wireless or similar transmission thereof, purporting to be executed by or on behalf of a Shareholder shall be presumed valid unless challenged
at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share or Preferred
Security is a minor or a person of unsound mind, and subject to guardianship or the legal control of any other person as regards the
charge or management of such Share or Preferred Security, he or she may vote by his or her guardian or such other person appointed or
having such control, and such vote may be given in person or by proxy. Except as otherwise provided herein or in the Declaration of Trust
or the Delaware Statutory Trust Act, 12 <U>Del</U>. <U>C</U>. &sect;&sect; 3801 <U>et seq</U>., all matters relating to the giving, voting
or validity of proxies shall be governed by the General Corporation Law of the State of Delaware relating to proxies, and judicial interpretations
thereunder, as if the Trust were a Delaware corporation and the Shareholders were shareholders of a Delaware corporation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Inspection
of Books.</B> The Trustees shall from time to time determine whether and to what extent, and at what times and places, and under what
conditions and regulations the accounts and books of the Trust or any of them shall be open to the inspection of the Shareholders; and
no Shareholder shall have any right to inspect any account or book or document of the Trust except as conferred by law or otherwise by
the Trustees or by resolution of the Shareholders.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Nominations
and Proposals by Shareholders.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Annual
Meetings of Shareholders.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Nominations
of persons for election as a Trustee and the proposal of other business to be considered by the Shareholders may be made at an annual
meeting of Shareholders (i)&nbsp;pursuant to the Trust&rsquo;s notice of meeting (or any supplement thereto), (ii)&nbsp;by or at the
direction of the Trustees or any committee thereof or (iii)&nbsp;by any Shareholder of the Trust who was a Shareholder of record at the
time the notice provided for in this Section&nbsp;3.8(a)&nbsp;is delivered to the Secretary and at the time of the annual meeting, who
held Shares continuously for such period (the &ldquo;Holding Period&rdquo;), who is entitled to vote at the meeting, who complied with
the notice procedures set forth in this Section&nbsp;3.8(a)&nbsp;and, with respect to the proposal of business (other than nominations
of persons for election as a Trustee), who held, together with any other Shareholders proposing such business, Qualifying Shares continuously
for the Holding Period. For purposes of this Section&nbsp;3.8(a)(1), &ldquo;Qualifying Shares&rdquo; shall mean 5% of the Outstanding
Shares of the Trust or 5% of the Outstanding Shares of the Series&nbsp;or Class&nbsp;to which the proposal relates.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
nominations for election to the Trustees or other business to be properly brought before an annual meeting by a Shareholder pursuant
to clause (iii)&nbsp;of paragraph (a)(1)&nbsp;of this Section&nbsp;3.8, the Shareholder must have given timely notice thereof in writing
to the Secretary of the Trust and any such proposed business (other than nominations of persons for election as a Trustee) must otherwise
be a proper matter for action by Shareholders. Without limiting the generality of the foregoing, no proposal may be made with respect
to any matter that the Shareholders do not have the right to vote on under Section&nbsp;1 of Article&nbsp;VII of the Declaration of Trust.
To be timely, a Shareholder&rsquo;s notice must be delivered to the Secretary at the principal executive office of the Trust by not later
than the close of business on the 90th day prior to the first anniversary of the date of mailing of the notice for the preceding year&rsquo;s
annual meeting nor earlier than the close of business on the 120th day prior to the first anniversary of the date of the mailing of the
notice for the preceding year&rsquo;s annual meeting; provided, however, that in the event that the date of the mailing of the notice
for the annual meeting is advanced or delayed by more than thirty days from the anniversary date of the mailing of the notice for the
preceding year&rsquo;s annual meeting, notice by the Shareholder to be timely must be so delivered not earlier than the close of business
on the 120th day prior to the date of mailing of the notice for such annual meeting and not later than the close of business on the later
of the 90th day prior to the date of mailing of the notice for such annual meeting or the 10th day following the day on which public
announcement of the date of mailing of the notice for such meeting is first made by the Trust. In no event shall the public announcement
of a postponement of the mailing of the notice for such annual meeting or of an adjournment or postponement of an annual meeting to a
later date or time commence a new time period for the giving of a Shareholder&rsquo;s notice as described above. A Shareholder&rsquo;s
notice to be proper must set forth: (a)&nbsp;as to the Shareholder giving the notice and the beneficial owners, if any, on whose behalf
the nomination or proposal is made (i)&nbsp;the name and address of such Shareholder, as they appear in the Trust&rsquo;s books, and
of such beneficial owner, (ii)&nbsp;the class or series and number of all shares of the Trust owned beneficially and of record by Shareholder
at the time the recommendation is submitted and the dates on which such shares were acquired, specifying the number of shares owned beneficially,
(iii)&nbsp;a description of all arrangements, agreements, or understandings between the Shareholder and any other person or persons (including
their names) pursuant to which the Shareholder recommendation is being made (including, in the case of a nomination, the candidate),
and if none, so specify, (iv)&nbsp;a representation, which is complied with, that the Shareholder is a Shareholder of record of the Trust
entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to propose such business or nomination, (v)&nbsp;a
representation, which is complied with, that the Shareholder or the beneficial owner, if any, intends or is part of a group which intends
to deliver a proxy statement and/or form of proxy to Shareholders entitled to cast the requisite number of votes to approve or adopt
the proposal or elect the nominee, and (vi)&nbsp;any other information relating to such Shareholder and beneficial owner, if any, that
must be disclosed in solicitation of proxies for election of trustees in an election contest (even if an election contest is not involved),
or otherwise would be required, in each case pursuant to the Exchange Act and the rules&nbsp;and regulations promulgated thereunder;
(b)&nbsp;as to each person whom the Shareholder proposes to nominate for election as a Trustee (i)&nbsp;a full listing of the proposed
candidate&rsquo;s education, experience (including knowledge of the investment company industry, experience as a trustee or director
or senior officer of public or private companies, and directorships on other boards of other registered investment companies), current
employment, date of birth, business and residence address, and the names and addresses of at least three professional references, (ii)&nbsp;information
as to whether the candidate is, has been or may be an &ldquo;interested person&rdquo; (as such term is defined in the Investment Company
Act of 1940, as amended) of the Trust, Calamos Advisors LLC (the &ldquo;Adviser&rdquo;) or any affiliate of the Adviser, and, if believed
not to be or have been an &ldquo;interested person,&rdquo; information regarding the candidate that will be sufficient for the Trustees
to make such determination, (iii)&nbsp;the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee
of the Trust, if elected, (iv)&nbsp;the class or series and number of all shares of the Trust or any other Trust owned of record or beneficially
by the candidate, as reported by the candidate, and (v)&nbsp;such other information that would be helpful to the Trustees in evaluating
the candidate; and (c)&nbsp;as to any other business that the Shareholder proposes to bring before the meeting, a brief description of
the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed
for consideration), the reasons for conducting such business at the meeting and any material interest in such business of such Shareholder
and the beneficial owner, if any, on whose behalf the proposal is made.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Shareholder providing notice of any nomination or any other business proposed to be made at a meeting shall further update and supplement
such notice so that: (a)&nbsp;the information provided in such notice pursuant to this Section&nbsp;3.8 shall be complete and correct
as of the record date for determining the Shareholders entitled to receive notice of the meeting, and such update and supplement shall
be delivered to, or be mailed and received by, the Secretary at the principal executive office of the Trust not later than five (5)&nbsp;business
days after the record date for determining the Shareholders entitled to receive notice of such meeting and (b)&nbsp;with respect to nominations
of persons for election as a Trustee, any additional information reasonably requested by the Board of Trustees to determine that each
person whom the Shareholder proposes to nominate for election as a Trustee is qualified to act as a Trustee, including information reasonably
requested by the Board of Trustees to determine that such proposed candidate has met the trustee qualifications as set out in Section&nbsp;4.6
of these By-Laws, is provided, and such update and supplement shall be delivered to, or be mailed and received by, the Secretary at the
principal executive office of the Trust not later than five (5)&nbsp;business days after the request by the Board of Trustees for additional
information regarding trustee qualifications has been delivered to, or mailed and received by, such Shareholder providing notice of any
nomination.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event that the number of trustees to be elected to the Board of Trustees is increased effective after the time period for which nominations
would otherwise be due under paragraph (a)(1)&nbsp;of this Section&nbsp;3.8 and there is no public announcement by the Trust of such
action or specifying the size of the increased Trustees at least one hundred days prior to the first anniversary of the date of mailing
of the notice for the preceding year&rsquo;s annual meeting, a Shareholder&rsquo;s notice required by this Section&nbsp;3.8 shall also
be considered timely, but only with respect to nominees for any new positions created by such increase, if the notice is delivered to
the Secretary at the principal executive offices of the Trust not later than the close of business on the 10th day immediately following
the day on which such public announcement is first made by the Trust.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Special
Meetings of Shareholders. Only such business shall be conducted at a special meeting of Shareholders as shall have been brought before
the meeting pursuant to the Trust&rsquo;s notice of meeting. Nominations of persons for election to the Trustees may be made at a special
meeting of Shareholders at which trustees are to be elected (i)&nbsp;pursuant to the Trust&rsquo;s notice of meeting (or any supplement
thereto), (ii)&nbsp;by or at the direction of the Trustees or any committee thereof or (iii)&nbsp;provided that the Trustees have determined
that trustees shall be elected at such special meeting, by any Shareholder of the Trust who is a Shareholder of record both at the time
the notice provided for in this Section&nbsp;3.8(b)&nbsp;is delivered to the Secretary and at the time of the special meeting, who is
entitled to vote at the meeting and who complied with the notice procedures set forth in this Section&nbsp;3.8(b)<B>.</B> In the event
the Trust calls a special meeting of Shareholders for the purpose of electing one or more Trustees, any such Shareholder may nominate
a person or persons (as the case may be) for election to such position as specified in the Trust&rsquo;s notice of meeting, if the Shareholder&rsquo;s
notice containing the information required by paragraph&nbsp;(a)(2)&nbsp;of this Section&nbsp;3.8 shall have been delivered to the Secretary
at the principal offices of the Trust not earlier than the close of business on the 120th day prior to such special meeting and not later
than the close of business on the later of the 90th day prior to such special meeting or the 10th day following the day on which public
announcement is first made of the date of the special meeting and the nominees proposed by the Trustees to be elected at such meeting.
In no event shall the public announcement of a postponement or adjournment of a special meeting to a later date or time commence a new
time period for the giving of a Shareholder&rsquo;s notice as described above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;General.
Only such persons who are nominated in accordance with the procedures and requirements set forth in this Section&nbsp;3.8 shall be eligible
to serve as trustee, and only such business shall be conducted at a meeting of Shareholders as shall have been brought before the meeting
in accordance with the procedures and requirements set forth in this Section&nbsp;3.8. The chairman of the meeting shall have the power
and duty to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the
case may be, in accordance with the procedures and requirements set forth in this Section&nbsp;3.8 and, if any proposed nomination or
other business is not in compliance with this Section&nbsp;3.8, to declare that such nomination or proposal shall be disregarded. Without
limiting the generality of the foregoing or any other requirements herein, (i)&nbsp;a Shareholder shall be disqualified from bringing
any business proposed to be brought before a meeting if all of the information in such Shareholder&rsquo;s notice, or provided in connection
therewith, is not correct and complete or if such Shareholder does not comply fully with the representations in such notice and (ii)&nbsp;if
the Shareholder (or a qualified representative of such Shareholder) does not appear at the annual or special meeting of Shareholders
of the Trust to present a nomination or proposed business, such nomination shall be disregarded and such proposed business shall not
be transacted, notwithstanding that proxies in respect of such vote may have been received by the Trust. For purposes of this Section&nbsp;3.8,
to be considered a qualified representative of a Shareholder, a person must be a duly authorized officer, manager or partner of such
Shareholder or must be authorized by a writing executed by such Shareholder or an electronic transmission delivered by such Shareholder
to act for such Shareholder as proxy at the meeting of Shareholders and such person must produce such writing or electronic transmission,
or a reliable reproduction of the writing or electronic transmission, at the meeting of Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this Section&nbsp;3.8 (a)&nbsp;the &ldquo;date of mailing of the notice&rdquo; shall mean the date of the proxy statement
for the solicitation of proxies for election of trustees and (b)&nbsp;&ldquo;public announcement&rdquo; shall mean disclosure (i)&nbsp;in
a press release either transmitted to the principal securities exchange on which Shares of the Trust&rsquo;s common stock are traded
or reported by a recognized news service or (ii)&nbsp;in a document publicly filed by the Trust with the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Compliance
with State and Federal Law. Notwithstanding the foregoing provisions of this Section&nbsp;3.8, a Shareholder shall also comply with all
applicable requirements of state law and of the Exchange Act and the rules&nbsp;and regulations thereunder with respect to the matters
set forth in this Section&nbsp;3.8. Nothing in this Section&nbsp;3.8 shall be deemed to affect any right of a Shareholder to request
inclusion of a proposal in, nor the right of the Trust to omit a proposal from, the Trust&rsquo;s proxy statement pursuant to Rule&nbsp;14a-8
(or any successor provision) under the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Abstentions
and Broker Non-Votes.</B> Outstanding Shares and Preferred Securities represented in person or by proxy (including Shares and Preferred
Securities which abstain or do not vote with respect to one or more of any proposals presented for Shareholder approval) will be counted
for purposes of determining whether a quorum is present at a meeting. Abstentions will be treated as Shares or Preferred Securities,
as applicable, that are present and entitled to vote for purposes of determining the number of Shares and Preferred Securities that are
present and entitled to vote with respect to any particular proposal, but will not be counted as a vote in favor of such proposal. If
a broker or nominee holding Shares or Preferred Securities in &ldquo;street name&rdquo; indicates on the proxy that it does not have
discretionary authority to vote as to a particular proposal, those Shares or Preferred Securities, as applicable, will not be considered
as present and entitled to vote with respect to such proposal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Action
without Meeting. </B> Any action which may be taken by Shareholders may be taken without a meeting if a majority of Outstanding Shares
and a majority of outstanding Preferred Securities, in each case entitled to vote on the matter (or such larger proportion thereof as
shall be required by law), consenting as separate classes and together as a single class, consent to the action in writing and the written
consents are filed with the records of the meetings of Shareholders. Such consents shall be treated for all purposes as a vote taken
at a meeting of Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Virtual
Meetings.</B> Notwithstanding any other provision of these By-laws, pursuant to Section&nbsp;3806(b)(5)&nbsp;and (f)&nbsp;of the Delaware
Statutory Trust Act, the Board of Trustees shall have the power and authority to determine that any annual or special meeting of Shareholders
be held solely by means of conference telephone or other communications equipment, in lieu of being held at any designated place, and
participation in such a meeting shall constitute presence in person at the meeting. Any such meeting shall be subject to such guidelines
and procedures as the Board of Trustees may adopt and the notice for any such meeting need not designate a &ldquo;place&rdquo; of the
meeting if it is to be held solely by means of conference telephone or other communications equipment. The Trustees may, in their sole
discretion, notify Shareholders of any postponement, adjournment or a change of the place of a meeting of Shareholders (including a change
to hold the meeting solely by means of remote communication) by a document publicly filed by the Trust with the Securities and Exchange
Commission (&ldquo;SEC&rdquo;) without the requirement of any further notice hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>T</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rustees</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Chairman
of the Trustees. </B>The Trustees shall appoint one of their number to be Chairman of the Trustees (&ldquo;Chairman&rdquo;). Unless otherwise
determined by the Trustees, the Chairman shall preside at all meetings of the Trustees and shareholders and shall have such other duties
as may be assigned to the Chairman by the Trustees from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Lead
Independent Trustee.</B> If the Chairman is an &ldquo;interested person&rdquo; of the Trust, as defined in the Investment Company Act
of 1940 (the &ldquo;1940 Act&rdquo;), the Trustees who are not such interested persons of the Trust (&ldquo;Independent Trustees&rdquo;)
shall appoint one of their number to be Lead Independent Trustee, who shall have such duties as may be assigned by the Independent Trustees
from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Meetings
of the Trustees.</B> The Trustees may in their discretion provide for regular or stated meetings of the Trustees. Notice of regular or
stated meetings need not be given. Meetings of the Trustees other than regular or stated meetings shall be held whenever called by the
Chairman, the Lead Independent Trustee or by two or more other Trustees, at the time then in office. Notice of the time and place of
each meeting other than regular or stated meetings shall be given by the Secretary or an Assistant Secretary or by the officer or Trustee
calling the meeting and shall be mailed, postage prepaid, to each Trustee at least three days before the meeting, or shall be given by
telephone, cable, wireless, facsimile or other electronic mechanism by which receipt thereof can be confirmed to each Trustee at his
or her business address, or personally delivered to him or her at least one day before the meeting. Such notice may, however, be waived
by any Trustee. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed by him or her before or
after the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting prior thereto
or at its commencement the lack of notice to him or her. A notice or waiver of notice need not specify the purpose of any meeting. The
Trustees may meet by means of a telephone conference circuit or similar communications equipment by means of which all persons participating
in the meeting can hear each other at the same time and participation by such means shall be deemed to have been held at a place designated
by the Trustees at the meeting. Participation in a telephone conference meeting shall constitute presence in person at such meeting.
Notwithstanding the foregoing, all actions of the Trustees shall be taken in compliance with the provisions of the 1940 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Quorum
and Manner of Acting. </B> A majority of the Trustees then in office shall be present in person at any regular or special meeting of
the Trustees in order to constitute a quorum for the transaction of business at such meeting and (except as otherwise required by law,
the Declaration of Trust or these By-Laws) the act of a majority of the Trustees present at any such meeting, at which a quorum is present,
shall be the act of the Trustees. In the absence of a quorum, a majority of the Trustees present may adjourn the meeting from time to
time until a quorum shall be present. Notice of an adjourned meeting need not be given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Action
by Consent</B>. Any action required or permitted to be taken at any meeting of the Trustees may be taken by the Trustees without a meeting
if a majority of the Trustees then in office (or such higher number of Trustees as would be required to act on the matter under the Declaration
of Trust, these By-Laws or applicable law if a meeting were held) consent to the action in writing and the written consents are filed
with the records of the Trustees&rsquo; meetings. Such consents shall be treated as a vote for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Trustee
Qualifications. </B> Except to the extent that such requirements are waived by a majority of the Continuing Trustees then in office at
the time of the nomination of such Trustee, only persons satisfying the following qualification requirements may be nominated, elected,
appointed, qualified or seated (&ldquo;nominated or seated&rdquo;) to serve as Trustees:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;An
individual nominated or seated as a Trustee shall be at least twenty-one years of age and not older than the mandatory retirement age
determined from time to time by the Trustees or a committee of the Trustees, in each case at the time the individual is nominated or
seated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;An
individual nominated or seated as a Trustee shall, at the time the individual is nominated or seated, serve as a trustee or director
of no more than 5 investment companies (including the Trust) having securities registered under the Exchange Act (investment companies
or individual series thereof having the same investment adviser or investment advisers affiliated through a control relationship shall
all be counted as a single company for this purpose).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;An
individual nominated or seated as a Trustee shall not serve or have served within the past 3 years as a trustee of any closed-end investment
company which, while such individual was serving as a trustee or within one year after the end of such service, ceased to be a closed-end
investment company registered under the 1940 Act, unless such individual was initially nominated for election as a trustee by the board
of trustees of such closed-end investment company or had served as a trustee since the inception of such closed-end investment company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;Except
as set forth in this Section&nbsp;4.6, an individual nominated or seated as a Trustee shall not be an employee, officer, partner, member,
trustee, director or 5% or greater shareholder in any investment adviser (other than the Trust&rsquo;s investment adviser or any investment
adviser affiliated with the Trust&rsquo;s investment adviser), collective investment vehicle primarily engaged in the business of investing
in &ldquo;investment securities&rdquo; (as defined in the 1940 Act) (an &ldquo;investment company&rdquo;) or entity controlling or controlled
by any investment adviser (other than the Trust&rsquo;s investment adviser or any investment adviser affiliated with the Trust&rsquo;s
investment adviser) or investment company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;An
individual nominated or seated as a Trustee shall not be and shall not have been subject to any censure, order, consent decree (including
consent decrees in which the respondent has neither admitted nor denied the findings) or adverse final action of any federal, state or
foreign governmental or regulatory authority (including self-regulatory organizations), barring or suspending such individual from participation
in or association with any investment-related business or restricting such individual&rsquo;s activities with respect to any investment-related
business, nor shall an individual nominated or seated as a Trustee be the subject of any investigation or proceeding that could reasonably
be expected to result in an individual nominated or seated as a Trustee failing to satisfy the requirements of this paragraph, nor shall
any individual nominated or seated as a Trustee be or have engaged in any conduct that has resulted in, or could have reasonably been
expected or would reasonably be expected to result in, the SEC censuring, placing limitations on the activities, functions, or operations
of, suspending, or revoking the registration of any investment adviser under Section&nbsp;203(e)&nbsp;or (f)&nbsp;of the Investment Advisers
Act of 1940, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(F)&nbsp;An
individual nominated or seated as a Trustee shall not have been charged (unless such charges were dismissed or the individual was otherwise
exonerated) with a criminal offense involving moral turpitude, dishonesty or breach of trust, or have been convicted or have pled guilty
or nolo contendere with respect to a felony under the laws of the United States or any state thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(G)&nbsp;An
individual nominated or seated as a Trustee shall not be and shall not have been the subject of any of the ineligibility provisions contained
in Section&nbsp;9(b)&nbsp;of the 1940 Act that would permit, or could reasonably have been expected or would reasonably be expected to
permit, the SEC by order to prohibit, conditionally or unconditionally, either permanently or for a period of time, such individual from
serving or acting as an employee, officer, trustee, director, member of an advisory board, investment adviser or depositor of, or principal
underwriter for, a registered investment company or affiliated person (as defined in Section&nbsp;2(a)(3)&nbsp;of the 1940 Act) of such
investment adviser, depositor, or principal underwriter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Liability
of Chairman and Lead Independent Trustee. </B> A Trustee serving as Chairman or Lead Independent Trustee shall not be subject to any
greater liability, nor subject to any higher standard or duty, than that to which he or she would be subject if not serving as such.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Election
of Trustees</B>. Pursuant to Section&nbsp;2 of Article&nbsp;7 of the Declaration of the Trust, the affirmative vote of a majority of
the Outstanding Securities entitled to vote shall elect a Trustee; provided, that if the Declaration of Trust or applicable law requires
that a Trustee be elected by individual Series&nbsp;or Classes, then the affirmative vote of a majority of the Outstanding Securities
entitled to vote of that Series&nbsp;or Class&nbsp;shall elect a Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;5</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>C</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ommittees</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Executive
and Other Committees.</B> The Trustees by vote of a majority of all the Trustees may elect from their own number an Executive Committee
to consist of not less than two members to hold office at the pleasure of the Trustees, which shall have the power to conduct the current
and ordinary business of the Trust while the Trustees are not in session, including the purchase and sale of securities and the designation
of securities to be delivered upon redemption of Shares or Preferred Securities of the Trust or a Series&nbsp;thereof, and such other
powers of the Trustees as the Trustees may delegate to them, from time to time, except those powers which by law, the Declaration of
Trust or these By-Laws they are prohibited from delegating. The Trustees may also elect from their own number other committees from time
to time; the number composing such committees, the powers conferred upon the same (subject to the same limitations as with respect to
the Executive Committee) and the term of membership on such committees to be determined by the Trustees. The Trustees may designate a
Chairman of any such committee. In the absence of such designation the committee may elect its own Chairman. In the absence or disqualification
of a member of any committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he,
she or they constitute a quorum, may unanimously appoint another Trustee to act at the meeting in place of any such absent or disqualified
member of such committee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Quorum
and Manner of Acting.</B> A majority of the members of any committee of the Trustees shall constitute a quorum for the transaction of
business, and any action of such a committee may be taken at a meeting by a majority of the members present (a quorum being present)
or evidenced by one or more writings signed by a majority of the members of such Committee. Members of a committee may participate in
a meeting of such committee by means of a conference telephone or other communications equipment by means of which all persons participating
in the meeting can hear each other at the same time and participation by such means shall constitute presence in person at a meeting.
Each committee designated by the Trustees may make, alter and repeal rules&nbsp;for the conduct of its business. In the absence of such
rules&nbsp;each committee shall conduct its business in the same manner as the Trustees conduct their business pursuant to Article&nbsp;4
of these By-Laws.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Liability
of Committee Chairman.</B> A Trustee serving as a Chairman of any committee of the Trustees shall not be subject to any greater liability,
nor subject to any higher standard or duty, than that to which he or she would be subject if not serving as Chairman of the committee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;6</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Officers</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>General
Provisions.</B> The officers of the Trust shall be a President, a Treasurer and a Secretary, who shall be elected by the Trustees. The
Trustees may elect such other officers or agents as the business of the Trust may require, including one or more Vice Presidents, one
or more Assistant Secretaries, and one or more Assistant Treasurers. The Trustees may delegate to any officer or committee the power
to appoint any subordinate officers or agents.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Election.
</B> The President, the Vice Presidents (if any), the Treasurer and the Secretary shall be elected annually by the Trustees. Other officers,
if any, may be elected by the Trustees at such meeting or at any other time. Vacancies in any office may be filled at any time by the
Trustees.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Tenure.
</B>Subject to Section&nbsp;6.4, each officer shall hold office and each agent shall retain authority at the pleasure of the Trustees.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Removal.
</B>The Trustees, at any regular or special meeting of the Trustees, may remove any officer with or without cause, by a vote of a majority
of the Trustees then in office. Any officer or agent appointed by an officer or committee may be removed with or without cause by such
appointing officer or committee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>President.
</B>Unless the Trustees otherwise provide, the President shall be the chief executive officer of the Trust and, subject to the direction
of the Trustees, shall have general charge of the business affairs and property of the Trust and general supervision over its officers,
employees and agents. Except as the Trustees may otherwise order, the President shall have the power to grant, issue, execute or sign
such powers of attorney, proxies, agreements, certifications or other documents as he or she may deem advisable or necessary in the furtherance
of the interests of the Trust or any Series&nbsp;or Class&nbsp;thereof. The President also shall have the power to employ attorneys,
accountants and other advisers and agents for the Trust. The President shall exercise such other powers and perform such other duties
as the Trustees may from time to time assign to the President.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Vice
Presidents.</B> The Vice Presidents shall, in the absence or disability of the President, and in the order designated by the Trustees,
perform the duties and exercise the powers of the President and, in addition, shall at all time perform such other duties and exercise
such other powers as may be prescribed by the Trustees or the President, to whose supervision they shall be subject. Any Vice President
of the Trust may be designated the chief financial officer of the Trust.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Chief
Financial Officer.</B> The Chief Financial Officer of the Trust shall have general charge of the finances of the Trust. The Chief Financial
Officer shall make annual reports regarding the business and financial condition of the Trust as soon as possible after the close of
the Trust&rsquo;s fiscal year and shall furnish such other reports concerning the business and financial condition of the Trust as the
Trustees may from time to time require. The Chief Financial Officer shall perform all acts incidental to the office of Chief Financial
Officer, subject to the supervision of the Trustees, and shall perform such additional duties as the Trustees or the Chairman may from
time to time designate. The Chief Financial Officer shall be responsible to and shall report to the Trustees. In the absence of the Chief
Financial Officer, the Treasurer may perform all duties of the Chief Financial Officer.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Treasurer.
</B> The Treasurer shall, subject to the provisions of the Declaration of Trust and to any arrangement made by the Trustees with any
custodian, investment adviser, or transfer, accounting or Shareholder servicing or similar agent, be the chief accounting officer and
be in charge of the valuable papers, books of account and accounting records of the Trust and shall have such other duties and powers
as may be designated from time to time by the Trustees or by the President. The Treasurer may be designated the chief financial officer
of the Trust.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Secretary.
</B>The Secretary shall, if and to the extent requested by the Trustees and/or shareholders, attend all meetings of the Trustees, any
committee of the Trustees and the Shareholders and record all the proceedings of such meetings in a book to be kept for that purpose.
In accordance with Section&nbsp;3.4 hereof, he or she shall give, or cause to be given, notice of all meetings of the Trustees and meetings
of the Shareholders, and shall perform such other duties as may be prescribed by the Trustees or President, to whose supervision he or
she shall be subject. The Secretary shall keep in safe custody the seal of the Trust and, when authorized by the Trustee, affix the same
to any instrument requiring it, which seal when so affixed may be attested by his or her signature or by the signature of the Treasurer
or an Assistant Secretary.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Assistant
Treasurers.</B> In the absence or disability of the Treasurer, any Assistant Treasurer designated by the Trustees shall perform all the
duties, and may exercise any of the powers, of the Treasurer. Each Assistant Treasurer shall perform such other duties as from time to
time may be assigned to such Assistant Treasurer by the Trustees. Each Assistant Treasurer performing the duties and exercising the powers
of the Treasurer, if any, shall give a bond for the faithful discharge of his or her duties, if required so to do by the Trustees, in
such sum and with such surety or sureties as the Trustees shall require.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Assistant
Secretaries.</B> In the absence or disability of the Secretary, any Assistant Secretary designated by the Trustees shall perform all
the duties, and may exercise any of the powers, of the Secretary. Each Assistant Secretary shall perform such other duties as from time
to time may be assigned to such officer by the Trustees.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Compensation
of Officers and Trustees and Members of the Advisory Board.</B> Subject to any applicable provisions of the Declaration of Trust, the
compensation of the officers and Trustees and members of any advisory board shall be fixed from time to time by the Trustees or, in the
case of officers, by any committee or officer upon whom such power may be conferred by the Trustees. No officer shall be prevented from
receiving such compensation as such officer by reason of the fact that the officer is also a Trustee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Power
to Vote Securities. </B>Unless otherwise ordered by the Trustees, the Chief Financial Officer and/or the Treasurer shall have full power
and authority on behalf of the Trust to give proxies for, and/or to attend and to act and to vote at, any meeting of stockholders of
any corporation in which the Trust may hold stock, and at any such meeting the Treasurer or his or her proxy shall possess and may exercise
any and all rights and powers incident to the ownership of such stock which, as the owner thereof, the Trust might have possessed and
exercised if present. The Trustees, by resolution from time to time, or, in the absence thereof, the Treasurer, may confer like powers
upon any other person or persons as attorneys and proxies of the Trust<B>.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;7</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fiscal
Year</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fiscal year of the Trust shall end on such date as the Trustees shall from time to time determine.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;8</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Seal</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustees may, but shall not be required to, adopt a seal which shall be in such form and shall have such inscription thereon as the Trustees
may from time to time prescribe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;9</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sufficiency
and Waivers of Notice</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
any notice whatever is required to be given by law, the Declaration of Trust or these By-Laws, a waiver thereof in writing, signed by
the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto. A
notice shall be deemed to have been sent by mail, telegraph or cable when it has been delivered to a representative of any company holding
itself out as capable of sending notice by such means with instructions that it be so sent, or at the time of confirmation if sent by
wireless, facsimile or other electronic means, and notice by a document publicly filed with the SEC shall be deemed given at the time
the Trust files such document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;10</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>C</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ertificates</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
so determined by resolution of the Board of Trustees, each Shareholder of the Trust shall be entitled upon request to have a certificate
or certificates, in such form as shall be approved by the Board of Trustees, representing the number of Shares or Preferred Securities
of the Trust owned by the Shareholder, provided, however, that certificates for fractional shares will not be delivered in any case.
Certificates representing Shares or Preferred Securities shall be signed by or in the name of the Trust by any two authorized officers
of the Trust (it being understood that each of the President or a Vice President, the Chairman, the Secretary or an Assistant Secretary,
or the Treasurer or an Assistant Treasurer, shall be an authorized officer for such purpose). Any or all of the signatures may be a facsimile.
In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall
have ceased to be such officer, transfer agent or registrar before such certificate shall be issued, it may be issued by the Trust with
the same effect as if such officer, transfer agent or registrar were still in the office at the date of issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;11</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>A</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mendment</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
By-Laws, or any of them, may be altered, amended or repealed, or new By-Laws may be adopted by the Trustees, provided, however, that
no By-law may be amended, adopted or repealed by the Trustees if such amendment, adoption or repeal requires, pursuant to law, the Declaration
of Trust or these By-Laws, a vote of the Shareholders.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;12</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Forum
for Adjudication of Disputes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the Trust consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i)&nbsp;any derivative action
or proceeding brought on behalf of the Trust, (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any Trustee,
officer or other employee of the Trust to the Trust or the Trust&rsquo;s Shareholders, (iii)&nbsp;any action asserting a claim arising
pursuant to any provision of the Delaware Statutory Trust Act or the Declaration of Trust or these By-Laws, (iv)&nbsp;any action to interpret,
apply, enforce or determine the validity of the Declaration of Trust or these By-Laws or (v)&nbsp;any action asserting a claim governed
by the internal affairs doctrine shall be the Court of Chancery of the State of Delaware, or, if the Court of Chancery of the State of
Delaware does not have jurisdiction, the Superior Court of the State of Delaware (each, a &ldquo;Covered Action&rdquo;). Any person purchasing
or otherwise acquiring or holding any interest in shares of beneficial interest of the Trust shall be (i)&nbsp;deemed to have notice
of and consented to the provisions of this Article&nbsp;12, and (ii)&nbsp;deemed to have waived any argument relating to the inconvenience
of the forums referenced above in connection with any action or proceeding described in this Article&nbsp;12.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any Covered Action is filed in a court other than the Court of Chancery of the State of Delaware or the Superior Court of the State of
Delaware (a &ldquo;Foreign Action&rdquo;) in the name of any Shareholder, such Shareholder shall be deemed to have consented to (i)&nbsp;the
personal jurisdiction of the Court of Chancery of the State of Delaware and the Superior Court of the State of Delaware in connection
with any action brought in any such courts to enforce the first paragraph of this Article&nbsp;12 (an &ldquo;Enforcement Action&rdquo;)
and (ii)&nbsp;having service of process made upon such Shareholder in any such Enforcement Action by service upon such Shareholder&rsquo;s
counsel in the Foreign Action as agent for such Shareholder. Furthermore, except to the extent prohibited by any provision of the Delaware
Statutory Trust Act or the Declaration of Trust, if any Shareholder shall initiate or assert a Foreign Action without the written consent
of the Trust, then each such Shareholder shall be obligated jointly and severally to reimburse the Trust and any officer or Trustee of
the Trust made a party to such proceeding for all fees, costs and expenses of every kind and description (including, but not limited
to, all reasonable attorneys&rsquo; fees and other litigation expenses) that the parties may incur in connection with any successful
motion to dismiss, stay or transfer such Foreign Action based upon non-compliance with this Article&nbsp;12.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any provision or provisions of this Article&nbsp;12 shall be held to be invalid, illegal or unenforceable as applied to any person or
circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such
provision(s)&nbsp;in any other circumstance and of the remaining provisions of this Article&nbsp;12 (including, without limitation, each
portion of any sentence of this Article&nbsp;12 containing any such provision held to be invalid, illegal or unenforceable that is not
itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons and circumstances shall not
in any way be affected or impaired thereby.</FONT></P>

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OF BY-LAWS</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.H.7
<SEQUENCE>4
<FILENAME>tm227263d1_ex99-h7.htm
<DESCRIPTION>EXHIBIT 99.H.7
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.h.7</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right">Execution Version</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DISTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This DISTRIBUTION AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;)
made as of [ ], 2022 by and between Calamos Convertible Opportunities and Income Fund, a Delaware statutory trust (the &ldquo;<U>Fund</U>&rdquo;),
and Foreside Fund Services, LLC, a Delaware limited liability company (the &ldquo;<U>Distributor</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>WITNESSETH</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Fund is registered under the Investment
Company Act of 1940, as amended, and the rules and regulations thereunder (collectively called the &ldquo;<U>Investment Company Act</U>&rdquo;),
as a diversified, closed-end, management investment company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Fund has filed a registration statement
on Form N-2 pursuant to the Investment Company Act and the Securities Act of 1933, as amended, and the rules and regulations thereunder
(collectively called the &ldquo;<U>Securities Act</U>&rdquo;), to register common shares of beneficial interest, no&nbsp;par value per
share, of the Fund (the &ldquo;<U>Common Shares</U>&rdquo;), which may be issued and sold from time to time through various specified
transactions, including at-the-market (&ldquo;<U>ATM</U>&rdquo;) offerings pursuant to Rule 415 under the Securities Act; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Distributor is registered as a broker-dealer
under the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &ldquo;<U>Exchange
Act</U>&rdquo;), and is a member in good standing of the Financial Industry Regulatory Authority, Inc. (&ldquo;<U>FINRA</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Fund and the Distributor wish to enter
into an agreement with each other with respect to ATM offerings, from time to time, of the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW THEREFORE, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1. <U>Appointment of the Distributor;
ATM Offerings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Subject to the terms and conditions of this
Agreement, the Fund hereby appoints the Distributor as its principal underwriter and placement agent for up to [______] Common Shares
of the Fund to be offered pursuant to the Registration Statement (as defined herein) through ATM offerings from time to time (the &ldquo;<U>Shares</U>&rdquo;)
and the Fund agrees that it will issue such Shares as the Distributor may sell. The Distributor agrees to enter into sub-placement agent
agreements with selected dealers, each of whom shall be registered as a broker-dealer under the provisions of the Exchange Act and a member
in good standing of FINRA who will use reasonable efforts to identify opportunities for the sale of Shares (each, a &ldquo;s<U>ub-placement
agent</U>&rdquo;), but neither the Distributor nor any sub-placement agent is obligated to sell any specific number of the Shares (though
the Distributor will only be authorized to sell on any Offering Date, subject to the terms and conditions contained herein, the maximum
number of Shares agreed to with the Fund pursuant to Section&nbsp;1(d) hereof). The Distributor will not purchase any Shares for its own
account. The Shares will only be sold on such days as shall be agreed to by the Distributor and the Fund (each, an &ldquo;<U>Offering
Date</U>&rdquo;). The Distributor hereby accepts such appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Distributor acknowledges that Shares will
be offered and sold only as set forth from time to time in the Registration Statement including, without limitation, pricing of Shares,
handling of investor funds and payment of sales commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Fund may suspend or terminate any ATM offering
of its Shares at any time. Upon notice to the Distributor of the terms of such suspension or termination, the Distributor shall suspend
the ATM offering of Shares in accordance with such terms until the Fund notifies the Distributor that such ATM offering may be resumed;
<U>provided</U>, <U>however</U>, that such suspension or termination shall not affect or impair the parties&rsquo; respective obligations
with respect to the Shares sold hereunder prior to the giving of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) The price per Share shall be determined
by the Fund together with the Distributor or any sub-placement agent by reference to trades in the Common Shares on the primary
exchange for the Common Shares. In no&nbsp;event shall the price per Share be less than the then current net asset value per Common
Share (which net asset value shall be determined as of a time within forty-eight hours, excluding Sundays and holidays, next
preceding the time of such determination) plus the per Share amount of the commission to be paid to the Distributor (the
 &ldquo;<U>Minimum Price</U>&rdquo;). The Fund may establish a minimum sales price per Share on any Offering Date in excess of the
Minimum Price (the &ldquo;<U>Minimum Sales Price</U>&rdquo;), and the Fund shall communicate such Minimum Sales Price to the
Distributor. The Fund shall have sole discretion to establish a Minimum Sales Price for any Offering Date and may consider, among
other factors, the degree to which the market price per Common Share exceeds the Fund&rsquo;s net asset value per Common Share, and
the amount of assets the Fund desires to raise through ATM offerings. The Distributor shall suspend the sale of Shares if the per
share price of the Shares is less than the Minimum Price or the Minimum Sales Price. The Distributor or any sub-placement agent
shall, together with the Fund, determine the maximum number of Shares to be sold through the Distributor or through such
sub-placement agent for any Offering Date, and the Distributor or such sub-placement agent shall not be authorized to sell Shares on
any Offering Date in excess of such maximum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) The Distributor will confirm to the Fund, following
the close of trading on the Fund&rsquo;s primary exchange on each Offering Date for the Shares, the number of Shares sold through the
Distributor and through any sub-placement agent, the time of sale, the gross sales price per Share and the compensation payable to the
Distributor and such sub-placement agent, or to which the Distributor and such sub-placement agent are entitled with respect to such sales.
The Fund reserves the right to reject any order in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) Settlement for sales of the Shares pursuant
to this Section&nbsp;1 will occur on the second business day following the date on which such sales are made (each such day, a &ldquo;<U>Settlement
Date</U>&rdquo;), unless otherwise agreed to in writing by the parties hereto. On each Settlement Date, the Shares sold through the Distributor
and through any sub-placement agent for settlement on such date shall be delivered by the Fund at the Distributor&rsquo;s request to such
sub-placement agent&rsquo;s account at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such
other means of delivery as may be mutually agreed upon by the parties, against payment of the gross sales proceeds for the sale of such
Shares, less the sales commission to be paid to the Distributor and such sub-placement agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g) In selling Shares, the Distributor shall act
solely as an agent of the Fund and not as principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h) The Distributor acknowledges that it has been
informed that the Fund shall not offer or sell the Shares unless the Managed Distribution Plan Requirement (as defined herein) has been
satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2. <U>Representations and Warranties
by the Fund</U>. The Fund represents, warrants to and agrees with the Distributor, as of the date hereof and as of each Offering Date
and Settlement Date, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) An &ldquo;automatic shelf registration statement&rdquo;
as defined in Rule 405 under the Securities Act on Form N-2 (File No. 333-[______] and 811-21080) (the &ldquo;<U>Registration Statement</U>&rdquo;)
(i)&nbsp;has been prepared by the Fund in conformity with the requirements of the Securities Act and the Investment Company Act in all
material respects; and (ii)&nbsp;has been filed with the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
under the Securities Act and the Investment Company Act; the Registration Statement sets forth the terms of the offering, sale and plan
of distribution of the Shares and contains additional information concerning the Fund and its business; no notice of objection of the
Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities
Act has been received by the Fund; the Registration Statement, including any amendments thereto, became effective upon filing; no&nbsp;stop
order of the Commission preventing or suspending the use of the Basic Prospectus (as defined herein), the Prospectus Supplement (as defined
herein) or the Prospectus (as defined herein), or the effectiveness of the Registration Statement, has been issued, and no&nbsp;proceedings
for such purpose have been instituted or, to the Fund&rsquo;s knowledge, have been threatened by the Commission. Except where the context
otherwise requires, &ldquo;<U>Registration Statement</U>,&rdquo; as used herein, means, collectively, the various parts of the Registration
Statement, as amended at the time of effectiveness for purposes of Section&nbsp;11 of the Securities Act (the &ldquo;<U>Effective Time</U>&rdquo;),
as such section applies to the Distributor, including (1)&nbsp;all documents filed as a part thereof or incorporated or deemed to be
incorporated by reference therein, (2)&nbsp;any information contained or incorporated by reference in a prospectus filed with the Commission
pursuant to Rule 424 under the Securities Act, to the extent such information is deemed pursuant to Rule 430B or Rule 430C under the
Securities Act to be part of the Registration Statement at the Effective Time, and (3) any registration statement filed to register the
offer and sale of Shares pursuant to Rule 462(b) under the Securities Act, &ldquo;<U>Basic Prospectus</U>,&rdquo; as used herein, means
the final prospectus filed as part of the Registration Statement, including the related statement of additional information, together
with any amendments or supplements thereto as of the date of this Agreement. Except where the context otherwise requires, &ldquo;<U>Prospectus
Supplement</U>,&rdquo; as used herein, means the final prospectus supplement, including the related statement of additional information,
relating to the Shares, filed by the Fund with the Commission pursuant to Rule 424 under the Securities Act, in the form furnished by
the Fund to the Distributor in connection with the offering of the Shares. Except where the context otherwise requires, &ldquo;<U>Prospectus</U>,&rdquo;
as used herein, means the Prospectus Supplement and the then-issued Issuer Free Writing Prospectus(es) (as defined below) together with
the Basic Prospectus attached to or used with the Prospectus Supplement. &ldquo;<I>Issuer Free Writing Prospectus</I>&rdquo; means any
 &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities Act, relating to the Shares, including without
limitation any &ldquo;free writing prospectus&rdquo; (as defined in Rule 405 under the Securities Act) that (1) is required to be filed
with the Commission by the Fund, (2) is a &ldquo;road show&rdquo; that is a &ldquo;written communication&rdquo; within the meaning of
Rule 433(d)(8)(i) under the Securities Act whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant
to Rule 433(d)(5)(i) under the Securities Act because it contains a description of the Shares or of the offering that does not reflect
the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form
retained in the Fund&rsquo;s records pursuant to Rule 433(g) under the Securities Act. Any reference herein to the Registration Statement,
the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Issuer Free Writing Prospectus shall be deemed to refer to and
include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Fund is duly registered under the Investment
Company Act as a closed-end management investment company. A notification of registration of the Fund as an investment company under the
Investment Company Act on Form N-8A (the &ldquo;<U>Investment Company Act Notification</U>&rdquo;) has been prepared by the Fund in conformity
with the Investment Company Act and has been filed with the Commission and, at the time of filing thereof and at the time of filing any
amendment or supplement thereto, conformed in all material respects with all applicable provisions of the Investment Company Act. The
Fund has not received any notice in writing from the Commission pursuant to Section&nbsp;8(e) of the Investment Company Act with respect
to the Investment Company Act Notification or the Registration Statement (or any amendment or supplement to either of them). No&nbsp;person
is serving or acting as an officer, trustee or investment adviser of the Fund except in accordance with the provisions of the Investment
Company Act, provided that for purposes of the foregoing representation with respect to officers and trustees, the Fund shall be entitled
to rely on representations from such officers and trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Fund has been granted an exemptive order
from the Commission pursuant to Section 6(c) of the Investment Company Act for an exemption from Section 19(b) of the Investment Company
Act and Rule 19b-1 under the Investment Company Act (the &ldquo;Exemptive Order&rdquo; ) that contains certain terms and conditions, including
a condition that the Fund will not make a public offering of Common Shares unless the Fund&rsquo;s average annual distribution rate for
the six months ending on the last day of the month ended immediately prior to the most recent distribution record date (expressed as a
percentage of net asset value per share as of such date) is no more than one percentage point greater than the Fund&rsquo;s average annual
total return for the 5-year period ending on such date (the &ldquo;Managed Distribution Plan Requirement&rdquo;). The Fund is in compliance
with the terms and conditions of the Exemptive Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) The Registration Statement, the Investment
Company Act Notification, the Prospectus and any Issuer Free Writing Prospectus, as from time to time amended or supplemented, each complied
when it became effective or was filed (as the case may be), complies as of the date hereof and, as amended or supplemented, will comply,
at each time of purchase of Shares in connection with each ATM offering, and at all times during which a prospectus is required by the
Securities Act to be delivered in connection with any sale of Shares, in all material respects, with the requirements of the Securities
Act and the Investment Company Act; the Registration Statement did not, as of the Effective Time, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; at no&nbsp;time
during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the
Commission and ends at the later of each time of purchase of Shares in connection with each ATM offering, and the end of the period during
which a prospectus is required by the Securities Act to be delivered in connection with any sale of Shares did or will the Prospectus,
as from time to time amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; each Issuer Free
Writing Prospectus, as of its issue date, as of each time of purchase of Shares in connection with each ATM offering and during the period
that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends
at the later of each time of purchase of Shares in connection with each ATM offering, and the end of the period during which a prospectus
is required by the Securities Act to be delivered in connection with any sale of Shares, did not and will not include any information
that conflicts with the information contained in the Registration Statement or the Prospectus, including any incorporated document deemed
to be a part thereof that has not been superseded or modified; <U>provided</U>, <U>however</U>, that the Fund does not make any representation
or warranty with respect to any statement contained in the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus
in reliance upon and in conformity with information furnished in writing by the Distributor or any sub-placement agents, or on the Distributor&rsquo;s
or any sub-placement agent&rsquo;s behalf, to the Fund expressly for use in the Registration Statement, the Prospectus or any Issuer Free
Writing Prospectus (the &ldquo;<U>Agent Provided Information</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) The financial statements incorporated by reference
in the Registration Statement or the Prospectus, together with the related notes and schedules, present fairly in all material respects
the financial position of the Fund as of the dates indicated and the results of operations, cash flows and changes in shareholders&rsquo;
equity of the Fund for the periods specified and have been prepared in compliance in all material respects with the requirements of the
Securities Act, the Investment Company Act and the Exchange Act, and in conformity in all material respects with U.S. generally accepted
accounting principles applied on a consistent basis during the periods involved; the other financial and statistical data contained or
incorporated by reference in the Registration Statement or the Prospectus are accurately and fairly presented, in all material respects,
and prepared on a basis consistent with the financial statements and books and records of the Fund in all material respects; there are
no&nbsp;financial statements that are required to be included or incorporated by reference in the Registration Statement, the Basic Prospectus
or the Prospectus by the Securities Act, the Investment Company Act or the Exchange Act that are not included or incorporated by reference
as required; and the Fund does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet
obligations), not described in the Registration Statement (excluding the exhibits thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) As of the date of this Agreement, the Fund
has an authorized and outstanding capitalization as set forth in the Registration Statement, the Basic Prospectus and the Prospectus and,
with respect to any issuance and sale under this Agreement, the Fund shall have as of the date of the most recent amendment or supplement
to the Registration Statement or Prospectus, an authorized and outstanding capitalization as set forth in the Registration Statement and
the Prospectus; all of the issued and outstanding Common Shares have been duly authorized and validly issued and are fully paid and non-assessable,
have been issued in material compliance with all applicable securities laws and were not issued in violation of any preemptive right,
resale right, right of first refusal or similar right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g) The Fund has been duly formed, is validly existing
and is in good standing under the laws of Delaware, with full power and authority to own, lease and operate and conduct its business as
described in the Registration Statement, the Basic Prospectus and the Prospectus and to issue, sell and deliver the Shares as contemplated
herein. The Fund is duly qualified to do business as a foreign entity and is in good standing in each jurisdiction where the conduct of
its business requires such qualification, except where the failure to be so qualified and in good standing would not, individually or
in the aggregate, have a material adverse effect on the business, properties, financial condition or results of operations of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h) The Shares have been duly and validly authorized
and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued, fully paid and non-assessable
and free of statutory and contractual preemptive rights, resale rights, rights of first refusal and similar rights; the Shares, when issued
and delivered against payment therefor as provided herein, will be free of any restriction upon the voting or transfer thereof pursuant
to the Fund&rsquo;s Second Amended and Restated Agreement and Declaration of Trust or By-laws or any agreement or other instrument to
which the Fund is a party. The Common Shares, including the Shares, conform in all material respects to the description thereof, if any,
contained or incorporated by reference in the Registration Statement, the Basic Prospectus or the Prospectus; and the certificates for
the Shares, if any, are in due and proper form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) The Fund is in material compliance with the
rules of the NASDAQ Global Select Market (the &ldquo;<U>Stock Exchange</U>&rdquo;), including, without limitation, the requirements for
continued listing of the Shares on the Stock Exchange and the Fund has not received any written notice from the Stock Exchange regarding
the delisting of the Shares from the Stock Exchange. The Shares will be duly listed, and admitted and authorized for trading, subject
to official notice of issuance, on the Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j) No&nbsp;approval, authorization, consent or
order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency,
or of or with any self-regulatory organization or other non-governmental regulatory authority (including, without limitation, the Stock
Exchange), or approval of the shareholders of the Fund that has not already been obtained, is required in connection with the issuance
and sale of the Shares or the consummation by the Fund of the transactions contemplated hereby, other than (i)&nbsp;the registration of
the Shares under the Securities Act, which has been effected, (ii)&nbsp;the listing of the Shares with the Stock Exchange, upon official
notice of issuance, (iii)&nbsp;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which
the Shares are being offered by the Fund or (iv)&nbsp;any necessary qualification pursuant to the rules of FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k) Prior to the execution of this Agreement,
the Fund has not, directly or indirectly, offered or sold any Shares by means of any &ldquo;prospectus&rdquo; or &ldquo;free writing
prospectus&rdquo; (in each case within the meaning of the Securities Act) or used any &ldquo;prospectus&rdquo; or &ldquo;free
writing prospectus&rdquo; (in each case within the meaning of the Securities Act) in connection with the offer or sale of the
Shares, and from and after the execution of this Agreement, the Fund will not, directly or indirectly, offer or sell any Shares by
means of any &ldquo;prospectus&rdquo; or &ldquo;free writing prospectus&rdquo; (in each case within the meaning of the Securities
Act) or use any &ldquo;prospectus&rdquo; or &ldquo;free writing prospectus&rdquo; (in each case within the meaning of the Securities
Act) in connection with the offer or sale of the Shares, other than the Prospectus, as amended or supplemented from time to time in
accordance with the provisions of this Agreement, or any Issuer Free Writing Prospectus to which the Distributor and the Agent have
consented; and the Fund is not an &ldquo;ineligible issuer&rdquo; (as defined in Rule&nbsp;405 under the Securities Act) as of the
eligibility determination date for purposes of Rules 164 and 433 under the Securities Act with respect to the offering of the Shares
contemplated by the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3. <U>Duties of the Fund</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The Fund shall take, from time to time, but
subject always to any necessary approval of the Board of Trustees of the Fund (each a &ldquo;<U>Trustee</U>,&rdquo; and together the &ldquo;<U>Board</U>&rdquo;)
or of its shareholders, all necessary action to fix the number of authorized Common Shares, to the end that the Fund will have a number
of authorized but unissued Common Shares at least equal to the number of Common Shares available for sale pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) For purposes of the ATM offering of Shares,
the Fund will furnish to the Distributor and any sub-placement agents copies of its most recent amendment to its Registration Statement,
its most recent Prospectus and all amendments and supplements thereto, and other documentation the Distributor may reasonably request
for use in the ATM offering of Shares, including without limitation, and to the extent applicable, a No Objections Letter from FINRA,
which the Fund procured. The Distributor and the sub-placement agents are authorized to furnish to prospective investors only such information
concerning the Fund and the ATM offering as may be contained in the Registration Statement, the Prospectus, the Fund&rsquo;s publicly
available formation documents, or any other documents (including sales material), that are expressly approved by the Fund for such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Fund shall furnish to the Distributor copies
of all financial statements of the Fund which the Distributor may reasonably request for use in connection with its duties hereunder,
and this shall include, upon request by the Distributor, one certified copy of all financial statements prepared for the Fund by independent
public accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) The Fund shall use its best efforts to qualify
and maintain, to the extent required by applicable law, the qualification of Shares for sale under the securities laws of such jurisdictions
as the Distributor and the Fund may approve, provided that the Fund shall not be required in connection therewith to qualify as a foreign
corporation or dealer in securities or to file a general consent to service of process in any jurisdiction or meet any other requirement
in connection with this Section&nbsp;3(d) deemed by the Fund to be unduly burdensome. Any such qualification may be withheld, terminated
or withdrawn by the Fund at any time in its discretion. The expense of qualification and maintenance of qualification shall be borne by
the Fund. The Distributor shall furnish such information and other material relating to its affairs and activities as may be required
by the Fund in connection with such qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) The Fund will furnish, in reasonable quantities
upon request by the Distributor, copies of its annual and semi-annual reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) The Fund will furnish the Distributor with
such other documents as it may reasonably require, from time to time, for the purpose of enabling it to perform its duties as contemplated
by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g) The Fund shall not offer or sell the Shares
unless the Managed Distribution Plan Requirement has been satisfied. The Fund shall also provide the Distributor and all sub-placement
agents with written notice of any instance of non- compliance with the Exemptive Order or the Managed Distribution Plan Requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4. <U>Duties of the Distributor</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The Distributor shall use its best efforts
to perform its duties hereunder. The services of the Distributor to the Fund hereunder are not to be deemed exclusive and nothing herein
contained shall prevent the Distributor from entering into like arrangements with other investment companies so long as the performance
of its obligations with respect to the Fund hereunder is not impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) In performing its duties hereunder, the
Distributor shall comply with the requirements of all applicable laws relating to the sale of securities in all material respects.
Neither the Distributor nor any sub-placement agent having an agreement to offer and sell Shares pursuant to Section&nbsp;5 hereof
nor any other person is authorized by the Fund to give any information or to make any representations, other than those contained in
its Registration Statement, Prospectus and any sales literature specifically approved for such use by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Distributor shall review and file with
FINRA as applicable, all sales literature (advertisements, brochures and shareholder communications) prepared in connection with the ATM
offerings for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) The Distributor agrees to supply the following
additional services, together with such other services as set forth throughout this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 84%; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">handling inquiries from sub-placement agents regarding the Fund;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting in the enhancement of communications between sub-placement agents and the Fund;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">communicating the Minimum Price or Minimum Sales Price to any sub-placement agents and instructing any sub-placement agents not to sell Shares if such sales cannot be effected at or above the Minimum Price or the Minimum Sales Price;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">communicating the maximum amount of Shares to be sold on any Offering Date to any sub-placement agents;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">notifying any sub-placement agents of any suspension or termination of the ATM offering of Shares, together with any corresponding resumption of the ATM offering of Shares;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">coordinating delivery of any Shares sold through sub-placement agents to such sub-placement agents on the Settlement Date against payment of the gross sales proceeds for the sale of such Shares, less any applicable sub-placement agent selling commission;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delivering the Fund&rsquo;s Prospectus to any sub-placement agents;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying potential sub-placement agents;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring the performance of sub-placement agents;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing any necessary reconciliation, accounting and recordkeeping services in respect of the ATM offerings of Shares, including with respect to the underwriting compensation paid by the Fund to the Distributor in respect thereof; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing such other information, assistance and services as may be reasonably requested by the Fund.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the avoidance of doubt, the Distributor shall not sell any shares
of the Fund directly to any investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) The Distributor shall report to the Board at
least quarterly, or more frequently, as requested by the Board, regarding: (i)&nbsp;the nature of the services provided by the Distributor
hereunder; (ii)&nbsp;the amount of compensation sub-placement agents, if any, are entitled to retain or be paid by the Distributor; and
(iii)&nbsp;the aggregate amount of underwriting compensation paid by the Fund to the Distributor in respect of the ATM offerings of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) The Distributor represents and warrants to
the Fund that it has all necessary licenses to perform the services contemplated hereunder and will perform such services in compliance
with all applicable rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g) The Distributor will furnish to the Fund as
it may reasonably require, from time to time, with certificates relating to enforceability and compliance matters substantially similar
to those certificates furnished by the Distributor to any sub-placement agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h) The Distributor shall furnish to the Fund copies
of any notices provided to the Distributor by any sub-placement agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5. <U>Agreements with Sub-Placement
Agents</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The Distributor may enter into sub-placement
agent agreements or selected dealer agreements, on such terms and conditions as the Distributor determines are not inconsistent with this
Agreement, with sub-placement agents to act as the Distributor&rsquo;s agents to effect the sale of the Shares in the ATM offerings. Such
sub-placement agents shall sell Shares only at market prices subject to the Minimum Price and the Minimum Sales Price. This Agreement
shall not be construed as authorizing any dealer or other person to accept orders for sale on the Fund&rsquo;s behalf or to otherwise
act as the Fund&rsquo;s agent for any purpose. The Distributor shall not be responsible for the acts of other dealers or agents except
as and to the extent that they shall be acting for the Distributor or under the Distributor&rsquo;s direction or authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Distributor shall offer and sell Shares
only through such sub-placement agents who are acting as brokers or dealers who are registered as broker-dealers under the provisions
of the Exchange Act and members in good standing of FINRA and who agree to abide by the rules of FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Distributor shall obtain assurance, reasonably
satisfactory to the Fund, from any sub-placement agents which it engages of the compliance by such sub-placement agents with the terms
of this Agreement, applicable federal and state securities laws and the rules of FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6. <U>Sales Commission; Compensation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The Fund shall pay the Distributor an amount
equal to 1.00% of the gross sales price per Share of the Shares sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Distributor shall pay to the sub-placement
agents the sub-placement agent commissions agreed to between the Distributor and such sub-placement agents, or may authorize such sub-placement
agents to retain such sub-placement agent commissions from the gross sales proceeds from the sale of such Shares, which shall be payable
from the commissions payable to the Distributor under Section&nbsp;6(a) herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Fund hereby represents and warrants to
the Distributor that (i)&nbsp;the terms of this Agreement, (ii)&nbsp;the fees and expenses associated with this Agreement, and (iii)&nbsp;any
benefits accruing to the Distributor or to the Fund&rsquo;s investment adviser or sponsor or another affiliate of the Fund in connection
with this Agreement, which the Fund has agreed to pay, including but not limited to any fee waivers, conversion cost reimbursements, up-front
payments, signing payments or periodic payments relating to this Agreement have been fully disclosed to the Board and that, if required
by applicable law, the Board has approved or will approve the terms of this Agreement, any such fees and expenses, and any such benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7. <U>Payment of Expenses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The Fund shall bear all of its own costs and
expenses, including fees and disbursements of its counsel and auditors, in connection with the preparation and filing of the Registration
Statement, the Prospectus and all amendments and supplements thereto, and in connection with any fees and expenses incurred with respect
to any filing requirements of FINRA and preparing and mailing annual and interim reports and proxy materials to shareholders (including
but not limited to the expense of setting in type the Registration Statement, the Prospectus and all amendments and supplements thereto,
interim reports or proxy materials).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Fund shall bear any cost and expenses of
qualification of the Shares for sale pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Distributor shall bear all expenses incurred
by it in connection with its duties and activities under this Agreement, including the compensation of sub-placement agents for sales
of the Fund&rsquo;s Shares, provided that it shall pay such sub-placement agents only for so long as and to the extent that it receives
such compensation from the Fund, and fees and expenses of Distributor&rsquo;s counsel (except for any FINRA filing fees or &ldquo;blue
sky&rdquo; fees paid on behalf of the Fund or the Distributor by such counsel).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;8. <U>Limitation of Liability; Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The Distributor shall not be liable for any
error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates,
except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless
disregard by it of its obligations and duties under this Agreement. The Distributor shall not be liable for any damages arising out of
any action or omission to act by any prior service provider of the Fund or for any failure to discover any such error or omission (provided
that this sentence shall not apply where the Distributor was the prior service provider). Notwithstanding anything in this Agreement to
the contrary, the Distributor shall not be liable for damages occurring directly or indirectly by reason of circumstances beyond its reasonable
control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The Fund agrees that it will indemnify, defend
and hold harmless the Distributor, its several officers, and directors, and any person who controls the Distributor within the meaning
of Section&nbsp;15 of the Securities Act, from and against any losses, claims, damages or liabilities, joint or several, to which the
Distributor, its several officers, and directors, and any person who controls the Distributor within the meaning of Section&nbsp;15 of
the Securities Act, may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or
actions or proceedings in respect thereof)&nbsp;(i) arise out of, or are based upon any untrue statement or alleged untrue statement of
a material fact contained in the Registration Statement, the Prospectus, or any Issuer Free Writing Prospectus or in any application or
other document executed by or on behalf of the Fund or are based upon information furnished by or on behalf of the Fund filed in any state
in order to qualify the Shares under the securities or blue sky laws thereof (&ldquo;<U>Blue Sky Application</U>&rdquo;) or arise out
of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading; or (ii)&nbsp;arise out of, or are based upon, any breach of the representations, warranties
or covenants of the Fund contained in this Agreement; <U>provided</U>, <U>however</U>, that the Fund shall not be liable in any case to
the extent that such loss, claim, damage or liability arises out of, or is based upon, any untrue statement, alleged untrue statement,
or omission or alleged omission made in the Registration Statement, the Prospectus, any Issuer Free Writing Prospectus or any Blue Sky
Application with respect to the Fund in reliance upon and in conformity with any Agent Provided Information, or arising out of the failure
of the Distributor or any sub-placement agent to deliver a current Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Distributor will indemnify and hold harmless
the Fund and its several officers and trustees, and any person who controls the Fund within the meaning of Section&nbsp;15 of the Securities
Act, from and against any losses, claims, damages or liabilities, joint or several, to which any of them may become subject under the
Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise
out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement,
the Prospectus, any Issuer Free Writing Prospectus or any Blue Sky Application, or arise out of, or are based upon, the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, which
statement or omission was made in reliance upon and in conformity with information furnished in writing to the Fund or any of its several
officers by or on behalf of the Distributor specifically for inclusion therein, and will reimburse the Fund and its several officers,
trustees and such controlling persons for any legal or other expenses reasonably incurred by any of them in investigating, defending or
preparing to defend any such action, proceeding or claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) An indemnified person under this Section&nbsp;8
(the &ldquo;<U>Indemnified Party</U>&rdquo;) shall give written notice to the other party (the &ldquo;<U>Indemnifying Party</U>&rdquo;)
of any loss, damage, expense, liability or claim in respect of which the Indemnifying Party has a duty to indemnify such Indemnified Party
under Section&nbsp;8(b) or (c)&nbsp;hereof (a &ldquo;<U>Claim</U>&rdquo;), specifying in reasonable detail the nature of the loss, damage,
expense, liability or claim for which indemnification is sought, except that any delay or failure so to notify such Indemnifying Party
shall only relieve such Indemnifying Party of its obligations hereunder to the extent, if at all, that such Indemnifying Party is actually
prejudiced by reason of such delay or failure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) If a Claim results from any action, suit
or proceeding brought or asserted against an Indemnified Party, the Indemnifying Party shall assume the defense thereof, including
the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses. The Indemnified
Party shall have the right to employ separate counsel in such action, suit or proceeding and participate in such defense thereof,
but the fees and expenses of such separate counsel shall be at the expense of the Indemnified Party unless (i)&nbsp;the Indemnifying
Party has agreed in writing to pay such fees and expenses, (ii)&nbsp;the Indemnifying Party has failed within a reasonable time to
assume the defense and employ counsel or (iii)&nbsp;the named parties to any such action, suit or proceeding (including any
impleaded parties) include both such Indemnified Party and Indemnifying Party and such Indemnified Party shall have been advised by
its counsel that representation of such Indemnified Party and Indemnifying Party by the same counsel would be inappropriate under
applicable standards of professional conduct (whether or not such representation by the same counsel has been proposed) due to
actual or potential differing interests between the Indemnifying Party and the Indemnified Party (in which case the Indemnifying
Party shall not have the right to assume the defense of such action, suit or proceeding on behalf of such Indemnified Party). It is
understood, however, that the Indemnifying Party shall, in connection with any one action, suit or proceeding or separate but
substantially similar or related actions, suits or proceedings in the same jurisdiction arising out of the same general allegations
or circumstances be liable for the reasonable fees and expenses of only one separate firm of attorneys (in addition to any local
counsel) at any time for all such <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnified Parties not
having actual or potential differing interests with the Indemnifying Party or among themselves, which firm shall be designated in
writing by an authorized representative of such parties and that all such fees and expenses shall be reimbursed promptly as they are
incurred. The Indemnifying Party shall not be liable for any settlement of any such action, suit or proceeding effected without its
written consent, but if settled with such written consent or if there be a final judgment for the plaintiff in any such action, suit
or proceeding, the Indemnifying Party agrees to indemnify and hold harmless any Indemnified Party from and against any loss,
liability, damage or expense by reason by such settlement or judgment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) With respect to any Claim not within Section&nbsp;8(e)
hereof, the Indemnifying Party shall have twenty (20)&nbsp;days from receipt of notice from the Indemnified Party of such Claim within
which to respond thereto. If the Indemnifying Party does not respond within such twenty-day period, it shall be deemed to have accepted
responsibility to make payment and shall have no&nbsp;further right to contest the validity of such Claim. If the Indemnifying Party notifies
the Indemnified Party within such twenty-day period that it rejects such Claim in whole or in part, the Indemnified Party shall be free
to pursue such remedies as may be available to the Indemnified Party under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g) If the indemnification provided for in this
Section&nbsp;8 is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless in respect of any losses,
damages, expenses, liabilities or claims referred to therein, then each applicable Indemnifying Party shall contribute to the amount paid
or payable by such Indemnified Party as a result of such losses, damages, expenses, liabilities or claims in such proportion as is appropriate
to reflect (i)&nbsp;the relative benefits received by the Indemnified Party, on the one hand, and the Indemnifying Party, on the other
hand, from the offering of the Shares; or (ii)&nbsp;if, but only if, the allocation provided for in clause (i)&nbsp;is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;but also
the relative fault of the Indemnified Party, on the one hand, and of the Indemnifying Party, on the other, in connection with any statements
or omissions or other matters which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable
considerations. The relative fault of the parties hereto shall be determined by reference to, among other things, whether the untrue statement
or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by such party, on one hand,
or by the other party, on the other hand, and the parties&rsquo; relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The amount paid or payable by a party hereto as a result of the losses, damages, expenses,
liabilities and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred
by such party in connection with investigating, preparing to defend or defending any proceeding. The parties hereto agree that it would
not be just and equitable if contribution pursuant to this Section&nbsp;8 were determined by pro rata allocation or by any other method
of allocation that does not take account of the equitable considerations referred to in this Section&nbsp;8(g). No&nbsp;person guilty
of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h) Notwithstanding any other provisions in this
Section&nbsp;8, no&nbsp;party shall be entitled to indemnification or contribution under this Agreement against any loss, claim, liability,
expense or damage arising by reason of such person&rsquo;s willful misfeasance, bad faith or gross negligence in the performance of its
duties hereunder or by reason of such person&rsquo;s reckless disregard of such person&rsquo;s obligations and duties thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) The indemnity and contribution agreements contained
in this Section&nbsp;8 and the covenants, warranties and representations of the parties contained in this Agreement shall remain in full
force and effect regardless of any investigation made by or on behalf of the Fund, its, trustees or officers or any person (including
each officer or trustee of such person) who controls the Fund within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act, or by or on behalf of the Distributor, its directors or officers or any person who controls the Distributor within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and shall survive any termination of this
Agreement or the issuance and delivery of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j) IN NO&nbsp;EVENT WILL ANY PARTY TO THIS AGREEMENT
BE LIABLE TO ANY OTHER PERSON OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED
TO LOST PROFITS), EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;9. <U>Duration and Termination of
this Agreement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) This Agreement may be terminated at any time,
without the payment of any penalty, by the Fund or by the Distributor, on five (5)&nbsp;days&rsquo; written notice to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) Unless earlier terminated pursuant to Section&nbsp;9(a)
hereof, this Agreement shall automatically terminate upon the issuance and sale of all of the Shares through the Distributor or any sub-placement
agents on the terms and subject to the conditions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) This Agreement shall remain in full force and
effect unless terminated pursuant to Sections (9)(a) or 9(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) Any termination of this Agreement shall be
effective on the date specified in such notice of termination; provided that such termination shall not be effective until the close of
business on the date of receipt of such notice by the other party. If such termination shall occur prior to the Settlement Date for any
sale of Shares, such Shares shall settle in accordance with the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;10. <U>Amendments of this Agreement</U>.
This Agreement may be amended by the parties only pursuant to a written instrument executed by the Fund and the Distributor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;11. <U>Governing Law</U>. This Agreement
and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement, directly
or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York. To the extent that
the applicable law of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment
Company Act, the latter shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;12. <U>Waiver of Jury Trial</U>. EACH
OF THE FUND (ON ITS BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS AFFILIATES) AND THE DISTRIBUTOR (ON ITS BEHALF
AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS MEMBERS AND AFFILIATES) WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) IN ANY WAY ARISING OUT OF OR RELATING TO THIS AGREEMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;13. <U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The captions in this Agreement are included
for convenience of reference only and in no&nbsp;way define or delimit any of the provisions hereof or otherwise affect their construction
or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) This Agreement constitutes the entire agreement
and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard
to the subject matter hereof. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise,
the remainder of this Agreement shall not be affected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and permitted assigns and the officers, and directors, trustees,
and controlling persons referred to in Section&nbsp;8 hereof. Neither party may assign its rights or obligations under this Agreement
without the prior written consent of the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) The parties acknowledge and agree that all
share related numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event
effected with respect to the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) The terms &ldquo;affiliated person&rdquo; and
 &ldquo;interested person,&rdquo; when used in this Agreement, shall have the respective meanings specified in the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;14. <U>Proprietary and Confidential
Information</U>. The Distributor agrees on behalf of itself and its employees to treat confidentially and as proprietary information of
the Fund all records and other information relative to the Fund and prior, present or potential shareholders, and not to use such records
and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to
and approval in writing by the Fund, which approval shall not be unreasonably withheld and shall not be required where the Distributor
may be exposed to civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted
authorities, or when so requested by the Fund. The provisions of this Section&nbsp;14 shall survive termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything in this Agreement to the
contrary, each party hereto agrees that: (i)&nbsp;any Nonpublic Personal Information, as defined under Section&nbsp;248.3(t) of Regulation
S-P (&ldquo;<U>Regulation S-P</U>&rdquo;), promulgated under the Gramm-Leach-Bliley Act (the &ldquo;<U>Act</U>&rdquo;), disclosed by a
party hereunder is for the specific purpose of permitting the other party to perform the services set forth in this Agreement, and (ii)&nbsp;with
respect to such information, each party will comply with Regulation S-P and the Act and will not disclose any Nonpublic Personal Information
received in connection with this Agreement to any other party, except to the extent as necessary to carry out the services set forth in
this Agreement or as otherwise permitted by Regulation S-P or the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;15. <U>Notices</U>. All communications
hereunder will be in writing and effective only on receipt, and will be mailed, delivered or emailed and confirmed to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If to the Distributor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Foreside Fund Services, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Three Canal Plaza, Suite&nbsp;100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Portland, Maine 04101</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Attention: Legal Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Email: legal@foreside.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For all operational notices or communications:
etp-services@foreside.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If to the Fund:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Calamos Advisors LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2020 Calamos Court</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Naperville, Illinois 60563</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Attention: General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Email: cjackson@Calamos.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>The remainder of this page is intentionally
left blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written. This Agreement may be executed by the parties hereto in any number of counterparts,
all of which shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">CALAMOS CONVERTIBLE OPPORTUNITIES
    AND INCOME FUND</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: J. Christopher Jackson</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Vice President and Secretary</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">FORESIDE FUND SERVICES, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-size: 10pt">&nbsp; &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Mark Fairbanks</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Vice President</FONT></TD></TR>
  </TABLE>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.8
<SEQUENCE>5
<FILENAME>tm227263d1_ex99-h8.htm
<DESCRIPTION>EXHIBIT 99.H.8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 99.h.8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SUB-PLACEMENT&nbsp;AGENT
AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Foreside Fund Services,
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Three Canal Plaza,
Suite 100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Portland, Maine 04101</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">[&nbsp;&nbsp;&nbsp; ], 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">UBS Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">1285 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">RE:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">At-the-Market&nbsp;Offerings by Calamos Convertible Opportunities and Income Fund</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">From time to time Foreside
Fund Services, LLC (the &ldquo;<I>Distributor</I>&rdquo;, &ldquo;<I>we</I>&rdquo; or &ldquo;<I>us</I>&rdquo;) will act as manager of registered&nbsp;at-the-market&nbsp;offerings
by Calamos Convertible Opportunities and Income Fund, a Delaware statutory trust (the &ldquo;<I>Fund</I>&rdquo;), of up to [______] shares
(the &ldquo;<I>Shares</I>&rdquo;) of beneficial interest, no par value per share, of the Fund (the &ldquo;<I>Common Shares</I>&rdquo;).
In the case of such offerings, the Fund has agreed with the Distributor to issue and sell through the Distributor, as sales agent, the
Shares (the &ldquo;<I>Distribution Agreement</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">We hereby agree to retain
UBS Securities LLC (the &ldquo;<I>Agent</I>&rdquo; or &ldquo;<I>you</I>&rdquo;) as a&nbsp;sub-placement&nbsp;agent with respect to the
offerings of the Shares to be issued and sold by the Fund (the &ldquo;<I>Offerings</I>&rdquo;) as the Fund and the Distributor may indicate
from time to time, and you agree to act in such capacity, all upon, and subject to, the terms and conditions set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 1.&nbsp;<U>Description
of Offerings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(a) The Shares are to
be sold on a daily basis or otherwise as shall be determined by the Fund together with the Distributor or the Agent on any day (each,
an &ldquo;<I>Offering Date</I>&rdquo;) that is a trading day for the exchange on which the Fund&rsquo;s Shares are listed and primarily
trade (the &ldquo;<I>Stock Exchange</I>&rdquo;) (other than a day on which the Stock Exchange is scheduled to close prior to its regular
weekday closing time). Promptly after the Fund together with the Distributor or the Agent have determined the maximum amount of the Shares
to be distributed by the Distributor for any Offering Date, which shall not in any event exceed the amount available for issuance under
the currently effective Registration Statement (as defined herein) (the &ldquo;<I>Maximum Daily Amount</I>&rdquo;), and the minimum price
per Share below which the Shares may not be sold by the Agent on any Offering Date (the &ldquo;<I>Minimum Daily Price</I>&rdquo;), the
Distributor shall advise the Agent of the Maximum Daily Amount and the Minimum Daily Price. Subject to the terms and conditions hereof,
the Agent shall use its reasonable best efforts to sell all of the Shares designated in accordance with the plan of distribution set forth
in the Prospectus Supplement (as defined herein); provided, however, that in no event shall the Agent sell Shares in excess of the Maximum
Daily Amount or for a price per Share below the Minimum Daily Price. The gross sales price of the Shares sold under this Section&nbsp;1(a)
shall be the market price at which the Agent sells such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(b) Notwithstanding
the foregoing, the Distributor or the Fund may instruct the Agent by telephone (confirmed promptly by&nbsp;e-mail&nbsp;or other electronic
means) of a revised Minimum Daily Price and/or a revised Maximum Daily Amount and the Agent shall not sell Shares for a price per Share
below such revised Minimum Daily Price, or in a quantity in excess of such revised Maximum Daily Amount, after the giving of such notice.
In addition, the Distributor or the Fund may, upon notice to the Agent by telephone (confirmed promptly by&nbsp;e-mail&nbsp;or other electronic
means), suspend the offering of the Shares at any time; provided, however, that such suspension or termination shall not affect or impair
the parties&rsquo; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(c) The Agent agrees
not to make any sales of the Shares pursuant to this Section&nbsp;1, other than through transactions for which compliance with Rule 153
under the Securities Act of 1933, as amended (the &ldquo;<I>Securities Act</I>&rdquo;), will satisfy the prospectus delivery requirements
of Section&nbsp;5(b)(2) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(d) The
compensation to the Agent, as a&nbsp;sub-placement&nbsp;agent for each sale of the Shares pursuant to this Section&nbsp;1, shall be
the Applicable Selling Agent Commission (as set forth on the Addendum hereto) with respect to the Shares sold, multiplied by the
Gross Sales Proceeds (the &ldquo;<I>Agent Compensation</I>&rdquo;), as further described in the Addendum to
this&nbsp;Sub-Placement&nbsp;Agent Agreement (the &ldquo;<I>Agreement</I>&rdquo;). The Agent shall not be responsible for any fees
imposed by any governmental or self-regulatory organization on the Fund or the Distributor in respect of such sales. The Distributor
may pay the Agent Compensation to the Agent, or may authorize the Agent to retain the Agent Compensation from the Gross Sales
Proceeds. The Agent Compensation shall be payable solely out of the compensation the Distributor receives from the Fund pursuant to
the Distribution Agreement (the &ldquo;<I>Related Compensation</I>&rdquo;). Notwithstanding anything to the contrary in any other
provision of this Agreement (or, for the avoidance of doubt, in the Addendum hereto), the Distributor shall have no obligation to
pay any portion of the Agent Compensation to the Agent, or authorize the retention by the Agent of any portion of the Agent
Compensation from the Gross Sales Proceeds, until the Distributor receives at least an equivalent amount of Related Compensation,
and the Distributor&rsquo;s obligation to the Agent for the Agent Compensation is limited solely to amounts payable out of the
Related Compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(e) The Agent shall
provide written confirmation to the Distributor following the close of trading on the Stock Exchange on each Offering Date setting forth
for each sale the number of Shares sold, the time of sale, the Gross Sales Price per Share, and the compensation that the Agent is owed
with respect to such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(f) Settlement for sales
of the Shares pursuant to this Section&nbsp;1 will occur on the second business day following the date on which such sales are made (each
such day, a &ldquo;<I>Settlement Date</I>&rdquo;), unless otherwise agreed to in writing by the parties hereto. On each Settlement Date,
the Shares sold through the Agent for settlement on such date shall be delivered by the Fund at the request of the Distributor to the
Agent against payment of (i)&nbsp;the Gross Sales Proceeds for the sale of such Shares or (ii)&nbsp;to the extent authorized by the Distributor,
the Gross Sales Proceeds, less the Related Compensation. If the Agent is authorized by the Distributor to retain the Agent Compensation
from the Gross Sales Proceeds for the sale of the Shares, then the Agent shall (i)&nbsp;pay to the Distributor an amount equal to the
Related Compensation minus the Agent Compensation in same day funds delivered to the account(s) designated by the Distributor and (ii)&nbsp;remit
to the Fund the Gross Sales Proceeds, less the Related Compensation. If the Distributor shall default on its obligation to deliver the
Shares on any Settlement Date, subject to the terms of Section&nbsp;5 herein, the Distributor shall (A)&nbsp;hold the Agent harmless against
any reasonable loss, claim or damage arising from or as a result of such default by the Distributor and (B)&nbsp;pay the Agent any commission
to which it would otherwise be entitled absent such default. If the Agent breaches this Agreement by failing to deliver proceeds on any
Settlement Date for the Shares delivered by the Distributor, subject to the terms of Section&nbsp;5 herein, the Agent shall (A)&nbsp;hold
the Distributor harmless against any reasonable loss, claim or damage arising from or as a result of such default by the Agent, (B)&nbsp;deliver
such proceeds to the Distributor as soon as practicable and (C)&nbsp;pay the Distributor interest based on the effective overnight Federal
Funds rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(g) In connection with
this Agreement and the Offerings, the Distributor shall, no more than once per calendar quarter in which the Fund and the Distributor
have requested, or anticipate requesting, that the Agent sell Shares pursuant to an Offering, provide to the Agent such certificates and
other documents, in any case, as the Agent may reasonably request upon reasonable notice (but in no event upon notice of less than five
business days) relating to authorization, capacity, enforceability and compliance matters. Any such certifications shall be made as of
the end of the calendar quarter immediately preceding the calendar quarter in which such request by the Agent is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(h) In connection
with this Agreement and the Offerings, the Agent will promptly notify the Distributor and the Fund of any
material&nbsp;non-confidential&nbsp;claim or complaint, any material enforcement action or other material proceeding by a regulatory
authority with respect to the Fund, the Shares or the Offerings against or directed at or to the Agent or its principals,
affiliates, officers, directors, employees or agents, or any person who controls the Agent, within the meaning of Section&nbsp;15 of
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(i) In connection with
this Agreement and the Offerings, the Agent will promptly notify the Distributor and the Fund of any examination by any regulatory agency
or self-regulatory organization that has resulted in a material compliance deficiency in connection with the Offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(j) The Agent acknowledges
that it has been informed that the Fund shall not offer or sell the Shares unless the Managed Distribution Plan Requirement (as defined
herein) has been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 2.&nbsp;<U>Representations
and Warranties by the Distributor</U>. The Distributor represents, warrants to and agrees with the Agent, as of the date hereof and as
of each Offering Date and Settlement Date, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(a) Based upon the representations
made by the Fund to the Distributor in the Distribution Agreement, an &ldquo;automatic shelf registration statement&rdquo; as defined
under Rule 405 under the Securities Act on Form&nbsp;N-2&nbsp;(File No.&nbsp;333-[______] and 811-21080) (the &ldquo;<I>Registration Statement</I>&rdquo;)
(i) has been prepared by the Fund in conformity with the requirements of the Securities Act of 1933, as amended, and the rules and regulations
thereunder (collectively called the &ldquo;<I>Securities Act</I>&rdquo;) and the Investment Company Act of 1940, as amended, and the rules
and regulations thereunder (collectively called the &ldquo;<I>1940 Act</I>&rdquo;) in all material respects; and (ii)&nbsp;has been filed
with the U.S. Securities and Exchange Commission (the &ldquo;<I>Commission</I>&rdquo;) under the Securities Act and the 1940 Act; the
Registration Statement sets forth the terms of the offering, sale and plan of distribution of the Shares and contains additional information
concerning the Fund and its business; no notice of objection of the Commission to the use of the Registration Statement or any post-effective
amendment thereto pursuant to Rule 401(g)(2) under the Securities Act has been received by the Fund; the Registration Statement, including
any amendments thereto, became effective upon filing; no stop order of the Commission preventing or suspending the use of the Basic Prospectus
(as defined herein), the Prospectus Supplement (as defined herein) or the Prospectus (as defined herein), or the effectiveness of the
Registration Statement, has been issued, and no proceedings for such purpose have been instituted or, to the Fund&rsquo;s knowledge, have
been threatened by the Commission. Except where the context otherwise requires, &ldquo;<I>Registration Statement</I>,&rdquo; as used herein,
means, collectively, the various parts of the Registration Statement, as amended at the time of effectiveness for purposes of Section&nbsp;11
of the Securities Act (the &ldquo;<I>Effective Time</I>&rdquo;), as such section applies to the Distributor, including (1)&nbsp;all documents
filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2)&nbsp;any information contained or incorporated
by reference in a prospectus filed with the Commission pursuant to Rule 424 under the Securities Act, to the extent such information is
deemed pursuant to Rule 430B or Rule 430C under the Securities Act to be part of the Registration Statement at the Effective Time, and
(3) any registration statement filed to register the offer and sale of Shares pursuant to Rule 462(b) under the Securities Act. &ldquo;<I>Basic
Prospectus</I>,&rdquo; as used herein, means the final prospectus filed as part of the Registration Statement, including the related statement
of additional information, together with any amendments or supplements thereto as of the date of the Agreement. Except where the context
otherwise requires, &ldquo;<I>Prospectus Supplement</I>,&rdquo; as used herein, means the final prospectus supplement, including the related
statement of additional information, relating to the Shares, filed by the Fund with the Commission pursuant to Rule 424 under the Securities
Act, in the form furnished by the Fund to the Distributor in connection with the offering of the Shares. Except where the context otherwise
requires, &ldquo;<I>Prospectus</I>,&rdquo; as used herein, means the Prospectus Supplement and the then-issued Issuer Free Writing Prospectus(es)
(as defined below) together with the Basic Prospectus attached to or used with the Prospectus Supplement. &ldquo;<I>Issuer Free Writing
Prospectus</I>,&rdquo; as used herein, means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities
Act, relating to the Shares, including without limitation any &ldquo;free writing prospectus&rdquo; (as defined in Rule 405 under the
Securities Act) that (1) is required to be filed with the Commission by the Fund, (2) is a &ldquo;road show&rdquo; that is a &ldquo;written
communication&rdquo; within the meaning of Rule 433(d)(8)(i) under the Securities Act whether or not required to be filed with the Commission,
or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) under the Securities Act because it contains a description of the Shares or
of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or,
if not required to be filed, in the form retained in the Fund&rsquo;s records pursuant to Rule 433(g) under the Securities Act. Any reference
herein to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Issuer Free Writing Prospectus
shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(b) Based upon the representations
made by the Fund to the Distributor in the Distribution Agreement, (i)&nbsp;the Fund is duly registered under the 1940 Act as a&nbsp;closed-end&nbsp;management
investment company; (ii)&nbsp;a notification of registration of the Fund as an investment company under the 1940 Act on Form&nbsp;N-8A&nbsp;(the
 &ldquo;<I>1940 Act Notification</I>&rdquo;) has been prepared by the Fund in conformity with the 1940 Act and has been filed with the
Commission and, at the time of filing thereof and at the time of filing any amendment or supplement thereto, conformed in all material
respects with all applicable provisions of the 1940 Act; (iii)&nbsp;the Fund has not received any notice in writing from the Commission
pursuant to Section&nbsp;8(e) of the 1940 Act with respect to the 1940 Act Notification or the Registration Statement (or any amendment
or supplement to either of them); and (iv)&nbsp;no person is serving or acting as an officer, trustee or investment adviser of the Fund
except in accordance with the provisions of the 1940 Act, provided that for purposes of the foregoing representation with respect to officers
and trustees of the Fund, the Fund shall be entitled to rely on representations from such officers and trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(c)Based upon the
representations made by the Fund to the Distributor in the Distribution Agreement, the Fund has been granted an exemptive order from
the Commission pursuant to Section 6(c) of the Investment Company Act for an exemption from Section 19(b) of the Investment Company
Act and Rule 19b-1 under the 1940 Act (the &ldquo;Exemptive Order&rdquo; ) that contains certain terms and conditions, including a
condition that the Fund will not make a public offering of Common Shares unless the Fund&rsquo;s average annual distribution rate
for the six months ending on the last day of the month ended immediately prior to the most recent distribution record date
(expressed as a percentage of net asset value per share as of such date) is no more than one percentage point greater than the
Fund&rsquo;s average annual total return for the 5-year period ending on such date (the &ldquo;Managed Distribution Plan
Requirement&rdquo;). The Fund is in compliance with the terms and conditions of the Exemptive Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(d) Based upon the representations
made by the Fund to the Distributor in the Distribution Agreement, the Registration Statement, the 1940 Act Notification, the Prospectus
and any Issuer Free Writing Prospectus, as from time to time amended or supplemented, each complied when it became effective or was filed
(as the case may be), complies as of the date hereof and, as amended or supplemented, will comply, at each time of purchase of Shares
in connection with each Offering, and at all times during which a prospectus is required by the Securities Act to be delivered in connection
with any sale of Shares, in all material respects, with the requirements of the Securities Act and the 1940 Act; the Registration Statement
did not, as of the Effective Time, contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; at no time during the period that begins on the earlier of the date
of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends at the later of each time of purchase
of Shares in connection with each Offering, and the end of the period during which a prospectus is required by the Securities Act to be
delivered in connection with any sale of Shares, did or will the Prospectus, as from time to time amended or supplemented, include an
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; each Issuer Free Writing Prospectus, as of its issue date, as of each time
of purchase of Shares in connection with each Offering and during the period that begins on the earlier of the date of the Basic Prospectus
and the date the Basic Prospectus was filed with the Commission and ends at the later of each time of purchase of Shares in connection
with each Offering, and the end of the period during which a prospectus is required by the Securities Act to be delivered in connection
with any sale of Shares, did not and will not include any information that conflicts with the information contained in the Registration
Statement or the Prospectus, including any incorporated document deemed to be a part thereof that has not been superseded or modified;
provided, however, that the Distributor does not make any representation or warranty with respect to any statement contained in the Registration
Statement, the Prospectus or any Issuer Free Writing Prospectus in reliance upon and in conformity with information furnished in writing
by the Agent or on the Agent&rsquo;s behalf to the Distributor or the Fund expressly for use in the Registration Statement, the Prospectus
or any Issuer Free Writing Prospectus (the &ldquo;<I>Agent Provided Information</I>&rdquo;). The Agent confirms that (i)&nbsp;the Agent&rsquo;s
name on the front cover and under the headings &ldquo;Prospectus Supplement Summary&mdash;The Offering&rdquo; and &ldquo;Plan of Distribution&rdquo;
in the Prospectus Supplement and (ii)&nbsp;[the ninth paragraph and the second sentence of the tenth paragraph] under the heading &ldquo;Plan
of Distribution&rdquo; of the Prospectus Supplement was the only information furnished in writing to the Distributor or the Fund by or
on behalf of the Agent expressly for use in the Registration Statement or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(e) Based upon the representations
made by the Fund to the Distributor in the Distribution Agreement, the financial statements incorporated by reference in the Registration
Statement or the Prospectus, together with the related notes and schedules, present fairly in all materials respects the financial position
of the Fund as of the dates indicated and the results of operations, cash flows and changes in shareholders&rsquo; equity of the Fund
for the periods specified and have been prepared in compliance in all material respects with the requirements of the Securities Act, the
1940 Act and the Securities Exchange Act of 1934, as amended (the &ldquo;<I>Exchange Act</I>&rdquo;), and in conformity in all material
respects with U.S. generally accepted accounting principles applied on a consistent basis during the periods involved; the other financial
and statistical data contained or incorporated by reference in the Registration Statement or the Prospectus are accurately and fairly
presented, in all material respects, and prepared on a basis consistent with the financial statements and books and records of the Fund
in all material respects; there are no financial statements that are required to be included or incorporated by reference in the Registration
Statement, the Basic Prospectus or the Prospectus by the Securities Act, the 1940 Act or the Exchange Act that are not included or incorporated
by reference as required; and the Fund does not have any material liabilities or obligations, direct or contingent (including any&nbsp;off-balance&nbsp;sheet
obligations), not described in the Registration Statement (excluding the exhibits thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(f) Based upon the
representations made by the Fund to the Distributor in the Distribution Agreement, as of the date of this Agreement, the Fund has an
authorized and outstanding capitalization as set forth in the Registration Statement, the Basic Prospectus and the Prospectus and,
with respect to any issuance and sale under this Agreement, the Fund shall have as of the date of the most recent amendment or
supplement to the Registration Statement or Prospectus, an authorized and outstanding capitalization as set forth in the
Registration Statement and the Prospectus; all of the issued and outstanding shares of beneficial interest of the Fund have been
duly authorized and validly issued and are fully paid and&nbsp;non-assessable,&nbsp;have been issued in material compliance with all
applicable securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar
right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(g) Based upon the representations
made by the Fund to the Distributor in the Distribution Agreement, (i)&nbsp;the Fund has been duly formed, is validly existing and is
in good standing under the laws of Delaware, with full power and authority to own, lease and operate and conduct its business as described
in the Registration Statement, the Basic Prospectus and the Prospectus and to issue, sell and deliver the Shares as contemplated herein;
and (ii)&nbsp;the Fund is duly qualified to do business as a foreign entity and is in good standing in each jurisdiction where the conduct
of its business requires such qualification, except where the failure to be so qualified and in good standing would not, individually
or in the aggregate, have a material adverse effect on the business, properties, financial condition or results of operations of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(h) Based upon the representations
made by the Fund to the Distributor in the Distribution Agreement, (i)&nbsp;the Shares have been duly and validly authorized and, when
issued and delivered against payment therefor as provided herein, will be duly and validly issued, fully paid and&nbsp;non-assessable&nbsp;and
free of statutory and contractual preemptive rights, resale rights, rights of first refusal and similar rights; (ii)&nbsp;the Shares,
when issued and delivered against payment therefor as provided herein, will be free of any restriction upon the voting or transfer thereof
pursuant to the Fund&rsquo;s Second Amended and Restated Agreement and Declaration of Trust or By-laws or any agreement or other instrument
to which the Fund is a party; (iii)&nbsp;the Common Shares, including the Shares, conform in all material respects to the description
thereof, if any, contained or incorporated by reference in the Registration Statement, the Basic Prospectus or the Prospectus; (iv)&nbsp;the
certificates for the Shares, if any, are in due and proper form; (v)&nbsp;the Fund is in material compliance with the rules of the NASDAQ
Global Select Market (the &ldquo;<I>Stock Exchange</I>&rdquo;), including, without limitation, the requirements for continued listing
of the Common Shares on the Stock Exchange and the Fund has not received any written notice from the Stock Exchange regarding the delisting
of the Common Shares from the Stock Exchange; and (vi)&nbsp;the Shares will be duly listed, and admitted and authorized for trading, subject
to official notice of issuance, on the Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(i) The Distributor
has full corporate power and authority to enter into this Agreement and the transactions contemplated hereby. This Agreement has been
duly authorized, executed and delivered by the Distributor. Assuming due authorization, execution and delivery of this Agreement by the
Agent, this Agreement constitutes a valid and binding agreement of the Distributor and is enforceable against the Distributor in accordance
with its terms, except as the enforceability hereof and thereof may be limited by applicable bankruptcy, insolvency, reorganization and
similar laws affecting creditors&rsquo; rights generally and moratorium laws in effect from time to time and by equitable principles restricting
the availability of equitable remedies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(j) Based upon the representations
made by the Fund to the Distributor in the Distribution Agreement, no approval, authorization, consent or order of or filing with any
federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or of or with any self-regulatory
organization or other&nbsp;non-governmental&nbsp;regulatory authority (including, without limitation, the Stock Exchange), or approval
of the shareholders of the Fund that has not already been obtained, is required in connection with the issuance and sale of the Shares
or the consummation by the Fund of the transactions contemplated hereby, other than (i)&nbsp;the registration of the Shares under the
Securities Act, which has been effected, (ii)&nbsp;the listing of the Shares with the Stock Exchange, upon official notice of issuance,
(iii)&nbsp;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being
offered through the Agent or (iv)&nbsp;any necessary qualification pursuant to the rules of the Financial Industry Regulatory Authority,
Inc. (&ldquo;<I>FINRA</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(k) Based upon the
representations made by the Fund to the Distributor in the Distribution Agreement, prior to the execution of the Distribution
Agreement, the Fund has not, directly or indirectly, offered or sold any Shares by means of any &ldquo;prospectus&rdquo; or
 &ldquo;free writing prospectus&rdquo; (in each case within the meaning of the Securities Act) or used any &ldquo;prospectus&rdquo;
or &ldquo;free writing prospectus&rdquo; (in each case within the meaning of the Securities Act) in connection with the offer or
sale of the Shares, and from and after the execution of this Agreement, the Fund will not, directly or indirectly, offer or sell any
Shares by means of any &ldquo;prospectus&rdquo; or &ldquo;free writing prospectus&rdquo; (in each case within the meaning of the
Securities Act) or use any &ldquo;prospectus&rdquo; or &ldquo;free writing prospectus&rdquo; (in each case within the meaning of the
Securities Act) in connection with the offer or sale of the Shares, other than the Prospectus, as amended or supplemented from time
to time in accordance with the provisions of this Agreement, or any Issuer Free Writing Prospectus to which the Distributor and the
Agent have consented; and the Fund is not an &ldquo;ineligible issuer&rdquo; (as defined in Rule&nbsp;405 under the Securities Act)
as of the eligibility determination date for purposes of Rules 164 and 433 under the Securities Act with respect to the offering of
the Shares contemplated by the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 3.&nbsp;<U>Representations
and Warranties by the Agent</U>. The Agent represents, warrants to and agrees with the Distributor, as of the date hereof and as of each
Offering Date and Settlement Date, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(a) The Agent has full
corporate power and authority to enter into this Agreement and the transactions contemplated hereby. This Agreement has been duly authorized,
executed and delivered by the Agent. Assuming due authorization, execution and delivery by the Distributor, this Agreement constitutes
a valid and binding agreement of the Agent and is enforceable against the Agent in accordance with its terms, except as the enforceability
hereof and thereof may be limited by applicable bankruptcy, insolvency, reorganization and similar laws affecting creditors&rsquo; rights
generally and moratorium laws in effect from time to time and by equitable principles restricting the availability of equitable remedies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(b) The Agent Provided
Information is or will be complete and accurate in all material respects and does not or will not, as from time to time amended or supplemented,
include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(c) The Agent has adopted
and implemented written policies and procedures reasonably designed to prevent violation of federal and state securities laws, including
policies and procedures that provide oversight of compliance by each registered representative of the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 4.&nbsp;<U>Additional
Covenants</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(a) The Agent hereby
confirms that it is actually engaged in the investment banking and securities business and is a member in good standing with FINRA and
hereby agrees that it will undertake to comply with all applicable FINRA rules (as amended from time to time, including without limitation,
any successor provision) in connection with acting as&nbsp;sub-placement&nbsp;agent for the sale of the Shares. The Agent further agrees
that in acting as&nbsp;sub-placement&nbsp;agent for the sale of the Shares, it will comply with all applicable laws, rules and regulations,
including the applicable provisions of the Securities Act and the Exchange Act, the applicable rules and regulations of the Commission
thereunder, and the applicable rules and regulations of any state or any securities exchange or self-regulatory organization having jurisdiction
over the relevant Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(b) The Agent hereby
agrees that in acting as&nbsp;sub-placement&nbsp;agent for the sale of the Shares, it will not use, authorize use of, refer to, or participate
in the planning for use of any written communication (as defined in Rule 405 under the Securities Act) concerning any Offering, other
than the Prospectus or any Issuer Free Writing Prospectus to which the Distributor and the Agent have consented. The Agent further agrees
that in acting as&nbsp;sub-placement&nbsp;agent for the sale of the Shares, it is not authorized by the Distributor or the Fund or any
other seller of the Shares offered pursuant to the Prospectus to give any information or to make any representation not contained in the
Prospectus in connection with the sale of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(c) The Distributor
shall not be under any obligation to the Agent except for obligations assumed hereunder or in writing by the Distributor in connection
with any Offering. Nothing contained herein or in any communication in writing from us shall constitute the Distributor and the Agent
an association or partners with one another. If such parties should be deemed to constitute a partnership for Federal income tax purposes,
then the Agent elects to be excluded from the application of Subchapter K, Chapter 1, Subtitle A of the Internal Revenue Code of 1986
and agrees not to take any position inconsistent with that election. The Agent authorizes the Distributor, in its discretion, to execute
and file on its behalf such evidence of that election as may be required by the Internal Revenue Service. In connection with any Offering,
each party shall be liable for its proportionate amount of any tax, claim, demand or liability that may be asserted against it alone,
based upon the claim that either of them constitutes an association, an unincorporated business or other entity, including, in each case,
its proportionate amount of any expense incurred in defending against any such tax, claim, demand or liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(d) The parties acknowledge
and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected with
respect to the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(e) The Agent shall
at all times comply with the offering requirements as set forth herein and under the heading &ldquo;Plan of Distribution&rdquo; in the
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 5.&nbsp;<U>Indemnification
and Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(a) The Distributor
agrees to indemnify, defend and hold harmless the Agent, its partners, directors and officers, and any person who controls the Agent within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and the successors and assigns of all of
the foregoing persons, from and against any reasonable loss, damage, expense, liability or claim (including the reasonable cost of investigation)
which the Agent or any such person may incur under the Securities Act, the 1940 Act, the Exchange Act, the common law or otherwise, insofar
as such loss, damage, expense, liability or claim (or any actions or proceedings in respect thereof) arises out of or is based upon (i)&nbsp;any
material breach of any representation, warranty, covenant or agreement of the Distributor contained in this Agreement, (ii)&nbsp;any material
violation by the Distributor of any law, rule or regulation (including any rule of any self-regulatory organization) applicable to the
Offerings, or (iii)&nbsp;any untrue statement or alleged untrue statement of a material fact appearing in the Registration Statement,
the Prospectus or any Issuer Free Writing Prospectus or omission or alleged omission to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading, except to the
extent such statements were included in the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus in reliance upon
and in conformity with the Agent Provided Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(b) The Agent agrees
to indemnify, defend and hold harmless the Distributor, the Fund, their partners, trustees, directors and officers, and any person who
controls the Distributor or the Fund within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act,
and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including
the reasonable cost of investigation) which the Distributor, the Fund or any such other person may incur under the Securities Act, the
1940 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim (or any actions or
proceedings in respect thereof) arises out of or is based upon (i)&nbsp;any material breach of any representation, warranty, covenant
or agreement of the Agent contained in this Agreement or (ii)&nbsp;any material violation by the Agent of any law, rule or regulation
(including any rule of any self-regulatory organization), or (iii)&nbsp;any untrue statement or alleged untrue statement or omission or
alleged omission made in the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus in reliance upon and in conformity
with the Agent Provided Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(c) An indemnified person
under Section&nbsp;5 of this Agreement (the &ldquo;<I>Indemnified Party</I>&rdquo;) shall give written notice to the other party (the
 &ldquo;<I>Indemnifying Party</I>&rdquo;) of any loss, damage, expense, liability or claim in respect of which the Indemnifying Party has
a duty to indemnify such Indemnified Party under Section&nbsp;5(a) or (b)&nbsp;of this Agreement (a &ldquo;<I>Claim</I>&rdquo;), specifying
in reasonable detail the nature of the loss, damage, expense, liability or claim for which indemnification is sought, except that any
delay or failure so to notify such Indemnifying Party shall only relieve such Indemnifying Party of its obligations hereunder to the extent,
if at all, that such Indemnifying Party is actually prejudiced by reason of such delay or failure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(d) If a Claim
results from any action, suit or proceeding brought or asserted against an Indemnified Party, the Indemnifying Party shall assume
the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all
fees and expenses. The Indemnified Party shall have the right to employ separate counsel in such action, suit or proceeding and
participate in such defense thereof, but the fees and expenses of such separate counsel shall be at the expense of the Indemnified
Party unless (i)&nbsp;the Indemnifying Party has agreed in writing to pay such fees and expenses, (ii)&nbsp;the Indemnifying Party
has failed within a reasonable time to assume the defense and employ counsel or (iii)&nbsp;the named parties to any such action,
suit or proceeding (including any impleaded parties) include both such Indemnified Party and Indemnifying Party and such Indemnified
Party shall have been advised by its counsel that representation of such Indemnified Party and Indemnifying Party by the same
counsel would be inappropriate under applicable standards of professional conduct (whether or not such representation by the same
counsel has been proposed) due to actual or potential differing interests between the Indemnifying Party and the Indemnified Party
(in which case the Indemnifying Party shall not have the right to assume the defense of such action, suit or proceeding on behalf of
such Indemnified Party). It is understood, however, that the Indemnifying Party shall, in connection with any one action, suit or
proceeding or separate but substantially similar or related actions, suits or proceedings in the same jurisdiction arising out of
the same general allegations or circumstances be liable for the reasonable fees and expenses of only one separate firm of attorneys
(in addition to any local counsel) at any time for all such Indemnified Parties not having actual or potential differing interests
with the Indemnifying Party or among themselves, which firm shall be designated in writing by an authorized representative of such
parties and that all such fees and expenses shall be reimbursed promptly as they are incurred. The Indemnifying Party shall not be
liable for any settlement of any such action, suit or proceeding effected without its written consent, but if settled with such
written consent or if there be a final judgment for the plaintiff in any such action, suit or proceeding, the Indemnifying Party
agrees to indemnify and hold harmless any Indemnified Party from and against any loss, liability, damage or expense by reason by
such settlement or judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(e) With respect to
any Claim not within Paragraph (d)&nbsp;of Section&nbsp;5 hereof, the Indemnifying Party shall have 20 days from receipt of notice from
the Indemnified Party of such Claim within which to respond thereto. If the Indemnifying Party does not respond within such&nbsp;twenty-day&nbsp;period,
it shall be deemed to have accepted responsibility to make payment and shall have no further right to contest the validity of such Claim.
If the Indemnifying Party notifies the Indemnified Party within such&nbsp;twenty-day&nbsp;period that it rejects such Claim in whole or
in part, the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(f) If the indemnification
provided for in this Section&nbsp;5 is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless in respect
of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable Indemnifying Party shall contribute
to the amount paid or payable by such Indemnified Party as a result of such losses, damages, expenses, liabilities or claims in such proportion
as is appropriate to reflect (i)&nbsp;the relative benefits received by the Indemnified Party, on the one hand, and the Indemnifying Party,
on the other hand, from the offering of the Shares; or (ii)&nbsp;if, but only if, the allocation provided for in clause (i)&nbsp;is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;but
also the relative fault of the Indemnified Party, on the one hand, and of the Indemnifying Party, on the other, in connection with any
statements or omissions or other matters which resulted in such losses, damages, expenses, liabilities or claims, as well as any other
relevant equitable considerations. The relative benefits received by the Distributor, on the one hand, and the Agent, on the other, shall
be deemed to be in the same respective proportions as the total compensation received by the Distributor from sales of the Shares bears
to the total compensation received by the Agent from sales of the Shares. The relative fault of the parties hereto shall be determined
by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged
omission relates to information supplied by such party, on one hand, or by the other party, on the other hand, and the parties&rsquo;
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or
payable by a party hereto as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be
deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to
defend or defending any proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section&nbsp;5 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in this subsection (f). No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)
of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding
the foregoing provisions of this subsection (f), the Agent shall not be required to contribute any amount in excess of the commissions
received by it under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(g) The indemnity and
contribution agreements contained in this Section&nbsp;5 and the covenants, warranties and representations of the parties contained in
this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Agent, its partners,
directors or officers or any person (including each partner, officer or director of such person) who controls the Agent within the meaning
of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, or by or on behalf of the Distributor, its directors
or officers or any person who controls the Distributor within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(h) IN NO EVENT WILL
ANY PARTY TO THIS AGREEMENT BE LIABLE TO ANY OTHER PERSON OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES
(INCLUDING BUT NOT LIMITED TO LOST PROFITS), EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt; background-color: white">SECTION 6.&nbsp;<U>Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(a) This Agreement
shall continue in full force and effect until terminated by either party, including by written instruction by the Fund to the
Distributor, by five days&rsquo; written notice to the other party; provided, that if this Agreement has become effective with
respect to any Offering pursuant to this Agreement, this Agreement may not be terminated by either party with respect to such
Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(b) This Agreement shall
remain in full force and effect unless terminated pursuant to Section&nbsp;6(a) hereof or otherwise by mutual agreement of the parties;
provided that any such termination by mutual agreement shall in all cases be deemed to provide that Section&nbsp;5 shall remain in full
force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">(c) Any termination
of this Agreement shall be effective on the date specified in such notice of termination; provided that in any event such termination
shall not be effective until any earlier than the close of business on the fifth day after receipt of such notice by the Distributor or
the Agent, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall
settle in accordance with the provisions of Section&nbsp;1 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 7.&nbsp;<U>Notices</U>.
Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered
by hand, overnight courier, mail or email and shall be sufficient in all respects if delivered or sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">If to the Distributor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">Foreside Fund Services, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">Three Canal Plaza, Suite 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">Portland, Maine 04101</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">Attn: Legal Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">Email: legal@foreside.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">For all operational notices or
communications:&nbsp;etp-services@foreside.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">If to the Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">UBS Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">1285 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">Attn: Saawan Pathange</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">Email: saawan.pathange@ubs.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Each party to this Agreement may change such
address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 8.&nbsp;<U>Parties
in Interest</U>. The Agreement herein set forth has been and is made solely for the benefit of the Distributor, the Fund and the Agent
and, to the extent provided in Section&nbsp;5 of this Agreement, the partners, trustees, directors, officers and controlling persons (within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act) referred to in such section, and their respective
successors and assigns. No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Distributor)
shall acquire or have any right under or by virtue of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 9.&nbsp;<U>No
Fiduciary Relationship</U>. The Distributor hereby acknowledges that the Agent is acting solely as&nbsp;sub-placement&nbsp;agent in connection
with the sale of the Shares and that the Agent is acting pursuant to a contractual relationship created solely by this Agreement entered
into on an arm&rsquo;s length basis, and in no event do the parties intend that the Agent act or be responsible as a fiduciary to the
Distributor or the Fund, their respective management, shareholders or creditors, or any other person in connection with any activity that
the Agent may undertake or have undertaken in furtherance of the sale of the Shares, either before or after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 10.&nbsp;<U>Entire
Agreement</U>. This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings,
both written and oral, among the parties hereto with regard to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 11.&nbsp;<U>Counterparts;
Heading</U>. This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same
agreement among the parties. The Section headings in this Agreement have been inserted as a matter of convenience of reference and are
not a part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 12.&nbsp;<U>Law;
Construction</U>. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way
relating to this Agreement (&ldquo;<I>Dispute</I>&rdquo;), directly or indirectly, shall be governed by, and construed in accordance with,
the internal laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 13.&nbsp;<U>Submission
to Jurisdiction</U>. Except as set forth below, no Dispute may be commenced, prosecuted or continued in any court other than the courts
of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of
New York, which courts shall have jurisdiction over the adjudication of such matters, and each party hereto consents to the jurisdiction
of such courts and personal service with respect thereto. Each party hereto hereby consents to personal jurisdiction, service and venue
in any court in which any Dispute arising out of or in any way relating to this Agreement is brought by any third party against any Indemnified
Party. Each party hereto (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates)
waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way
arising out of or relating to this Agreement. Each party hereto agrees that a final judgment in any such action, proceeding or counterclaim
brought in any such court shall be conclusive and binding upon such party and may be enforced in any other courts to the jurisdiction
of which such party is or may be subject, by suit upon such judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 14.&nbsp;<U>Successors
and Assigns</U>. This Agreement shall be binding upon the Distributor and the Agent and their successors and permitted assigns and any
successor or permitted assign of any substantial portion of the Distributor&rsquo;s or the Agent&rsquo;s respective businesses and/or
assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">This Agreement may not
be transferred or assigned without the consent of the&nbsp;non-transferring&nbsp;or&nbsp;non-assigning&nbsp;party; provided, however,
that no such consent shall be required to transfer or assign this Agreement to an entity controlling, controlled by or under common control
with, the transferring or assigning party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 15.&nbsp;<U>Severability</U>.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law. If, however, any provision of this Agreement is held, under applicable law, to be invalid, illegal or unenforceable in any respect,
such provision shall be ineffective only to the extent of such invalidity, and the validity, legality and enforceability of the remaining
provisions of this Agreement shall not be affected or impaired in any way and shall be interpreted to give effect to the intent of the
parties manifested thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 16.&nbsp;<U>Investigations
and Proceedings</U>. The parties to this Agreement agree to cooperate fully in any securities regulatory investigation or proceeding or
any judicial proceeding with respect to each party&rsquo;s activities under this Agreement and promptly to notify the other party of any
such investigation or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">SECTION 17.&nbsp;<U>Modification,
Waiver and Amendment</U>. No modification, alteration or amendment of this Agreement will be valid or binding unless in writing and signed
by all parties. No waiver of any term or condition of this Agreement will be construed as a waiver of any other term or condition; nor
will any waiver of any default or breach under this Agreement be construed as a waiver of any other default or breach. No waiver will
be binding unless in writing and signed by the party waiving the term, condition, default or breach. Any failure or delay by any party
to enforce any of its rights under this Agreement will not be deemed a continuing waiver or modification hereof and such party, within
the time provided by law, may commence appropriate legal proceedings to enforce any or all of such right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">[<I>The remainder of this
page is intentionally left blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">If the foregoing correctly
sets forth the understanding between the Distributor and the Agent, please so indicate in the space provided below for that purpose, whereupon
this Agreement and your acceptance shall constitute a binding agreement between the Distributor and the Agent. Alternatively, the execution
of this Agreement by the Distributor and the acceptance by or on behalf of the Agent may be evidenced by an exchange of telegraphic or
other written communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">FORESIDE FUND SERVICES, LLC</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name: Mark Fairbanks</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: Vice President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">ACCEPTED as of the date</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">first above written</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">UBS SECURITIES LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(as&nbsp;sub-placement&nbsp;agent)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 46%">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>ADDENDUM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SUB-PLACEMENT&nbsp;AGENT
AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>BETWEEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>FORESIDE FUND SERVICES,
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>AND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UBS SECURITIES LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Compensation payable
to the Agent for acting as a&nbsp;sub-placement&nbsp;agent with respect to a specified sale of Shares pursuant to this Agreement shall
be determined by multiplying the Gross Sales Proceeds by the Applicable Selling Agent Commission as set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 30%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Applicable <BR>
Selling Agent<BR>
 Commission</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 99%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.80</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&ldquo;Gross Sales Proceeds&rdquo;
with respect to each sale of Shares shall be the Gross Sales Price multiplied by the number of Shares sold;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&ldquo;Gross Sales Price&rdquo;
with respect to each sale of Shares sold pursuant to this Agreement shall be the gross sales price per share of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.I.5
<SEQUENCE>6
<FILENAME>tm227263d1_ex99-i5.htm
<DESCRIPTION>EXHIBIT 99.I.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.I.5</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">M</FONT>orris,
<FONT STYLE="font-size: 14pt">N</FONT>ichols, <FONT STYLE="font-size: 14pt">A</FONT>rsht &amp; <FONT STYLE="font-size: 14pt">T</FONT>unnell
llp</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1201 North Market Street&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">P.O. Box 1347&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Wilmington, Delaware 19899-1347</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(302) 658-9200</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(302) 658-3989 FAX</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">February 24, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos Convertible Opportunities and Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2020 Calamos Court</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Naperville, Illinois 60563</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Calamos Convertible Opportunities and Income
Fund</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">We have acted as special Delaware
counsel to Calamos Convertible Opportunities and Income Fund, a Delaware statutory trust (the &#8220;Trust&#8221;), in connection with
certain matters of Delaware law relating to the registration of the following securities: (i) common shares of beneficial interest, no
par value per share, of Calamos Convertible Opportunities and Income Fund, a series of the Trust (the &#8220;Fund&#8221;) (the &#8220;Common
Shares&#8221;); (ii) preferred shares of beneficial interest, no par value per share, of the Fund (the &#8220;Preferred Shares&#8221;);
and (iii) debt securities of the Fund (the &#8220;Debt Securities&#8221; and together with the Common Shares and the Preferred Shares,
the &#8220;Securities&#8221;) under the Registration Statement of the Trust on Form N-2 under the Securities Act of 1933, as amended (File
No. 333-[_______]), and the Investment Company Act of 1940, as amended (File No. 811-21080), to be filed with the Securities and Exchange
Commission (the &#8220;Commission&#8221;) on or about the date hereof (the &#8220;Registration Statement&#8221;). Capitalized terms used
herein and not otherwise herein defined are used as defined in the Third Amended and Restated Agreement and Declaration of Trust of the
Trust dated as of August 23, 2021 (the &#8220;Governing Instrument&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Calamos Convertible Opportunities and Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">February 24, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">In rendering this opinion, we
have examined and relied on copies of the following documents in the forms provided to us: the Registration Statement; the Certificate
of Trust of the Trust as filed in the Office of the Secretary of State of the State of Delaware (the &#8220;State Office&#8221;) on April
17, 2002 (the &#8220;Certificate&#8221;); the Agreement and Declaration of Trust of the Trust dated as of April 17, 2002 (the &#8220;Original
Governing Instrument&#8221;); the Amended and Restated Agreement and Declaration of Trust of the Trust dated as of September 13, 2006
(the &#8220;A&amp;R Governing Instrument&#8221;); the Second Amended and Restated Agreement and Declaration of Trust of the Trust dated
as of January 12, 2021 (the &#8220;2<SUP>nd</SUP> A&amp;R Governing Instrument&#8221;); the Governing Instrument; the Action of Sole
Trustee of the Trust by Written Consent dated April 17, 2002 (the &#8220;April 17, 2002 Consent&#8221;); resolutions of the Board of
Trustees of the Trust prepared for adoption at a meeting held on May 7, 2002 (the &#8220;May 7, 2002 Resolutions&#8221;); the Amended
and Restated By-laws of the Trust (the &#8220;By-laws&#8221; and, together with the Governing Instrument, the Resolutions (as defined
below), the Underwriting Agreements (as defined below) and the Registration Statement, the &#8220;Governing Documents&#8221;); and a
certification of good standing of the Trust obtained as of a recent date from the State Office. In such examinations, we have assumed
the genuineness of all signatures, the conformity to original documents of all documents submitted to us as drafts or copies or forms
of documents to be executed and the legal capacity of natural persons to complete the execution of documents. We have further assumed
for purposes of this opinion: (i) the due authorization, adoption, execution and delivery, as applicable, by, or on behalf of, each of
the parties thereto of the above-referenced instruments, certificates and other documents (including the due adoption by the Trustees
of the Resolutions), and of all documents contemplated by either the Governing Documents or any applicable resolutions of the Trustees
to be executed by Persons desiring to become holders of Securities (including Persons desiring to become Shareholders); (ii) that appropriate
notation of the names and addresses of, the number of Securities (including all Shares) held by, and the consideration paid by, all holders
of Securities (including all Shareholders) will be maintained in the appropriate registers and other books and records of the Trust in
connection with the issuance, redemption or transfer of Securities (including all Shares); (iii) the taking of all appropriate action
by the Trustees to designate Series (including the Fund) and Classes of Securities (including all Shares) and the rights and preferences
attributable thereto as contemplated by the Governing Instrument; (iv) that the activities of the Trust have been and will be conducted
in accordance with the Governing Instrument and the Delaware Statutory Trust Act, 12 <U>Del. C.</U> &sect;&sect;&nbsp;3801 <U>et seq.
</U>(the &#8220;Delaware Act&#8221;); (v) that no event has occurred subsequent to the filing of the Certificate that would cause a termination
or reorganization of the Trust or a Series or Class of the Trust under Sections 4 or 6 of Article IX of the Original Governing Instrument,
the A&amp;R Governing Instrument, the 2<SUP>nd</SUP> A&amp;R Governing Instrument or the Governing Instrument, as applicable; (vi) that
the Trust became or will become, in each case prior to or within 180 days following the first issuance of beneficial interests therein,
a registered investment company under the Investment Company Act of 1940, as amended; (vii) that in connection with the issuance of the
Common Shares, the Board of Trustees will duly adopt resolutions authorizing the issuance of the Common Shares and the relative rights
and preferences thereof, all in accordance with the Governing Instrument (the &#8220;Common Shares Resolutions&#8221;); (viii) that in
connection with the issuance of the Preferred Shares, the Board of Trustees will duly adopt resolutions authorizing the issuance of the
Preferred Shares and the relative rights and preferences thereof, all in accordance with the Governing Instrument (the &#8220;Preferred
Shares Resolutions&#8221;); (ix) that in connection with the issuance of the Debt Securities, the Board of Trustees will duly adopt resolutions
authorizing the issuance of the Debt Securities and the relative rights and preferences thereof, all in accordance with the Governing
Instrument (the &#8220;Debt Securities Resolutions&#8221; and together with the April 17, 2002 Consent, the May 7, 2002 Resolutions,
the Common Shares Resolutions and the Preferred Shares Resolutions, the &#8220;Resolutions&#8221;); (x) that, if applicable, an underwriting
or similar agreement setting forth the terms and conditions under which the Common Shares will be issued will be duly entered into by
the Trust with respect to the issuance of the Common Shares (the &#8220;Common Shares Underwriting Agreement&#8221;); (xi) that, if applicable,
an underwriting or similar agreement setting forth the terms and conditions under which the Preferred Shares will be issued will be duly
entered into by the Trust with respect to the issuance of the Preferred Shares (the &#8220;Preferred Shares Underwriting Agreement&#8221;);
(xii) that, if applicable, an underwriting or similar agreement setting forth the terms and conditions under which the Debt Securities
will be issued will be duly entered into by the Trust with respect to the issuance of the Debt Securities (the &#8220;Debt Securities
Underwriting Agreement&#8221; and together with the Common Shares Underwriting Agreement and the Preferred Shares Underwriting Agreement,
the &#8220;Underwriting Agreements&#8221;); (xiii) that the required consideration for the Common Shares is paid in accordance with the
terms, conditions, requirements and procedures set forth in the Governing Documents and that the Common Shares are otherwise issued in
accordance with the terms, conditions, requirements and procedures set forth in the Governing Documents and the Delaware Act; (xiv) that
the required consideration for the Preferred Shares is paid in accordance with the terms, conditions, requirements and procedures set
forth in the Governing Documents and that the Preferred Shares are otherwise issued in accordance with the terms, conditions, requirements
and procedures set forth in the Governing Documents and the Delaware Act; (xv) that the required consideration for the Debt Securities
is paid in accordance with the terms, conditions, requirements and procedures set forth in the Governing Documents and that the Debt
Securities are otherwise issued in accordance with the terms, conditions, requirements and procedures set forth in the Governing Documents
and the Delaware Act; (xvi) that, with respect to the Securities, (A) there will be no changes in applicable law or the Governing Documents
between the date of this opinion and any date of issuance or delivery of any Securities, (B) at the time of delivery of any Securities,
all contemplated additional actions shall have been taken and the authorization of the issuance of the Securities will not have been
modified or rescinded and (C) the aggregate number of Securities (including Shares) of the Fund that would be outstanding after the issuance
of any of the Securities and any other contemporaneously issued or reserved Securities (including Shares), together with the number of
Securities (including Shares) previously issued and outstanding and the number of Securities (including Shares) previously reserved for
issuance upon the conversion or exchange of other securities issued by the Fund, does not exceed the number of then-authorized Securities
(including Shares) of the Fund; and (xvii) that each of the documents examined by us is in full force and effect and has not been modified,
supplemented or otherwise amended, except as herein referenced. We have not reviewed any documents other than those identified above
in connection with this opinion, and we have assumed that there are no other documents that are contrary to or inconsistent with the
opinions expressed herein. No opinion is expressed with respect to the requirements of, or compliance with, federal or state securities
or blue sky laws. Further, we express no opinion with respect to, and we assume no responsibility for, any offering documentation relating
to the Trust, the Fund or the Securities. As to any facts material to our opinion, other than those assumed, we have relied without independent
investigation on the above&#45;referenced documents and on the accuracy, as of the date hereof, of the matters therein contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Calamos Convertible Opportunities and Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">February 24, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">Based on and subject to the
foregoing, and limited in all respects to matters of Delaware law, it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Trust is a duly formed and validly existing statutory trust in good standing under the laws of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Common Shares, when issued in accordance with the terms, conditions, requirements and procedures set forth in the Governing
Documents, will constitute legally issued, fully paid and non-assessable shares of beneficial interest in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Preferred Shares, when issued in accordance with the terms, conditions, requirements and procedures set forth in the Governing
Documents, will constitute legally issued, fully paid and non-assessable shares of beneficial interest in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Debt Securities, when issued in accordance with the terms, conditions, requirements and procedures set forth in the Governing
Documents, will be duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">With respect to the opinions
expressed in paragraphs 2, 3 and 4 above, we note that, pursuant to Section 2 of Article VIII of the Governing Instrument, the Trustees
have the power to cause each Shareholder and Preferred Holder, or each Shareholder or Preferred Holder of any particular Series, to pay
directly, in advance or arrears, for charges of the Trust&#8217;s custodian or transfer, shareholder servicing or similar agent, an amount
fixed from time to time by the Trustees, by setting off such charges due from such Shareholder or Preferred Holder from declared but unpaid
dividends owed such Shareholder or Preferred Holder and/or by reducing the number of Shares or Preferred Securities in the account of
such Shareholder or Preferred Holder by that number of full and/or fractional Shares or Preferred Securities which represents the outstanding
amount of such charges due from such Shareholder or Preferred Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">We hereby consent to the filing
of a copy of this opinion with the Commission as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit
that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the
rules and regulations of the Commission thereunder. This opinion speaks only as of the date hereof and is based on our understandings
and assumptions as to present facts and on our review of the above-referenced documents and the application of Delaware law as the same
exist on the date hereof, and we undertake no obligation to update or supplement this opinion after the date hereof for the benefit of
any person or entity (including any Shareholder) with respect to any facts or circumstances that may hereafter come to our attention or
any changes in facts or law that may hereafter occur or take effect. We understand that the firm of Ropes &amp; Gray LLP wishes to rely
as to matters of Delaware law on the opinion hereinabove expressed in connection with the rendering of its opinion to you dated on or
about the date hereof concerning the transactions contemplated hereby, and we hereby consent to such reliance. Except as provided in this
paragraph, the opinions set forth above are expressed solely for the benefit of the Trust and the Shareholders and may not be relied on
by any other person or entity, or for any other purpose, without our prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">MORRIS, NICHOLS, ARSHT &amp; TUNNELL
    LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Sara A. Gelsinger</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sara A. Gelsinger</FONT></TD></TR>
  </TABLE>




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<DOCUMENT>
<TYPE>EX-99.N
<SEQUENCE>7
<FILENAME>tm227263d1_ex99-n.htm
<DESCRIPTION>EXHIBIT 99.N
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.n</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration Statement on Form N-2 of our report dated December&nbsp;20, 2021, relating to the financial statements
and financial highlights of Calamos Convertible Opportunities and Income Fund appearing in the Annual Report on Form N-CSR of Calamos
Convertible Opportunities and Income Fund for the year ended October 31, 2021, and to the references to us under the headings &ldquo;Financial
Highlights&rdquo; and &ldquo;Experts&rdquo; in the Prospectus and &ldquo;Independent Registered Public Accounting Firm&rdquo; and &ldquo;Financial
Statements&rdquo; in the Statement of Additional Information, which are part of such Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ DELOITTE &amp; TOUCHE LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago, Illinois<BR>
February 24, 2022</P>



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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>8
<FILENAME>tm227263d1_ex99-s.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.s</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EX. FILING FEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form N-2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calamos Convertible Opportunities and Income
Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table 1: Newly Registered and Carry Forward
Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-bottom: 1pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">Security<BR>
    Type</FONT></TD><TD STYLE="text-align: center; font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">Security<BR>
    Class Title</FONT></TD><TD STYLE="text-align: center; font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">Fee<BR>
    Calculation<BR>
    or Carry<BR>
    Forward<BR>
    Rule</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">Amount<BR>
    Registered</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">Proposed<BR>
    Maximum<BR>
    Offering<BR>
    Price Per<BR>
    Unit</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">Maximum<BR>
    Aggregate<BR>
    Offering Price</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">Fee
    Rate</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">Amount
    of<BR>
    Registration<BR>
    Fee</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">Carry<BR>
    Forward<BR>
    Form Type</FONT></TD><TD STYLE="text-align: center; font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">Carry<BR>
    Forward File<BR>
    Number</FONT></TD><TD STYLE="text-align: center; font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">Carry<BR>
    Forward<BR>
    Initial<BR>
    effective<BR>
    date</FONT></TD><TD STYLE="text-align: center; font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">Filing
    Fee<BR>
    Previously<BR>
    Paid In<BR>
    Connection<BR>
    with<BR>
    Unsold<BR>
    Securities<BR>
    to be<BR>
    Carried<BR>
    Forward</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="30" STYLE="font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Newly Registered Securities</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; width: 15%; font-size: 7pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Fees to Be Paid</FONT></TD><TD STYLE="width: 1%; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 5%; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Equity</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 9%; padding-bottom: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">Common
shares, no par value</FONT></P></TD><TD STYLE="text-align: left; width: 1%; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 6pt">457 (o)(1)</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 7pt; text-align: left"></TD><TD STYLE="width: 1%; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 5%; font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">100,000,000.00</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">.0000927</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="width: 5%; font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">9,270.00</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 5%; font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-size: 7pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Fees to Be Paid</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Equity</FONT></TD><TD STYLE="text-align: left; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Preferred shares, no par value</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt">456(b)
                                            and</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt">457(r)<SUP>(2)</SUP></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font-size: 7pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Fees to Be Paid</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Debt</FONT></TD><TD STYLE="text-align: left; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 7pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Debt securities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 6pt">456(b)
                                            and</FONT></P> <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P> <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 6pt">457(r)<SUP>(2)&nbsp;</SUP></FONT></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-size: 7pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Fees Previously Paid</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="text-align: left; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="text-align: left; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="30" STYLE="font-size: 7pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Carry Forward Securities</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-size: 7pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Carry Forward Securities</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Equity</FONT></TD><TD STYLE="text-align: left; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Common shares, no par value per share</FONT></TD><TD STYLE="text-align: left; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 6pt">Rule 415(a)(6)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">(3</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">(3</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">100,000,000.00</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">0.0001212</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">12,120.00</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">N-2</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">333-229042</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">March 1, 2019</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font-size: 7pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Carry Forward Securities</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Equity</FONT></TD><TD STYLE="text-align: left; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Preferred shares, no par value</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt">456(b)
                                            and</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt">457(r)<SUP>(2)</SUP></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">N-2</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">333-229042</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">March 1, 2019</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-size: 7pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Carry Forward Securities</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Debt</FONT></TD><TD STYLE="text-align: left; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 7pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Debt securities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt">456(b)
                                            and</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt">457(r)<SUP>(2)&nbsp;</SUP></FONT></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">N-2</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">333-229042</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">March 1, 2019</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="font-size: 7pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">Total
    Offering Amounts</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">100,000,000.00</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">9,270.00</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="font-size: 7pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">Total
    Fees Previously Paid</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">--</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="font-size: 7pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">Total
    Fee Offsets</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">10,579.64</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="font-size: 7pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">Net
    Fee Due</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">$</FONT></TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">0.00</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">(1) An indeterminate number of common
shares is being registered as may from time to time be offered, on an immediate, continuous or delayed basis, at indeterminate prices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">(2) In accordance with Rules 456(b) and
457(r) promulgated under the Securities Act of 1933, as amended, the registrant is deferring payment of all registration fees. Any registration
fees will be paid subsequently in advance or on a pay-as-you-go basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">(3) An indeterminate number of common
shares was registered as may from time to time be offered, on an immediate, continuous or delayed basis, at indeterminate prices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table 2: Fee Offset Claims and Sources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-bottom: 1pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 7pt">Registrant or<BR>
    Filer Name</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 7pt">Form or <BR> Filing
    Type</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 7pt">File Number</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 7pt">Initial Filing<BR>
    Date</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 7pt">Filing Date</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 7pt">Fee Offset<BR>
    Claimed</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 7pt">Security <BR>
    Type<BR>
    Associated <BR>
    with Fee <BR>
    Offset<BR>
    Claimed</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 7pt">Security Title<BR>
    Associated <BR>
    with Fee <BR>
    Offset<BR>
    Claimed</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">Unsold<BR>
    Securities<BR>
    Associated<BR>
    with Fee<BR>
    Offset<BR>
    Claimed</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 7pt">Unsold<BR>
    Aggregate<BR>
    Offering <BR>
    Amount<BR>
    Associated <BR>
    with Fee Offset<BR>
    Claimed</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 7pt">Fee Paid<BR>
    with Fee <BR>
    Offset&nbsp;<BR>
    Source</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="28" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 7pt">Rules 457(b) and 0-11(a)(2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 7pt">Fee Offset Claims</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 7pt">Fee Offset Sources</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="28" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 7pt">Rule 457(p)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 13%; font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Fee Offset Claims</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Calamos Convertible Opportunities
    and Income Fund</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">N-2</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">333-229042</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">March 1, 2019</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 5%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">9,270.00</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 7%; font-size: 10pt; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 7pt">Equity</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; width: 7%; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 7pt">Common shares,
    no par value </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 5%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">87,290,755.55</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Fee Offset Sources</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Calamos Convertible Opportunities
    and Income Fund</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">N-2</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">333-229042</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">December 27, 2018</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 7pt">10,579.64</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">(1) The Registrant has terminated or
completed any offering that included the unsold securities under the prior registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.T
<SEQUENCE>9
<FILENAME>tm227263d1_ex99-t.htm
<DESCRIPTION>EXHIBIT 99.T
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.t</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><B>POWER
OF ATTORNEY</B></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-align: center; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><B>&nbsp;</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 400 10pt Times New Roman, Times, Serif; text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)">The
person whose signature appears below hereby appoints John P. Calamos, Sr. and J. Christopher Jackson and each of them, any of whom may
act without the joinder of the others, as such person&rsquo;s&nbsp;attorney-in-fact&nbsp;to sign and file on such person&rsquo;s behalf
individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications
and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in
connection with the public offering of securities of Calamos Convertible Opportunities and Income Fund.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 10pt Times New Roman, Times, Serif; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Virginia G. Breen</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia G. Breen</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><B>POWER
OF ATTORNEY</B></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-align: center; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><B>&nbsp;</B></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)">The
person whose signature appears below hereby appoints John P. Calamos, Sr. and J. Christopher Jackson and each of them, any of whom may
act without the joinder of the others, as such person&rsquo;s&nbsp;attorney-in-fact&nbsp;to sign and file on such person&rsquo;s behalf
individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications
and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in
connection with the public offering of securities of Calamos Convertible Opportunities and Income Fund.</P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John E. Neal</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John E. Neal</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-align: center; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><B>POWER
OF ATTORNEY</B></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-align: center; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><B>&nbsp;</B></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)">The
person whose signature appears below hereby appoints John P. Calamos, Sr. and J. Christopher Jackson and each of them, any of whom may
act without the joinder of the others, as such person&rsquo;s&nbsp;attorney-in-fact&nbsp;to sign and file on such person&rsquo;s behalf
individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications
and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in
connection with the public offering of securities of Calamos Convertible Opportunities and Income Fund.</P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ William R. Rybak</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William R. Rybak</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>


<P STYLE="margin: 0"></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-align: center; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><B>POWER
OF ATTORNEY</B></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-align: center; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><B>&nbsp;</B></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)">The
person whose signature appears below hereby appoints John P. Calamos, Sr. and J. Christopher Jackson and each of them, any of whom may
act without the joinder of the others, as such person&rsquo;s&nbsp;attorney-in-fact&nbsp;to sign and file on such person&rsquo;s behalf
individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications
and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in
connection with the public offering of securities of Calamos Convertible Opportunities and Income Fund.</P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Karen L. Stuckey</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karen L. Stuckey</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-align: center; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><B>POWER
OF ATTORNEY</B></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-align: center; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><B>&nbsp;</B></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)">The
person whose signature appears below hereby appoints John P. Calamos, Sr. and J. Christopher Jackson and each of them, any of whom may
act without the joinder of the others, as such person&rsquo;s&nbsp;attorney-in-fact&nbsp;to sign and file on such person&rsquo;s behalf
individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications
and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in
connection with the public offering of securities of Calamos Convertible Opportunities and Income Fund.</P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christopher M. Toub</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher M. Toub</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-align: center; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><B>POWER
OF ATTORNEY</B></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-align: center; text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><B>&nbsp;</B></P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)">The
person whose signature appears below hereby appoints John P. Calamos, Sr. and J. Christopher Jackson and each of them, any of whom may
act without the joinder of the others, as such person&rsquo;s&nbsp;attorney-in-fact&nbsp;to sign and file on such person&rsquo;s behalf
individually and in the capacity stated below such registration statements, amendments, post-effective amendments, exhibits, applications
and other documents with the Securities and Exchange Commission or any other regulatory authority as may be desirable or necessary in
connection with the public offering of securities of Calamos Convertible Opportunities and Income Fund.</P>

<P STYLE="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lloyd A. Wennlund</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lloyd A. Wennlund</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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