<SEC-DOCUMENT>0001104659-21-082034.txt : 20211025
<SEC-HEADER>0001104659-21-082034.hdr.sgml : 20211025

<ACCEPTANCE-DATETIME>20210616165801

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001104659-21-082034

CONFORMED SUBMISSION TYPE:	N-2

PUBLIC DOCUMENT COUNT:		25

FILED AS OF DATE:		20210616

DATE AS OF CHANGE:		20210812


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Calamos Global Dynamic Income Fund

		CENTRAL INDEX KEY:			0001396277

		IRS NUMBER:				208819776

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-22047

		FILM NUMBER:		211022144



	BUSINESS ADDRESS:	

		STREET 1:		2020 CALAMOS COURT

		STREET 2:		C/O CALAMOS ADVISORS LLC

		CITY:			NAPERVILLE

		STATE:			IL

		ZIP:			60563

		BUSINESS PHONE:		6302451046



	MAIL ADDRESS:	

		STREET 1:		2020 CALAMOS COURT

		STREET 2:		C/O CALAMOS ADVISORS LLC

		CITY:			NAPERVILLE

		STATE:			IL

		ZIP:			60563



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Calamos Global Diversified Income & Opportunities Fund

		DATE OF NAME CHANGE:	20070411




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Calamos Global Dynamic Income Fund

		CENTRAL INDEX KEY:			0001396277

		IRS NUMBER:				208819776

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-257147

		FILM NUMBER:		211022143



	BUSINESS ADDRESS:	

		STREET 1:		2020 CALAMOS COURT

		STREET 2:		C/O CALAMOS ADVISORS LLC

		CITY:			NAPERVILLE

		STATE:			IL

		ZIP:			60563

		BUSINESS PHONE:		6302451046



	MAIL ADDRESS:	

		STREET 1:		2020 CALAMOS COURT

		STREET 2:		C/O CALAMOS ADVISORS LLC

		CITY:			NAPERVILLE

		STATE:			IL

		ZIP:			60563



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Calamos Global Diversified Income & Opportunities Fund

		DATE OF NAME CHANGE:	20070411



<IS-FILER-A-NEW-REGISTRANT>N

<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N

<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>N

<IS-FUND-24F2-ELIGIBLE>N

</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2
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<FILENAME>tm2119043d1_n2.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">As filed with the Securities
and Exchange Commission on June&nbsp;16, 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-align: right; background-color: white">1933 Act File No.&nbsp;333-______<BR>
1940 Act File No.&nbsp;811-22047</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><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">&nbsp;</P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><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>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Check appropriate
box or boxes)</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="white-space: nowrap; width: 1%; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</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>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pre-Effective Amendment No.&nbsp;___</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Post-Effective Amendment No.&nbsp;___</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; text-align: center; background-color: white"><B>and</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="white-space: nowrap; width: 1%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</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>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><B><FONT STYLE="font-family: Wingdings">&#120;</FONT></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment No.&nbsp;9</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; background-color: white"><B>CALAMOS GLOBAL DYNAMIC
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; background-color: white"><B>2020 Calamos Court<BR>
Naperville,&nbsp;Illinois 60563</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(<B>630)&nbsp;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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Agent
for Service</B></FONT><BR>
John P. Calamos,&nbsp;Sr.<BR>
President<BR>
Calamos Global Dynamic Income Fund<BR>
2020 Calamos Court<BR>
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-top: 0pt; margin-bottom: 0pt; 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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paulita A. Pike</FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; 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-right: 5.4pt; padding-left: 5.4pt; 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-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">191 North Wacker Drive,</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">191 North Wacker Drive,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32nd Floor</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32nd Floor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,&nbsp;Illinois 60606</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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"></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">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 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 STYLE="font-family: Wingdings">&#120;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 STYLE="font-family: Wingdings">&#120;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 STYLE="font-family: Wingdings">&#120;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>
when declared effective pursuant to Section&nbsp;8(c)&nbsp;of the Securities 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">If appropriate, check the following box:</P>

<P STYLE="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 STYLE="font-family: Wingdings">&#168;</FONT></FONT>
This post-effective amendment designates a new effective date for a previously filed registration statement.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT>
Registered closed-end 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 STYLE="font-family: Wingdings">&#168;</FONT></FONT>
Business development 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>
Interval 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 STYLE="font-family: Wingdings">&#120;</FONT></FONT>
A.2 Qualified.</P>

<P STYLE="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 STYLE="font-family: Wingdings">&#168;</FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES ACT OF 1933</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 2.5pt double; width: 53%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title of Securities Being Registered</B></FONT></TD>
    <TD STYLE="border-top: Black 2.5pt double; width: 14%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount Being</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registered(1)</B></P></TD>
    <TD STYLE="border-top: Black 2.5pt double; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed Maximum</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering Price(2)</B></P></TD>
    <TD STYLE="border-top: Black 2.5pt double; width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration Fee(3)</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common shares, no par value per share; preferred shares, no par value per share; debt securities</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000,000</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$109.10</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">(1)&nbsp;There are being registered hereunder a presently indeterminate
number of shares of common stock to be offered on an immediate, continuous or delayed basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;Estimated solely for the purpose of calculating the registration
fee pursuant to Rule&nbsp;457(o)&nbsp;under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(3)&nbsp;Transmitted prior to filing.</P>

<P STYLE="font: 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"><FONT STYLE="background-color: white"><B>The Registrant
hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall
file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with
Section&nbsp;8(a)&nbsp;of the Securities Act of 1933 or until the Registration Statement shall become effective on such dates as the Commission,
acting pursuant to said Section&nbsp;8(a), may determine.</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>

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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"></P>

<P STYLE="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">Base 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 0pt 0.5in; text-align: justify; color: red">The information in this
prospectus is not complete and may be changed. We may not sell these securities until the amendment to the registration statement filed
with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting
an offer to buy these securities in any state where the offer or sale is not permitted.</P>

<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 0pt 0.5in; text-align: justify; color: red"><FONT STYLE="font-variant: small-caps"><B>Subject
to Completion Dated [ ], 2021</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231f20"><B>$xxx,xxx,xxx</B></P>

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

<P STYLE="text-align: center; font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><B>Calamos Global Dynamic Income Fund</B></P>

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

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><B>Common Shares</B></P>

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

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><B>Preferred Shares</B></P>

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

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><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">Calamos Global Dynamic Income Fund (the &ldquo;Fund,&rdquo; &ldquo;we,&rdquo;
 &ldquo;us&rdquo; or &ldquo;our&rdquo;) is a diversified, closed-end management investment company that commenced investment operations
on June&nbsp;27, 2007. Our investment objective is to generate a high level of current income with a secondary objective of capital 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">We may offer, on an immediate, continuous or delayed basis, up to $xxx,xxx,xxx
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 &ldquo;Plan
of Distribution.&rdquo; 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 &ldquo;CHW.&rdquo; As of [ ], 2021, the last reported sale price for our common shares was $xx.xx per share. As of [ ], 2021,
the last reported net asset value for our common shares was $xx.xx 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"><FONT STYLE="font-size: 10pt"><B>Investing in our securities
involves certain risks, including the risks associated with </B></FONT><B>investing in <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">securities
rated below investment grade, commonly referred to as &ldquo;junk bonds,&rdquo; and </FONT>the Fund&rsquo;s use of leverage. You
could lose some or all of your investment. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;xx 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 [ ], 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"></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; color: #231f20">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 (&ldquo;SEC&rdquo; or the &ldquo;Commission&rdquo;) 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, </FONT>by sending an e-mail request
to prospectus@calamos.com, <FONT STYLE="color: #231f20">or by writing to the Fund at 2020 Calamos Court, Naperville,&nbsp;Illinois 60563.
The Fund&rsquo;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&rsquo;s website, as described below, where the Fund&rsquo;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&rsquo;s
website (http://www.sec.gov) for free.</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">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<FONT STYLE="color: #231f20">.</FONT></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-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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in; font-size: 10pt; width: 95%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5pt; font-size: 10pt; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#s1a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Summary</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#s1a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003summ"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Fund Expenses </FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003summ"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003fina"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Highlights</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003fina"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003marke"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market and Net Asset Value Information</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003marke"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003useof"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003useof"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003thefu"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003thefu"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003invest"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Objective and Principal Investment Strategies</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003invest"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003lever"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leverage</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003lever"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003interest"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Rate Transactions</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003interest"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003forward"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Currency Exchange Transactions</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003forward"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003risk"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003risk"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003manage"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management of the Fund</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003manage"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003closed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closed-End Fund Structure</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003closed"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003certain"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Federal Income Tax Matters</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003certain"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003netass"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Asset Value</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003netass"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003divi"><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="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003divi"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003desc"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003desc"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003rating"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rating Agency Guidelines</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003rating"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003certainpro"><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="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003certainpro"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003planof"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of Distribution</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003planof"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003custo"><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="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003custo"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_003legalmatt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#a_003legalmatt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#Experts"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#Experts"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#INCORPORATION"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation by Reference</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-left: 3pt; font-size: 10pt"><A HREF="#INCORPORATION"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</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; text-indent: 0.25in"><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; text-indent: 0.25in">This prospectus, any accompanying prospectus supplement
and the statement of additional information contain &ldquo;forward-looking statements.&rdquo; Forward-looking statements can be identified
by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo;
 &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; 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 &ldquo;Risk Factors&rdquo; 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; text-indent: 0.25in">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 &ldquo;Risk Factors&rdquo; 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&nbsp;27A of the Securities Act of 1933, as amended (the &ldquo;1933 Act&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-align: center; color: rgb(35,31,32)"><A NAME="s1a_001"></A><B>Prospectus
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; text-indent: 0.25in"><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 &ldquo;Risk Factors&rdquo; beginning on
page&nbsp;46 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 on June&nbsp;27, 2007 following our initial public offering. As of [ ], 2021, we had $xxx million of total managed
assets, including $65&nbsp;million of outstanding mandatory redeemable preferred shares (&ldquo;MRP Shares&rdquo; or &ldquo;MRPS&rdquo;).
As of June&nbsp;30, 2021, the Fund had utilized $xxx million of the $265 million available under the Amended and Restated Liquidity Agreement,
as amended (the &ldquo;SSB Agreement&rdquo;), with State Street Bank and Trust Company (&ldquo;SSB&rdquo; or &ldquo;State Street&rdquo;)
($xx million in borrowings outstanding, and $xxx million in structural leverage consisting of collateral received from SSB in connection
with securities on loan), representing xx.x% of the Fund&rsquo;s managed assets as of that date, and had $65 million of MRP Shares outstanding,
representing x.x% of the Fund&rsquo;s managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares
represented xx.x% of the Fund&rsquo;s managed assets. Structural leverage refers to borrowings under the liquidity agreement in respect
of which the Fund&rsquo;s interest payments are reduced or eliminated by the Fund&rsquo;s securities lending activities. See &ldquo;Leverage.&rdquo;
Our fiscal year ends on October&nbsp;31. Our investment objective is to generate a high level of current income with a secondary objective
of capital 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"><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; text-indent: 0.25in">Calamos Advisors LLC (the &ldquo;Adviser&rdquo;
or &ldquo;Calamos&rdquo;) serves as our investment adviser. Calamos is responsible on a day-to-day basis for investment of the Fund&rsquo;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&rsquo;s portfolio securities. As of June&nbsp;30, 2021, Calamos managed approximately $xx.x&nbsp;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. As of June&nbsp;30, 2021, 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; text-indent: 0.25in">The Fund pays Calamos an annual management fee,
payable monthly in arrears, for its investment management services equal to 1.00% of the Fund&rsquo;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 &ldquo;Management of the Fund.&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">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; text-indent: 0.25in">We may offer, from time to time, in one or more
offerings or series, together or separately, up to $xxx,xxx,xxx of our common shares, preferred shares or debt securities, which we refer
to, collectively, as the &ldquo;securities.&rdquo; We may sell our securities through underwriters or dealers, &ldquo;at the market&rdquo;
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; text-indent: 0.25in; color: #231f20">Currently, the Fund does not intend
to offer any additional preferred shares or debt securities (collectively, &ldquo;senior securities&rdquo;), 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; text-indent: 0.25in">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 &ldquo;Plan of Distribution.&rdquo; 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; text-indent: 0.25in; color: #231f20">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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T</FONT><FONT STYLE="color: #231f20">he
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.</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; color: #231f20">The Fund currently intends to
make monthly distributions to common shareholders at a level rate established by the Board of Trustees. The rate may be modified by the
Board of Trustees from time to time. Monthly distributions may include net investment income, net realized short-term capital gain and,
if necessary to maintain a level distribution, return of capital. A return of capital is a return of all or a portion of a shareholder&rsquo;s
investment in the Fund. The Fund may at times in its discretion pay out less than the entire amount of net investment income earned in
any particular period and may at times pay out such accumulated undistributed income in addition to net investment income earned in other
periods in order to permit the Fund to maintain a more stable level of distributions. As a result, the distributions paid by the Fund
to holders of common shares for any particular period may be more or less than the amount of net investment income earned by the Fund
during such period. The Fund will seek to establish a distribution rate that roughly corresponds to the Adviser&rsquo;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&rsquo;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&rsquo;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&rsquo;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&rsquo;s actual total returns. The
Fund&rsquo;s projected or actual distribution rate is not a prediction of what the Fund&rsquo;s actual total returns will be over any
specific future period. See &ldquo;Certain Federal Income Tax Matters&mdash; Federal Income Taxation of Common and Preferred Shareholders&rdquo;
and &ldquo;Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan &mdash; Dividends and Distributions on Common
Shares&rdquo; 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; text-indent: 0.25in; color: #231f20">As portfolio and market conditions
change, the rate of distributions on the common shares and the Fund&rsquo;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&rsquo;s Board of Trustees from time to time without prior notice to the Fund&rsquo;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; text-indent: 0.25in; color: #231f20">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&rsquo;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&rsquo;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&rsquo;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&rsquo;s original investment price. To the extent that the Fund&rsquo;s
distributions exceed the Fund&rsquo;s current and accumulated earnings and profits, the distribution payout rate will exceed the yield
generated from the Fund&rsquo;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 &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; color: #231f20">Pursuant to the Fund&rsquo;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 &ldquo;Dividends
and Distributions on Common Shares; Automatic Dividend Reinvestment Plan &mdash;Automatic Dividend Reinvestment Plan.&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>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; text-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Primary
Investments. </I></B></FONT>Under normal circumstances, the Fund invests primarily in a globally diversified portfolio of convertible
securities, common and preferred stocks, and income-producing securities such as investment grade and below investment grade (high yield/high
risk) debt securities. The Fund may use other income-producing strategies, including options, swaps and other derivative instruments,
for both investment and hedging purposes. The Fund, under normal circumstances, invests at least 40% of its managed 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.</P>

<P STYLE="font: 10pt Times New 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">The Fund seeks to maintain a balanced
approach to geographic portfolio diversification. The Fund may invest up to 100% of its managed 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.</P>

<P STYLE="font: 10pt Times New 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">The Fund will use a number of
investment strategies to achieve its objectives and expects to invest in a wide variety of financial instruments. These instruments include
global convertible, exchangeable instruments, as well as &ldquo;synthetic&rdquo; convertible instruments. The Fund will also invest in
global equities or equity-linked securities with high income potential. From time to time, the Fund expects to invest in Rule&nbsp;144A
securities, foreign exchange contracts or securities with imbedded foreign exchange hedges, and high yield bonds of companies rated BB
or 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"></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 general, the Fund seeks out companies with
a long-term track record of high dividend payout consistent with dividend growth. In certain circumstances, the Fund may invest in underlying
companies it believes have substantial prospects for price appreciation even if the there is little or no dividend growth potential. From
time to time, the Fund may sell index options or single stock options (either listed or &ldquo;over the counter&rdquo;) to enhance the
overall yield of the Fund or, in the opinion of Calamos, reduce portfolio volatility. The Fund may purchase options to hedge or engage
in other hedging activities including the purchase or sale of futures, swaps or options on equities, indices, currencies, interest rates
or credits.</P>

<P STYLE="font: 10pt Times New 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">The Fund does not seek to maintain
any target allocation among asset classes and, at any time, its allocation among asset classes and strategies may vary significantly over
time as the portfolio is actively managed.</P>

<P STYLE="font: 10pt Times New 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>Equity
Securities. </I></FONT>Equity securities include common and preferred stocks, warrants, rights, and depository receipts. The Fund may
invest in preferred stocks and convertible securities of any rating, including below investment grade. See &ldquo;&mdash; High Yield Securities&rdquo;
below. 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 movements in the stock market. A drop in the stock
market may depress the price of equity securities 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Debt
Securities.</I></FONT> The Fund may invest in debt securities, including debt securities of U.S. and foreign corporate issuers (also known
as corporate bonds). Holders of corporate bonds, as creditors, have a prior legal claim over common and preferred stockholders as to both
income and assets of the issuer for the principal and interest due them and may have a prior claim over other creditors if liens or mortgages
are involved. Interest on corporate bonds may be fixed or floating, or the securities may be zero coupon fixed income securities which
pay no interest. Corporate bonds contain elements of both interest rate risk and credit risk. The market value of a corporate bond generally
may be expected to rise and fall inversely with changes in interest rates and may also be affected by the credit rating of the issuer,
the issuer&rsquo;s performance and perceptions of the issuer in the marketplace.</P>

<P STYLE="font: 10pt Times New 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>High
Yield Securities. </I></FONT>The Fund may invest in high yield securities for either current income or capital appreciation or both. These
securities are rated below investment grade &mdash; i.e., 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 Financial Services, LLC, a subsidiary of
The McGraw-Hill Companies,&nbsp;Inc. (&ldquo;Standard&nbsp;&amp; Poor&rsquo;s&rdquo;), or are unrated securities of comparable quality
as determined by Calamos, the Fund&rsquo;s investment adviser. The Fund may invest in high yield securities of any rating. 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. 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; text-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Foreign
Securities. </I></FONT>The Fund may invest up to 100% of its managed 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 &ldquo;Investment Objective and Principal Investment Strategies
 &mdash; Principal Investment Strategies &mdash; Foreign Securities.&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; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Convertible
Securities. </I></FONT>The Fund may invest in convertible securities. A convertible security is a debt security, debenture, note or preferred
stock that is exchangeable for an equity security (typically of the same issuer) at a predetermined price (the &ldquo;conversion price&rdquo;).
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; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>Synthetic
Convertible Instruments. </I></FONT>The Fund may invest in &ldquo;synthetic&rdquo; 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 (&ldquo;fixed-income component&rdquo;, which may be a convertible or non-convertible
security) and the right to acquire an equity security (&ldquo;convertible component&rdquo;). 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; text-align: left; text-indent: 0.25in">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.
If the Fund purchases a synthetic convertible instrument, a component of which is an option, such option will not be considered an option
for the purpose of the Fund&rsquo;s limitations on options described below. See &ldquo;Investment Objective and Principal Investment Strategies
 &mdash; Principal Investment Strategies &mdash; Synthetic Convertible Instruments.&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; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Convertible
Hedging.</I></FONT> The Fund may seek to enhance income and seek to protect against market risk by hedging a portion of the equity risk
inherent in the convertible securities purchased for the Fund. This hedging is achieved by selling short some or all of the common stock
issuable upon exercise of the convertible security. If the market price of the common stock increases above the conversion price on the
convertible security, the price of the convertible security will increase. The Fund&rsquo;s increased liability on the short position
would, in whole or in part, reduce this gain. If the price of the common stock declines, any decline in the price of the convertible security
would offset, in whole or in part, the Fund&rsquo;s gain on the short position. The Fund may profit from this strategy by receiving interest
and/or dividends on the convertible security and by adjusting the amount of equity risk that is hedged by short sales. In determining
the appropriate portion of the Fund&rsquo;s equity exposure to hedge, Calamos may consider the general outlook for interest rates and
equity markets, the availability of stock to sell short and expected returns and volatility. See &ldquo;Investment Objective and Principal
Investment Strategies &mdash; Principal Investment Strategies &mdash; Short Sales.&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>Options
Writing. </I></FONT>T<FONT STYLE="color: #231f20">he Fund may seek to generate income from option premiums by writing (selling)
options. </FONT>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&rsquo;s
portfolio and (ii)&nbsp;on broad-based securities indices (such as the Standard and Poor&rsquo;s 500&reg; Index (&ldquo;S&amp;P
500&rdquo;) or the MSCI EAFE&reg; Index (&ldquo;MSCI EAFE&rdquo;), 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. 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 &ldquo;Investment Objective and Principal Investment Strategies &mdash; Options
Writing.&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; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Short
Sales.</I></FONT> The Fund may engage in short sales of securities. Short sales are transactions in which the Fund sells a security or
other instrument that it does not own but can borrow in the market. Short selling allows the Fund to profit from a decline in market price
to the extent such decline exceeds the transaction costs and the costs of borrowing the securities and to obtain a low cost means of financing
long investments that the Adviser believes are attractive. If a security sold short increases in price, the Fund may have to cover its
short position at a higher price than the short sale price, resulting in a loss. The Fund will enter into short sales only with respect
to common stock that it owns or that is issuable upon conversion of convertible securities held by the Fund. See &ldquo;Investment Objective
and Principal Investment Strategies &mdash; Principal Investment Strategies &mdash; Short Sales.&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; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Swaps
and Related Swap Products.</I></FONT> The Fund may engage in various swap transactions. Swap agreements are two party contracts entered
into primarily by institutional investors for periods ranging typically from three to ten years, although shorter or longer periods do
exist. Swap transactions will be based on financial assets including interest rates, currencies, securities indices, securities baskets,
specific securities, fixed income sectors, commodity swaps, asset-backed swaps, interest rate caps, floors and collars and options on
interest rate swaps (collectively defined as &ldquo;swap 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; color: #231f20">The Fund may enter into swap transactions
for any legal purpose consistent with its investment objective and policies, such as for the purpose of attempting to obtain or preserve
a particular return or spread at a lower cost than obtaining that return or spread through purchases and/or sales of instruments in cash
markets, to protect against currency fluctuations, to protect against any increase in the price of securities the Fund anticipates purchasing
at a later date, or to gain exposure to certain markets in the most economical way possible. The Fund intends to use swaps to a significant
degree, subject to the asset coverage requirements of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), and
the Internal Revenue Code of 1986, as amended. See &ldquo;Investment Objective and Principal Investment Strategies &mdash; Principal Investment
Strategies &mdash; Swap and Related Swap Products.&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; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Credit
Default Swaps.</I></FONT> The Fund may also engage in credit default swap transactions. In the case of a credit default swap, the contract
gives one party (the buyer) the right to recoup the economic value of a decline in the value of debt securities of the reference issuer
if the credit event (including default or restructuring) occurs. This value is obtained by delivering a debt security of the reference
issuer to the party in return for a previously agreed payment from the other party (frequently, the par value of the debt security) or
by cash settlement of the transaction. See &ldquo;Investment Objective and Principal Investment Strategies &mdash; Principal Investment
Strategies &mdash; Credit Default Swaps.&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; color: #231f20">The Fund may also enter into contracts
based on baskets or indices of securities. Credit default swaps may require initial premium (discount) payments as well as periodic payments
(receipts) related to the interest leg of the swap or to the default of a reference 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; color: #231f20"><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 objectives.
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 may hold cash. During such periods, the Fund may not be able to achieve its investment objective.
See &ldquo;Investment Objective and Principal Investment Strategies &mdash; Principal Investment Strategies.&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; color: #231f20"><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; text-indent: 0.25in; color: #231f20">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 $265 million and (ii)&nbsp;through the issuance of three series of MRP Shares with an aggregate liquidation preference
of $65 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&rsquo;s outstanding MRP Shares include 860,000 Series&nbsp;A MRP Shares, with an aggregate liquidation preference of $21,500,000
and a mandatory redemption date of September&nbsp;6, 2022; 860,000 Series&nbsp;B MRP Shares, with an aggregate liquidation preference
of $21,500,000 and a mandatory redemption date of September&nbsp;6, 2024; and 880,000 Series&nbsp;C MRP Shares, with an aggregate liquidation
preference of $22,000,000 and a mandatory redemption date of September&nbsp;6, 2027. The Series&nbsp;A, Series&nbsp;B and Series&nbsp;C
MRP Shares are to pay monthly cash dividends initially at rates of 3.70%, 4.00% and 4.24%, respectively, subject to adjustment under certain
circumstances. Additional details regarding the SSB Agreement and the MRP Shares are included under &ldquo;Leverage.&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; color: #231f20">As of [ ], 2021, the Fund had
utilized $xxx million of the $265 million available under the SSB Agreement ($xx million of borrowings&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outstanding,
and $xxx million in structural leverage consisting of collateral received from SSB in connection with securities on loan), representing
xx.x% of the Fund&rsquo;s managed assets as of that date, and had $65 million of MRP Shares outstanding, representing x.x% of the Fund&rsquo;s
managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented xx.x% of the Fund&rsquo;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"></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">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&rsquo;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 &ldquo;Leverage.&rdquo;
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 &ldquo;Description of Securities &mdash; Preferred Shares&rdquo; and &ldquo;Certain
Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions.&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; color: #231f20">Because Calamos&rsquo; investment
management fee is a percentage of the Fund&rsquo;s managed assets, Calamos&rsquo; 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&rsquo;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&rsquo;s financial leverage and an illustration of the hypothetical
effect on the return to a holder of the Fund&rsquo;s common shares of the leverage obtained by borrowing under the Fund&rsquo;s financing
package, see &ldquo;Use of Leverage by the Fund.&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; color: #231f20"><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; text-indent: 0.25in">In order to seek to reduce the interest rate risk
inherent in the Fund&rsquo;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; text-indent: 0.25in">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 &ldquo;counterparty&rdquo;) 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&rsquo;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; text-indent: 0.25in">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&rsquo;s use of interest rate swap or cap transactions could enhance or harm the overall performance
of the common shares. See &ldquo;Interest Rate 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"><B>Forward 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">The Fund may use forward currency exchange contracts.
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"></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">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 in the statement of additional information
under &ldquo;Investment Objective and Policies &mdash; 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; 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. See &ldquo;Investment
Objective and Principal Investment Strategies &mdash; Forward 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"><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; text-indent: 0.25in">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&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">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&rsquo;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 &ldquo;Investment Objective and Principal Investment Strategies &mdash; Conflicts of
Interest.&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>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; text-indent: 0.25in; color: #231f20">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 &ldquo;principal risk&rdquo; 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; text-indent: 0.25in"><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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Antitakeover
Provisions. </I></FONT>The Fund&rsquo;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 &ldquo;Description of Securities &mdash; Preferred
Shares&rdquo; and &ldquo;Certain Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions.&rdquo;
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 &ldquo;Fund Risks &mdash; Leverage
Risk.&rdquo; See also &ldquo;Risk Factors &mdash; Fund Risks &mdash; Antitakeover Provisions.&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; color: #231f20"><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&rsquo;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; text-indent: 0.25in; color: #231f20"><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&rsquo;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&rsquo;s balance sheet. The Fund&rsquo;s ability to fund these contingent liabilities will depend
on the liquidity of the Fund&rsquo;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; text-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Convertible
Hedging/Short Sales Risk</I></FONT><I><B>. </B></I>The Fund may incur a loss (without limit) as a result of a short sale if the market
value of the borrowed security increases between the date of the short sale and the date the Fund replaces the security. The Fund may
be unable to repurchase the borrowed security at a particular time or at an acceptable price. If the market price of the common stock
issuable upon exercise of a convertible security increases above the conversion price on the convertible security, the price of the convertible
security will increase. The Fund&rsquo;s increased liability on the short position would, in whole or in part, reduce this gain. If the
price of the common stock declines, any decline in the price of the convertible security would offset, in whole or in part, the Fund&rsquo;s
gain on the short position. The use of short sales could increase the Fund&rsquo;s exposure to the market, magnify losses and increase
the volatility of returns. See &ldquo;Risk Factors &mdash; Convertible Hedging/ Short Sales Risk.&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Convertible
Securities Risk. </I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">T</FONT>he 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 &ldquo;investment value.&rdquo; A convertible security&rsquo;s investment value tends to decline as prevailing interest rate
levels increase. Conversely, a convertible security&rsquo;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; text-indent: 0.25in">However, a convertible security&rsquo;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&rsquo;s &ldquo;conversion price.&rdquo; 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&rsquo;s common stockholders. See &ldquo;Risk Factors &mdash; Fund Risks &mdash;
Convertible Securities Risk.&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"><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. 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 it 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&rsquo;s counterparties, there can be no assurance
that the Fund&rsquo;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&rsquo;s counterparty risk. See &ldquo;Risk Factors &mdash; Fund Risks &mdash; Counterparty and Settlement
Risk.&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; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;Covenant-Lite&rdquo;
Loans Risk.</I></FONT> Some of the loans in which the Fund may invest may be &ldquo;covenant-lite&rdquo; 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; text-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Credit
Default Swaps Risk. </I></FONT>The use of credit default swaps, like all swap agreements, is subject to certain risks. If a counterparty&rsquo;s
creditworthiness declines, the value of the swap would likely decline. Moreover, there is no guarantee that the Fund could eliminate its
exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party. See &ldquo;Risk
Factors &mdash; Credit Default Swaps Risk.&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"><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&rsquo;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; text-indent: 0.25in"><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&rsquo;s investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available. See
 &ldquo;Risk Factors &mdash; Fund Risks &mdash; Currency Risk.&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"><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, &ldquo;ransomware&rdquo;
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&rsquo;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; text-indent: 0.25in"><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&rsquo;s goods and services. Reinvestment risk is the risk that income from the Fund&rsquo;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&rsquo;s current earnings
rate. A decline in income could affect the market price of the Fund&rsquo;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; text-indent: 0.25in"><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 &ldquo;Risk Factors &mdash; Fund Risks &mdash; Default
Risk.&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"><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, 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.</P>

<P STYLE="font: 10pt Times New 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 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, volatility risk, duration mismatch risk, correlation risk, liquidity risk, interest rate 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&rsquo;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&rsquo;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
investments 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; text-indent: 0.25in">Amounts paid by the Fund as premiums and cash
or other assets held in margin accounts with respect to the Fund&rsquo;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; text-indent: 0.25in">Derivative instruments can be illiquid, may disproportionately
increase losses and may have a potentially large impact on Fund performance. See &ldquo;Risk Factors&mdash;Fund Risks&mdash;Derivatives
Risk&rdquo; 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; text-indent: 0.25in"><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&rsquo;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&rsquo;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&rsquo;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; text-indent: 0.25in"><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&rsquo;s investments and hurt those countries&rsquo; economies and securities markets.
See &ldquo;Risk Factors &mdash; Fund Risks &mdash; Emerging Markets Risk.&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"><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&rsquo;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&rsquo;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.</P>

<P STYLE="font: 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">Below investment grade securities or comparable
unrated securities are considered predominantly speculative with respect to the issuer&rsquo;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>

<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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">increased price sensitivity to changing interest
rates and to a deteriorating economic environment;</TD>
</TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">greater risk of loss due to default or declining
credit quality;</TD>
</TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">adverse company specific events are more likely
to render the issuer unable to make interest and/or principal payments; and</TD>
</TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">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.</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">See &ldquo;Risk Factors &mdash; Fund Risks &mdash; Equity Securities
Risk.&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Foreign
Securities Risk. </I></FONT><FONT STYLE="color: #231f20">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 &ldquo;&mdash; Emerging Markets Risk&rdquo; below.
These risks may include:</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-left: 0.75in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&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="margin-left: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&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&rsquo;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="margin-left: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an adverse effect of currency exchange rate changes or controls on the value of the Fund&rsquo;s investments;</P>



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

<P STYLE="margin-left: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&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="margin-left: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&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="margin-left: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&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="margin-left: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&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="margin-left: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&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="margin-left: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;withholding and other non-U.S. taxes may decrease the Fund&rsquo;s return;</P>



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

<P STYLE="margin-left: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&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="margin-left: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&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="margin-left: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&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; color: #231f20">Based upon the Fund&rsquo;s test for determining whether
an issuer is a &ldquo;foreign issuer&rdquo; 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 &ldquo;foreign issuer&rdquo; 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 &ldquo;Risk Factors &mdash; Fund Risks
 &mdash; Foreign Securities Risk.&rdquo; See also &ldquo;&mdash; Non-U.S. Government Obligation Risk.&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Forward
Currency Exchange Contracts Risk.</I></FONT> Forward 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 currency exchange 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&rsquo;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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Futures
and Forward Contracts Risk. </I></FONT>Futures contracts provide for the future sale by one party and purchase by another of a specific
asset at a specific time and price (with or without delivery required). Futures contracts are standardized contracts traded on a recognized
exchange. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures
contract at a specified exercise price during the term of the option. Futures and forward contracts are subject to counterparty risk,
meaning that the party who issues the derivatives (the clearinghouse or the broker holding the Fund&rsquo;s position for a futures contract
or the counterparty for a forward contract) may experience a significant credit event and may be unwilling or unable to make timely settlement
payments or otherwise honor its 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; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Geographic
Focus 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 focuses 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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>High
Yield Securities Risk. </I></FONT><FONT STYLE="color: #231f20">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 &ldquo;junk bonds&rdquo; and are considered predominantly speculative with respect to the issuer&rsquo;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:</FONT></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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">increased price sensitivity to changing interest rates and
to a deteriorating economic environment;</TD>
</TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">greater risk of loss due to default or declining credit quality;</TD>
</TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">adverse company specific events are more likely to render
the issuer unable to make interest and/or principal payments; and</TD>
</TR></TABLE>

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

<P STYLE="margin-left: 0.75in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&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; text-indent: 0.25in; color: #231f20">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&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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">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. There are fewer dealers in the market for
high yield securities than for investment grade obligations. 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&rsquo;s net asset value. </FONT>See &ldquo;Risk Factors
 &mdash; Fund Risks &mdash; High Yield Securities Risk.&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"></P>

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New 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>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 0pt 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if interest rates
go up, the value of debt securities in the Fund&rsquo;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 0pt 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 0pt 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 0pt 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rising interest rates
could result in an increase in the cost of the Fund&rsquo;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 0pt 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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&rsquo;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 0pt 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; text-indent: 0.25in">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. The LIBOR administrator
recently announced that most U.S. dollar LIBOR tenors will no longer be published after June&nbsp;30, 2023, an extension of the original
cessation date, which was slated for the end of 2021. <FONT STYLE="color: #231f20">On November&nbsp;30, 2020, the administrator of LIBOR
announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June&nbsp;30, 2023, with the remainder of
LIBOR publications to still end at the end of 2021.</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">There remains uncertainty regarding the future
utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Fund
or the financial instruments in which the Fund invests cannot yet be determined. See &ldquo;Risk Factors &mdash; Fund Risks &mdash; Interest
Rate Risk.&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"><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
NAV 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">Depending on the state of interest rates in general,
the Fund&rsquo;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 NAV 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&rsquo;s 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-indent: 0.25in">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"></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 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&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">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&rsquo; 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&rsquo;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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Leverage
Risk. </I></FONT><FONT STYLE="color: #231f20">The Fund has issued indebtedness and preferred shares and may borrow money or issue debt
securities as permitted by the 1940 Act. As of June&nbsp;30, 2021, 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&rsquo;s
investment. The borrowing of money or issuance of debt securities and preferred shares represents the leveraging of the Fund&rsquo;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&rsquo;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&rsquo;s policies. See &ldquo;Leverage.&rdquo;</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; color: #231f20">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 0pt 0.5in; text-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
likelihood of greater volatility in the net asset value and market price 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 0pt 0.5in; text-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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 0pt 0.5in; text-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>increased
operating costs, which are effectively borne by common shareholders, may reduce the Fund&rsquo;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 0pt 0.5in; text-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
potential for a decline in the value of an investment acquired with borrowed funds, while the Fund&rsquo;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; text-indent: 0.25in; color: #231f20">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 &ldquo;Description of Securities &mdash; Preferred Shares&rdquo;
and &ldquo;Certain Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions.&rdquo; 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; text-indent: 0.25in; color: #231f20">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&rsquo;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; text-indent: 0.25in; color: #231f20">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; text-indent: 0.25in; color: #231f20">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&rsquo;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&rsquo;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&rsquo;s leverage exposure. See &ldquo;Prospectus Summary
 &mdash; Use of Leverage by the Fund.&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Liquidity
Risk. </I></FONT>The Fund may invest without limit in investments 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). The Fund may also invest without limit in Rule&nbsp;144A
Securities determined to be liquid. Calamos, under the supervision and oversight of the Board of Trustees, will determine whether Rule&nbsp;144A
Securities are illiquid (that is, not readily marketable). 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&rsquo;s assets in illiquid securities may restrict the Fund&rsquo;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&rsquo; 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&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. 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. See &ldquo;Risk Factors &mdash; Fund Risks &mdash; Liquidity Risk.&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Loan
Risk.</I></FONT>&nbsp;&nbsp;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&nbsp;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&rsquo; interest rates will be reset to lower levels, potentially reducing the Fund&rsquo;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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Management
Risk. </I></FONT>Calamos&rsquo; judgment about the attractiveness, relative value or potential appreciation of a particular sector, security
or investment strategy may prove to be incorrect. See &ldquo;Risk Factors &mdash; Fund Risks &mdash; Management Risk.&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"><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 &ldquo;Risk Factors &mdash; Fund Risks &mdash; Market Disruption Risk.&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"><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. The average maturity of the Fund&rsquo;s investments will affect the volatility of the Fund&rsquo;s
share 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; color: #231f20"><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&rsquo;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, including the potential impact of the Federal Reserve Board tapering its quantitative easing program, may expose the Fund to
heightened interest rate risk and volatility as a result of a rise in interest rates. In addition, the Fund is subject to the risk that
interest rates may exhibit increased volatility, which could cause the Fund&rsquo;s net asset value (&ldquo;NAV&rdquo;) 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&rsquo;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; text-indent: 0.25in"><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. See &ldquo;Risk Factors &mdash; Fund Risks &mdash; Non-U.S. Government Obligation
Risk.&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
Investment Companies (including ETFs) Risk. </I></FONT>Investments in the securities of other investment companies, including ETFs, may
involve duplication of advisory fees and certain other expenses. By investing in another investment company or ETF, the Fund becomes a
shareholder thereof. As a result, Fund shareholders indirectly bear the Fund&rsquo;s proportionate share of the fees and expenses indirectly
paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders bear in connection
with the Fund&rsquo;s own operations. If the investment company or ETF fails to achieve its investment objective, the value of the Fund&rsquo;s
investment will decline, adversely affecting the Fund&rsquo;s performance. In addition, closed-end investment company and ETF shares potentially
may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the
Fund. In addition, the Fund may engage in short sales of the securities of other investment companies. When the Fund shorts securities
of another investment company, it borrows shares of that investment company which it then sells. The Fund closes out a short sale by purchasing
the security that it has sold short and returning that security to the entity that lent 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"><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&rsquo;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; text-indent: 0.25in"><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&rsquo;s portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which
may increase the Fund&rsquo;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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Recent
Market Events. </I></FONT><FONT STYLE="color: #231f20">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.</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-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">The
recent spread of an infectious respiratory&nbsp;illness&nbsp;caused by a novel strain of&nbsp;coronavirus&nbsp;(&ldquo;COVID-19&rdquo;)
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&rsquo;s investments and operations. The transmission&nbsp;of&nbsp;this coronavirus&nbsp;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. T</FONT>he 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<U>.</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; color: #231f20">While
the extreme volatility and disruption that U.S. and global markets experienced for an extended period of time beginning in 2007 and 2008
h</FONT>ad, until the coronavirus outbreak, <FONT STYLE="color: #231f20">generally subsided, uncertainty and periods of volatility still
remained, 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&rsquo;s performance or impair the Fund&rsquo;s
ability to achieve its investment objective.</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; color: #231f20">In June&nbsp;2016, the United
Kingdom approved a referendum to leave the European Union (&ldquo;EU&rdquo;) (&ldquo;Brexit&rdquo;). 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. The UK Parliament has already ratified the agreement, but the agreement will continue to be applied provisionally
until it is formally ratified by the EU Parliament. 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 the EU UK Trade and Cooperation Agreement, 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&rsquo;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; text-indent: 0.25in; color: #231f20">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; text-indent: 0.25in; color: #231f20">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&rsquo;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&rsquo; 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&rsquo;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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">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</FONT>, such as the coronavirus outbreak<U>,</U> <FONT STYLE="color: #231f20">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&rsquo;s investments. See &ldquo;Risk Factors &mdash; Fund
Risks &mdash; Recent Market Events.&rdquo;</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-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>REIT
Risk. </I></FONT>Investing in real estate investment trusts (&ldquo;REITs&rdquo;) 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; color: #231f20">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; color: #231f20">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; text-indent: 0.25in"><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&rsquo;s ability to utilize options successfully will depend on Calamos&rsquo; 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; text-indent: 0.25in">The Fund may sell options on individual securities
and securities indices. 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 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. 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 &ldquo;Risk Factors &mdash; Fund Risks &mdash; Risks
Associated with Options.&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"><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 of Trustees, 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&rsquo;s
assets invested in illiquid securities would increase. Typically, the Fund purchases Rule&nbsp;144A Securities only if the Fund&rsquo;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; text-indent: 0.25in; color: #231f20"><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&rsquo;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"></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; color: #231f20"><I>Swaps
and Related Swap Products Risk.</I></FONT> <FONT STYLE="color: #231f20">The use of swap transactions, caps, floors and collars involves
investment techniques and risks that are different from those associated with portfolio security transactions. If Calamos is incorrect
in its forecasts of market values, interest rates, and other applicable factors, the investment</FONT> p<FONT STYLE="color: #231f20">erformance
of the Fund will be less favorable than if those techniques had not been used. These instruments are typically not traded on exchanges.
Accordingly, there is a risk that the other party to certain of those instruments will not perform its obligations to the Fund or that
the Fund may be unable to enter into off- setting positions to terminate its exposure or liquidate its position under certain of these
instruments when it wishes to do so.</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; color: #231f20">Such occurrences could result
in losses to the Fund. The amount of the Fund&rsquo;s potential gain or loss on any swap transaction is not subject to any fixed limit.
Calamos will consider such risks and will enter into swap and other derivatives transactions only when it believes that the risks are
not unreasonable. The Fund will earmark and reserve the Fund assets, in cash or liquid securities, in an amount sufficient at all times
to cover its current obligations under its swap transactions, caps, floors and collars. If the Fund enters into a swap agreement on a
net basis, it will earmark and reserve assets with a daily value at least equal to the excess, if any, of the Fund&rsquo;s accrued obligations
under the swap agreement over the accrued amount the Fund is entitled to receive under the agreement. If the Fund enters into a swap agreement
on other than a net basis, or sells a cap, floor or collar, it will earmark and reserve assets with a daily value at least equal to the
full amount of the Fund&rsquo;s accrued obligations under the agreement. The Fund will not enter into any swap transaction, cap, floor,
or collar, unless the counterparty to the transaction is deemed creditworthy by Calamos. If a counterparty defaults, the Fund may have
contractual remedies pursuant to the agreements related to 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; text-indent: 0.5in; color: #231f20">The swap markets in which many
types of swap transactions are traded have grown substantially in recent years, with a large number of banks and investment banking firms
acting both as principals and as agents utilizing standardized swap documentation. As a result, the markets for certain types of swaps
(e.g., interest rate swaps) have become relatively liquid. The markets for some types of caps, floors and collars are less liquid.</P>

<P STYLE="font: 10pt Times 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; color: #231f20">During the term of a swap, cap,
floor or collar, changes in the value of the instrument are recognized as unrealized gains or losses by marking to market to reflect the
market value of the 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; color: #231f20">When the instrument is terminated, the Fund will record
a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund&rsquo;s
basis in the contract. The federal income tax treatment with respect to swap transactions, caps, floors, and collars may impose limitations
on the extent to which the Fund may engage in such transactions. See &ldquo;Risk Factors &mdash; Swaps and Related Swap Products.&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: 0.5in"><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 &ldquo;Risk Factors &mdash; Fund
Risks &mdash; Synthetic Convertible Instruments Risk.&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: 0.5in"><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 (&ldquo;IRS&rdquo;).
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&rsquo;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 &ldquo;Risk Factors &mdash; Fund Risks &mdash;
Tax Risk&rdquo; and &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: 0.5in"><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"></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>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; text-indent: 0.25in">Additional risks of investing in common shares
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; text-indent: 0.25in"><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; text-indent: 0.25in"><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. 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 &ldquo;Risk
Factors &mdash; Interest Rate Transactions Risk.&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Discount Risk. </I></FONT>The Fund&rsquo;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&rsquo;s common shares, the Fund&rsquo;s net asset value may be reduced immediately following an offering of the Fund&rsquo;s
common shares by the offering expenses paid by the Fund. See &ldquo;Use of Proceeds.&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">In addition to net asset value, the market price
of the Fund&rsquo;s common shares may be affected by such factors as the Fund&rsquo;s use of leverage, dividend stability, portfolio credit
quality, liquidity, market supply and demand of the common shares and the Fund&rsquo;s dividends paid (which are, in turn, affected by
expenses), call protection for portfolio securities and interest rate movements. See &ldquo;Leverage,&rdquo; &ldquo;Risk Factors&rdquo;
and &ldquo;Description of Securities.&rdquo; The Fund&rsquo;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; text-indent: 0.25in">Whether shareholders will realize a gain or loss
upon the sale of the Fund&rsquo;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&rsquo;s
net asset value. Because the market value of the Fund&rsquo;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&rsquo;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; text-indent: 0.25in"><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; text-indent: 0.25in"><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; text-indent: 0.25in">See &ldquo;Risk Factors &mdash; Additional Risks
to Common Shareholders&rdquo; 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 0pt 0.25in"><I>Additional risks of investing in senior securities include
the following:</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; text-indent: 0.25in">Generally, an investment in preferred shares (including
exchange-listed preferred shares) or debt securities (collectively, &ldquo;senior securities&rdquo;) 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; text-indent: 0.25in"><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&rsquo;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"></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>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; text-indent: 0.25in"><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 &ldquo;real&rdquo; 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; text-indent: 0.25in"><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&rsquo;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; text-indent: 0.25in"><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&rsquo;s use of leverage, dividend stability, portfolio credit quality, liquidity, and the Fund&rsquo;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; text-indent: 0.25in"><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; text-indent: 0.25in"><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; text-indent: 0.25in"><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-indent: 0.25in">See &ldquo;Risk Factors &mdash; Additional Risks
to Senior Security Holders&rdquo; 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"></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="a_003summ"></A><B>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; text-indent: 0.25in">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 [ ], 2021, 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; text-indent: 0.25in">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 [ ], 2021. As of [ ], 2021, the Fund had utilized $xxx million of the $265 million available under the SSB Agreement ($xx&nbsp;million
in borrowings outstanding and $xx million in structural leverage consisting of collateral received from SSB in connection with securities
on loan), representing xx.x% of the Fund&rsquo;s managed assets as of that date, and had $65&nbsp;million in MRP Shares outstanding, representing
x.x% of the Fund&rsquo;s managed assets Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented xx.x%
of the Fund&rsquo;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: 79%; font: 10pt Times New Roman, Times, Serif; margin-left: 1in">
  <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="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&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">Sales Load (as a percentage of offering price)&#9;</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">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Offering Expenses Borne by the Fund (as a percentage of <BR> offering price)&#9;</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">(1)</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">Dividend Reinvestment Plan Fees (per sales transaction fee)</FONT><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT>&#9;</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">15.00</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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 79%; font: 10pt Times New Roman, Times, Serif; margin-left: 1in">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 78%; text-align: left">Annual Expenses</TD><TD STYLE="width: 2%; 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; width: 20%; text-align: center">Percentage&nbsp;of&nbsp;Average&nbsp;Net<BR> Assets&nbsp;Attributable&nbsp;to<BR> Common&nbsp;Shareholders</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="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>&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">%</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>&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">%</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>&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">%</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>&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">%</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">Acquired Fund Fees and Expenses</FONT><FONT STYLE="font-size: 10pt"><SUP>(7)</SUP></FONT>&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total Annual Expenses&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">%</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; text-indent: 0.25in">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 x.xx% 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>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="width: 48%; font-size: 10pt">&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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-align: center"><B>1&nbsp;Year</B>&nbsp;</P> <!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 4pt 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-align: center"><B>3&nbsp;Years</B>&nbsp;</P> <!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 4pt 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-align: center"><B>5&nbsp;Years</B>&nbsp;</P> <!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 4pt 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-align: center"><B>10&nbsp;Years</B>&nbsp;</P> <!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 4pt 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></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-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Total Expenses Paid by Common Shareholders<SUP>(8)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"></FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"></FONT></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">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"></FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"></FONT></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; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>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&rsquo;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 &ldquo;Dividends and Distributions on Common Shares; Automatic
Dividend Reinvestment Plan.&rdquo;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>The Fund pays Calamos an annual management fee, payable monthly in arrears, for its investment management services in an amount equal
to 1.00% of the Fund&rsquo;s average weekly managed assets. In accordance with the requirements of the Commission, the table above shows
the Fund&rsquo;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 x.xx% of the Fund&rsquo;s average weekly net assets as of [ ], 2021 by
dividing the total dollar amount of the management fee by the Fund&rsquo;s average weekly net assets (managed assets less outstanding
leverage).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Reflects interest expense paid on $xxx&nbsp;million in average borrowings under the SSB Agreement, plus $xx million in additional
average structural leverage related to certain securities lending programs, as described under &ldquo;Leverage.&rdquo;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Reflects estimated dividend expense on $65&nbsp;million aggregate liquidation preference of mandatory redeemable preferred shares
outstanding. See &ldquo;Leverage.&rdquo;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>&ldquo;Other Expenses&rdquo; are based on estimated amounts for the Fund&rsquo;s current fiscal year.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>[&ldquo;Acquired Fund Fees and Expenses&rdquo; are the indirect costs of investing in other investment companies such as money market
funds and ETFs.]</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD>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.</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 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 &ldquo;Management of the Fund.&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-align: center"><B><A NAME="a_003fina"></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,
2020, 2019, 2018, 2017 and 2016 is derived from the Fund&rsquo;s financial&nbsp;statements for the fiscal year ended October&nbsp;31,
2020 audited by [ ], whose report on such financial statements is contained in the Fund&rsquo;s October&nbsp;31,&nbsp;2020 Annual Report
and is incorporated by reference into the Statement of Additional Information. The information in the table below for the fiscal&nbsp;years
ended October&nbsp;31, 2015, 2014, 2013, 2012 and 2011 is derived from the Fund&rsquo;s financial statements for the fiscal year ended
October&nbsp;31, 2015.</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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>PER SHARE OPERATING PERFORMANCE</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>2020</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>2019</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>2018</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>2017</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>2016</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>2015</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>2014</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>2013</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>2012</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><B>2011</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; width: 20%"><FONT STYLE="font-size: 7pt">Net
    asset value, beginning of year&hellip;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">7.90</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">7.98</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">9.21</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">8.16</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">8.92</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">9.86</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">10.05</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">9.32</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">9.06</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">9.22</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">Income
    from investment operations:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">Net
    investment income (loss)* . . . . .</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.17</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.18</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.22</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.28</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.28</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.40</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.34</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.35</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.30</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">Net
    realized and unrealized gain (loss)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.82</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.59</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.57</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">1.67</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.20</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.38</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.21</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">1.13</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.62</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.14</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></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-size: 7pt">Total from
    investment operations</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.97</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.76</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">(0.39</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">1.89</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.08</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">(0.10</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.61</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">1.47</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.97</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.44</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></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-size: 7pt">Less distributions
    to common shareholders from:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">Net
    investment income .</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.32</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.28</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.84</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.76</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.46</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.72</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.70</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.61</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.50</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.39</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">Net
    realized gains</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.52</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.14</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.08</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; color: #231f20"><FONT STYLE="font-size: 7pt">Return
    of capital</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.38</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.12</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.10</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.13</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.21</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.21</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">Total
    distributions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.84</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.84</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.84</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.84</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.84</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.84</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.80</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.74</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.71</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.60</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">Premiums
    from shares sold in at the market offerings</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">Net
    asset value, end of year</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">8.03</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">7.90</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">7.98</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">9.21</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">8.16</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">8.92</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">9.86</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">10.05</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">9.32</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">9.06</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">Market value,
    end of year . . . . .</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">7.80</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">8.13</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">7.59</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">9.13</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">7.16</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">7.68</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">9.01</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">8.86</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">8.51</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">7.72</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">TOTAL
    RETURN APPLICABLE TO COMMON SHAREHOLDERS</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></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-size: 7pt">Total investment
    return based on: (a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; color: #231f20"><FONT STYLE="font-size: 7pt">Net
    asset value</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">14.00</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">10.29</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(4.85</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">25.23</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">2.98</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(0.15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">7.02</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">17.51</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">12.07</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">5.64</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; color: #231f20"><FONT STYLE="font-size: 7pt">Market
    value</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">7.06</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">19.34</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(8.71</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">41.48</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">4.95</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">(5.92</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">10.93</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">13.46</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">20.09</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">0.72</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">RATIOS
    TO AVERAGE NET ASSETS</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<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%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 20%"><FONT STYLE="font-size: 7pt">APPLICABLE
    TO COMMON SHAREHOLDERS</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">Net
    expenses(b)&nbsp;.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">2.70</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">3.41</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">2.97</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">2.23</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">2.06</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">1.89</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">1.79</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">1.81</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">1.98</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">1.93</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">Net
    investment income (loss)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">1.91</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">2.12</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">1.95</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">2.58</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">3.42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">2.97</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">3.92</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">3.54</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">3.82</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 7pt">3.11</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></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"><FONT STYLE="font-size: 7pt">SUPPLEMENTAL
    DATA</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></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-size: 7pt">Net assets
    applicable to common shareholders, end of year (000)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">476,533</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">468,186</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">471,953</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">543,275</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">481,513</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">526,508</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">581,624</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">592,920</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">550,177</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">534,735</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></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-size: 7pt">Portfolio
    turnover rate</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">128</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">78</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">93</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">99</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">29</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">45</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">32</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">41</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">43</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></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-size: 7pt">Average
    commission rate paid</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.0210</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.0279</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.0199</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.0295</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.0289</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.0244</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.0269</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.0196</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.0122</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">0.0136</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></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-size: 7pt">Mandatory
    Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000&rsquo;s omitted)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">65,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">65,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">65,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">65,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">Notes Payable
    (000&rsquo;s omitted)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">153,250</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">174,500</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">204,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">160,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">196,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">224,400</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">230,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">230,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">201,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">201,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></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-size: 7pt">Asset coverage
    per $1,000 of loan outstanding(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">4,534</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">4,056</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">3,632</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">4,802</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">3,457</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">3,346</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">3,529</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">3,578</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">3,737</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">3,660</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></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-size: 7pt">Asset coverage
    per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">267</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">272</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">285</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">295</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt">---</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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">&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 0pt 0in; color: #231f20"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><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 0pt 0in; color: #231f20">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment
income calculated based on average shares method.&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>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&rsquo;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&rsquo;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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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 1.61%, 1.65%, 1.60%, 1.53%, 1.54%, 1.53%, 1.48%,
1.48%, 1.50%, and 1.45%, respectively.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Calculated by subtracting the Fund&rsquo;s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares)
from the Fund&rsquo;s total assets and dividing this by the amount of notes payable outstanding, and by multiplying the result by 1,000.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Calculated by subtracting the Fund&rsquo;s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares)
from the Fund&rsquo;s total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying
the result by 25.</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; color: #231f20">The following table sets forth
information regarding the Fund&rsquo;s outstanding bank loans, and MRP Shares as of the end of each of the Fund&rsquo;s last ten fiscal
years, as applicable. The information in the table shown below comes from the Fund&rsquo;s financial statements for the fiscal year ended
October&nbsp;31, 2020, and each of the prior nine years then ended, all of which have been audited by [ ] the Fund&rsquo;s 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"></P>

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<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">Fiscal Year Ended</TD><TD STYLE="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; text-align: center">Total Amount<BR> Outstanding</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="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; text-align: center">Asset<BR> Coverage</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidating<BR> Preference&nbsp;per<BR> Preferred&nbsp;Share</B></FONT><B><FONT STYLE="font-size: 10pt"><SUP>(c)</SUP></FONT></B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="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; text-align: center">Average<BR> Market<BR> Value&nbsp;per<BR> Preferred&nbsp;Share</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="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; text-align: center">Type of<BR> Senior<BR> Security</TD><TD STYLE="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; width: 35%">October&nbsp;31, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">153,250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(a)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">4,534</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&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">Loan</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; 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: 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">65,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(b)</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">267</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">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">&nbsp;</TD>
    <TD STYLE="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: top; text-align: left"><FONT STYLE="font-size: 8pt"><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">&nbsp;</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">MRPS</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">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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">174,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(a)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,056</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">65,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(b)</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">272</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">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">&nbsp;</TD>
    <TD STYLE="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: top; text-align: left"><FONT STYLE="font-size: 8pt"><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">&nbsp;</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">MRPS</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">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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">204,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(a)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,632</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2018</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">65,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(b)</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">285</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">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">&nbsp;</TD>
    <TD STYLE="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: top; text-align: left"><FONT STYLE="font-size: 8pt"><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">&nbsp;</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">MRPS</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">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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">160,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(a)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,802</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">65,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(b)</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">295</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">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">&nbsp;</TD>
    <TD STYLE="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: top; text-align: left"><FONT STYLE="font-size: 8pt"><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">&nbsp;</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">MRPS</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">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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">196,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(a)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,457</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2015</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">224,400,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(a)</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">3,346</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">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&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: left">&nbsp;</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">Loan</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">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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">230,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(a)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,529</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2013</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">230,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(a)</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">3,578</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">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&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: left">&nbsp;</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">Loan</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">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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">201,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(a)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,737</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2011</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">201,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;(a)</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">3,660</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">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&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: left">&nbsp;</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">Loan</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Calculated by subtracting the Fund&rsquo;s total liabilities (not including notes payable and MRPS) from the Fund&rsquo;s total assets
and dividing this by the amount of notes payable outstanding, and by multiplying the result by 1,000.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Calculated by subtracting the Fund&rsquo;s total liabilities (not including MRPS) from the Fund&rsquo;s total assets and dividing
this by the number of MRPS outstanding, and by multiplying the result by 25.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>&ldquo;Liquidating Preference per Preferred Share&rdquo; 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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>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.</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="a_003marke"></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; text-indent: 0.25in">Our common shares are listed on the Nasdaq Global
Select Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;CHW.&rdquo; Our common shares commenced trading on the New York Stock Exchange
(&ldquo;NYSE&rdquo;) on June&nbsp;27, 2007. 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; text-indent: 0.25in">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&rsquo;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 &ldquo;Risk Factors &mdash; Additional Risks to Common Shareholders &mdash; Market Discount Risk.&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">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 &ldquo;Net Asset
Value&rdquo; 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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Market Price<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; 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">Net&nbsp;Asset<BR> Value at</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Premium/<BR> (Discount)<BR> to&nbsp;Net&nbsp;Asset<BR> Value<SUP>(3)</SUP></B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Quarter Ended</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">High</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>Low</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Quarter<BR> End<SUP>(2)</SUP></B></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; 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">High</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; 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">Low</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34%">January&nbsp;31, 2018&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">9.83</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">8.82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">9.73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(0.71</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(2.33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">April&nbsp;30, 2018&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.54</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.95</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">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.75</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">(5.09</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, 2018&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.41</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.91</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.53</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2018&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.40</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.49</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.98</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">7.43</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">(3.85</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, 2019&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.18</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.89</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2.55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(13.20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">April&nbsp;30, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.35</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.64</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.29</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">1.21</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">(1.80</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, 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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.38</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.65</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2.30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;31, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.14</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.90</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">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.65</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">(1.68</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, 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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.77</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.20</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.79</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">April&nbsp;30, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.01</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.76</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">6.88</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">(22.33</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.05</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(4.87</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October&nbsp;30, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.93</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.03</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">1.48</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">(2.86</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">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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.91</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.85</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.71</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2.46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2.97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">April&nbsp;30, 2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.90</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.69</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.02</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">9.00</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">(2.32</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"></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">Source: Bloomberg Financial and Fund Accounting Records.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Based on high and low closing market price per share during the respective quarter and does not reflect commissions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Based on the NAV calculated on the close of business on the last business day of each calendar quarter.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>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.</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 last reported sale price, NAV per common share
and percentage premium to NAV per common share on [ ], 2021 were $xx.xx, $xx.xx and x.xx%, respectively. As of [ ], 2021, we had xx,xxx,xxx
common shares outstanding and managed assets of $xxx million.</P>

<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"><A NAME="a_003useof"></A><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; text-indent: 0.25in">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 &ldquo;Investment Objective and Principal
Investment Strategies&rdquo; 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="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_003thefu"></A>The
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-indent: 0.25in"><FONT STYLE="font-size: 10pt">Calamos Global Dynamic
Income Fund is a diversified, closed-end management investment company which commenced investment operations on June&nbsp;27, 2007. The
Fund was organized as a statutory trust under the laws of the State of Delaware on April&nbsp;10, 2007, and has registered under the 1940
Act. On June&nbsp;26, 2007, the Fund issued an aggregate of xx,xxx,xxx common shares, no par value, in an initial public offering and
commenced its operations. The net proceeds of the initial public offering were approximately $xxx,xxx,xxx. </FONT><FONT STYLE="color: #231f20">On
[ ], the Fund issued an additional xx,xx,xxx common shares, in connection with exercise by the underwriters of their overallotment option.
The net proceeds of the initial public offering and subsequent exercise of the overallotment option were approximately $xxx million after
the payment of offering expenses.</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-indent: 0.25in">As of [ ], 2021, the Fund had $xxx&nbsp;million
in borrowings outstanding under the SSB Agreement, plus MRP Shares outstanding with an aggregate liquidation preference of $65&nbsp;million,
plus additional structural leverage that amounted to approximately $xxx&nbsp;million, collectively representing xx.x% of managed assets.
Structural leverage refers to borrowings under the SSB Agreement in respect of which the Fund&rsquo;s interest payments are reduced or
eliminated by the Fund&rsquo;s securities lending activities. See &ldquo;Leverage.&rdquo; The Fund&rsquo;s common shares are listed on
Nasdaq under the symbol &ldquo;CHW.&rdquo; The Fund&rsquo;s principal office is located at 2020 Calamos Court, Naperville,&nbsp;Illinois
60563, and its telephone number is 1-800-582-6959.</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">The following table provides information about
our outstanding securities as of [ ], 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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Title of Class</TD><TD STYLE="padding-bottom: 1pt; 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; text-align: center">Amount<BR> Authorized</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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; text-align: center">Amount<BR> Held&nbsp;by&nbsp;the<BR> Fund&nbsp;or&nbsp;for<BR> its&nbsp;Account</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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; 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: 60%; font: 10pt Times New Roman, Times, Serif">Common Shares&#9;</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">&#9;Unlimited&#9;</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="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;Xx,xxx,xxx&#9;</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">MRPs-Series&nbsp;A&#9;</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">860,000</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: center">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">860,000</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&#9;</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">860,000</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: center">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">860,000</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&#9;</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">880,000</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: center">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">880,000</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; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_003invest"></A>Investment
Objective and Principal Investment Strategies</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; color: #231f20"><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; text-indent: 0.25in; color: #231f20">The Fund&rsquo;s primary investment
objective is to generate a high level of current income with a secondary objective of capital appreciation. The Fund&rsquo;s investment
objective may be changed by the Board of Trustees without a shareholder vote, except that the Fund will give shareholders at least 60
days&rsquo; written notice of any change to the Fund&rsquo;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 &ldquo;Risk Factors.&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; color: #231f20"><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; text-indent: 0.25in; color: #231f20">Under normal circumstances, the
Fund invests primarily in a globally diversified portfolio of convertible instruments, common and preferred stocks, and income-producing
securities such as investment grade and below investment grade (high yield/high risk) debt securities. The Fund may also use other income-producing
strategies, including options, swaps and other derivative instruments, for both investment and hedging purposes. The Fund, under normal
circumstances, invests at least 40% of its managed 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.</P>

<P STYLE="font: 10pt Times New 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">The Fund seeks to maintain a balanced
approach to geographic portfolio diversification. The Fund may invest up to 100% of its managed 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.</P>

<P STYLE="font: 10pt Times New 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">The Fund uses a number of investment
strategies to achieve its objectives and invests in a wide variety of financial instruments. These instruments include global convertible,
exchangeable instruments, as well as &ldquo;synthetic&rdquo; convertible instruments. The Fund also invests in global equities or equity-linked
securities with high income potential. From time to time, the Fund invests in Rule&nbsp;144A securities, foreign exchange contracts or
securities with imbedded foreign exchange hedges, and high yield bonds of companies rated BB or 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"></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">In general, the Fund seeks out
companies with a long-term track record of high dividend payout consistent with dividend growth. In certain circumstances, the Fund may
invest in underlying companies it believes have substantial prospects for price appreciation even if the there is little or no dividend
growth potential. From time to time, the Fund may sell index options or single stock options (either listed or &ldquo;over the counter&rdquo;)
to enhance the overall yield of the Fund or, in the opinion of Calamos, reduce portfolio volatility. The Fund may purchase options to
hedge or engage in other hedging activities including the purchase or sale of futures, swaps or options on equities, indices, currencies,
interest rates or credits.</P>

<P STYLE="font: 10pt Times New 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">The Fund does not seek to maintain
any target allocation among asset classes and, at any time, its allocation among asset classes may vary significantly over time as the
portfolio is actively managed.</P>

<P STYLE="font: 10pt Times New 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>Equity
Securities. </I></FONT>Equity securities include common and preferred stocks, warrants, rights, and depository receipts. The Fund may
invest in preferred stocks and convertible securities of any rating, including below investment grade. See &ldquo;&mdash; High Yield Securities&rdquo;
below. 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 &ldquo;&mdash; Preferred
Shares&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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Debt
Securities. </I></FONT>The Fund may invest in debt securities, including debt securities of U.S. and foreign corporate issuers (also known
as corporate bonds). Corporate bonds are generally used by corporations to borrow money from investors, and may be either secured or unsecured.
Collateral used for secured debt includes, but is not limited to, real property, machinery, equipment, accounts receivable, stocks, bonds
or notes. Holders of corporate bonds, as creditors, have a prior legal claim over common and preferred stockholders as to both income
and assets of the issuer for the principal and interest due them and may have a prior claim over other creditors if liens or mortgages
are involved. Interest on corporate bonds may be fixed or floating, or the securities may be zero coupon fixed income securities which
pay no interest. Interest on corporate bonds is typically paid semi-annually and is fully taxable to the holder of the bonds. Corporate
bonds contain elements of both interest rate risk and credit risk. The market value of a corporate bond generally may be expected to rise
and fall inversely with changes in interest rates and may also be affected by the credit rating of the issuer, the issuer&rsquo;s performance
and perceptions of the issuer in the marketplace. See also &ldquo;&mdash; Other Income Securities&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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>High
Yield Securities. </I></FONT>The Fund may invest in high yield securities for either current income or capital appreciation or both. The
high yield securities in which the Fund invests are rated below investment grade &mdash; i.e., rated &ldquo;Ba&rdquo; or lower by Moody&rsquo;s
or &ldquo;BB&rdquo; or lower by S&amp;P&rsquo;s, or are unrated but determined by Calamos to be of comparable quality. The Fund may invest
in high yield securities of any rating. 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. 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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
Income Securities. </I></FONT>The Fund may also invest in investment grade debt securities. The Fund&rsquo;s investments in investment
grade debt 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; text-indent: 0.25in"><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&rsquo;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&rsquo;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; text-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Foreign
Securities.</I></FONT> The Fund may invest up to 100% of its managed 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. Under normal circumstances,
the Fund will invest at least 40% of its managed assets in securities of foreign issuers. The Fund will invest in the securities of issuers
of several different countries throughout the world, in addition to the United States. A foreign issuer is a foreign government or a company
organized under the laws of a 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Convertible
Securities. </I></FONT>The Fund may invest in convertible securities. A convertible security is a debt security or preferred stock that
is exchangeable for an equity security (typically common stock of the same issuer) at a predetermined price (the &ldquo;conversion price&rdquo;).
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 including below investment
grade. See &ldquo;&mdash; High Yield Securities&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Synthetic
Convertible Instruments.</I></FONT> The Fund may invest in &ldquo;synthetic&rdquo; 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 (&ldquo;fixed-income component&rdquo;, which may be a convertible or non-convertible
security) and the right to acquire an equity security (&ldquo;convertible component&rdquo;). 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; text-indent: 0.25in">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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; text-indent: 0.25in">Preferred equity redeemable cumulative stock (&ldquo;PERCS&rdquo;)
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; text-indent: 0.25in">Dividend enhanced convertible stock (&ldquo;DECS&rdquo;)
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&rsquo;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; text-indent: 0.25in">Preferred Redeemable Increased Dividend Equity
Security (&ldquo;PRIDES&rdquo;) are synthetic securities consisting of a forward contract to purchase the issuer&rsquo;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; text-indent: 0.25in">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"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Convertible
Hedging. </I></FONT>The Fund may seek to enhance income and seek to protect against market risk by hedging
a portion of the equity risk inherent in the convertible securities purchased for the Fund. This hedging is achieved by selling short
some or all of the common stock issuable upon exercise of the convertible security. If the market price of the common stock increases
above the conversion price on the convertible security, the price of the convertible security will increase. The Fund&rsquo;s increased
liability on the short position would, in whole or in part, reduce this gain. if the price of the common stock declines, any decline
in the price of the convertible security would offset, in whole or in part, the Fund&rsquo;s gain on the short position. The Fund may
profit from this strategy by receiving interest and/or dividends on the convertible security and by adjusting the amount of equity risk
that is hedged by short sales. In determining the appropriate portion of the Fund&rsquo;s equity exposure to hedge, Calamos may consider
the general outlook for interest rates and equity markets, the availability of stock to sell short and expected returns and 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; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>High
Yield Securities. </I></FONT>The Fund may invest in high yield securities without limit for either current income or capital appreciation
or both. The high yield securities in which the Fund invests are rated Ba or lower by Moody&rsquo;s or BB or lower by Standard&nbsp;&amp;
Poor&rsquo;s or are unrated but determined by Calamos to be of comparable quality. The Fund may not invest in debt securities that are
rated lower than C. If a debt security were downgraded to below a C rating subsequent to the Fund&rsquo;s investment in the security,
Calamos would review the investment to consider the downgrading, as well as other factors, and determine what action to take in the best
interest of shareholders. 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. Below investment grade
non-convertible debt 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 debt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>Options
Writing.&nbsp;</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&rsquo;s portfolio and (ii)&nbsp;on broad-based
securities indices (such as the S&amp;P 500 or the MSCI EAFE, 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; text-indent: 0.25in">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.</P>

<P STYLE="font: 10pt Times New 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>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; 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 is authorized to purchase and sell 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. 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"></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">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 &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 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 &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 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&rsquo;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; 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 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; text-indent: 0.25in">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; text-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Short
Sales.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT>The Fund may engage in short sales of securities. Short sales are transactions in which
the Fund sells a security or other instrument that it does not own but can borrow in the market. Short selling allows the Fund to profit
from a decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities and
to obtain a low cost means of financing long investments that the Adviser believes are attractive. If a security sold short increases
in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund will
enter into short sales only with respect to common stock that it owns or that is issuable upon conversion of convertible securities 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 0pt 0.25in"><I>Swaps, Caps, Floors and Collars</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 0pt 0.25in; 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"></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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; text-indent: 0.25in">The swap market has grown substantially
in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized
swap documentation. As a result, the swap market has become relatively liquid, however, some swaps may be considered illiquid. Caps, floors
and collars are more recent innovations for which standardized documentation has not yet been fully developed and, accordingly, they are
less liquid than certain other swaps.</P>

<P STYLE="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 0in; text-indent: 0.25in">In addition, certain categories of
interest rate and credit default swaps are, and more in the future will be, centrally cleared. Swaps that are centrally-cleared are subject
to the creditworthiness of the clearing organizations involved in the transaction. For example, a swap investment by 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 futures commission merchant 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"></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 0in"><B>Structured Products</B></P>

<P STYLE="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 0in; text-indent: 0.25in">The Fund may invest in interests in
entities organized and operated for the purpose of restructuring the investment characteristics of certain other investments. This type
of restructuring involves the deposit with or purchase by an entity, such as a corporation or trust, of specified instruments and the
issuance by that entity of one or more classes of securities (&ldquo;structured products&rdquo;) backed by, or representing interests
in, the underlying instruments. The term &ldquo;structured products&rdquo; as used herein excludes synthetic convertibles and interest
rate transactions. The cash flow on the underlying instruments may be apportioned among the newly issued structured products to create
securities with different investment characteristics such as varying maturities, payment priorities and interest rate provisions, and
the extent of the payments made with respect to structured products is dependent on the extent of the cash flow on the underlying instruments.
The Fund may invest in structured products, which represent derived investment positions based on relationships among different markets
or asset 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 0pt 0in; text-indent: 0.25in">The Fund may also invest in other types
of structured products, including, among others, baskets of credit default swaps referencing a portfolio of high-yield securities. A structured
product may be considered to be leveraged to the extent its interest rate varies by a magnitude that exceeds the magnitude of the change
in the index rate. Because they are linked to their underlying markets or securities, investments in structured products generally are
subject to greater volatility than an investment directly in the underlying market or security. Total return on the structured product
is derived by linking return to one or more characteristics of the underlying instrument. Because certain structured products of the type
in which the Fund may invest may involve no credit enhancement, the credit risk of those structured products generally would be equivalent
to that of the underlying instruments. The Fund may invest in a class of structured products that is either subordinated or unsubordinated
to the right of payment of another class. Subordinated structured products typically have higher yields and present greater risks than
unsubordinated structured products. Although the Fund&rsquo;s purchase of subordinated structured products would have similar economic
effect to that of borrowing against the underlying securities, the purchase will not be deemed to be leverage for purposes of the Fund&rsquo;s
limitations related to borrowing and 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 0pt 0in; text-indent: 0.25in">Certain issuers of structured products
may be deemed to be &ldquo;investment companies&rdquo; as defined in the 1940 Act. As a result, the Fund&rsquo;s investments in these
structured products may be limited by the restrictions contained in the 1940 Act. Structured products are typically sold in private placement
transactions, and there currently may be no active trading market for structured products. As a result, certain structured products in
which the Fund invests may be deemed illiquid. The Fund currently does not intend to invest a significant amount of its assets in structured
products.</P>

<P STYLE="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 0in; text-indent: 0.25in; color: #231f20"><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 securities that have not been registered for public sale, but that are eligible
for purchase and sale by certain qualified institutional buyers (&ldquo;Rule&nbsp;144A Securities&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 0in; text-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>U.S.
Government Securities.</I></FONT><I><B> [Ropes: Does this disclosure need updating?] </B></I>U.S. government
securities in which the Fund may invest 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,
General Services Administration, Central Bank for Cooperatives, Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan
Mortgage Corporation, Federal National Mortgage Association (&ldquo;FNMA&rdquo;), 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 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&rsquo;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. 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"></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 0in; text-indent: 0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
Investment Companies</I></FONT><I>. </I>The Fund may invest in the securities of other investment companies to the extent that such investments
are consistent with the Fund&rsquo;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&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. 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 0pt 0in; text-indent: 0.25in; color: #231f20">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. In addition, the Fund&rsquo;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; text-indent: 0.25in; color: #231f20"><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&rsquo; acceptances and other bank obligations, commercial paper rated in the highest category by a nationally recognized
statistical rating organization (&ldquo;NRSRO&rdquo;) 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; text-indent: 0.25in; color: #231f20"><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&rsquo;s
purchase price, with the difference being income to the Fund. The counterparty&rsquo;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&rsquo;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&rsquo;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; text-indent: 0.25in; color: #231f20"><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 held by SSB on behalf of the Fund may be credited against 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&rsquo;s leverage limitations, unless
otherwise covered in accordance with SEC Release IC-10666. Under the terms of the SSB Agreement, SSB will 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 &ldquo;net income&rdquo; 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; text-indent: 0.25in; color: #231f20">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&rsquo;s managed assets. See &ldquo;Description of Securities&rdquo; 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; text-indent: 0.25in; color: #231f20"><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; text-indent: 0.25in; color: #231f20"><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&rsquo;s statement of additional information, under the Fund&rsquo;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 SEC thereunder; (2)&nbsp;borrow money, except as permitted by the 1940 Act and the rules&nbsp;and interpretive
positions of the SEC 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 SEC 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&rsquo;s classification as a diversified investment company under the 1940 Act and the rules&nbsp;and interpretive positions
of the SEC 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 SEC thereunder. This description of the Fund&rsquo;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&rsquo;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; text-indent: 0.25in; color: #231f20">These restrictions may not be
changed without the approval of the holders of a majority of the Fund&rsquo;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&rsquo;s outstanding
voting shares, although the Fund will give shareholders at least 60 days&rsquo; written notice of any changes to the Fund&rsquo;s investment
objective. See &ldquo;Investment Restrictions&rdquo; on page&nbsp;S-[ ] of the Fund&rsquo;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; color: #231f20"><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; text-indent: 0.25in; color: #231f20">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 such 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&rsquo;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&rsquo; various investment objectives and Calamos&rsquo; 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&rsquo;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; text-indent: 0.25in; color: #231f20">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&rsquo;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&rsquo;s fees and expenses will differ from those of the other managed accounts. Accordingly, investors should be aware that the
Fund&rsquo;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; text-indent: 0.25in; color: #231f20">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&rsquo;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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #231f20">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&rsquo;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; text-indent: 0.25in; color: #231f20">Calamos&rsquo; investment management
fee is a percentage of the Fund&rsquo;s managed assets, and Calamos&rsquo; 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: 10pt; text-transform: uppercase"><A NAME="a_003lever"></A>Leverage</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 0pt 0in; text-indent: 0.25in">The Fund may issue preferred shares or debt securities
or borrow to increase its assets available for investment. As of [ ], 2021, the Fund had $xxx million in borrowings outstanding under
the SSB Agreement, MRP Shares outstanding with an aggregate liquidation preference of $65&nbsp;million and used approximately $xx&nbsp;million
of collateral obtained through securities lending arrangements as an offset against borrowings under the SSB Agreement, for a total of
$xxx&nbsp;million of leverage representing xx.x% 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 $265&nbsp;million. Additional information regarding the Fund&rsquo;s preferred shares is included
below under &ldquo;Mandatory Redeemable Preferred Shares.&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 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. 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; text-indent: 0.25in">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&rsquo; 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; text-indent: 0.25in">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&rsquo;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&rsquo; fees are calculated based on
the Fund&rsquo;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&rsquo;s assets.
The Fund&rsquo;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; text-indent: 0.25in">The Fund&rsquo;s use of leverage is premised upon
the expectation that the Fund&rsquo;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&rsquo;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&rsquo;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&rsquo;s return on its investments made with the
proceeds of leverage and the cost of the leverage narrow, the incremental return &ldquo;pick up&rdquo; 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&rsquo;s portfolio investments
or the Fund otherwise incurs losses on its investments, the Fund&rsquo;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; text-indent: 0.25in">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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: left">the likelihood of greater volatility in the net asset value and market price of common shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: left">fluctuations in the dividend rates on any preferred shares borne by the Fund or in interest rates on borrowings and short-term debt;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: left">increased operating costs, which are effectively borne by common shareholders, may reduce the Fund&rsquo;s total return; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: left">the potential for a decline in the value of an investment acquired with borrowed funds, while the Fund&rsquo;s obligations under such
borrowing remains fixed.</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">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&rsquo;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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    <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-indent: 0.5in">Calamos may determine to maintain the Fund&rsquo;s
leveraged position if it expects that the long-term benefits to the Fund&rsquo;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&rsquo;s freedom
to pay dividends on common shares or to engage in other activities. See &ldquo;Dividends and Distributions on Common Shares; Automatic
Dividend Reinvestment Plan &mdash; Dividends and Distributions on Common Shares.&rdquo; 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; text-indent: 0.5in">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&rsquo;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&rsquo;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; text-indent: 0.5in">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&rsquo;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&rsquo;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&rsquo;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 &ldquo;Description of Securities &mdash; Preferred
Shares&rdquo; and &ldquo;Certain Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions.&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: 0.5in">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&rsquo;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&rsquo;s securities. Calamos does not anticipate that these covenants or restrictions would
adversely affect its ability to manage the Fund&rsquo;s portfolio in accordance with the Fund&rsquo;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"></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">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&rsquo; 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"><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; text-indent: 0.5in">On September&nbsp;6, 2017, the Fund completed
a private placement of 860,000 Series&nbsp;A MRP Shares, 860,000 Series&nbsp;B MRP Shares and 880,000 Series&nbsp;C MRP Shares. Each MRP
Share has a liquidation preference of $25.00, resulting in an aggregate liquidation preference of $12&nbsp;million for all MRP Shares.
The holders of MRP Shares for the Fund (&ldquo;MRP Shareholders&rdquo;) are entitled to receive monthly cash dividends, payable on the
first business day (a &ldquo;Dividend Payment Date&rdquo;) of each month following issuance. Subject to adjustment as described below
under &ldquo;MRP Shares Dividends,&rdquo; the dividend rate per annum (the &ldquo;Applicable Rate&rdquo;) for each series of MRP Share
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: 70%; font: 10pt Times New Roman, Times, Serif; margin-left: 1.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">MRP Shares</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; 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; padding-bottom: 1pt; text-align: center">Applicable&nbsp;Rate</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: 82%; font: 10pt Times New Roman, Times, Serif; text-align: left">Series&nbsp;A MRP Shares&#9;</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: 14%; text-align: center">3.70%</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">Series&nbsp;B MRP Shares&#9;</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">4.00%</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">Series&nbsp;C MRP Shares&#9;</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">4.24%</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: 0.5in">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 and September&nbsp;6,
2027 for the Series&nbsp;C 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; text-indent: 0.5in">Previously, the MRP Shares had been
assigned a rating of &ldquo;AA&rdquo; by Fitch Ratings,&nbsp;Inc. (&ldquo;Fitch&rdquo;). As of December&nbsp;17, 2020, Kroll Bond Rating
Agency LLC (&ldquo;Kroll&rdquo;) replaced Fitch as the rating agency for the MRPS. The MRPS have been assigned a rating of &lsquo;AA-&rsquo;
by Kroll. If the ratings of the MRP Shares are downgraded, the Fund&rsquo;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; text-indent: 0.5in"><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; text-indent: 0.5in"><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 &ldquo;Dividend Period&rdquo;), a series of MRP Shares is rated no less than &ldquo;A&rdquo; 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), then the dividend rate for such period (the &ldquo;Dividend Rate&rdquo;) will be equal to the Applicable Rate for such series.
If, on the first day of a Dividend Period, the credit rating assigned on any date to a series of 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 &ldquo;A&rdquo;
by Fitch (or lower than the equivalent of such rating by such 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: 70%; font: 10pt Times New Roman, Times, Serif; margin-left: 1.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Fitch Rating</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Enhanced&nbsp;Dividend<BR> 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: 86%; font: 10pt Times New Roman, Times, Serif">&ldquo;A-&rdquo;&#9;</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: 10%; text-align: center">0.5%</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">&ldquo;BBB+&rdquo; to &ldquo;BBB-&rdquo;&#9;</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">2.0%</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">&ldquo;BB+&rdquo; or below&#9;</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">4.0%</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: 0.5in">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"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Limitation
on Common Share Distributions</I></FONT>. 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 &ldquo;valuation
date&rdquo; 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 MRP Shareholders 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&rsquo;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 0pt 0.75in"><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 0pt 0.75in"><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&rsquo;s MRP Shares&rsquo; 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; text-indent: 0.5in">The terms of the MRP Shares and
rights and preferences of the MRP Shareholders are set forth in the Statement of Preferences of Series&nbsp;A Mandatory Redeemable Preferred
Shares, Series&nbsp;B Mandatory Redeemable Preferred Shares and Series&nbsp;C Mandatory Redeemable Preferred Shares of the Fund (the &ldquo;Statement
of Preferences&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: 0.5in"><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 and September&nbsp;6,
2027 for the Series&nbsp;C 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Voting
Rights.&nbsp;</I></FONT>Except as otherwise required in the prospectus, the governing documents of the Fund,
or as otherwise required by applicable law, the Fund&rsquo;s preferred shareholders, including the MRP Shareholders, have one vote per
share and vote together with the Fund&rsquo;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 &ldquo;Preferred Share Trustees&rdquo;) 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 MRP Shareholders 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; text-indent: 0.5in">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 April&nbsp;30,
2021, there were five other Trustees of the Fund, Ms.&nbsp;Stuckey and Messrs.&nbsp;Calamos, Neal, Toub and Wennlund. See &ldquo;Management
of the Fund&rdquo; in the Fund&rsquo;s statement of additional information. The Fund&rsquo;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&rsquo; 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; text-indent: 0.5in">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; text-indent: 0.5in">The SSB Agreement provides for credit availability
for the Fund, such that it may borrow up to $265 million. As of [ ], 2021, the Fund had utilized $xx&nbsp;million of the $265&nbsp;million
available under the SSB Agreement ($xxx&nbsp;million in borrowings outstanding, and $xxx&nbsp;million in structural leverage consisting
of collateral received from SSB in connection with securities on loan). Interest on the SSB Agreement is charged on the drawn amount at
the rate of Overnight LIBOR 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 Overnight LIBOR 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 [ ], 2021, the interest rate charged under the SSB
Agreement was x.xx%. &ldquo;Net income&rdquo; payments related to cash collateral in connection with securities lending were x.xx% 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; text-indent: 0.5in">The Fund&rsquo;s MRP Shareholders are entitled
to receive monthly cash dividends, at a currently effective dividend rate per annum for each series of MRP Share as follows (subject to
adjustment as described above in &ldquo;Mandatory Redeemable Preferred Shares&rdquo;): 3.70% for Series&nbsp;A MRP Shares, 4.00% for Series&nbsp;B
MRP Shares and 4.24% for Series&nbsp;C 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; text-indent: 0.5in">To cover the interest expense on the borrowings
under the SSB Agreement (including &ldquo;net income&rdquo; 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 [ ], 2021, the Fund&rsquo;s portfolio would
need to experience an annual return of x.xx% (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; text-indent: 0.5in">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&rsquo;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; text-indent: 0.5in">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; text-indent: 0.5in">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&rsquo;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; text-indent: 0.5in">Because Calamos&rsquo; investment management fee
is a percentage of the Fund&rsquo;s managed assets, Calamos&rsquo; 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&rsquo;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; text-indent: 0.5in">The following table illustrates the hypothetical
effect on the return to a holder of the Fund&rsquo;s common shares of the leverage obtained by us (and utilized on [ ], 2021). 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>

<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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: left">Assumed Portfolio Return (Net of Expenses)&#9;</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">(10.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</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">(5.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)%</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">0.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</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">5.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</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">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>&#9;</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">%</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">%<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">%<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">%<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">%</TD></TR>
  </TABLE>


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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Includes interest expense on the borrowings under the SSB Agreement, accrued at interest rates in effect on [ ], 2021 of x.xx%, and
dividend expense on the MRP Shares.</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-top: 0pt; margin-bottom: 0pt; text-align: center">For further information about leveraging, see &ldquo;Risk
Factors &mdash; Fund Risks &mdash; Leverage Risk.&rdquo;</P>

<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"><A NAME="a_003interest"></A><FONT STYLE="text-transform: uppercase">Interest
Rate Transactions</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">In order to reduce the interest rate risk inherent
in the Fund&rsquo;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. Interest rate swaps involve the Fund&rsquo;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&rsquo;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; text-indent: 0.5in">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; text-indent: 0.5in">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&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: 0.5in">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&rsquo;s use of interest rate swaps or caps could enhance or harm the overall
performance of the Fund&rsquo;s common shares. To the extent that there is a decline in interest rates for maturities equal to the remaining
maturity on the Fund&rsquo;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; text-indent: 0.5in">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&rsquo;s fixed rate of payment on the
swap, the swap will increase the Fund&rsquo;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 x.xx% and pay a fixed swap rate of x.xx% over the term of the swap, the swap would effectively increase
Fund expenses and reduce Fund common share net earnings by approximately x.xx% as a percentage of net assets attributable to common shareholders
and approximately x.xx% 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; text-indent: 0.5in">If, on the other hand, the short-term interest
rates effectively received by the Fund are higher than the Fund&rsquo;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&rsquo;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&rsquo;s expenses and common share net earnings. In either case, the swap would have
the effect of reducing fluctuations in the Fund&rsquo;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; text-indent: 0.5in">Buying interest rate caps could enhance the performance
of the Fund&rsquo;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; text-indent: 0.5in">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&rsquo;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; text-indent: 0.5in">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&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: 0.5in">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&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: 0.5in">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_003forward"></A>FORWARD 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: 0.5in">The Fund may use forward currency exchange contracts.
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: 0.5in">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 in the statement of additional information
under &ldquo;Investment Objective and Policies &mdash; 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: 0.5in">If the Fund enters into a forward contract, the
Fund&rsquo;s custodian will segregate liquid assets of the Fund having a value equal to the Fund&rsquo;s commitment under such 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: 0.5in">If the Fund retains the portfolio security and
engages in an offsetting transaction, the Fund 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 transaction, it may subsequently 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: 0.5in">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; text-align: center"><A NAME="a_003risk"></A><B>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: 0.5in">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.</P>

<P STYLE="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; text-indent: 0.5in">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 &ldquo;principal
risk&rdquo; of investing in the Fund, regardless of the order in which it appears.</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times 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"><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 common and preferred stocks, convertible securities and income-producing
securities such as investment grade and below investment grade debt securities. An investment in the Fund&rsquo;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"></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"><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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Antitakeover
Provisions. </I></FONT>The Fund&rsquo;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 &ldquo;Description of Securities &mdash; Preferred
Shares&rdquo; and &ldquo;Certain Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions.&rdquo;
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 &ldquo;Leverage Risk&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: 0.5in"><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&rsquo;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; text-indent: 0.5in; color: #231f20"><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&rsquo;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&rsquo;s balance sheet. The Fund&rsquo;s ability to fund these contingent liabilities will depend
on the liquidity of the Fund&rsquo;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; text-indent: 0.5in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Convertible
Hedging/Short Sales Risk. </I></FONT>The Fund may incur a loss (without limit) as a result of a short sale
if the market value of the borrowed security increases between the date of the short sale and the date the Fund replaces the security.
The Fund may be unable to repurchase the borrowed security at a particular time or at an acceptable price. If the market price of the
common stock issuable upon exercise of a convertible security increases above the conversion price on the convertible security, the price
of the convertible security will increase. The Fund&rsquo;s increased liability on the short position would, in whole or in part, reduce
this gain. If the price of the common stock declines, any decline in the price of the convertible security would offset, in whole or
in part, the Fund&rsquo;s gain on the short position. The use of short sales could increase the Fund&rsquo;s exposure to the market,
magnify losses and increase the volatility of 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; text-indent: 0.5in"><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 &ldquo;investment value.&rdquo; A convertible security&rsquo;s
investment value tends to decline as prevailing interest rate levels increase. Conversely, a convertible security&rsquo;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; text-indent: 0.5in">However, a convertible security&rsquo;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&rsquo;s &ldquo;conversion price.&rdquo;. 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&rsquo;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"></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"><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. 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 it 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&rsquo;s counterparties, there can be no assurance
that the Fund&rsquo;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&rsquo;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; text-indent: 0.5in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;Covenant-Lite&rdquo;
Loans Risk. </I></FONT>Some of the loans in which the Fund may invest may be &ldquo;covenant-lite&rdquo; 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; text-indent: 0.5in"><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&rsquo;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; text-indent: 0.5in"><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&rsquo;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; text-indent: 0.5in"><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, &ldquo;ransomware&rdquo;
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&rsquo;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; text-indent: 0.5in"><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&rsquo;s goods and services. Reinvestment risk is the risk that income from the Fund&rsquo;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&rsquo;s current earnings
rate. A decline in income could affect the market price of the Fund&rsquo;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; text-indent: 0.5in"><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; text-indent: 0.5in"><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, 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&rsquo;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="text-indent: 0.25in; font: 10pt Times 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"><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&rsquo;s portfolio.</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times 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"><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="text-indent: 0.25in; font: 10pt Times 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"><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="text-indent: 0.25in; font: 10pt Times 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"><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&rsquo;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="text-indent: 0.25in; font: 10pt Times 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">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 &ldquo;set aside&rdquo;
liquid assets (often referred to as &ldquo;asset segregation&rdquo;), or engage in other SEC or staff-approved measures, to &ldquo;cover&rdquo;
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&rsquo;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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Regulatory
Risk.</U></FONT> The enforceability of agreements underlying hedging transactions may depend on compliance with applicable statutory and
other regulatory requirements and, depending on the identity of the counterparty, applicable international requirements. New or amended
regulations may be imposed by the CFTC, 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="text-indent: 0.25in; font: 10pt Times 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">In addition, the securities and futures markets
are subject to comprehensive statutes, regulations and margin requirements. For instance, the Dodd&ndash;Frank Wall Street Reform and
Consumer Protection Act (&ldquo;Dodd-Frank Act&rdquo;) could have an adverse effect on the Fund&rsquo;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. Although the CFTC has released final rules&nbsp;relating
to clearing, execution, reporting, risk management, compliance, position limit, anti-fraud, consumer protection, portfolio reconciliation,
documentation, recordkeeping, business conduct, margin requirements and registration requirements under the Dodd-Frank Act, many of the
provisions are subject to further final rulemaking, and thus the Dodd-Frank Act&rsquo;s ultimate impact remains unclear. New regulations
could, among other things, restrict the Fund&rsquo;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; text-indent: 0.5in">The Commission recently finalized new Rule&nbsp;18f-4
under the 1940 Act providing for the regulation of registered investment companies&rsquo; use of derivatives and certain related instruments.
Compliance with Rule&nbsp;18f-4 will not be required until approximately the middle of 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&rsquo;s Release 10666
and ensuing staff guidance. As the Fund comes into compliance, the Fund&rsquo;s approach to asset segregation and coverage requirements
described in this prospectus may be impacted. Rule&nbsp;18f-4 could restrict the Fund&rsquo;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; text-indent: 0.5in"><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&rsquo;s transactions in derivative instruments may 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&rsquo;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 investments
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&rsquo;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; text-indent: 0.5in">Derivative instruments can be illiquid, 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; text-indent: 0.5in"><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&rsquo;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&rsquo;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&rsquo;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; text-indent: 0.5in"><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&rsquo;s investments and hurt those
countries&rsquo; 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">&nbsp;</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"><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&rsquo;s investments and hurt those countries&rsquo; economies and securities 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: 0.5in"><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&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times 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">Below investment grade securities or comparable
unrated securities are considered predominantly speculative with respect to the issuer&rsquo;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 0pt 0.75in; text-indent: 0.25in">&bull;&thinsp;&hairsp;increased price
sensitivity to changing interest rates and to a deteriorating economic environment;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in">&bull;&thinsp;&hairsp;greater risk
of loss due to default or declining credit quality;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&bull;&thinsp;&hairsp;adverse company
specific events are more likely to render the issuer unable to make interest and/or principal payments; and&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: 1in"></TD><TD STYLE="width: 0in; text-align: left">&bull;</TD><TD STYLE="text-align: left">&thinsp;&hairsp;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.</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: 0.5in"><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 &ldquo;&mdash; Emerging Markets Risk&rdquo; below. These risks may include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>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&rsquo;s
portfolio securities at times, in amounts and at prices it considers reasonable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>an adverse effect of currency exchange rate changes or controls on the value of the Fund&rsquo;s investments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>the economies of non-U.S. countries may grow at slower rates than expected or may experience a downturn or recession;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>economic, political and social developments may adversely affect the securities markets in foreign jurisdictions, including expropriation
and nationalization;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>the difficulty in obtaining or enforcing a court judgment in non-U.S. countries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>restrictions on foreign investments in non-U.S. jurisdictions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>difficulties in effecting the repatriation of capital invested in non-U.S. countries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>withholding and other non-U.S. taxes may decrease the Fund&rsquo;s return;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>dividend income the Fund receives from foreign securities may not be eligible for the special tax treatment applicable to qualified
dividend income.</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-indent: 0.5in">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; text-indent: 0.5in">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; text-indent: 0.5in">Based upon the Fund&rsquo;s test for determining
whether an issuer is a &ldquo;foreign issuer&rdquo; 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 &ldquo;foreign issuer&rdquo; 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 &ldquo;Risk Factors &mdash;
Fund Risks &mdash; Foreign Securities Risk.&rdquo; See also &ldquo;&mdash; Non-U.S. Government Obligation Risk.&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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Forward
Currency Exchange Contracts Risk. </I></FONT>Forward 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 currency exchange 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&rsquo;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; text-indent: 0.5in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Futures
and Forward Contracts Risk. </I></FONT>Futures contracts provide for the future sale by one party and purchase by another of a specific
asset at a specific time and price (with or without delivery required). Futures contracts are standardized contracts traded on a recognized
exchange. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures
contract at a specified exercise price during the term of the option. Futures and forward contracts are subject to counterparty risk,
meaning that the party who issues the derivatives (the clearinghouse or the broker holding the Fund&rsquo;s position for a futures contract
or the counterparty for a forward contract) may experience a significant credit event and may be unwilling or unable to make timely settlement
payments or otherwise honor its 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Geographic
Focus 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 focuses 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"></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"><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 &ldquo;junk bonds&rdquo; and are considered predominantly speculative with respect to the issuer&rsquo;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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>increased price sensitivity to changing interest rates and to a deteriorating economic environment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>greater risk of loss due to default or declining credit quality;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>adverse company specific events are more likely to render the issuer unable to make interest and/or principal payments; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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.</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: 0.5in">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 &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 in which 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 the 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: 0.5in">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&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; text-indent: 0.5in">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. 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.</P>

<P STYLE="font: 10pt Times 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">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: 0.5in">If the Fund invests in high yield securities that
are rated &ldquo;C&rdquo; 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"></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"></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>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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>if interest rates go up, the value of debt securities in the Fund&rsquo;s portfolio generally will decline;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>rising interest rates could result in an increase in the cost of the Fund&rsquo;s leverage and could adversely affect the ability
of the Fund to meet asset coverage requirements with respect to leverage;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>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 (&ldquo;NAV&rdquo;) of the Fund&rsquo;s shares;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">&bull;</FONT></TD><TD>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.</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: 0.5in">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. The LIBOR administrator
recently announced that most U.S. dollar LIBOR tenors will no longer be published after June&nbsp;30, 2023, an extension of the original
cessation date, which was slated for the end of 2021. On November&nbsp;30, 2020, the administrator of LIBOR announced a delay in the phase
out of a majority of the U.S. dollar LIBOR publications until June&nbsp;30, 2023, with the remainder of LIBOR publications to still end
at the end of 2021.There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. 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.</P>

<P STYLE="font: 10pt Times 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; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest
Rate Transactions Risk.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 NAV 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: 0.5in; color: #231f20">Depending on the state of interest
rates in general, the Fund&rsquo;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 NAV 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&rsquo;s
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-indent: 0.5in; color: #231f20">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"></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">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&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; color: #231f20">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&rsquo; 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&rsquo;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; text-indent: 0.25in"><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 [ ], 2021, 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&rsquo;s investment. The borrowing
of money or issuance of debt securities and preferred shares represents the leveraging of the Fund&rsquo;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&rsquo;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 and the Fund&rsquo;s policies. See &ldquo;Leverage.&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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the likelihood of greater volatility in the net asset value and market price of the Fund&rsquo;s common shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>fluctuations in the dividend rates on any preferred shares borne by the Fund or in interest rates on borrowings and short-term debt;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>increased operating costs, which are effectively borne by common shareholders, may reduce the Fund&rsquo;s total return; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: left">the potential for a decline in the value of an investment acquired with borrowed funds, while the Fund&rsquo;s obligations under such
borrowing or preferred shares remain fixed.</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">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 &ldquo;Description of Securities &mdash; Preferred Shares&rdquo; and &ldquo;Certain
Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including Antitakeover Provisions.&rdquo; 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; text-indent: 0.25in">The Fund&rsquo;s use of leverage is premised upon
the expectation that the Fund&rsquo;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&rsquo;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&rsquo;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&rsquo;s return on its investments made with the proceeds of leverage and the cost of
the leverage narrow, the incremental return &ldquo;pick up&rdquo; 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&rsquo;s portfolio investments or the Fund otherwise incurs losses
on its investments, the Fund&rsquo;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"></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">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&rsquo;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; text-indent: 0.25in">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; text-indent: 0.25in">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&rsquo;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&rsquo;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; text-indent: 0.25in">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&rsquo;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&rsquo;s leverage exposure. See &ldquo;Prospectus Summary &mdash;
Use of Leverage by the Fund.&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">Because Calamos&rsquo; investment management fee
is a percentage of the Fund&rsquo;s managed assets, Calamos&rsquo; 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&rsquo;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; text-indent: 0.25in"><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&rsquo;s assets in illiquid securities may restrict
the Fund&rsquo;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&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. 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. 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"></P>

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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Loan
Risk.</I></FONT>&nbsp;&nbsp;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&nbsp;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&rsquo; interest rates will be reset to lower levels, potentially reducing the Fund&rsquo;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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Management
Risk. </I></FONT>Calamos&rsquo; 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; text-indent: 0.25in"><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; text-indent: 0.25in"><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. The average maturity of the Fund&rsquo;s investments will affect the volatility of the Fund&rsquo;s
share 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>Non-Convertible
Income Securities Risk. </I></FONT>The Fund will also invest in non-convertible income securities. The Fund&rsquo;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, including the potential impact of the Federal Reserve Board tapering its quantitative easing program, may expose the Fund to
heightened interest rate risk and volatility as a result of a rise in interest rates. In addition, the Fund is subject to the risk that
interest rates may exhibit increased volatility, which could cause the Fund&rsquo;s NAV to fluctuate more. A decrease in fixed-income
market maker capacity may act to decrease liqu<I>idity in the fixed-income markets and act to further increase volatility, affecting the
Fund&rsquo;s return.</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; text-indent: 0.25in"><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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    <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-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
Investment Companies (including ETFs) Risk. </I></FONT>Investments in the securities of other investment companies, including ETFs, may
involve duplication of advisory fees and certain other expenses. By investing in another investment company or ETF, the Fund becomes a
shareholder thereof. As a result, Fund shareholders indirectly bear the Fund&rsquo;s proportionate share of the fees and expenses indirectly
paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders bear in connection
with the Fund&rsquo;s own operations. If the investment company or ETF fails to achieve its investment objective, the value of the Fund&rsquo;s
investment will decline, adversely affecting the Fund&rsquo;s performance. In addition, closed-end investment company and ETF shares potentially
may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the
Fund. In addition, the Fund may engage in short sales of the securities of other investment companies. When the Fund shorts securities
of another investment company, it borrows shares of that investment company which it then sells. The Fund closes out a short sale by purchasing
the security that it has sold short and returning that security to the entity that lent 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"><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&rsquo;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; text-indent: 0.25in"><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&rsquo;s
portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund&rsquo;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; text-indent: 0.25in"><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; text-indent: 0.25in">The recent spread of an infectious respiratory&nbsp;illness&nbsp;caused
by a novel strain of&nbsp;coronavirus&nbsp;(&ldquo;COVID-19&rdquo;) 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&rsquo;s investments and operations.
The transmission&nbsp;of&nbsp;this coronavirus&nbsp;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; text-indent: 0.25in">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 remained, 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&rsquo;s
performance or impair the Fund&rsquo;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"></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 June&nbsp;2016, the United Kingdom approved
a referendum to leave the European Union (&ldquo;EU&rdquo;) (&ldquo;Brexit&rdquo;). 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. The UK Parliament has already ratified the agreement, but the agreement will continue to be applied provisionally until it is
formally ratified by the EU Parliament. 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 the EU UK Trade and Cooperation Agreement, 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&rsquo;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; text-indent: 0.25in">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; text-indent: 0.25in">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&rsquo;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&rsquo; 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&rsquo;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; text-indent: 0.25in">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<U>,</U> 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&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>REIT
Risk. </I></FONT>Investing in real estate investment trusts (&ldquo;REITs&rdquo;) 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"></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>Risks
Associated with Options. </I></FONT>The Fund may use options, including on the Fund&rsquo;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&rsquo;s ability to utilize options successfully will depend on Calamos&rsquo; 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; text-indent: 0.25in">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&rsquo;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 &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. 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; text-indent: 0.25in"><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&rsquo;s
assets invested in illiquid securities would increase. Typically, the Fund purchases Rule&nbsp;144A Securities only if the Fund&rsquo;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; text-indent: 0.25in"><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&rsquo;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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Short
Selling Risk.</I></FONT> The Fund will engage in short sales for investment and risk management purposes, including when the Adviser believes
an investment will underperform due to a greater sensitivity to earnings growth of the issuer, default risk or interest rates. In times
of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement
its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions may exist for extended
periods 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; text-indent: 0.25in">Short sales are transactions in which the Fund
sells a security or other instrument that it does not own but can borrow in the market. Short selling allows the Fund to profit from a
decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities and to obtain
a low cost means of financing long investments that the Adviser believes are attractive. If a security sold short increases in price,
the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund will have substantial
short positions and must borrow those securities to make delivery to the buyer under the short sale transaction. The Fund may not be able
to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have
to sell related long positions earlier than it had expected. Thus, the Fund may not be able to successfully implement its short sale strategy
due to limited availability of desired securities or for other reasons. Also, there is the risk that the counterparty to a short sale
may fail to honor its contractual terms, causing 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"></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">Generally, the Fund will have to pay a fee or
premium to borrow securities and will be obligated to repay the lender of the security any dividends or interest that accrues on the security
during the term of the loan. The amount of any gain from a short sale will be decreased, and the amount of any loss increased, by the
amount of such fee, premium, dividends, interest or expense the Fund pays in connection with 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">Until the Fund replaces a borrowed security, it
may be required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Fund&rsquo;s short position.
Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Fund&rsquo;s
ability to access the pledged collateral may also be impaired in the event the broker becomes bankrupt, insolvent or otherwise fails to
comply with the terms of the contract. In such instances the Fund may not be able to substitute or sell the pledged collateral and may
experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only a
limited recovery or may obtain no recovery in these circumstances. Additionally, the Fund must maintain sufficient liquid assets (less
any additional collateral pledged to the broker), marked-to-market daily, to cover the borrowed securities obligations. This may limit
the Fund&rsquo;s investment flexibility, as well as its ability to meet other current 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">Because losses on short sales arise from increases
in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases
in the value of the security and is limited by the fact that a security&rsquo;s value cannot decrease below zero. The Adviser&rsquo;s
use of short sales in combination with long positions in the Fund&rsquo;s portfolio in an attempt to improve performance or reduce overall
portfolio risk may not be successful and may result in greater losses or lower positive returns than if the Fund held only long positions.
It is possible that the Fund&rsquo;s long securities positions will decline in value at the same time that the value of its short securities
positions increase, thereby increasing potential losses to the Fund. In addition, the Fund&rsquo;s short selling strategies will limit
its ability to fully benefit from increases in the fixed- income 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">By investing the proceeds received from selling
securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase
the Fund&rsquo;s exposure to long securities positions and make any change in the Fund&rsquo;s NAV greater than it would be without the
use of leverage. This could result in increased volatility of returns. There is no guarantee that any leveraging strategy the Fund employs
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; text-indent: 0.25in"><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; text-indent: 0.25in"><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&rsquo;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 &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">Certain of the Fund&rsquo;s investment practices
are 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;convert an ordinary loss or a deduction into a capital
loss (the deductibility of which is more limited), (iv)&nbsp;cause the Fund to recognize income or gain without a corresponding receipt
of cash, (v)&nbsp;adversely affect the timing as to when a purchase or sale of stock or securities is deemed to occur, and (vi)&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"></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"><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; text-indent: 0.25in">Generally, an investment in common shares 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; text-indent: 0.25in"><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; text-indent: 0.25in"><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. 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; text-indent: 0.25in">Depending on the state of interest rates in general,
the Fund&rsquo;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&rsquo;s
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-indent: 0.25in">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; text-indent: 0.25in">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&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">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&rsquo; 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&rsquo;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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Discount Risk. </I></FONT>The Fund&rsquo;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&rsquo;s common shares trading at a discount is a risk separate from the risk of a decline in the Fund&rsquo;s
net asset value as a result of investment activities. The Fund&rsquo;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"></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">Whether shareholders will realize a gain or loss
upon the sale of the Fund&rsquo;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&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 the market value of the Fund&rsquo;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&rsquo;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; text-indent: 0.25in"><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; text-indent: 0.25in"><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; text-indent: 0.25in">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&rsquo;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&rsquo;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; text-indent: 0.25in">Generally, an investment in preferred shares (including
exchange-listed preferred shares) or debt securities (collectively, &ldquo;senior securities&rdquo;) 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; text-indent: 0.25in"><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&rsquo;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; text-indent: 0.25in"><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; text-indent: 0.25in"><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 &ldquo;real&rdquo; 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; text-indent: 0.25in"><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&rsquo;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; text-indent: 0.25in"><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&rsquo;s use of leverage, dividend stability, portfolio credit quality, liquidity, and the Fund&rsquo;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"></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>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; text-indent: 0.25in"><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; text-indent: 0.25in"><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"><A NAME="a_003manage"></A><B>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
supervision over the affairs of the Fund. The officers of the Fund are responsible for the Fund&rsquo;s operations. Currently, there are
seven Trustees of the Fund, one of whom is an &ldquo;interested person&rdquo; of the Fund (as defined in the 1940 Act) and six of whom
are not &ldquo;interested persons.&rdquo; 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 &ldquo;Management of the Fund&rdquo; 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 0pt 0in; text-indent: 0.25in">The Fund&rsquo;s investments are managed
by Calamos, 2020 Calamos Court, Naperville,&nbsp;Illinois 60563. On [ ], 2021, Calamos managed approximately $xx.x&nbsp;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. (&ldquo;CAM&rdquo;) is the sole manager of CILLC. As of April&nbsp;30, 2021, 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"><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; 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 (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&rsquo;s transfer agent; (e)&nbsp;assisting in the preparation and filing of the Fund&rsquo;s federal,
state and local tax returns; (f)&nbsp;assisting in the preparation and filing of the Fund&rsquo;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&rsquo;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&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; (m)&nbsp;reviewing the Fund&rsquo;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&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"></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">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 1.00% of the Fund&rsquo;s average weekly managed assets. Because the fees paid to Calamos
are determined on the basis 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. A discussion regarding the basis of the approval of the Investment
Management Agreement is available in the Fund&rsquo;s annual report for 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; text-indent: 0.25in">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&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"><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 Chief Investment Officer (&ldquo;CIO&rdquo;) 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"></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"><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; 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 is 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; 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 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>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<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-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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Leads to broader perspective on investment decisions: multiple viewpoints and areas of expertise feed into consensus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Promotes collaboration between teams; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Functions as a think tank with the goal of identifying ways to outperform the market on a risk-adjusted basis.</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-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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Form&nbsp;the firm&rsquo;s top-down macro view, market direction, asset allocation, and sector/country positioning.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Establish firm-wide secular and cyclical themes for review.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Review firm-wide and portfolio risk metrics, recommending changes where appropriate.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Review firm-wide, portfolio and individual security liquidity constraints.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Evaluate firm-wide and portfolio investment performance.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Evaluate firm-wide and portfolio hedging policies and execution.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Evaluate enhancements to the overall investment process.</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">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. The Fund&rsquo;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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;Calamos Funds&rdquo;) 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-ends Calamos Funds (&ldquo;Combined Assets&rdquo;). </FONT>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&nbsp;billion of Combined Assets, 0.004% for the next $10.0&nbsp;billion of Combined
Assets and 0.003% for the Combined Assets in excess of $30.0&nbsp;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_003closed"></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; text-indent: 0.25in">The Fund is a diversified, closed-end management
investment company (commonly referred to as a closed-end fund) which commenced investment operations June&nbsp;27, 2007. 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 &ldquo;net asset value.&rdquo; 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&rsquo;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; text-indent: 0.25in">Shares of closed-end funds frequently trade at
a discount to their net asset value. To the extent the Fund&rsquo;s common shares trade at a discount, the Fund&rsquo;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&rsquo;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&rsquo;s Agreement and Declaration of Trust. Such an amendment would require the favorable vote of the holders
of at least 75% of the Fund&rsquo;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_003certain"></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 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. 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&rsquo;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; text-indent: 0.25in"><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; 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 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&rsquo;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; text-indent: 0.25in">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
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"></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, 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&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, and noncorporate shareholders would generally be able to treat such distributions as &ldquo;qualified dividend income&rdquo;
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; text-indent: 0.25in">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; text-indent: 0.25in">From time to time, a substantial portion of the
Fund&rsquo;s investments in loans and other debt obligations could be treated as having market discount and/or &ldquo;original issue discount&rdquo;
(&ldquo;OID&rdquo;) 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; text-indent: 0.25in">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 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; text-indent: 0.25in">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; text-indent: 0.25in">Certain of the Fund&rsquo;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; text-indent: 0.25in">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"></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">It is possible that the Fund&rsquo;s use of derivatives
and foreign currency-denominated instruments, and any of the Fund&rsquo;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&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 for
treatment as a regulated investment company and to eliminate Fund-level tax. In the alternative, if the Fund&rsquo;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&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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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&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 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; text-indent: 0.25in">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 0pt 0in; text-indent: 0.25in"><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; text-indent: 0.25in"><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&rsquo;s Automatic
Dividend Reinvestment Plan (the &ldquo;Plan&rdquo;). 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&rsquo;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&rsquo;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 &ldquo;qualified dividend income&rdquo; 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&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 their shares. Such distributions represent a
return of the investor&rsquo;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&rsquo;s original investment price. To the extent that the amount of any such distribution exceeds the shareholder&rsquo;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; 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, 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&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; text-indent: 0.25in">If a shareholder&rsquo;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&rsquo;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; 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 realized or 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">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; text-indent: 0.25in"><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&rsquo;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; text-indent: 0.25in">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&rsquo; share of total dividends paid during the year. See &ldquo;Certain Federal Income Tax Matters&rdquo;
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; text-indent: 0.25in">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&rsquo;s earnings and profits, if any, will first
reduce a shareholder&rsquo;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"></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">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; text-indent: 0.25in"><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&rsquo;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&rsquo;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&rsquo;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&rsquo;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; 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 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 &ldquo;wash sale&rdquo; 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; text-indent: 0.25in"><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 (&ldquo;backup withholding&rdquo;)
from reportable payments including dividends, capital gain distributions, and proceeds of sales or other dispositions of the Fund&rsquo;s
shares paid to certain holders of the Fund&rsquo;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&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>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; 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 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 &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. 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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    <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 0pt 0in; text-indent: 0.25in"><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="text-align: left; 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 Treatment of Holders of Debt Securities. </I></FONT>Under present law, the Fund intends to treat the 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; 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 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; 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, 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; 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.
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 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; 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.
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; 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"></P>

<!-- Field: Page; Sequence: 113 -->
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    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: 5 -->
<P STYLE="font: 10pt Times New 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 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.
 &ldquo;Market discount&rdquo; 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 &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 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; 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; 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 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&nbsp;percent or more of the combined voting power of all classes of the Fund&rsquo;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; 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 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; 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 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; 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; text-indent: 0.25in"><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>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"><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; text-indent: 0.25in"><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"></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_003netass"></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; 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 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"></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">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; text-indent: 0.25in">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; 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 a 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="a_003divi"></A>DIVIDENDS AND DISTRIBUTIONS ON COMMON SHARES;</B></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>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; text-indent: 0.25in">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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund currently intends to make monthly distributions to common shareholders at a level rate established by the Board of Trustees. The
rate may be modified by the Board of Trustees from time to time. Monthly distributions may include net investment income, net realized
short-term capital gain and, if necessary to maintain a level distribution, return of capital. </FONT>The Fund may at times in its discretion
pay out less than the entire amount of net investment income earned in any particular period and may at times pay out such accumulated
undistributed income in addition to net investment income earned in other periods in order to permit the Fund to maintain a more stable
level of distributions. As a result, the distributions paid by the Fund to holders of common shares for any particular period may be more
or less than the amount of net investment income earned by the Fund during such 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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    <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; text-indent: 0.25in">The Fund will seek to establish a distribution
rate that roughly corresponds to the Adviser&rsquo;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&rsquo;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&rsquo;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&rsquo;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&rsquo;s actual total returns. The Fund&rsquo;s projected or actual distribution rate is
not a prediction of what the Fund&rsquo;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; text-indent: 0.25in">As portfolio and market conditions change, the
rate of distributions on the common shares and the Fund&rsquo;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&rsquo;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; text-indent: 0.25in">To the extent the Fund distributes an amount in
excess of the Fund&rsquo;s current and accumulated earnings and profits, such excess, if any (the &ldquo;Excess&rdquo;), will be treated
by a shareholder for federal income tax purposes as a tax-free return of capital to the extent of the shareholder&rsquo;s adjusted tax
basis in their shares and thereafter as a gain from the sale or exchange of such shares. See &ldquo;Certain Federal Income Tax Matters.&rdquo;
Any such distributions made by the Fund will reduce the shareholder&rsquo;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&rsquo;s
original investment price. To the extent that the Fund&rsquo;s distributions exceed the Fund&rsquo;s current and accumulated earnings
and profits, the distribution payout rate will exceed the yield generated from the Fund&rsquo;s investments. There is no guarantee that
the Fund will realize capital gain in any given year, nor that the Fund&rsquo;s distribution rates will equal in any period the Fund&rsquo;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; text-indent: 0.25in">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&rsquo;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; text-indent: 0.25in">In the event the Fund distributed an Excess, such
distribution would decrease the Fund&rsquo;s managed assets and, therefore, have the likely effect of increasing the Fund&rsquo;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; text-indent: 0.25in">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 1940 Act, to conditionally permit the Fund to make periodic
distributions of long-term capital gains with respect to the Fund&rsquo;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&rsquo;s net asset value per share (a &ldquo;Managed Distribution Policy&rdquo;). As of the date of this
prospectus, the Fund is not using a Managed Distribution Policy. 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>

<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: 0.75in"></TD><TD STYLE="width: 0.4in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">implement certain compliance review and reporting procedures
with respect to the Managed Distribution Policy;</TD>
</TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.4in; text-align: left">&bull;</TD><TD STYLE="text-align: left">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;</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"></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: 0.75in"></TD><TD STYLE="width: 0.4in; text-align: left">&bull;</TD><TD STYLE="text-align: left">include disclosure regarding the Managed Distribution Policy
on the inside front cover of each annual and semi-annual report to shareholders;</TD>
</TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.4in; text-align: left">&bull;</TD><TD STYLE="text-align: left">provide the Fund&rsquo;s total return in relation to changes
in NAV in the financial highlights table and in any discussion about the Fund&rsquo;s total return in each prospectus and annual and
semi-annual report to shareholders;</TD>
</TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.4in; text-align: left">&bull;</TD><TD STYLE="text-align: left">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&rsquo;s next report filed with the Commission on Form&nbsp;N-CSR; and (d)&nbsp;a statement posted prominently on
its website; and</TD>
</TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.4in; text-align: left">&bull;</TD><TD STYLE="text-align: left">take certain steps to ensure the delivery of the notices accompanying
distributions to beneficial owners whose Fund shares are held through a financial intermediary.</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">In addition, if the Fund&rsquo;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&rsquo;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>

<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: 1.15in"></TD><TD STYLE="width: 0.4in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">a rights offering below NAV to holders of the Fund&rsquo;s
common shares;</TD>
</TR></TABLE>

<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: 1.15in"></TD><TD STYLE="width: 0.4in; text-align: left">&bull;</TD><TD STYLE="text-align: left">an offering in connection with a dividend reinvestment plan,
merger, consolidation, acquisition, spin-off or reorganization of the Fund; or</TD>
</TR></TABLE>

<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: 1.15in"></TD><TD STYLE="width: 0.4in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">an offering other than those described above, unless, with
respect to such other offering:</TD>
</TR></TABLE>

<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: 1.15in"></TD><TD STYLE="width: 0.4in; text-align: left">&bull;</TD><TD STYLE="text-align: left">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 NAV 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 five-year period ending on such date; and</TD>
</TR></TABLE>

<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: 1.15in"></TD><TD STYLE="width: 0.4in; text-align: left">&bull;</TD><TD STYLE="text-align: left">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.</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 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&rsquo;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; text-indent: 0.25in">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; text-indent: 0.25in">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&rsquo;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"></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; text-indent: 0.25in">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&rsquo;s borrowings. If the Fund&rsquo;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 &ldquo;Leverage&rdquo; and &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">See &ldquo;&mdash; Automatic Dividend Reinvestment
Plan&rdquo; 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; text-indent: 0.25in">The yield on the Fund&rsquo;s common shares may
vary from period to period depending on factors including, but not limited to, market conditions, the timing of the Fund&rsquo;s investment
in portfolio securities, the securities comprising the Fund&rsquo;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 &ldquo;Leverage,&rdquo; the timing of the investment of leverage proceeds in portfolio
securities, the Fund&rsquo;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&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>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; text-indent: 0.25in">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 (&ldquo;Plan Agent&rdquo;),
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; text-indent: 0.25in">Whenever the Fund declares a dividend or distribution
payable either in common shares or in cash, nonparticipants 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&rsquo;s account, depending
upon the circumstances described below, either (i)&nbsp;through receipt of additional common shares from the Fund (&ldquo;newly issued
shares&rdquo;) or (ii)&nbsp;by purchase of outstanding common shares on the open market (&ldquo;open-market purchases&rdquo;) 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 &ldquo;market premium&rdquo;), the Plan
Agent will receive newly issued common shares from the Fund for each participant&rsquo;s account. The number of newly issued common shares
to be credited to the participant&rsquo;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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    <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-indent: 0.25in">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 &ldquo;market discount&rdquo;),
the Plan Agent has until the last business day before the next date on which the shares trade on an &ldquo;ex-dividend&rdquo; basis or
in no event more than 30 days after the payment date (&ldquo;last purchase date&rdquo;) 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&rsquo;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; text-indent: 0.25in">The Plan Agent maintains all shareholders&rsquo;
accounts in the Plan and furnishes written confirmation of each acquisition made for the participant&rsquo;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&rsquo;s name or that of its nominee, and each shareholder&rsquo;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; text-indent: 0.25in">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&rsquo;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; text-indent: 0.25in">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 &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">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&rsquo;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 &ldquo;Certain Federal Income Tax Matters&rdquo; 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; text-indent: 0.25in">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&rsquo;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"></P>

<!-- Field: Page; Sequence: 121; Value: 74 -->
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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-indent: 0.25in">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"><A NAME="a_003desc"></A><B>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; text-indent: 0.25in">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&rsquo;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; text-indent: 0.25in">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 [ ], 2021, the Fund
had xxx,xxx,xxx common shares outstanding and MRP Shares outstanding in the following amounts: 860,000 Series&nbsp;A MRP Shares, 860,000
Series&nbsp;B MRP Shares, and 880,000 Series&nbsp;C MRP Shares. 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; text-indent: 0.25in">As of [ ], 2021, the Fund had total leverage of
approximately $xxx&nbsp;million representing approximately xx.x% of the Fund&rsquo;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&rsquo;s custodian
in a separate account. Interest on the SSB Agreement is charged on the drawn amount at the rate of Overnight LIBOR 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 Overnight
LIBOR plus x.xx%. The SSB Agreement has a commitment fee of 0.10% of any undrawn amount. As of [ ], 2021, the interest rate charged under
the SSB Agreement was x.x%.</P>

<P STYLE="font: 10pt Times New 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, all securities
lent or subject to repurchase transactions through SSB must be secured continuously by collateral received in cash. Cash collateral held
by SSB on behalf of the Fund may be credited against 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&rsquo;s
leverage limitations under the 1940 Act, unless otherwise covered in accordance with SEC Release IC-10666. Under the terms of the SSB
Agreement, SSB will 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 &ldquo;net income&rdquo; 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 &ldquo;Prospectus
Summary &mdash; Use of Leverage by the Fund.&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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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&rsquo;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; text-indent: 0.25in">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; text-indent: 0.25in">Common shares, when issued and outstanding, will
be legally issued, fully paid and non-assessable, except as described below. 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; text-indent: 0.25in">The Fund&rsquo;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&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 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; text-indent: 0.25in">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 &ldquo;Leverage.&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">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; text-indent: 0.25in">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&rsquo;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"><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">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&rsquo;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&rsquo;s total
assets less the Fund&rsquo;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; text-indent: 0.25in">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"></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 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&rsquo; 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&rsquo;s subclassification as a closed-end investment company or changes
in its fundamental investment restrictions. See &ldquo;Certain Provisions of the Agreement and Declaration of Trust and By-Laws,&nbsp;Including
Antitakeover Provisions.&rdquo; As a result of these voting rights, the Fund&rsquo;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; text-indent: 0.25in">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; text-indent: 0.25in">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; text-indent: 0.25in">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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>General.
</I></FONT>Under Delaware law and the Fund&rsquo;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; text-indent: 0.25in">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the form and title of the security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the aggregate principal amount of the securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the interest rate of the securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the maturity dates on which the principal of the securities will be payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any changes to or additional events of default or covenants;</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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any optional or mandatory redemption provisions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>identities of, and any changes in trustees, paying agents or security registrar; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any other terms of the securities.</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"><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; text-indent: 0.25in"><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; text-indent: 0.25in"><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 &ldquo;event of default&rdquo; for that series under the indenture:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>default in the payment of the principal of, or premium on, a series of debt securities at its stated maturity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>certain voluntary or involuntary proceedings involving us and relating to bankruptcy, insolvency or other similar laws;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any other &ldquo;event of default&rdquo; provided with respect to a series, including a default in the payment of any redemption price
payable on the redemption date.</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">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; text-indent: 0.25in"><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"></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">Unsecured creditors of ours may include, without
limitation, service providers including Calamos, the Fund&rsquo;s custodian, the Fund&rsquo;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; text-indent: 0.25in">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; text-indent: 0.25in"><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; text-indent: 0.25in"><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; text-indent: 0.25in"><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 (&ldquo;DTC&rdquo;) 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; text-indent: 0.25in">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; text-indent: 0.25in">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>DTC notifies us that it is unwilling or unable to continue as a depository and we do not appoint a successor within 60 days;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>an event of default has occurred and is continuing.</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">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; text-indent: 0.25in">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"></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-align: center"><B><A NAME="a_003rating"></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; text-indent: 0.25in">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 &ldquo;Rating Agency.&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">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&rsquo;s guidelines (&ldquo;Rating Agency Guidelines&rdquo;) 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; text-indent: 0.25in">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 &ldquo;Basic Maintenance Amount&rdquo;); 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; text-indent: 0.25in"><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; text-indent: 0.25in">The applicable Basic Maintenance Amount is defined
in the Rating Agency&rsquo;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; text-indent: 0.25in">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 &ldquo;Net Asset Value.&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">Each Rating Agency&rsquo;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; text-indent: 0.25in">A Rating Agency&rsquo;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&rsquo;s, Fitch 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; text-indent: 0.25in"><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 &ldquo;Asset Coverage Cure Date&rdquo;), 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"></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>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; text-indent: 0.25in">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; text-indent: 0.25in">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"><A NAME="a_003certainpro"></A><B>CERTAIN PROVISIONS OF THE AGREEMENT</B></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>AND DECLARATION OF TRUST AND BY-LAWS,</B></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>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; text-indent: 0.5in">The Fund&rsquo;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&rsquo;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; text-indent: 0.5in">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; text-indent: 0.5in">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&rsquo;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; text-indent: 0.5in">In addition, conversion of the Fund to an open-end
investment company would require an amendment to the Fund&rsquo;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; text-indent: 0.5in">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&rsquo;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"></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">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 &ldquo;Principal Shareholder&rdquo;
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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the merger or consolidation of the Fund or any subsidiary of the Fund with or into any Principal Shareholder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the issuance of any securities of the Fund to any Principal Shareholder for cash (other than pursuant to any automatic dividend reinvestment
plan); or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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.</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: 0.5in">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; text-indent: 0.5in">The Fund&rsquo;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; text-indent: 0.5in">The Fund&rsquo;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&rsquo;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&rsquo;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; text-indent: 0.5in">The Fund&rsquo;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&rsquo;s By-Laws and who held shares continuously until the time of the annual
meeting (the &ldquo;Holding Period&rdquo;). 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"></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: 0.5in">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 &ldquo;Exchange Act&rdquo;), the Fund&rsquo;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&rsquo;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&rsquo;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&rsquo;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; text-indent: 0.5in">The Fund&rsquo;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; text-indent: 0.5in">The foregoing is intended only as a summary and
is qualified in its entirety by reference to the full text of the Fund&rsquo;s Agreement and Declaration of Trust and By-Laws, both of
which have been filed as exhibits to the Fund&rsquo;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_003planof"></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; text-indent: 0.25in">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, &ldquo;at the market&rdquo; 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 $xxx,xxx,xxx. 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&rsquo; or underwriters&rsquo; 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"><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; text-indent: 0.25in">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; text-indent: 0.25in">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&rsquo;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"></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"><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; text-indent: 0.25in">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; text-indent: 0.25in">Sales of our common shares may be made in 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 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; text-indent: 0.25in">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; text-indent: 0.25in">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"><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; text-indent: 0.25in">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; text-indent: 0.25in">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; text-indent: 0.25in">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; text-indent: 0.25in">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"></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">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&rsquo;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. 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; text-indent: 0.25in">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; text-indent: 0.25in">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; text-indent: 0.25in">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; text-indent: 0.25in">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; text-indent: 0.25in">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; text-indent: 0.25in">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; text-indent: 0.25in">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"><A NAME="a_003custo"></A><B>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, One Lincoln Street, Boston, Massachusetts 02111. The transfer agent,
dividend disbursing agent and registrar for the Fund&rsquo;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"><A NAME="a_003legalmatt"></A><B>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">Ropes&nbsp;&amp; Gray LLP (&ldquo;Ropes&nbsp;&amp;
Gray&rdquo;) is counsel to the Fund. [ ] (&ldquo;[ ]&rdquo;) has opined 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"></P>

<!-- Field: Page; Sequence: 132; Value: 74 -->
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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>

<!-- Field: Split-Segment; Name: 6 -->
<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"><A NAME="Experts"></A><B>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; text-indent: 0.25in">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 [ ], 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&rsquo;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"><A NAME="INCORPORATION"></A><B>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 0pt 0.5in; text-indent: 0.5in">As noted above, this prospectus is part
of a registration statement filed with the SEC. Pursuant to the final rule&nbsp;and form amendments adopted by the SEC on April&nbsp;8,
2020 to implement certain provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act, 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 0pt 0.5in; text-indent: 0.5in">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 0pt 0.5in">&bull; the Fund&rsquo;s Statement of Additional Information,
dated [ ], 2021, 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 0pt 0.5in">&bull; <A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000138713120012058/chw-ncsr_103120.htm" STYLE="-sec-extract: exhibit">the Fund&rsquo;s Annual Report on Form&nbsp;N-CSR, filed on December&nbsp;30, 2020;</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">&bull; <A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000119312512287114/d370005d8a12b.htm" STYLE="-sec-extract: exhibit">the Fund&rsquo;s description of Common Shares on Form&nbsp;8-A, filed on June&nbsp;28, 2012;</A> 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">&bull; <A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000110465921003480/a21-2195_68k.htm" STYLE="-sec-extract: exhibit">the Fund&rsquo;s Form&nbsp;8-K, filed on January&nbsp;12, 2021.</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; text-indent: 0.5in">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 0pt 0.5in; text-indent: 0.5in">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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #ff4338"><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; text-align: center; color: #ff4338"><B>SUBJECT TO COMPLETION, DATED
[&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;&nbsp;&nbsp;], 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #ff4338"><B>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; background-color: white">Prospectus Supplement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(To Prospectus dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2021)</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; background-color: white"><B>Calamos Global Dynamic
Income Fund</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Up to [&nbsp;&nbsp;&nbsp;&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: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Calamos
Global Dynamic Income Fund (the &ldquo;Fund,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our&rdquo;) is a diversified,&nbsp;closed-end&nbsp;management
investment company that commenced investment operations in June&nbsp;2007. Our investment objective is to generate a high level of current
income with a secondary objective of capital appreciation</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">Our common shares are
listed on the NASDAQ Global Select Market (&ldquo;NASDAQ&rdquo;) under the symbol &ldquo;CHW.&rdquo; As of [ ], 2021, the last reported
sale price for our common shares was $xx.xx per share. As of [ ], 2021, 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; text-indent: 0.25in; background-color: white">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 Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;),
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>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 10%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Per&nbsp;Share</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 72%; text-indent: -12pt; padding-left: 12pt">[Public offering price</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; text-indent: -12pt; padding-left: 12pt">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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</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; text-indent: -12pt; padding-left: 12pt">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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</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-top: 0; margin-bottom: 0">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The aggregate expenses of the offering are estimated to be $ , which represents approximately $ per share.</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 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; ]&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; ] and the total underwriting discounts and commissions would be $[&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;].]</P>

<P STYLE="font: 10pt Times New 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"><B>Investing in our securities
involves certain risks, including the risks associated with the Fund&rsquo;s use of leverage. You could lose some or all of your investment.
See &ldquo;Risk Factors&rdquo; 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; text-indent: 0.25in; background-color: white"><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; text-align: center; background-color: white"><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; background-color: white">Prospectus Supplement
dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 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"></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-indent: 0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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 this 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; ], 2021, as supplemented from time to time, containing additional information, has been filed with
the Securities and Exchange Commission (&ldquo;Commission&rdquo;) 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 &ldquo;shelf&rdquo; 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, the table of contents of which is on page&nbsp;xx of the accompanying prospectus,
request a free copy of our annual and semi-annual reports, request other information or make shareholder inquiries, by calling toll-free&nbsp;1-800-582-6959,
by sending an e-mail request to <U>prospectus@calamos.com</U></FONT>,&nbsp;or by writing to the Fund at 2020 Calamos Court, Naperville,&nbsp;Illinois
60563. The Fund&rsquo;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&rsquo;s website, as described below, where the Fund&rsquo;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&rsquo;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; text-indent: 0.25in; background-color: white">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>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <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; background-color: white"><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; background-color: white"><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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 94%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#PROSPECTUSsupp"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prospectus Supplement Summary</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#PROSPECTUSsupp">SUP-1</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#CAPITALIZATION"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capitalization</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#CAPITALIZATION">SUP-2</A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#SUMMARY"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Summary of Fund Expenses</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#SUMMARY">SUP-2</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#MARKET"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market and Net Asset Value Information</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#MARKET">SUP-4</A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#USEOF"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#USEOF">SUP-5</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#PLANOF"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Plan of Distribution</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#PLANOF">SUP-6</A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#LEGAL"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Matters</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#LEGAL">SUP-6</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#AVAILABLEINFO"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Available Information</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#AVAILABLEINFO">SUP-6</A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Prospectus</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prospectus Summary</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Summary of Fund Expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial Highlights</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market and Net Asset Value Information</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment Objective and Principal Investment Strategies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leverage</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest Rate Transactions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management of the Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Closed-End&nbsp;Fund Structure</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain Federal Income Tax Matters</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net Asset Value</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rating Agency Guidelines</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain Provisions of the Agreement and Declaration of Trust and&nbsp;By-Laws,&nbsp;Including Antitakeover Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Plan of Distribution</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Custodian, Transfer Agent, Dividend Disbursing Agent and Registrar</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Matters</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Experts</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Available Information</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Incorporation by Reference</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&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; background-color: white"><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; background-color: white"><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; text-indent: 0.25in; background-color: white">This prospectus supplement,
the accompanying prospectus and the statement of additional information contain &ldquo;forward-looking statements.&rdquo; Forward-looking
statements can be identified by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo;
 &ldquo;continue,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; 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 &ldquo;Risk Factors&rdquo; 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; text-indent: 0.25in; background-color: white">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 &ldquo;Risk Factors&rdquo;
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; background-color: white"><A NAME="PROSPECTUSsupp"></A><B>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; text-indent: 0.25in; background-color: white"><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 supplement and in
the accompanying prospectus and in the statement of additional information, especially the information set forth under the heading &ldquo;Risk
Factors&rdquo; 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; background-color: white"><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; text-indent: 0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Fund is a diversified,&nbsp;closed-end&nbsp;management investment company, with total managed assets of $x.xx&nbsp;billion as of [ ],
2021 . We commenced operations in June&nbsp;2007 following our initial public offering. Our investment objective is to generate a high
level of current income with a secondary objective of capital appreciation</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; background-color: white"><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; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Calamos
Advisors LLC (the &ldquo;Adviser&rdquo; or &ldquo;Calamos&rdquo;) serves as our investment adviser. Calamos is responsible on a&nbsp;day-to-day&nbsp;basis
for investment of the Fund&rsquo;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&rsquo;s portfolio securities. As of [ ], 2021 Calamos managed approximately
$xx.x&nbsp;billion in assets of individuals and institutions. </FONT><FONT STYLE="color: #231f20">Calamos is a wholly-owned subsidiary
of Calamos Investments LLC (&ldquo;CILLC&rdquo;). Calamos Asset Management,&nbsp;Inc. is the sole manager of CILLC. As of [ ], 2021, approximately
[ ]% of the outstanding interests of CILLC was owned by CAM and the remaining approximately [ ]% 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.</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 pays Calamos
an annual management fee, payable monthly in arrears, for its investment management services equal to 1.00% of the Fund&rsquo;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 &ldquo;Management
of the Fund&rdquo; 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-indent: 0.25in; background-color: white">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; background-color: white"><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; text-indent: 0.25in; background-color: white">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;] Agreement with [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (&ldquo;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]&rdquo;) 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; text-indent: 0.25in; background-color: white">Our common shares are
listed on the NASDAQ Global Select Market (&ldquo;NASDAQ&rdquo;) under the symbol &ldquo;CHW.&rdquo; As of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2021, 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; text-indent: 0.25in; background-color: white">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 NASDAQ or sales
made to or through a market maker other than on an exchange. See &ldquo;Plan of Distribution&rdquo; 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; background-color: white"><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; text-indent: 0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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 &ldquo;Investment Objective
and Principal Investment Strategies,&rdquo; beginning on page&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</FONT>, (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; background-color: white"><B><A NAME="CAPITALIZATION"></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 Fund may offer and sell up to [&nbsp;&nbsp;&nbsp;&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 :</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; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&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">Actual</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; 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">As Adjusted</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 72%; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Loans<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%; 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">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; 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">&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-indent: -12pt; padding-left: 12pt">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; text-indent: -12pt; padding-left: 12pt">Common shares, no par value per share, unlimited shares authorized, [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] outstanding (actual)&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; text-indent: -12pt; padding-left: 12pt">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; text-indent: -13.5pt; padding-left: 13.5pt">Accumulated net realized gain (loss) on investments, foreign currency transaction and written options</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; text-indent: -12pt; padding-left: 12pt">Net unrealized appreciation (depreciation) on investments, foreign currency transaction and written options</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; padding-bottom: 1pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Net assets applicable to common shareholders</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; 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="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; 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-size: 10pt; padding-left: 0.1in">&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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Total Capitalization]</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt 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="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt 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-top: 0; margin-bottom: 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></TD><TD>Figures do not reflect additional structural leverage related to certain securities lending programs, which were $[&nbsp;&nbsp;&nbsp;] million as of
[&nbsp;&nbsp;&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; background-color: white"><A NAME="SUMMARY"></A><B>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; text-indent: 0.25in; background-color: white">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; ], 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; text-indent: 0.25in; background-color: white">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; ]. As of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2021, the Fund had $xxx&nbsp;million in borrowings outstanding, $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] in outstanding
preferred shares and additional structural leverage of $xxx&nbsp;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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholder Transaction Expenses</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 86%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales Load (as a percentage of offering price)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%<SUP>(1)</SUP>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Offering Expenses Borne by the Fund (as a percentage of offering price)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividend Reinvestment Plan Fees (per sales transaction fee) <SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[$15.00]</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</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"></P>

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<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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Percentage&nbsp;of&nbsp;Average&nbsp;Net</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Assets Attributable to</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Annual Expenses</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Common Shareholders</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 82%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management Fee<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest Payments on Borrowed Funds<SUP>(4)</SUP></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="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred Stock Dividend Payments<SUP>(5)</SUP></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="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other Expenses<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Acquired Fund Fees and Expenses]</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total Annual Expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; background-color: white"><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; text-indent: 0.25in; background-color: white">The following example
illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares [(including an assumed total sales
load or commission of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]%)], assuming (1)&nbsp;total annual expenses of [ ]% 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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1&nbsp;Year</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3&nbsp;Years</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5&nbsp;Years</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10&nbsp;Years</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 44%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total Expenses Paid by Common Shareholders<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[ ]</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[ ]</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[ ]</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[ ]</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&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; background-color: white"><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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-indent: 0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Represents the estimated commission with respect to our common shares being sold in this offering, which we will pay to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in connection with sales of common shares effected by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in this offering. While&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is entitled to a commission of&nbsp;&nbsp;&nbsp;&nbsp;% to&nbsp;&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;&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 the Fund&rsquo;s common shares pursuant to this prospectus supplement and the accompanying prospectus. Actual sales of the Fund&rsquo;s common shares under this prospectus supplement and the accompanying prospectus, if any, may be less than as set forth under &ldquo;Capitalization&rdquo; above. In addition, the price per share of any such sale may be greater or less than the price set forth under &ldquo;Capitalization&rdquo; above, depending on the market price of the Fund&rsquo;s common shares at the time of any such sale.] </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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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&rsquo;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 &ldquo;Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan&rdquo; on page&nbsp;[ ] of the accompanying prospectus.</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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Fund pays Calamos an annual management fee, payable monthly in arrears, for its investment management services in an amount equal to 1.00% of the Fund&rsquo;s average weekly managed assets. In accordance with the requirements of the Commission, the table above shows the Fund&rsquo;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;&nbsp;&nbsp;]% of the Fund&rsquo;s average weekly net assets as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] by dividing the total dollar amount of the management fee by the Fund&rsquo;s average weekly net assets (managed assets less outstanding leverage).</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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="padding-left: 0.6pt; text-indent: -0.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reflects interest expense paid on $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million in average borrowings under the Fund&rsquo;s Amended and Restated Liquidity Agreement with State Street Bank and Trust Company, plus $&nbsp;&nbsp;&nbsp;&nbsp;million in additional average structural leverage related to certain securities lending programs, as described in the accompanying prospectus under &ldquo;Prospectus Summary &mdash; Use of Leverage by the Fund.&rdquo;&nbsp;&nbsp;&nbsp;</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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reflects estimated dividend expense on $[&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;million aggregate liquidation preference of mandatory redeemable preferred shares (&ldquo;MRP Shares&rdquo; or &ldquo;MRPS&rdquo;) outstanding. See &ldquo;Prospectus Summary &mdash; Use of Leverage by the Fund&rdquo; and &ldquo;Leverage&rdquo; in the accompanying prospectus for additional information.</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"></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; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Other Expenses&rdquo; are based on estimated amounts for the current fiscal year.</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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The example includes sales load and estimated offering costs.</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; background-color: white">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 &ldquo;Management of the Fund&rdquo; 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; background-color: white"><B><A NAME="MARKET"></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; text-indent: 0.25in; background-color: white">Our common shares are
listed on the NASDAQ Global Select Market (&ldquo;NASDAQ&rdquo;) under the symbol &ldquo;CHW.&rdquo; Our common shares commenced trading
on the New York Stock Exchange (&ldquo;NYSE&rdquo;) on June&nbsp;27, 2007. 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; text-indent: 0.25in; background-color: white">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&rsquo;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&nbsp;closed-end&nbsp;investment companies frequently trade at a discount from NAV. See &ldquo;Risk Factors &mdash; Additional
Risks to Common Shareholders &mdash; Market Discount Risk&rdquo; 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-indent: 0.25in; background-color: white">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 &ldquo;Net Asset Value&rdquo; 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Premium/<BR>
(Discount)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Market
    Price<SUP>(1)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net&nbsp;Asset<BR>
    Value<SUP>(2)</SUP></B></FONT></TD>
    <TD ROWSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>to
    Net Asset<BR>
    Value<SUP>(3)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Quarter Ended</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>High</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Low</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>High</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Low</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 35%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
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    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
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    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
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    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">Source: Bloomberg Financial and Fund Accounting
Records.</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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based on high and low closing market price per share during the respective quarter and does not reflect commissions.</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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based on the NAV calculated on the close of business on the last business day of each calendar quarter.</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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</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; background-color: white">The last reported sale
price, NAV per common share and percentage discount to NAV per common share on [ ], 2021, were $xx.xx, $xx.xx and (x.xx)%, respectively.
As of [ ], 2021, we had xx,xxx,xxx common shares outstanding and managed assets of approximately $x.xx&nbsp;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-indent: 0.25in; background-color: white">The following table provides
information about our outstanding securities as of [ ], 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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Title of Class</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount<BR>
Authorized</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount<BR>
Held&nbsp;by&nbsp;the<BR>
Fund&nbsp;or&nbsp;for<BR>
its Account</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount<BR>
Outstanding</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 58%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unlimited</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MRPS-Series&nbsp;A</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">860,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">860,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MRPS-Series&nbsp;B</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">860,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">860,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MRPS-Series&nbsp;C</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">880,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">880,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Fiscal Year Ended</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">Total Amount<BR> Outstanding</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; 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">Asset<BR> Coverage(a)</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; 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">Liquidating<BR> Preference&nbsp;per<BR> Preferred&nbsp;Share(c)</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; 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">Average<BR> Market<BR> Value&nbsp;per<BR> Preferred&nbsp;Share</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; 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">Type of<BR> Senior<BR> Security</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34%; text-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2020</TD><TD STYLE="width: 2%; 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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&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-indent: -12pt; padding-left: 12pt">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="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-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2019</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="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-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2019</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="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-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2018</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="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-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2018</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="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-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2017</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="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-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2017</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="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-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2016</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="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-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2015</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="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-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2014</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="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-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2013</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="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-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2012</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="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-indent: -12pt; padding-left: 12pt">October&nbsp;31, 2011</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="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-top: 0; margin-bottom: 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Calculated by subtracting the Fund&rsquo;s total liabilities (not including notes payable and MRPS) from the Fund&rsquo;s total assets
and dividing this by the amount of notes payable outstanding, and by multiplying the result by 1,000.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Calculated by subtracting the Fund&rsquo;s total liabilities (not including MRPS) from the Fund&rsquo;s total assets and dividing
this by the number of MRPS outstanding, and by multiplying the result by 25.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>&ldquo;Liquidating Preference per Preferred Share&rdquo; means the amount to which a holder of preferred shares would be entitled
upon involuntary liquidation of the Fund in preference to common shareholders, expressed as a dollar amount per preferred share.</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 0.25in; text-indent: -0.25in">(d)&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; text-align: center; background-color: white"><B><A NAME="USEOF"></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">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 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 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"></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">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 &ldquo;Investment Objective and Principal Investment Strategies,&rdquo;
beginning on page&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. 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;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 this purpose. 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. 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; background-color: white"><B><A NAME="PLANOF"></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; background-color: white">[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; background-color: white"><A NAME="LEGAL"></A><B>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; background-color: white; text-indent: 0.25in">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] &ldquo;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]&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 [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] 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; background-color: white"><B><A NAME="AVAILABLEINFO"></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; text-indent: 0.25in">We are subject to the informational requirements
of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) 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&rsquo;s website at 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-indent: 0.25in">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; text-indent: 0.25in">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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    <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"></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-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&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: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Calamos Global Dynamic
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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><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"></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; background-color: white"><B>[Date], 2021</B></P>

<P STYLE="font: 10pt Times New 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"><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&rsquo; 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"></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; text-align: right; background-color: white">CHWPRO [&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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    <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; background-color: white; color: #de1a1e"><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: #de1a1e"><B>SUBJECT
TO COMPLETION, DATED &nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</B></P>

<P STYLE="font: 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; background-color: white">(To prospectus dated [&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;])</P>

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

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><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; background-color: white"><B>CALAMOS GLOBAL DYNAMIC
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; background-color: white"><B>Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in; background-color: white"><B>Shares,
Series</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>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; text-indent: 0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Calamos
Global Dynamic Income Fund (the &ldquo;Fund,&rdquo; &ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo;) is a diversified,&nbsp;closed-end&nbsp;management
investment company. Our investment objective is to generate a high level of current income with a secondary objective of capital appreciation</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">We are offering an additional
series (&ldquo;Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rdquo;) of our series &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred
shares (referred to as &ldquo;Preferred Shares&rdquo; or &ldquo;Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
Shares&rdquo;) in this prospectus supplement. This prospectus supplement is not complete and should be read in conjunction with our prospectus
dated [ ], 2021&nbsp;&nbsp;(the &ldquo;prospectus&rdquo;), 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; text-indent: 0.25in; background-color: white">The Series&nbsp;&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 &ldquo;Preferred Shares.&rdquo; Individual series of Preferred Shares are referred to as a &ldquo;series.&rdquo; 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; text-indent: 0.25in; background-color: white">The Preferred Shares
have a liquidation preference of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share, plus any accumulated, unpaid dividends.
The Preferred Shares also have priority over the Fund&rsquo;s common shares as to distribution of assets as described in this prospectus
supplement.</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><B>Investing in Preferred
Shares involves certain risks, including the risks associated with the Fund&rsquo;s use of leverage. See &ldquo;Risk Factors&rdquo; beginning
on page&nbsp;xx of the prospectus and beginning on page&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;]&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; text-indent: 0.25in; background-color: white"><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="border-bottom: Black 1pt solid; 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Per&nbsp;Share</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 72%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Public offering price</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales load</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds to us (before expenses)</FONT><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Does not include offering expenses payable to us estimated to be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; text-indent: 0.25in; background-color: white">The underwriters expect
to deliver the Series&nbsp;&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 [ ], 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-align: center; background-color: white"><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; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
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"></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; background-color: white">This prospectus supplement
has been filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;). Additional copies of this prospectus supplement,
the prospectus, the statement of additional information dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
as supplemented from time to time, or the Fund&rsquo;s annual or semi-annual reports are available by calling&nbsp;(800)&nbsp;582-6959&nbsp;or
by writing to the Fund, or you may obtain copies (and other information regarding us) from the SEC&rsquo;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&rsquo;s website where the Fund&rsquo;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; text-indent: 0.25in; background-color: white">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; text-indent: 0.25in; background-color: white">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; text-indent: 0.25in; background-color: white">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; background-color: white"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 95%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#prospref1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prospectus Supplement Summary</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#prospref1">Pref-1</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#usepref2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of Proceeds</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><A HREF="#usepref2">Pref-3</A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#cappref3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capitalization</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><A HREF="#cappref3">Pref-3</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#assetpref3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Asset Coverage Requirements</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><A HREF="#assetpref3">Pref-3</A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#desctpref4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description of Preferred Shares</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><A HREF="#desctpref4">Pref-4</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#underwpref5"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Underwriting</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><A HREF="#underwpref5">Pref-6</A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#wherepref6"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><A HREF="#wherepref6">Pref-6</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#legalpref6"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Matters</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><A HREF="#legalpref6">Pref-6</A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#unauditedpref7"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Unaudited] Financial Statements as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; , 21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><A HREF="#unauditedpref7">Pref-7</A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Prospectus</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prospectus Summary</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Summary of Fund Expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial Highlights</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market and Net Asset Value Information</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment Objective and Principal Investment Strategies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leverage</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest Rate Transactions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management of the Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Closed-End&nbsp;Fund Structure</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain Federal Income Tax Matters</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net Asset Value</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rating Agency Guidelines</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain Provisions of the Agreement and Declaration of Trust And&nbsp;By-Laws,&nbsp;Including Antitakeover Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Plan of Distribution</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Custodian, Transfer Agent, Dividend Disbursing Agent and Registrar</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Matters</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Experts</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Available Information</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Incorporation by Reference</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&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; background-color: white"><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&nbsp;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; background-color: white"><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; text-indent: 0.25in; background-color: white">This prospectus supplement,
the accompanying prospectus and the statement of additional information contain &ldquo;forward-looking statements.&rdquo; Forward-looking
statements can be identified by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo;
 &ldquo;continue,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; 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; text-indent: 0.25in; background-color: white">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 &ldquo;Risk Factors&rdquo;
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; text-indent: 0.25in; background-color: white">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 &ldquo;Risk Factors&rdquo; 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. 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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    <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; background-color: white"><A NAME="prospref1"></A><B>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; text-indent: 0.25in; background-color: white"><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 &ldquo;Risk Factors&rdquo; beginning
on page&nbsp;xx of the accompanying prospectus and on page&nbsp;[&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; background-color: white"><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; text-indent: 0.25in; background-color: white">Calamos Global Dynamic
Income Fund is a diversified,&nbsp;closed-end&nbsp;management investment company. Throughout the prospectus, we refer to Calamos Global
Dynamic Income Fund as the &ldquo;Fund&rdquo; or as &ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our.&rdquo; The Fund&rsquo;s common
shares are traded on the NASDAQ Global Select Market (&ldquo;NASDAQ&rdquo;) under the symbol &ldquo;CHW.&rdquo; As of&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
], the Fund had&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] common shares outstanding and net assets of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].
The Fund&rsquo;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; text-indent: 0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
investment objective is to generate a high level of current income with a secondary objective of capital appreciation</FONT>. There can
be no assurance that we will achieve our investment objective. See &ldquo;The Fund&rdquo; 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-indent: 0.25in; background-color: white">We commenced operations
in June&nbsp;2007 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; background-color: white"><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; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Calamos
Advisors LLC (&ldquo;Calamos&rdquo;) is the Fund&rsquo;s investment adviser. Calamos is responsible on a&nbsp;day-to-day&nbsp;basis for
investment of the Fund&rsquo;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&rsquo;s portfolio securities. As of&nbsp;[&nbsp; ], 2021, Calamos managed
approximately $xxx billion in assets of individuals and institutions. </FONT><FONT STYLE="color: #231f20">Calamos is a wholly-owned subsidiary
of Calamos Investments LLC (&ldquo;CILLC&rdquo;). Calamos Asset Management,&nbsp;Inc. is the sole manager of CILLC. As of [ ], 2021, approximately
[ ]% of the outstanding interests of CILLC was owned by CAM and the remaining approximately [ ]% 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.</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 pays Calamos
an annual management fee, payable monthly in arrears, for its investment management services equal to&nbsp;1.00% of the Fund&rsquo;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 &ldquo;Management
of the Fund&rdquo; 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-indent: 0.25in; background-color: white">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; background-color: white"><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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-left: 9.45pt; text-indent: -9.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred Shares offered by the Fund</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We are offering Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares, each at a purchase price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share. The Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares are offered through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</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 STYLE="width: 38%; padding-left: 9.45pt; text-indent: -9.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of Proceeds</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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;.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&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; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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>
  </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>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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&nbsp;(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 &ldquo;Investment Objective and Principal Investment Strategies&rdquo; in the accompanying prospectus.</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 STYLE="width: 38%; padding-left: 9.45pt; text-indent: -9.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk Factors</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">See &ldquo;Risk Factors&rdquo; 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; background-color: white">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Pref-<!-- 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>
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<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-align: center; background-color: white"><B><A NAME="usepref2"></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; background-color: white">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;.
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&nbsp;(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&nbsp;(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 &ldquo;Investment Objective and Principal Investment Strategies&rdquo; 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; background-color: white"><B><A NAME="cappref3"></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; text-indent: 0.25in; background-color: white">The following table sets
forth the capitalization of the Fund as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2021, 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;&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="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Actual</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">As&nbsp;Adjusted<BR> Preferred&nbsp;Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -12pt; padding-left: 12pt; width: 72%">Loan</TD><TD STYLE="font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; width: 10%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; width: 10%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt">Shareholders&rsquo; Equity</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"></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"></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-indent: -12pt; padding-left: 12pt">Preferred Shares, no par value per share, $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; text-indent: -12pt; padding-left: 12pt">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; text-indent: -12pt; padding-left: 12pt">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; text-indent: -12pt; padding-left: 12pt">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; text-indent: -12pt; padding-left: 12pt">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; text-indent: -12pt; padding-left: 12pt">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; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None of these outstanding shares are held by or for the account of 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; text-align: center; background-color: white"><A NAME="assetpref3"></A><B>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; text-indent: 0.25in; background-color: white">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&rsquo;s portfolio in accordance with the Fund&rsquo;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>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Pref-<!-- 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="font: 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"><B><A NAME="desctpref4"></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; text-indent: 0.25in; background-color: white">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 &ldquo;Statement&rdquo;) attached as Appendix&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the
statement of additional information.]Where appropriate, terms used in &ldquo;Description of Preferred Shares&rdquo; below will have the
same meanings as those terms 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; background-color: white"><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; text-indent: 0.25in; background-color: white">The Fund&rsquo;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;Preferred Shares, Series&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;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; text-indent: 0.25in; background-color: white">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&nbsp;non-assessable&nbsp;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; background-color: white"><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; text-indent: 0.25in; background-color: white">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; text-indent: 0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Dividend
Periods.</I></FONT>&nbsp;The dividend period for the Preferred Shares is &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;% 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; text-indent: 0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Dividend
Payment Dates.</I></FONT>&nbsp;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; text-indent: 0.25in; background-color: white">Dividends on Preferred
Shares will accumulate from the date of their original issue, which is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
21&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; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Restrictions
on Dividend, Redemption and Other Payments.</I></FONT>&nbsp;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&rsquo;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&nbsp;closed-end&nbsp;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&rsquo;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&nbsp;closed-end&nbsp;investment
company as a condition of declaring distributions, purchases or redemptions of its shares of beneficial interest). &ldquo;Senior securities
representing indebtedness&rdquo; 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&rsquo;s obligations under any Borrowings.
The term &ldquo;senior security&rdquo; 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>

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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; background-color: white">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; background-color: white"><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; text-indent: 0.25in; background-color: white">The Fund&rsquo;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; text-indent: 0.25in; background-color: white">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; text-indent: 0.25in; background-color: white">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; text-indent: 0.25in; background-color: white">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; background-color: white"><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; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Mandatory
Redemption.</I></FONT>&nbsp;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; text-indent: 0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Optional
Redemption.</I></FONT>&nbsp;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; background-color: white"><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; text-indent: 0.25in; background-color: white">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>

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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; background-color: white">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; background-color: white"><A NAME="underwpref5"></A><B>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; text-align: center; background-color: white">[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; background-color: white"><B><A NAME="wherepref6"></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; text-indent: 0.25in; background-color: white">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
www.sec.gov. 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; text-indent: 0.25in; background-color: white">This prospectus supplement
and the accompanying prospectus do not contain all of the information in the Fund&rsquo;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; text-indent: 0.25in; background-color: white">Additional information
about the Fund and Preferred Shares can be found in the Fund&rsquo;s registration statement (including amendments, exhibits, and schedules)
on Form&nbsp;N-2&nbsp;filed with the Commission. The Commission maintains a web site (http://www.sec.gov) that contains the Fund&rsquo;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; background-color: white"><B><A NAME="legalpref6"></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: 0.75in; background-color: white">, (&ldquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rdquo;),
is counsel to the Fund. &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;and
counsel to the underwriters may rely on the opinion of &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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    <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; background-color: white"><A NAME="unauditedpref7"></A><B>[UNAUDITED] FINANCIAL
STATEMENTS AS OF&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2021</B></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>

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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; 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>$</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Calamos Global Dynamic
Income Fund&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Shares, Series</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-align: center; background-color: white"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>,
2021</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>[Underwriters]</B></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>

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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; background-color: white; color: #de1a1e"><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: #de1a1e"><B>SUBJECT
TO COMPLETION, DATED [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</B></P>

<P STYLE="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; background-color: white">(To prospectus dated [ &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; text-align: center; background-color: white"><B>$</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>CALAMOS GLOBAL DYNAMIC
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-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>Notes
(&ldquo;Calamos Notes&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
Due &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20</B></P>

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

<P STYLE="font: 10pt Times New 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"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Calamos
Global Dynamic Income Fund (the &ldquo;Fund,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;) is a diversified,&nbsp;closed-end&nbsp;management
investment company. Our investment objective is to generate a high level of current income with a secondary objective of capital appreciation</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">We are offering an aggregate
principal amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Calamos Notes in this prospectus supplement. This prospectus supplement is not complete and should be read in conjunction with our prospectus
dated , 21&nbsp;&nbsp;&nbsp;&nbsp; (the &ldquo;prospectus&rdquo;), 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; text-align: left; margin: 0pt 0; text-indent: 0.25in; background-color: white">The notes offered in
this prospectus supplement are referred to as &ldquo;Calamos Notes.&rdquo; Individual series of Calamos Notes are referred to as a &ldquo;series.&rdquo;
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; text-indent: 0.25in; background-color: white"><B>Investing in Calamos
Notes involves certain risks, including the risks associated with the Fund&rsquo;s use of leverage. See &ldquo;Risk Factors&rdquo; beginning
on page&nbsp;xx of the accompanying prospectus and on page&nbsp;[&nbsp;&nbsp;&nbsp;&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; text-indent: 0.25in; background-color: white"><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>

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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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Per&nbsp;Share</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total</TD><TD STYLE="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: 76%; text-indent: -12pt; padding-left: 12pt">Public offering price</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; text-indent: -12pt; padding-left: 12pt">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; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds to us (before expenses)</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</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>
  </TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Does not include offering expenses payable to us estimated to be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; text-indent: 0.25in; background-color: white">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
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 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-align: center; background-color: white"><B>[UNDERWRITER(S)]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">, 2021</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-indent: 0.25in; background-color: white">This prospectus supplement
has been filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;). Additional copies of this prospectus supplement,
the prospectus, the statement of additional information dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
as supplemented from time to time, or the Fund&rsquo;s annual or semi-annual reports are available by calling&nbsp;(800)&nbsp;582-6959&nbsp;or
by writing to the Fund, or you may obtain copies (and other information regarding us) from the Commission&rsquo;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&rsquo;s website where the Fund&rsquo;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; text-indent: 0.25in; background-color: white">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; text-indent: 0.25in; background-color: white">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; text-indent: 0.25in; background-color: white">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>

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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; background-color: white"><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; background-color: white"><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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 95%">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Page</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#prosdebt1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prospectus Supplement Summary</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap"><A HREF="#prosdebt1">Debt-1</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#useofdebt2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap"><A HREF="#useofdebt2">Debt-3</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#capdebt3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capitalization</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap"><A HREF="#capdebt3">Debt-3</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#assetdebt4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Asset Coverage Requirements</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap"><A HREF="#assetdebt4">Debt-3</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#descripdebt4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description of Calamos Notes</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap"><A HREF="#descripdebt4">Debt-4</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#underwridebt6"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Underwriting</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap"><A HREF="#underwridebt6">Debt-6</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#wheredebt6"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap"><A HREF="#wheredebt6">Debt-6</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#legaldebt6"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Matters</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap"><A HREF="#legaldebt6">Debt-6</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#unauditeddebt7"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Unaudited] Financial Statements as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></A></TD>
    <TD STYLE="text-align: center; white-space: nowrap"><A HREF="#unauditeddebt7">Debt-7</A></TD></TR>
  <TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Prospectus</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prospectus Summary</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Summary of Fund Expenses</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial Highlights</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market and Net Asset Value Information</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of Proceeds</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Fund</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment Objective and Principal Investment Strategies</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leverage</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest Rate Transactions</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk Factors</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management of the Fund</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Closed-End&nbsp;Fund Structure</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain Federal Income Tax Matters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net Asset Value</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description of Securities</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rating Agency Guidelines</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain Provisions of the Agreement and Declaration of Trust And&nbsp;By-Laws,&nbsp;Including Antitakeover Provisions</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Plan of Distribution</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Custodian, Transfer Agent, Dividend Disbursing Agent and Registrar</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Matters</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Experts</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Available Information</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Incorporation by Reference</U></FONT></TD>
    <TD STYLE="text-align: center">&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; background-color: white"><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>

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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; background-color: white"><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; text-indent: 0.25in; background-color: white">This prospectus supplement,
the accompanying prospectus and the statement of additional information contain &ldquo;forward-looking statements.&rdquo; Forward-looking
statements can be identified by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo;
 &ldquo;continue,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; 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; text-indent: 0.25in; background-color: white">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 &ldquo;Risk Factors&rdquo;
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; text-indent: 0.25in; background-color: white">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 &ldquo;Risk Factors&rdquo; 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. 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>

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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; background-color: white"><A NAME="prosdebt1"></A><B>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; text-indent: 0.25in; background-color: white"><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 &ldquo;Risk Factors&rdquo; beginning
on page&nbsp;xx of the accompanying prospectus and on page&nbsp;[&nbsp;&nbsp;&nbsp;&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; background-color: white"><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; text-indent: 0.25in; background-color: white">The Fund is a diversified,&nbsp;closed-end&nbsp;management
investment company. Throughout the prospectus, we refer to Calamos Global Dynamic Income Fund as the &ldquo;Fund&rdquo; or as &ldquo;we,&rdquo;
 &ldquo;us,&rdquo; or &ldquo;our.&rdquo; See &ldquo;The Fund.&rdquo; The Fund&rsquo;s common shares are traded on the NASDAQ Global Select
Market (&ldquo;NASDAQ&rdquo;) under the symbol &ldquo;CHW.&rdquo; As of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
the Fund had &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares outstanding and net assets of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. The Fund&rsquo;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; text-indent: 0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
investment objective is to generate a high level of current income with a secondary objective of capital appreciation</FONT>. There can
be no assurance that we will achieve our investment objective. See &ldquo;The Fund&rdquo; 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-indent: 0.25in; background-color: white">We commenced operations
in June&nbsp;2007 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; background-color: white"><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; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Calamos
Advisors LLC (&ldquo;Calamos&rdquo;) is the Fund&rsquo;s investment adviser. Calamos is responsible on a&nbsp;day-to-day&nbsp;basis for
investment of the Fund&rsquo;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&rsquo;s portfolio securities. As of&nbsp;&nbsp;[ ], 2021, Calamos managed
approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;billion in assets of individuals and institutions. </FONT><FONT STYLE="color: #231f20">Calamos
is a wholly-owned subsidiary of Calamos Investments LLC (&ldquo;CILLC&rdquo;). Calamos Asset Management,&nbsp;Inc. is the sole manager
of CILLC. As of [ ], 2021, approximately [ ]% of the outstanding interests of CILLC was owned by CAM and the remaining approximately [
]% 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.</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 pays Calamos
an annual management fee, payable monthly in arrears, for its investment management services equal to&nbsp;1.00% of the Fund&rsquo;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 &ldquo;Management
of the Fund&rdquo; 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-indent: 0.25in; background-color: white">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; background-color: white"><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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-left: 9.45pt; text-indent: -9.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Calamos Notes offered by the Fund</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-left: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate principal amount of Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calamos Notes. Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calamos Notes will be sold in denominations of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and any integral multiple thereof. The Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Notes are being offered by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as underwriters. See &ldquo;Underwriting.&rdquo;</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 STYLE="width: 38%; padding-left: 9.45pt; text-indent: -9.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of proceeds</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Fund estimates the net proceeds of the offering of Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calamos &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, after payment of sales load and offering expenses, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<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>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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&nbsp;(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 &ldquo;Investment Objective and Principal Investment Strategies&rdquo; in the accompanying prospectus.</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 STYLE="width: 38%; padding-left: 9.45pt; text-indent: -9.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk factors</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">See &ldquo;Risk Factors&rdquo; 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; background-color: white">&nbsp;</P>

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<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-align: center; background-color: white"><A NAME="useofdebt2"></A><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; text-indent: 0.25in; background-color: white">The Fund estimates the
net proceeds of the offering of Calamos Notes, after payment of sales load and offering expenses, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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&nbsp;(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 &ldquo;Investment Objective and Principal Investment Strategies&rdquo; 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; background-color: white"><A NAME="capdebt3"></A><B>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; text-indent: 0.25in; background-color: white">The following table sets
forth the capitalization of the Fund as of [ ], 2021, and as adjusted, to give effect to the issuance of all the Calamos Notes offered
hereby (including estimated offering expenses and sales load of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Actual</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">As&nbsp;Adjusted<BR>
Calamos&nbsp;Notes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</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; text-indent: -12pt; padding-left: 12pt">Long-Term Debt</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; width: 72%; text-align: left; text-indent: -12pt; padding-left: 24pt">Calamos Notes, denominations of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or any multiple thereof</TD><TD STYLE="width: 2%; 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: 2%; 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: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -12pt; padding-left: 12pt">Loan</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; text-indent: -12pt; padding-left: 12pt">Shareholders Equity</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-indent: -12pt; padding-left: 12pt">Preferred Shares, no par value per share, $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stated value per share, at liquidation value; unlimited shares authorized (no shares issued; and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; text-indent: -12pt; padding-left: 12pt">Common shares, no par value per share, unlimited shares authorized, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; text-indent: -12pt; padding-left: 12pt">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; text-indent: -12pt; padding-left: 12pt">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; text-indent: -12pt; padding-left: 12pt">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; text-indent: -12pt; padding-left: 12pt">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; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None of these outstanding shares are held by or for the account of 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; text-align: center; background-color: white"><B><A NAME="assetdebt4"></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; text-indent: 0.25in; background-color: white">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&rsquo;s portfolio in accordance with the Fund&rsquo;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>

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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; background-color: white"><A NAME="descripdebt4"></A><B>[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; text-indent: 0.25in; background-color: white">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; text-indent: 0.25in; background-color: white">The Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos
Notes will be issued pursuant to the indenture between the Fund and the trustee dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
21&nbsp;&nbsp;&nbsp;&nbsp;, as it may be supplemented from time to time (referred to herein collectively as the &ldquo;Indenture&rdquo;).
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&nbsp;&nbsp;&nbsp;&nbsp; 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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; background-color: white"><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; text-indent: 0.25in; background-color: white">The Board of Trustees
has authorized us to issue the Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calamos Notes representing indebtedness pursuant to the terms of the
Indenture. Currently, the Indenture provides for the issuance of up to&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate
principal amount of Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calamos Notes. The principal amount of the Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Calamos Notes is due and payable on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
21&nbsp;&nbsp;&nbsp;&nbsp;. The Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
any integral multiple thereof, unless otherwise provided in the Indenture. The Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 &ldquo;Description of Securities &mdash;
Debt Securities &mdash; Events of Default and Acceleration of Maturity of Debt Securities; Remedies.&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; background-color: white">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; background-color: white"><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; text-indent: 0.25in; background-color: white">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; background-color: white"><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; text-indent: 0.25in; background-color: white">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&rsquo;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&rsquo;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; text-indent: 0.25in; background-color: white">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>

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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; background-color: white"><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; text-indent: 0.25in; background-color: white">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; background-color: white"><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; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><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; text-indent: 0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><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; text-indent: 0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Redemption
Procedure</I></FONT>. Pursuant to Rule&nbsp;23c-2&nbsp;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; text-indent: 0.25in; background-color: white">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; text-indent: 0.25in; background-color: white">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; text-indent: 0.25in; background-color: white">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&rsquo;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; text-indent: 0.25in; background-color: white">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; background-color: white"><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; text-indent: 0.25in; background-color: white">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>

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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; background-color: white">Unsecured creditors of
ours may include, without limitation, service providers including Calamos, the Fund&rsquo;s custodian, the Fund&rsquo;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; background-color: white"><A NAME="underwridebt6"></A><B>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; background-color: white">[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; background-color: white"><B><A NAME="wheredebt6"></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; text-indent: 0.25in; background-color: white">We are subject to the
informational requirements of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;) 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 , 21&nbsp;&nbsp;&nbsp;&nbsp;.
These documents are available on the Commission&rsquo;s website at 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-indent: 0.25in; background-color: white">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; text-indent: 0.25in; background-color: white">Additional information
about us can be found in our Registration Statement (including amendments, exhibits, and schedules) on Form&nbsp;N-2&nbsp;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; background-color: white"><B><A NAME="legaldebt6"></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: 0.75in; background-color: white">, (&ldquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rdquo;),
is counsel to the Fund. &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;and
counsel to the underwriters may rely on the opinion of &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; background-color: white"><A NAME="unauditeddebt7"></A><B>[UNAUDITED] FINANCIAL
STATEMENTS AS OF&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2021</B></P>

<P STYLE="font: 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: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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"></P>

<!-- Field: Split-Segment; Name: 8 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><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-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>Calamos Global Dynamic
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-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>Notes
(&ldquo;Calamos Notes&rdquo;)</B></P>

<P STYLE="font: 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"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Due&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><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-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>,
2021</B></P>

<P STYLE="font: 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"><B>[Underwriter]</B></P>

<P STYLE="border-bottom: Black 1pt solid; 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">&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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; color: red"><B>The
information in this Statement of Additional Information 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 Statement of Additional Information, which
is not a prospectus, is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state or
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 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: red"><B>Subject
to Completion dated [ ], 2021</B></P>

<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">CALAMOS GLOBAL DYNAMIC INCOME FUND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">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; text-indent: 0.25in">Calamos Global Dynamic 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 $xxx,xxx,xxx 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 1-800-582-6959. 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 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: 90%; font: 10pt Times New Roman, Times, Serif; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_001">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; width: 10%; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_001">S-1</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_002">Investment Objective and Policies</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_002">S-1</A></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; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003inves">Investment Restrictions</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003inves">S-25</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003managementof">Management of the Fund</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003managementof">S-27</A></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; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003certshar">Certain Shareholders</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003certshar">S-45</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003portfo">Portfolio Transactions</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003portfo">S-47</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003netasset">Net Asset Value</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003netasset">S-49</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003repur">Repurchase of Common Shares</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003repur">S-50</A></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; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003certainfed">Certain Federal Income Tax Matters</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003certainfed">S-51</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003custodian">Custodian, Transfer Agent, Dividend Disbursing Agent and Registrar</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003custodian">S-64</A></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; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003indepen">Independent Registered Public Accounting Firm</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003indepen">S-64</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003additional">Additional Information</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003additional">S-64</A></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; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003additionalinfo">Additional Information Concerning the Agreement and Declaration of Trust</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003additionalinfo">S-64</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003financial">Financial Statements</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003financial">S-64</A></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; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003appendixa">Appendix A &mdash; Summary of Certain Provisions of the Indenture and Form&nbsp;of Supplemental Indenture</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003appendixa">A-1</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt"><A HREF="#a_003appendixb">Appendix B &mdash; Description of Ratings</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in"><A HREF="#a_003appendixb">B-1</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">This Statement of Additional Information is dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], 2021.</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"><B><A NAME="a_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; text-align: left; margin: 0pt 0 0pt 0.25in; 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="a_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 0pt 0.25in; text-align: left; 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 0pt 0.25in"><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 0pt 0.25in; text-align: left; text-indent: 0.25in">Under normal circumstances,
the Fund invests primarily in a globally diversified portfolio of convertible instruments, common and preferred stocks, and income-producing
securities such as investment grade and below investment grade (high yield/high risk) debt securities. The Fund may also incorporate other
income-producing strategies. The Fund, under normal circumstances, invests at least 40% of its managed 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. The Fund seeks to maintain a balanced approach to geographic portfolio diversification. &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 any 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 0pt 0.25in; text-align: justify"><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 0pt 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may invest up to 100% of its managed assets in securities of foreign issuers, including debt and equity securities of corporate issuers
and debt securities of government issuers, in developed and emerging markets. <FONT STYLE="color: #231f20">The Fund will invest in the
securities of issuers of several different countries throughout the world, in addition to the United States.</FONT> A significant portion
of the Fund&rsquo;s assets will be invested in foreign securities. A foreign issuer is a foreign government or company organized under
the laws of a foreign country</FONT><FONT STYLE="font-size: 10pt">. </FONT>For these purposes, foreign securities do not include American
Depositary Receipts (&ldquo;ADRs&rdquo;) or securities guaranteed by a United States person, 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"></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-align: left; 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 0pt 0.25in; text-align: left; 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 0pt 0.25in; text-align: left; 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 0pt 0.25in; text-align: left; 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 0pt 0.25in; text-align: justify"><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 0pt 0.25in; text-align: left; 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 0pt 0.25in; text-align: left; 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 0pt 0.25in; text-align: left; text-indent: 0.25in">If the Fund enters
into a forward contract, the Fund&rsquo;s 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 0pt 0.25in; text-align: left; text-indent: 0.25in">If the Fund retains
the portfolio security and engages in an offsetting currency transaction, the Fund 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 may subsequently 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 0pt 0.25in; text-align: left; 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>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 0pt 0.25in; text-indent: 0.25in">The Fund may purchase and sell put
options and call options on securities, indexes or foreign currencies. 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&rsquo;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. The Fund may also write
(sell) both put and call options on certain 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&rsquo;s portfolio where the Fund will own an equity security
and simultaneously, write call options and write put options on that security. This strategy may produce a considerably higher return
than solely writing call options, but involves a higher degree of risk and 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"></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 may also utilize covered put option collars,
in which the Fund purchases a put option and simultaneously sells a put option on the same security at a different strike price. The put
option collars in which the Fund will invest are sometimes referred to as debit spreads and credit spreads (including strike spreads and
time spreads). When the Fund engages in debit spreads the Fund will pay a higher premium for the put option it purchases than it receives
for the put option it writes. In so doing, the Fund hopes to realize current gains from favorable market price movements in relation to
the exercise price of the option it holds. The Fund&rsquo;s maximum potential profit would be equal to the difference between the two
exercise prices, less the net premium paid. When the Fund engages in credit spreads the Fund will receive more in premiums for the option
it writes than it will pay for the option it purchases. In so doing, the Fund hopes to realize current gains in the form of premiums.
The Fund&rsquo;s maximum potential profit would be equal to the net premium received for the spread. The Fund&rsquo;s maximum potential
loss would be limited to the difference between the two exercise prices, less the net 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">In addition, to seek to offset some of the risk
of a large potential decline in the event the overall stock market has a sizeable short-term or intermediate-term decline, the Fund may
also, to a limited extent purchase put options 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; text-indent: 0.25in">The Fund may also purchase and sell (write) put
options and call options on 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
the Fund 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 is authorized to 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 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 in the money) 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 options on
securities indices and other financial indices, which may include purchasing and selling options on stocks, indices, rates, credit spreads
or currencies. 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; 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"></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 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 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.
The Fund will engage in OTC option transactions only with U.S. government securities dealers recognized by the Federal Reserve Bank of
New York as &ldquo;primary dealers&rdquo; or broker/dealers, domestic or foreign banks or other financial institutions which have received
(or the guarantors of the obligation of which have received) a short-term credit rating of &ldquo;A-1&rdquo; from S&amp;P or &ldquo;P-1&rdquo;
from Moody&rsquo;s or an equivalent rating from any nationally recognized statistical rating organization (&ldquo;NRSRO&rdquo;) or, in
the case of OTC currency transactions, are determined to be of equivalent credit quality by 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 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. As described more fully in the accompanying prospectus, this results in the
potential for net asset value erosion. 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 security at a price above the 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"></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>Equity 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">Equity securities include common and preferred
stocks, warrants, rights, and depository receipts. The Fund may invest in preferred stocks and convertible securities of any rating, including
below investment grade. 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. Equity investments are subject
to greater fluctuations in market value than other asset classes as a result of such factors as a company&rsquo;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&rsquo;s capital structure in terms of priority to corporate income and liquidation 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; text-indent: 0.25in">Preferred stocks involve credit risk, which is
the risk that a preferred stock in the Fund&rsquo;s portfolio will decline in price or fail to make dividend payments when due because
the issuer of the security experiences a decline in its financial status. In addition to credit risk, investments in preferred stocks
involve certain other risks. Certain preferred stocks contain provisions that allow an issuer under certain circumstances to skip distributions
(in the case of &ldquo;non-cumulative&rdquo; preferred stocks) or defer distributions (in the case of &ldquo;cumulative&rdquo; preferred
stocks). If the Fund owns a preferred stock that is deferring its distributions, the Fund may be required to report income for federal
income tax purposes while it is not receiving income from that stock. The Fund must distribute, at least annually, all or substantially
all of its net investment income, including income from such deferred distributions, to shareholders to avoid federal income and excise
taxes. See &ldquo;Certain Federal Income Tax Matters.&rdquo; Therefore, if the Fund owns a preferred stock that is deferring its distributions,
the Fund may have to dispose of portfolio securities under disadvantageous circumstances to generate cash, or may have to leverage itself
by borrowing the cash, to satisfy distribution requirements. In certain varying circumstances, an issuer may redeem its preferred stock
prior to a specified date in the event of certain tax or legal changes or at the issuer&rsquo;s call. In the event of a redemption, the
Fund may not be able to reinvest the proceeds at comparable rates of return. Preferred stocks typically do not provide any voting rights,
except in cases when dividends are in arrears for a specified number of periods.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Equity securities of small and medium-sized companies
historically have been subject to greater investment risk than those of large companies. The risks generally associated with small and
medium-sized companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency
on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of small and medium-sized company
equity securities tend to be more volatile than prices of large company stocks. Further, the prices of small and medium-sized company
equity securities are often adversely affected by limited trading volumes and the lack of publicly available 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>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">In pursuing its investment objective, the Fund
may invest in convertible and non-convertible debt securities, including lower-rated securities (i.e., securities rated BB 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 Ba or lower by Moody&rsquo;s Investor Services,&nbsp;Inc. (&ldquo;Moody&rsquo;s&rdquo;)) and securities that
are not rated but are considered by Calamos Advisors LLC (&ldquo;Calamos&rdquo;) to be of similar quality. There are no restrictions as
to the ratings of debt securities acquired by the Fund or the portion of the Fund&rsquo;s assets that may be invested in debt securities
in a particular ratings category.</P>

<P STYLE="font: 10pt Times New 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 &ldquo;BBB&rdquo; or &ldquo;Baa&rdquo;
are considered to be medium grade and to have speculative characteristics. Lower-rated debt securities are predominantly speculative with
respect to the issuer&rsquo;s capacity to pay interest and repay principal. Investment in medium- or lower-quality debt securities involves
greater investment risk, including the possibility of issuer default or bankruptcy. An economic downturn could severely disrupt the market
for such securities and adversely affect the value of such securities. In addition, lower-quality bonds are less sensitive to interest
rate changes than higher-quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments.
During a period of adverse economic changes, including a period of rising interest rates, issuers of such bonds may experience difficulty
in servicing their principal and interest payment 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"></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">Achievement by the Fund of its investment objective
will be more dependent on Calamos&rsquo; credit analysis than would be the case if the Fund were investing in higher-quality debt securities.
Because the ratings of rating services (which evaluate the safety of principal and interest payments, not market risks) are used only
as preliminary indicators of investment quality, Calamos employs its own credit research and analysis. These analyses may take into consideration
such quantitative factors as an issuer&rsquo;s present and potential liquidity, profitability, internal capability to generate funds,
debt/equity ratio and debt servicing capabilities, and such qualitative factors as an assessment of management, industry characteristics,
accounting methodology, and foreign business 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; text-indent: 0.25in">Medium- and lower-quality debt securities may
be less marketable than higher-quality debt securities because the market for them is less broad. The market for unrated debt securities
is even narrower. During periods of thin trading in these markets, the spread between bid and asked prices is likely to increase significantly,
and the Fund may have greater difficulty selling its portfolio securities. The market value of these securities and their liquidity may
be affected by adverse publicity and investor perceptions.</P>

<P STYLE="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">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, and payment-in-kind
securities, which are debt obligations that pay &ldquo;interest&rdquo; in the form of other debt obligations instead of cash. 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"><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">The high yield securities in which the Fund invests
are rated &ldquo;Ba&rdquo; or lower by Moody&rsquo;s or &ldquo;BB&rdquo; or lower by Standard&nbsp;&amp; Poor&rsquo;s 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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>increased price sensitivity to changing interest rates and to a deteriorating economic environment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>greater risk of loss due to default or declining credit quality;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>adverse company specific events are more likely to render the issuer unable to make interest and/or principal payments; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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.</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-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; 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"></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>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 up to 5% of its total assets
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; 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"></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>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"><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"></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>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 was
a non-convertible 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">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; 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 may create a &ldquo;synthetic&rdquo; convertible
instrument by combining fixed income instruments 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 instrument. 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.</P>

<P STYLE="font: 10pt Times New 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 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 primarily in a portfolio of common
and preferred stocks, convertible securities and income producing securities such as investment grade and below investment grade (high
yield/high risk) debt 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>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 held by SSB on behalf of the Fund may be credited against 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, SSB will
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"><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 and foreign currency futures contracts. A futures contract on an index is an agreement pursuant to
which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close
of the last trading day of the contract and the price at which the index contract was originally written. Although the value of a securities
index is a function of the value of certain specified securities, no physical delivery of those securities is made. An interest rate,
index 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"></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 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 broker, 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"><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 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"></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">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 futures commission merchant (&ldquo;FCM&rdquo;), 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; 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">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 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.</P>

<P STYLE="font: 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">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>1</SUP> 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. In addition, the Fund&rsquo;s ability to use options and futures contracts will be limited
by tax considerations. 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"><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; 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"></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>&nbsp;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; 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">The swap market has grown substantially in recent
years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation.
As a result, the swap market has become relatively liquid, however, some swaps may be considered illiquid. Caps, floors and collars are
more recent innovations for which standardized documentation has not yet been fully developed and, accordingly, they are less liquid than
certain other swaps.</P>

<P STYLE="font: 10pt Times New 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 will be, centrally cleared. Swaps that are centrally-cleared are subject to the creditworthiness
of the clearing organizations involved in the transaction. For example, a swap investment by 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 futures
commission merchant 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 margins to CCPs
through FCMs or broker-dealers (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 margins will be held by such CCP and FCMs in segregated accounts under the CFTC rules.
Such segregation is intended to protect the initial margins of swap clearing customers from the claims of other creditors of a CCP or
FCM. Furthermore, the CFTC rules&nbsp;implement the so-called &ldquo;legally segregated, operationally commingled&rdquo; model for the
segregation of swap clearing customer collateral on a customer-by-customer basis, 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 margins posted to
a non-US CCP through a non-US 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 margins, 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 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 with non-U.S. entities. 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,
either because of 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 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, either
because of 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 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 (in each case, with respect to all non-cleared swaps entered into on or after March&nbsp;1, 2017).
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. The Fund is required to exchange variation margin (in the form of cash, certain
highly liquid securities or gold) with its counterparties that are subject to the margin requirement (and, if contractually agreed, with
any other counterparty) to cover the cumulative daily mark-to-market change in value of the transaction since the last exchange of variation
margin. The amount of margin that must be posted and collected pursuant to these regulatory requirements may be determined on a net basis
(taking into account offsetting exposures) with respect to a portfolio of uncleared swaps and/or security-based swaps that are governed
by a master netting agreement that satisfies certain criteria. Mandatory initial margin requirements are also scheduled to become effective,
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, and the SEC has proposed but not yet adopted final margin rules&nbsp;for security-based swap dealers
that are not subject to the jurisdiction of prudential regulators.</P>

<P STYLE="font: 10pt Times New 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>

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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; 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>Structured Products</B></P>

<P STYLE="font: 10pt Times New 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 interests in entities organized
and operated for the purpose of restructuring the investment characteristics of certain other investments. This type of restructuring
involves the deposit with or purchase by an entity, such as a corporation or trust, of specified instruments and the issuance by that
entity of one or more classes of securities (&ldquo;structured products&rdquo;) backed by, or representing interests in, the underlying
instruments. The term &ldquo;structured products&rdquo; as used herein excludes synthetic convertibles and interest rate transactions.
The cash flow on the underlying instruments may be apportioned among the newly issued structured products to create securities with different
investment characteristics such as varying maturities, payment priorities and interest rate provisions, and the extent of the payments
made with respect to structured products is dependent on the extent of the cash flow on the underlying instruments. The Fund may invest
in structured products, which represent derived investment positions based on relationships among different markets or asset 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-indent: 0.25in">The Fund may also invest in other types of structured
products, including, among others, baskets of credit default swaps referencing a portfolio of high-yield securities. A structured product
may be considered to be leveraged to the extent its interest rate varies by a magnitude that exceeds the magnitude of the change in the
index rate. Because they are linked to their underlying markets or securities, investments in structured products generally are subject
to greater volatility than an investment directly in the underlying market or security. Total return on the structured product is derived
by linking return to one or more characteristics of the underlying instrument. Because certain structured products of the type in which
the Fund may invest may involve no credit enhancement, the credit risk of those structured products generally would be equivalent to that
of the underlying instruments. The Fund may invest in a class of structured products that is either subordinated or unsubordinated to
the right of payment of another class. Subordinated structured products typically have higher yields and present greater risks than unsubordinated
structured products. Although the Fund&rsquo;s purchase of subordinated structured products would have similar economic effect to that
of borrowing against the underlying securities, the purchase will not be deemed to be leverage for purposes of the Fund&rsquo;s limitations
related to borrowing and 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-indent: 0.25in">Certain issuers of structured products may be
deemed to be &ldquo;investment companies&rdquo; as defined in the 1940 Act. As a result, the Fund&rsquo;s investments in these structured
products may be limited by the restrictions contained in the 1940 Act. Structured products are typically sold in private placement transactions,
and there currently may be no active trading market for structured products. As a result, certain structured products in which the Fund
invests may be deemed illiquid. The Fund currently does not intend to invest a significant amount of its assets in structured products.</P>

<P STYLE="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 0in"><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 0pt 0in; 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>

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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"><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 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. 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 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>

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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; text-indent: 0.25in">&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; 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.</P>

<P STYLE="font: 10pt Times New 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, the SEC and regulatory authorities in other jurisdictions
may adopt (and in certain cases, have adopted) bans on short sales of certain securities in response to market events.</P>

<P STYLE="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 coverage of these positions with segregated assets places an effective maximum limit on the use of these types of
securities. 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 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).
The Fund may invest without limit in Rule&nbsp;144A Securities determined to be liquid. 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>

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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; text-indent: 0.25in">&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 and 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&nbsp;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>

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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; text-indent: 0.25in">&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: 0.5in">The financial crisis in both the U.S. and global
economies over the past several years, including the European sovereign debt crisis, 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 been experiencing heightened volatility and turmoil, with issuers that have exposure to the real estate, mortgage and credit markets
particularly affected. It is uncertain how long these conditions will continue.</P>

<P STYLE="font: 10pt Times 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">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 are becoming 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>

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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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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: 0.5in">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: 0.5in">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 new legislation and regulation 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: 0.5in">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 indexes) 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: 0.5in">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: 0.5in">The European Union (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>

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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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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: 0.5in">Additionally, U.S. regulators, the European Union
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 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: 0.5in">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: 0.5in">In October&nbsp;2020, the SEC adopted Rule&nbsp;18f-4
under the 1940 Act, which, once effective, 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: 0.5in">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-indent: 0.5in">Because the situation in the markets is widespread
and largely unprecedented, it may be unusually difficult to identify both risks and opportunities using past models of the interplay of
market forces, or to predict the duration of these 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-align: center"><A NAME="a_003inves"></A>I<B>NVESTMENT 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 0pt 0in; 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>

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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 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Fund may not:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22pt">(1)</TD><TD>Issue senior securities, except as permitted by the 1940 Act and the rules&nbsp;and interpretive positions of the Commission thereunder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22pt">(2)</TD><TD>Borrow money, except as permitted by the 1940 Act and the rules&nbsp;and interpretive positions of the Commission thereunder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.05pt">(3)</TD><TD>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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22pt">(4)</TD><TD>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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.05pt">(5)</TD><TD>Invest in physical commodities or contracts relating to physical commodities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22pt">(6)</TD><TD>Act as an underwriter, except as it may be deemed to be an underwriter in a sale of securities held in its portfolio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22pt">(7)</TD><TD>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 Commission thereunder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22pt">(8)</TD><TD>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.</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 0.25in; 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>

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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; text-indent: 0.25in">&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; text-indent: 0.25in">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.
These limitations do not apply, however, to the purchase of shares of money market funds 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. 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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a_003managementof"></A><B>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 Independent Trustees. 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>

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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"><B>&nbsp;</B></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 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">NAME&nbsp;AND<BR> YEAR&nbsp;OF&nbsp;BIRTH</TD><TD STYLE="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; text-align: center">POSITION(S)&nbsp;AND<BR> LENGTH OF<BR> TIME&nbsp;WITH&nbsp;FUND</TD><TD STYLE="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; text-align: center">PORTFOLIOS IN<BR> FUND&nbsp;COMPLEX^<BR> OVERSEEN</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="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; text-align: center">PRINCIPAL&nbsp;OCCUPATION(S)<BR> DURING&nbsp;THE&nbsp;PAST&nbsp;5&nbsp;YEARS<BR> AND&nbsp;OTHER&nbsp;DIRECTORSHIPS</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 22%; text-align: left">John&nbsp;P.&nbsp;Calamos,&nbsp;Sr.&nbsp;(1940)*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 25%; text-align: left">Chairman, Trustee and President (since&nbsp;2007) Term Expires 2023 <BR>Co-Portfolio Manager (since&nbsp;inception)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 22%; text-align: center">26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 26%; text-align: left">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</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>Trustees Who Are Not 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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NAME AND YEAR OF <BR>
BIRTH</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POSITION(S)&nbsp;AND LENGTH <BR>
OF TIME WITH<BR>
FUND</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PORTFOLIOS&nbsp;IN<BR>
FUND&nbsp;COMPLEX^<BR>
OVERSEEN</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRINCIPAL<BR>
OCCUPATION(S)<BR>
DURING THE PAST<BR>
5&nbsp;YEARS AND OTHER<BR>
DIRECTORSHIPS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John E. Neal <BR>
(1950)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee<BR>
(since 2007); Lead Independent Trustee (since July&nbsp;2019) <BR>
Term Expires 2021</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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); Director, Neuro-ID (private company providing prescriptive analytics for the risk industry); Partner, Linden LLC (health care private equity) (until 2018)</FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 162; Value: 19 -->
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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-top: 0; margin-bottom: 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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NAME AND YEAR OF <BR>
BIRTH</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POSITION(S)&nbsp;AND LENGTH <BR>
OF TIME WITH<BR>
FUND</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PORTFOLIOS&nbsp;IN<BR>
FUND&nbsp;COMPLEX^<BR>
OVERSEEN</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRINCIPAL<BR>
OCCUPATION(S)<BR>
DURING THE PAST<BR>
5&nbsp;YEARS AND OTHER<BR>
DIRECTORSHIPS</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William R. Rybak <BR>
(1951)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee<BR>
(since 2007) <BR>
Term Expires 2023</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Private investor; Chairman (since 2016) and Director (since2010), Christian Brothers Investment Services Inc.; Trustee, JNL Series&nbsp;Trust and JNL Investors Series&nbsp;Trust (since 2007) and 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></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia G. Breen<BR>
(1964)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee<BR>
(since 2015)<BR>
Term Expires 2022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><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) (since2015)***; 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></TR>
</TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NAME AND YEAR OF <BR>
BIRTH</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POSITION(S)&nbsp;AND LENGTH <BR>
OF TIME WITH<BR>
FUND</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PORTFOLIOS&nbsp;IN<BR>
FUND&nbsp;COMPLEX^<BR>
OVERSEEN</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRINCIPAL<BR>
OCCUPATION(S)<BR>
DURING THE PAST<BR>
5&nbsp;YEARS AND OTHER<BR>
DIRECTORSHIPS</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lloyd A. Wennlund<BR>
(1957)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee<BR>
(since 2018)<BR>
Term Expires 2022</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 26%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Trustee and Chairman, Datum One Series&nbsp;Trust (since 2020); Expert Affiliate, Bates Group, LLC (financial services consulting and expert testimony firm) (since2018); Executive Vice President, The Northern Trust Company (1989-2017); President and Business Unit Head of Northern Funds and</FONT></P>
                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">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></P></TD></TR>
</TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NAME AND YEAR OF <BR>
BIRTH</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POSITION(S)&nbsp;AND LENGTH<BR>
OF TIME WITH<BR>
FUND</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PORTFOLIOS&nbsp;IN<BR>
FUND&nbsp;COMPLEX^<BR>
OVERSEEN</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRINCIPAL<BR>
OCCUPATION(S)<BR>
DURING THE PAST<BR>
5&nbsp;YEARS AND OTHER<BR>
DIRECTORSHIPS</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karen L. Stuckey (1953)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee (since December&nbsp;2019) <BR>
Term Expires 2021</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member (since 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization);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 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></TR>
</TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NAME AND YEAR OF <BR>
BIRTH</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POSITION(S)&nbsp;AND LENGTH<BR>
OF TIME WITH<BR>
FUND</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PORTFOLIOS&nbsp;IN<BR>
FUND&nbsp;COMPLEX^<BR>
OVERSEEN</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRINCIPAL<BR>
OCCUPATION(S)<BR>
DURING THE PAST<BR>
5&nbsp;YEARS AND OTHER<BR>
DIRECTORSHIPS</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher M. Toub (1959)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee (since December&nbsp;2019) <BR>
Term Expires 2023</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private investor; formerly Director of Equities, AllianceBernstein LP (until 2012) </FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD>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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD>Overseeing 131 portfolios in fund complex.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">***</TD><TD>Overseeing eighteen portfolios in fund complex.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">****</TD><TD>Overseeing four portfolios in fund complex.</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: 0in">^&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 and Calamos Long/Short Equity&nbsp;&amp; Dynamic Income 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"><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&nbsp;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>

<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; font: bold 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">NAME AND<BR> YEAR OF BIRTH</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">POSITION(S)&nbsp;WITH FUND</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">PRINCIPAL OCCUPATION(S)<BR> DURING&nbsp;PAST 5 YEARS</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Robert&nbsp;F.&nbsp;Behan&nbsp;(1964)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Vice President (since 2013)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">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)</TD></TR>
</TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 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; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NAME AND<BR>
YEAR OF BIRTH</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>POSITION(S)&nbsp;WITH FUND</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRINCIPAL OCCUPATION(S)<BR>
DURING&nbsp;PAST 5 YEARS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas&nbsp;E.&nbsp;Herman&nbsp;(1961)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President (since 2016) and Chief Financial Officer (2016-2017 and since August&nbsp;2019)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John S. Koudounis (1966)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President (since 2016)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President (since February&nbsp;2021) and Chief Executive Officer, CAM, CILLC, Calamos, 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.&nbsp;Christopher&nbsp;Jackson&nbsp;(1951)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and Secretary (since&nbsp;2010)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos, CWM and CFS (since 2010); Director, Calamos Global Funds plc (since 2011)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark J. Mickey (1951)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer (since 2005)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer, Calamos Funds (since 2005) </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen Atkins (1965)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer (since March&nbsp;2020)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><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>
  </TABLE>

<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">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 John E. Neal and Karen L.
Stuckey will expire at the annual meeting of shareholders in 2021. 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. 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>

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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-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><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"><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, www.calamos.com. 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"><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, www.calamos.com. 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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>such other information that would be helpful to the Governance Committee in evaluating the candidate.</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 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>

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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; text-indent: 0.25in">&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 Trust&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; color: #231f20">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; 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>

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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; text-indent: 0.25in">&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, 2020.</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: 64%; font: 10pt Times New Roman, Times, Serif; margin-right: 1.5in; margin-left: 1.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="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; text-align: center">Number&nbsp;of&nbsp;Meetings<BR> During&nbsp;Fiscal<BR> Year&nbsp;Ended&nbsp;October<BR> 31,&nbsp;2020</TD><TD STYLE="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; width: 87%">Board of Trustees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; 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: rgb(204,238,255)">
    <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: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Committee<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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.5in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="border-top: Black 1pt solid; width: 0.25in">(1)</TD><TD STYLE="border-top: Black 1pt solid">Although the Dividend Committee held no meetings, it acted by written consent on 12 occasions.</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 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; 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>&nbsp;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>

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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; text-indent: 0.25in">&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.&nbsp;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>&nbsp;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>&nbsp;John P. Calamos,&nbsp;Sr., the trustee who is an &ldquo;interested person&rdquo; of the Fund,
does not receive compensation from the Fund. Non-interested trustees are compensated by the Fund, but do not receive any pension or retirement
benefits from the Fund. Mr.&nbsp;Mickey, the Fund&rsquo;s Chief Compliance Officer, is the only Fund 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 and the Calamos Fund Complex during the fiscal year ended October&nbsp;31, 2020 to each of the current non-interested trustees and
the one officer compensated by the Fund.</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: 82%; font: 10pt Times New Roman, Times, Serif; margin-right: 0.5in; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Name of Trustee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Aggregate<BR>
    Compensation from Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total&nbsp;Compensation<BR> from Calamos<BR> Fund Complex(1)*</TD><TD STYLE="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: 64%; text-align: left">John P. Calamos,&nbsp;Sr.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; color: #231F20; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; 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">Virginia G. Breen</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,434</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right">177,917</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; 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">John E. Neal<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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right">207,917</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; 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">William R. Rybak</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,745</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right">187,917</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; 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">Karen L. Stuckey<SUP>(2)</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,124</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right">167,917</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; 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">Christopher M. Toub<SUP>(2)</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,124</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right">167,917</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; 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">Lloyd A. Wennlund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,434</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right">177,917</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; 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">Mark J. Mickey</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,725</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right">150,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Includes fees that may have been deferred during the year pursuant to a deferred compensation plan with Calamos Investment Trust.
Deferred amounts are treated as though such amounts have been invested and reinvested in shares of one or more of the portfolios of the
Calamos Investment Trust as selected by the Trustee. As of October&nbsp;31, 2020, the value of the deferred compensation account of Mr.&nbsp;Neal
was $2,260,776.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Ms.&nbsp;Stuckey and Mr.&nbsp;Toub were elected to the Board effective December&nbsp;16, 2019.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>The Calamos Fund Complex consists of nine investment companies and each applicable series thereunder including the Fund, Calamos Investment
Trust, Calamos Advisors Trust, Calamos Convertible and High Income Fund, Calamos Convertible Opportunities and Income Fund, Calamos Strategic
Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund and Calamos Long/Short Equity&nbsp;&amp;
Dynamic Income Trust.</TD></TR></TABLE>

<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; text-indent: 0.25in">&nbsp;</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 the Calamos Funds for their services as such consists of an annual retainer fee in the amount of $100,000, 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
standing committee. Each non-interested trustee also 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, and $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
and has elected to participate in the Plan (&ldquo;a 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; 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, 2020. 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; text-indent: 0.25in">&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: white">
    <TD STYLE="border-bottom: Black 1pt solid; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Trustee</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dollar&nbsp;Range&nbsp;of&nbsp;Equ<BR>
ity<BR>
Securities in the<BR>
Fund</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Eq<BR>
uity<BR>
Securities&nbsp;in&nbsp;all&nbsp;Registered<BR>
Investment Companies<BR>
Overseen<BR>
by Trustee in the Calamos<BR>
Funds</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John P. Calamos,&nbsp;Sr.<SUP>(1)(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over&nbsp;$100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over&nbsp;$100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia G. Breen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over&nbsp;$100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John E. Neal</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over&nbsp;$100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William R. Rybak</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over&nbsp;$100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karen L. Stuckey<SUP>(3)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over&nbsp;$100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher M. Toub<SUP>(3)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over&nbsp;$100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lloyd A. Wennlund</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over&nbsp;$100,000</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="border-top: Black 1pt solid; width: 0.25in">(1)</TD><TD STYLE="border-top: Black 1pt solid">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Indicates an &ldquo;interested person&rdquo; of the Trust, as defined in the 1940 Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Ms.&nbsp;Stuckey and Mr.&nbsp;Toub were elected to the Board effective December&nbsp;16, 2019.</TD></TR></TABLE>

<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>

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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>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 (&ldquo;Policies&rdquo;).
The Policies address, among other things, conflicts of interest that may arise between the Fund&rsquo;s 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">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 the 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.</P>

<P STYLE="font: 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 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 twelve-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 twelve-month period ending June&nbsp;30 is available by August&nbsp;31 of each year (1)&nbsp;on the
SEC&rsquo;s website at www.sec.gov and (2)&nbsp;without charge, upon request, by calling 1-800-582-6959.</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&rsquo; Policies
by calling 1-800-582-6959, by visiting the Calamos&rsquo; website at www.calamos.com, 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>&nbsp;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"><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,
amendments to the Fund&rsquo;s registration statement on Form&nbsp;N-2 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 1.00% 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"></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">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; text-indent: 0.25in">For the fiscal years ended October&nbsp;31, 2018,
October&nbsp;31, 2019 and October&nbsp;31, 2020 the Fund incurred $7,922,762, $7,124,950 and $6,725,057 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, 2008 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 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 [ ],
2021, 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 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. John S. Koudounis,
Robert F. Behan, Thomas E. Herman, J. Christopher Jackson and Stephen Atkins are affiliated persons of the Fund and Calamos by virtue
of their positions as Vice President; Vice President; Vice President and Chief Financial Officer; Vice President and Secretary; and Treasurer
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; and Head of Fund Administration of Calamos,
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, 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; 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"></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; 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>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; 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 is 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; 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 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>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 March2013 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>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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Leads to broader perspective on investment decisions: multiple viewpoints and areas of expertise feed into consensus;</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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Promotes collaboration between teams; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Functions as a think tank with the goal of identifying ways to outperform the market on a risk-adjusted basis.</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 objectives of the Investment Committee are
to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Form&nbsp;the firm&rsquo;s top-down macro view, market direction, asset allocation, and sector/country positioning.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Establish firm-wide secular and cyclical themes for review.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Review firm-wide and portfolio risk metrics, recommending changes where appropriate.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Review firm-wide, portfolio and individual security liquidity constraints.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Evaluate firm-wide and portfolio investment performance.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Evaluate firm-wide and portfolio hedging policies and execution.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Evaluate enhancements to the overall investment process.</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">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, 2020 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, 2020:</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: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Registered Investment Companies</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Other Pooled <BR> Investment Vehicles</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Other Accounts</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Accounts</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Accounts</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Accounts</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets</FONT></TD><TD STYLE="padding-bottom: 1pt; 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="width: 22%; font: 10pt Times New Roman, Times, Serif; text-align: left">John P. Calamos Sr.</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: center">23</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">24,298,542,870</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="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">5</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">779,395,779</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="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">3,898</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">2,785,648,129</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: center">16</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">13,197,112,036</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">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">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">385,576,284</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">3,687</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">2,656,793,327</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: center">18</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">11,799,182,233</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">5</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">779,395,779</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">3,042</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">2,270,044,756</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: center">10</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">7,456,407,651</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">4</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">393,819,495</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">2,620</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">1,207,310,422</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: center">18</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">22,378,323,990</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">5</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">779,395,779</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">2,996</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">2,187,323,086</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: center">10</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">7,456,407,651</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">4</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">393,819,495</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">2,620</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">1,207,310,422</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">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: center">19</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">12,210,855,267</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">5</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">779,395,779</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">3,015</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">2,216,739,321</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">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: center">12</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">11,471,636,258</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">4</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">777,032,976</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">2,588</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">1,464,245,772</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, 2020:</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="5" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Registered Investment Companies</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Other Pooled <BR> Investment Vehicles</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Other Accounts</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Accounts</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Accounts</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Accounts</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: left">John P. Calamos Sr.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">315,830,459</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; 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: center">0</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">0</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">0</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: center">2</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">315,830,459</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">0</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">0</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">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: center">2</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">315,830,459</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">0</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">0</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: center">2</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">315,830,459</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">0</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">0</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: center">2</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">315,830,459</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">0</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">0</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">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: center">2</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">315,830,459</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">0</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">0</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">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: center">0</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">0</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;&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: center">0</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>
  </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">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; 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"></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 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, 2020, 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,&nbsp;Sr., 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, 2020, R. Matthew Freund,
John Hillenbrand, Nick Niziolek, Eli Pars, Dennis Cogan, Jon Vacko 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. The Co-Portfolio Managers&rsquo; 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; text-indent: 0.25in">At October&nbsp;31, 2020, 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>

<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: 76%; font: 10pt Times New Roman, Times, Serif; margin-right: 1in; margin-left: 1in">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; width: 83%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Portfolio Manager</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.1in">Fund</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; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John P. Calamos Sr.</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: center; padding-left: 0.1in">$100,000 - $500,000</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt">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: center; padding-left: 0.1in">None</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; text-indent: -12pt; padding-left: 12pt">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: center; padding-left: 0.1in">None</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt">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: center; padding-left: 0.1in">None</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; text-indent: -12pt; padding-left: 12pt">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: center; padding-left: 0.1in">None</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt">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: center; padding-left: 0.1in">None</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; text-indent: -12pt; padding-left: 12pt">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: center; padding-left: 0.1in">None</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt">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: center; padding-left: 0.1in">None</TD></TR>
  </TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD>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.</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>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 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, 2020, October&nbsp;31, 2019, and October&nbsp;31, 2018, the
Fund paid EY $66,161, $32,879, and $0 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 Lincoln Street, Boston, Massachusetts 02111to 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, 2020, October&nbsp;31, 2019, and October&nbsp;31, 2018, the Fund paid State Street $66,532
$63,595 and $64,412 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, 2020, October&nbsp;31,
2019, and October&nbsp;31, 2018, the Fund paid State Street $53,692 $63,695, and $0, respectively, for administration services. Under
a prior agreement for administration services, the Fund paid the previous service provider $0 and $0 for the fiscal years ended October&nbsp;31,
2019, and October&nbsp;31, 2018, 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"><A NAME="a_003certshar"></A><B>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 [ ], 2021, 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: Black 1pt solid; white-space: nowrap; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class&nbsp;of Shares</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name&nbsp;and&nbsp;Address&nbsp;of&nbsp;Beneficial&nbsp;Owner</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of<BR>
Shares<BR>
Owned</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent&nbsp;of<BR>
Class</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Clearing Services LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2801 Market Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H0006-09B</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">St. Louis, MO 63103</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><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: Black 1pt solid; white-space: nowrap; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class&nbsp;of Shares</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name&nbsp;and&nbsp;Address&nbsp;of&nbsp;Beneficial&nbsp;Owner</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of<BR>
Shares<BR>
Owned</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent&nbsp;of<BR>
Class</B></FONT></TD></TR>

<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Pierce Fenner&nbsp;&amp; Smith</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4804 Deer Lake Dr.&nbsp;E.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jacksonville, FL 32246</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AEIS Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">682 AMP Financial Center</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Minneapolis, MN 55474</P></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">National Financial Services LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">499 Washington Blvd.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jersey City, NJ 07310</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Charles Schwab&nbsp;&amp; Co.,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2423 E. Lincoln Drive</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Phoenix, AZ 85016-1215</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bank of New York Mellon</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">525 William Penn Place</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;153-0400</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pittsburgh, PA 15259</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;A Mandatory Redeemable Preferred Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Massachusetts Mutual Life Insurance Company<BR>
c/o Barings LLC<BR>
1500 Main Street &ndash; Suite&nbsp;2200<BR>
P.O.&nbsp;Box 15189<BR>
Springfield, MA 0115-5189</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">Massachusetts Mutual Life Insurance Company<BR>
    c/o Great-West Management, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">8525 East Orchard Road, 1T3</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">Greenwood Village, CO 80111</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in; text-align: right">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><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: Black 1pt solid; white-space: nowrap; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class&nbsp;of Shares</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name&nbsp;and&nbsp;Address&nbsp;of&nbsp;Beneficial&nbsp;Owner</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of<BR>
Shares<BR>
Owned</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent&nbsp;of<BR>
Class</B></FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 12.25pt; text-indent: -12.25pt; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;B Mandatory Redeemable Preferred Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Massachusetts Mutual Life Insurance Company<BR>
c/o Barings LLC<BR>
1500 Main Street &ndash; Suite&nbsp;2200<BR>
P.O.&nbsp;Box 15189<BR>
Springfield, MA 0115-5189</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in; width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">Massachusetts Mutual Life Insurance Company<BR>
    c/o Great-West Management, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">8525 East Orchard Road, 1T3</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">Greenwood Village, CO 80111</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&nbsp;C Mandatory Redeemable Preferred Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Massachusetts Mutual Life Insurance Company<BR>
c/o Barings LLC<BR>
1500 Main Street &ndash; Suite&nbsp;2200<BR>
P.O.&nbsp;Box 15189<BR>
Springfield, MA 0115-5189</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">Massachusetts Mutual Life Insurance Company<BR>
    c/o Great-West Management, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">8525 East Orchard Road, 1T3</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">Greenwood Village, CO 80111</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in">&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">At [ ], 2021, the trustees and officers as a group
owned [&nbsp;&nbsp;&nbsp; ] 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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a_003portfo"></A><B>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, 2018, October&nbsp;31, 2019 and October&nbsp;31, 2020, 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, 2019 and October&nbsp;31, 2020, the portfolio turnover rate was
78% and 128% 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"></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_003netasset"></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; 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"></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">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; 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="a_003repur"></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"></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-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; 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="a_003certainfed"></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. 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>&nbsp;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>

<P STYLE="font: 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 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; 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>

<P STYLE="font: 10pt Times New 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 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>

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

<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>

<P STYLE="font: 10pt Times New 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 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>

<P STYLE="font: 10pt Times New 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 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&nbsp;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"></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 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>

<P STYLE="font: 10pt Times New 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 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>

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

<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>

<P STYLE="font: 10pt Times New 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 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>

<P STYLE="font: 10pt Times New 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 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>

<P STYLE="font: 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 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>

<P STYLE="font: 10pt Times New 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 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>

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

<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 &ndash; that is, at a premium &ndash; 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>

<P STYLE="font: 10pt Times New 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 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>

<P STYLE="font: 10pt Times New 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 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>

<P STYLE="font: 10pt Times New 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 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>

<P STYLE="font: 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">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>

<P STYLE="font: 10pt Times New 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, 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>

<P STYLE="font: 10pt Times New 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 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; 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"></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">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; 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"></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 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, and, 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&nbsp;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; 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"></P>

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

<!-- Field: Split-Segment; Name: 11 -->
<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">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; 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&nbsp;days
beginning 30&nbsp;days before and ending 30&nbsp;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"></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">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&nbsp;million or
more in a single taxable year (or $4&nbsp;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&nbsp;million or more for
a corporate shareholder in any single taxable year (or $20&nbsp;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; 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>&nbsp;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.,&nbsp;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>&nbsp;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: 0.5in">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"></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: 0.5in"><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: 0.5in"><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: 0.5in">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: 0.5in"><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; text-indent: 0.5in"><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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Acquisition
Premium.&nbsp; </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"></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: 0.5in"><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: 0.5in">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: 0.5in"><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: 0.5in">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; text-indent: 0.5in">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: 0.5in"><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&nbsp;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"></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; text-indent: 0.5in">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: 0.5in">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 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: 0.5in">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">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>&nbsp;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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
Reporting and Withholding Requirements.</I></FONT>&nbsp;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"></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">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"><A NAME="a_003custodian"></A><B>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: 0.5in">The Fund&rsquo;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&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="a_003indepen"></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="a_003additional"></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="a_003additionalinfo"></A>ADDITIONAL INFORMATION CONCERNING</B></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>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: 0.5in; color: #231f20">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; text-align: center"><A NAME="a_003financial"></A><B>FINANCIAL 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; text-indent: 0.5in">The Fund&rsquo;s financial statements appearing
in the Fund&rsquo;s annual shareholder report for the year ended October&nbsp;31, 2020 are incorporated by reference in this Statement
of Additional Information and have been so incorporated in reliance upon the reports of Deloitte&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: 0.5in">The annual shareholder report is available without
charge on its website at www.calamos.com 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"></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-align: center"><A NAME="a_003incorp"></A><B>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-indent: 0.5in">This Statement of Additional Information is
part of a registration statement filed with the Commission. Pursuant to the final rule&nbsp;and form amendments adopted by the
Commission on April&nbsp;8, 2020 to implement certain provisions of the Economic Growth, Regulatory Relief, and Consumer Protection
Act, 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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The Fund&rsquo;s prospectus, dated [ ], 2021, filed with this Statement of Additional Information;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000138713120012058/chw-ncsr_103120.htm" STYLE="-sec-extract: exhibit">The Fund&rsquo;s Annual Report on Form&nbsp;N-CSR, filed on December&nbsp;30, 2020;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000119312512287114/d370005d8a12b.htm" STYLE="-sec-extract: exhibit">The Fund&rsquo;s 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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000110465921003480/a21-2195_68k.htm" STYLE="-sec-extract: exhibit">The Fund&rsquo;s Form&nbsp;8-K, filed on January&nbsp;12, 2021.</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; text-indent: 0.5in">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"></P>

<P STYLE="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 NAME="a_003appendixa"></A>APPENDIX A &mdash;</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">SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE</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">AND FORM&nbsp;OF 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">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">DEFINITIONS</P>

<P STYLE="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;&lsquo;AA&rsquo; Composite Commercial Paper Rate&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;and ; (2)&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">&ldquo;Affiliate&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">&ldquo;Agent Member&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">&ldquo;All Hold Rate&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">&ldquo;Applicable Rate&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">&ldquo;Auction&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"></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">&ldquo;Auction Agent&rdquo; means [&nbsp;&nbsp;&nbsp;&nbsp;&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">&ldquo;Auction Agreement&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">&ldquo;Auction Date&rdquo; means the first Business Day next preceding
the first day of a Rate Period for each series of [&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">&ldquo;Auction Desk&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;&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">&ldquo;Auction Period&rdquo; means with respect to the &nbsp;&nbsp;&nbsp;&nbsp;&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">&ldquo;Auction Procedures&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">&ldquo;Auction Rate&rdquo; means for each series of &nbsp;&nbsp;&nbsp;&nbsp;&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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes are the subject of Submitted Hold Orders, the All Hold Rate for such series of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;&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">&ldquo;Authorized Denomination&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">&ldquo;Available &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes&rdquo; means for each series of &nbsp;&nbsp;&nbsp;&nbsp;&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">&ldquo;Beneficial Owner,&rdquo; with respect to each series of &nbsp;&nbsp;&nbsp;&nbsp;&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;&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">&ldquo;Bid&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">&ldquo;Bidder&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">&ldquo;Board of Directors&rdquo; or &ldquo;Board&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">&ldquo;Broker-Dealer&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">&ldquo;Broker-Dealer Agreement&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">&ldquo;Broker-Dealer Deadline&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"></P>

<P STYLE="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;Business Day&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;&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">&ldquo;Clerical Error&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">&ldquo;Code&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">&ldquo;Commercial Paper Dealers&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">&ldquo;Commission&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">&ldquo;Default Rate&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">&ldquo;Deposit Securities&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or &nbsp;&nbsp;&nbsp;&nbsp;&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;&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">&ldquo;Discount Factor&rdquo; means the Moody&rsquo;s Discount Factor
(if Moody&rsquo;s is then rating the &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Discount Factor (if &nbsp;&nbsp;&nbsp;&nbsp;&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;&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">&ldquo;Discounted Value&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">&ldquo;Eligible Assets&rdquo; means Moody&rsquo;s Eligible Assets or
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &rsquo;s Eligible Assets (if Moody&rsquo;s
or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; are then rating the &nbsp;&nbsp;&nbsp;&nbsp;&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">&ldquo;Error Correction Deadline&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">&ldquo;Existing Holder,&rdquo; with respect to &nbsp;&nbsp;&nbsp;&nbsp;&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 &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">&ldquo;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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">&ldquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Discount Factor&rdquo; means the discount factors set forth in the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Guidelines for use 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;&nbsp;&nbsp;&nbsp;&nbsp;&rsquo;s
ratings of &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">&ldquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Eligible Asset&rdquo; means assets of the Issuer set forth in the&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&rsquo;s
ratings of &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"></P>

<P STYLE="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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Guidelines&rdquo; mean the guidelines provided by &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&rsquo;s
ratings of &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">&ldquo;Hold Order&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">&ldquo;Holder&rdquo; means, with respect to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes, the registered holder of notes of each series of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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">&ldquo;Index&rdquo; means on any Auction Date with respect to &nbsp;&nbsp;&nbsp;&nbsp;&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;&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">&ldquo;Interest Payment Date&rdquo; when used with respect to any &nbsp;&nbsp;&nbsp;&nbsp;&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;&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">&ldquo;LIBOR&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;&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;&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;&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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;;
provided further, that if &nbsp;&nbsp;&nbsp;&nbsp;&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">&ldquo;Market Value&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"></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">&ldquo;Maximum Rate&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&ldquo;Minimum Rate&rdquo; means, on any Auction Date with respect
to a Rate Period of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&ldquo;Moody&rsquo;s&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">&ldquo;Moody&rsquo;s Discount Factor&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;&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">&ldquo;Moody&rsquo;s Eligible Assets&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;&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">&ldquo;Moody&rsquo;s Guidelines&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;&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">&ldquo;1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Asset Coverage&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;&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">&ldquo;Notes&rdquo; means Securities of the Issuer ranking on a parity
with the&nbsp;&nbsp;&nbsp;&nbsp;&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">&ldquo;Order&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">&ldquo;Original Issue Date&rdquo; means, with respect to the&nbsp;&nbsp;&nbsp;&nbsp;&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;&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">A-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">&ldquo;Other Rating Agency&rdquo; means each rating agency, if any,
other than Moody&rsquo;s or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&ldquo;Other Rating Agency Discount Factor&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;&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">&ldquo;Other Rating Agency Eligible Assets&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;&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">&ldquo;Other Rating Agency Guidelines&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;&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"></P>

<P STYLE="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;Outstanding&rdquo; or &ldquo;outstanding&rdquo; means, as of
any date,&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;Notes
and (ii)&nbsp;any&nbsp;&nbsp;&nbsp;&nbsp;&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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">&ldquo;Paying Agent&rdquo; means&nbsp;&nbsp;&nbsp;&nbsp;&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&ldquo;Person&rdquo; or &ldquo;person&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"></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">&ldquo;Potential Beneficial Owner,&rdquo; with respect to a series
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of such series, or that is a Beneficial Owner of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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">&ldquo;Potential Holder,&rdquo; with respect to&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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">&ldquo;Rate Period&rdquo; means, with respect to a series of&nbsp;&nbsp;&nbsp;&nbsp;&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">&ldquo;Rating Agency&rdquo; means each of&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;is
then rating&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes), Moody&rsquo;s (if Moody&rsquo;s
is then rating&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&ldquo;Rating Agency Guidelines&rdquo; mean&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;is then rating&nbsp;&nbsp;&nbsp;&nbsp;&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;&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">&ldquo;Redemption Date,&rdquo; when used with respect to any&nbsp;&nbsp;&nbsp;&nbsp;&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">&ldquo;Redemption Price,&rdquo; when used with respect to any&nbsp;&nbsp;&nbsp;&nbsp;&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">&ldquo;Reference Rate&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">&ldquo;Securities Act&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">&ldquo;Securities Depository&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;&nbsp;&nbsp;&nbsp;&nbsp;
Notes Series&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">&ldquo;Sell Order&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">&ldquo;Special Auction Period&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">&ldquo;Special Rate Period&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">&ldquo;Specific Redemption Provisions&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;&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;&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"></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">&ldquo;Standard Auction Period&rdquo; means an Auction Period of&nbsp;&nbsp;&nbsp;&nbsp;&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">&ldquo;Standard Rate Period&rdquo; means a Rate Period of&nbsp;&nbsp;&nbsp;&nbsp;&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">&ldquo;Stated Maturity&rdquo; with respect to&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; , shall mean&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">&ldquo;Submission Deadline&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">&ldquo;Submitted Bid&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">&ldquo;Submitted Hold Order&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">&ldquo;Submitted Order&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">&ldquo;Submitted Sell Order&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">&ldquo;Sufficient Clearing Bids&rdquo; means for each series of&nbsp;&nbsp;&nbsp;&nbsp;&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;&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">&ldquo;Notes Basic Maintenance Amount&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">&ldquo;Notes Series&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
means the Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes or any other Notes
hereinafter designated as Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the&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">&ldquo;Treasury Index Rate&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">&ldquo;Trustee&rdquo; means&nbsp;&nbsp;&nbsp;&nbsp;&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">&ldquo;Unit&rdquo; means, with respect to each series of&nbsp;&nbsp;&nbsp;&nbsp;&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;&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">&ldquo;Valuation Date&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;&nbsp;&nbsp;&nbsp;&nbsp;
Notes Series&nbsp;&nbsp;&nbsp;&nbsp;&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"></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">&ldquo;Winning Bid Rate&rdquo; means for each series of&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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">NOTE DETAILS, FORM&nbsp;OF NOTES AND REDEMPTION 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">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">(a)&nbsp;The Holders of any series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes shall be entitled to receive interest payments on their&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;&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">(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(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 Notes designated as &ldquo;Series&nbsp;.&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">(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;&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;&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">(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">(v)&nbsp;Each interest payment on a series of&nbsp;&nbsp;&nbsp;&nbsp;&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">(c)&nbsp;(i)&nbsp;The interest rate on Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp; Notes being the subject of Submitted&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hold
Orders), then the interest rate on a series of&nbsp;&nbsp;&nbsp;&nbsp;&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 of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;&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"></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">(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;&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">(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">(iv)&nbsp;The amount of interest per Unit of&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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">(d)&nbsp;Any Interest Payment made on any series of&nbsp;&nbsp;&nbsp;&nbsp;&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">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">(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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;Notes by reason of the redemption of
such Notes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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"></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">(ii)&nbsp;If the Issuer fails to maintain, as of any Valuation Date,
Eligible Assets with an aggregate Discounted Value at least equal to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Asset Coverage as of such last Business Day (each an &ldquo;Asset Coverage Cure Date&rdquo;), the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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;&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">(iii)&nbsp;In determining the&nbsp;&nbsp;&nbsp;&nbsp;&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
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes required to be redeemed to satisfy
the&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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 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;&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;&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&nbsp;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;&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;&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;&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;&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">(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;&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;Notes
to be redeemed, (iii)&nbsp;the redemption price (specifying the amount of accrued&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest
to be included therein and any redemption premium, if any), (iv)&nbsp;that interest on the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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"></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">(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;&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;&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;&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;&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;&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">(d)&nbsp;Upon the deposit of funds sufficient to redeem any&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Notes shall cease to
accrue and such &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Notes Basic Maintenance
Amount or the 1940 Act &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes Asset Coverage),
and all rights of the Holder of the &nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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">(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;&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;&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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;&nbsp;&nbsp;&nbsp;&nbsp;
Notes and shall include those &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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">(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;&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;&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">(g)&nbsp;So long as any &nbsp;&nbsp;&nbsp;&nbsp;&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;&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">(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;&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;&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;&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;&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;&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">(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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;
Notes Asset Coverage, the&nbsp;&nbsp;&nbsp;&nbsp;&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">(j)&nbsp;If any&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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">Designation of 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">The initial Rate Period for each series of&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp; Notes, the redemption
price with respect to such&nbsp;&nbsp;&nbsp;&nbsp;&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;&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">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">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">(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">(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">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">Restrictions on Transfer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;&nbsp;&nbsp;&nbsp;&nbsp;
Notes through different Broker-Dealers, advises the Auction Agent of such transfer. The certificates representing the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes Asset 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">The Issuer shall maintain, as of the last Business Day of each month
in which any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes are Outstanding, asset
coverage with respect to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes which
is equal to or greater than the 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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">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">So long as the&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;the
Notes, the Issuer shall maintain, as of each Valuation Date, Eligible Assets having an aggregate Discounted Value equal to or greater
than the 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">Certain Other Restrictions</P>

<P STYLE="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 so long as any&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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">For so long as any 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Act
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;&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">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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount or the 1940 Act 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;&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">Compliance Procedures for Asset Maintenance Tests</P>

<P STYLE="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 so long as any&nbsp;&nbsp;&nbsp;&nbsp;&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">(a)&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 on that date, (ii)&nbsp;the
Discounted Value of each such Eligible Asset using the Discount Factors, (iii)&nbsp;whether the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">(b)&nbsp;Upon any failure to maintain the required&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount or 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
required 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"></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">(c)&nbsp;Compliance with the&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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">(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;&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;&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">(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;&nbsp;&nbsp;&nbsp;&nbsp;Notes
Basic Maintenance Amount or the 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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">Delivery 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">Upon the execution and delivery of this Supplemental Indenture, the
Issuer shall execute and deliver to the Trustee and the Trustee shall authenticate the 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">Prior to the delivery by the Trustee of any of the 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">(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 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)&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">(c)&nbsp;Rating letters from each Rating Agency rating the&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">(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">Trustee&rsquo;s Authentication 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">The Trustee&rsquo;s authentication certificate upon the&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;
hereto. No&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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">EVENTS OF DEFAULT; REMEDIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Events 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">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">(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;&nbsp;&nbsp;&nbsp;&nbsp;Notes
when it becomes due and payable and the continuance of such default for thirty (30)&nbsp;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"></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)&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;&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">(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)&nbsp;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">(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">(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">(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)&nbsp;consecutive calendar months, the 1940 Act&nbsp;&nbsp;&nbsp;&nbsp;&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">(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;&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">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;&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">Acceleration of Maturity; Rescission and Annulment</P>

<P STYLE="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 an Event of Default with respect to&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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">At any time after such a declaration of acceleration with respect to&nbsp;&nbsp;&nbsp;&nbsp;&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;&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">(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">(i)&nbsp;all overdue interest on all&nbsp;&nbsp;&nbsp;&nbsp;&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">(ii)&nbsp;the principal of (and premium, if any, on) any&nbsp;&nbsp;&nbsp;&nbsp;&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&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">(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;&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">(iv)&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">(b)&nbsp;all Events of Default with respect to&nbsp;&nbsp;&nbsp;&nbsp;&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">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">Collection of Indebtedness and Suits for Enforcement by 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">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">(a)&nbsp;default is made in the payment of any interest on any 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">(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;&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;&nbsp;&nbsp;&nbsp;&nbsp;Notes,
the whole amount then due and payable on such 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;&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">If an Event of Default with respect to&nbsp;&nbsp;&nbsp;&nbsp;&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;&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">Application of Money Collected</P>

<P STYLE="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 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;&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">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">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">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;&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">Limitation On Suits</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No holder of any&nbsp;&nbsp;&nbsp;&nbsp;&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">(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"></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)&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;&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">(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">(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">(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;&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">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">Unconditional Right of Holders to Receive Principal, Premium and 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">Notwithstanding any other provision in the Indenture, the holder of
any 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 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">Restoration of Rights and Remedies</P>

<P STYLE="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 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">Rights and Remedies Cumulative</P>

<P STYLE="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 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">Control By 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">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;&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;&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">(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">(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">Waiver of Past Defaults</P>

<P STYLE="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 not less than a majority in principal amount of the
Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&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;&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">(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;&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"></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">(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;&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">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">SATISFACTION AND DISCHARGE OF 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 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;&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">(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">(i)&nbsp;all&nbsp;&nbsp;&nbsp;&nbsp;&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;&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">(ii)&nbsp;all such&nbsp;&nbsp;&nbsp;&nbsp;&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">(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(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">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">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">Certain Duties and Responsibilities</P>

<P STYLE="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;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">(A)&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">(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">(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"></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">(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">(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">(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">(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">(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">(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">(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">Notice of Defaults</P>

<P STYLE="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 default occurs hereunder with respect to&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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; 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; 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">Certain Rights of 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">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">(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">(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">(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">(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"></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">(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">(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">(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">(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">(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">(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">(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 superceded.</P>

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

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

<P STYLE="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 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">(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">(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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">(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">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">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">Conflicting Interests</P>

<P STYLE="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 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;
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">Resignation and Removal; Appointment of 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">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">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;
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;
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">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;
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;
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; 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">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">(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;
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">(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">(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;
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;
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;
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">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;
Notes of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to
the 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;
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;
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;
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;
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;
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">If no successor Trustee with respect to the&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; 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;
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"></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 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; 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;
Notes of any series to all holders of&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;
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">Acceptance of Appointment by 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">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; 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">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; 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;
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;
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; 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; 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;
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;
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">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">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">Merger, Conversion, Consolidation or Succession to 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">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;
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;
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;
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">CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company May&nbsp;Consolidate, Etc., Only On Certain 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"></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 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">(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; 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">(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">(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">Successor Substituted</P>

<P STYLE="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 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;
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">DEFEASANCE AND COVENANT DEFEASANCE</P>

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

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

<P STYLE="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 Company&rsquo;s exercise of its option (if any) to have the
provisions of the Indenture relating to Defeasance applied to any Notes or any series of&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;
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; 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; Notes
and the Indenture insofar as such&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;
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;
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;
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">Covenant Defeasance</P>

<P STYLE="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 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;
Notes or any series of&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; 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;
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;
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;
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"></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">Conditions to Defeasance or Covenant Defeasance</P>

<P STYLE="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;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;
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;&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;
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; 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">(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; Notes or any series of&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,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;
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; 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">(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; Notes or any series of&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;
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; 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"></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">(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;
Notes nor any other&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; 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">(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;
Notes or any other&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">(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;
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">(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">(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">(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;
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">(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">(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,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;
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"><A NAME="a_003appendixb"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">APPENDIX B
 &mdash; DESCRIPTION OF RATINGS</FONT><SUP>1</SUP></P>

<P STYLE="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 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">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">Moody&rsquo;s Global Short-Term Rating Scale</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P-1: 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">P-2: 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">P-3: 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">NP: 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">Moody&rsquo;s Global Long-Term Rating Scale</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aaa: 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">Aa: 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">A: 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">Baa: 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">Ba: 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">B: 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"></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">Caa: 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">Ca: 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">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD>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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>*</I></TD><TD><I>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.</I></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">S&amp;P Short-Term Issue Credit 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">A-1: 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 commitment 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">A-2: 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 commitment 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">A-3: 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">B: A short-term obligation rated &lsquo;B&rsquo; is regarded as vulnerable
and has significant speculative characteristics. 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">C: 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 commitment
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"></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">D: 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">S&amp;P Long-Term Issue Credit 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">Issue credit ratings are based, in varying degrees, on S&amp;P Global
Ratings&rsquo; analysis of the following considerations:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The likelihood of payment &ndash; the capacity and willingness of the obligor to meet its financial commitments on an obligation in
accordance with the terms of the obligation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The nature and provisions of the financial obligation, and the promise we impute; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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.</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">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">AAA: 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">AA: 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"></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: 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">BBB: 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">BB, B, CCC, CC and C: 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">BB: 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">B: 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">CCC: 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">CC: 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">C: 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">D: 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>

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

<P STYLE="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">Other
Accounts Managed and Assets by Account Type as of October&nbsp;31, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<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="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Registered Investment Companies</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Other Pooled <BR> Investment Vehicles</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Other Accounts</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Accounts</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Assets</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Accounts</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Assets</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Accounts</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Assets</TD><TD STYLE="padding-bottom: 1pt; text-align: center; 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: 28%; text-align: left">John P. Calamos Sr.</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: 9%; font: 10pt Times New Roman, Times, Serif; 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: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">24,298,542,870</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: 9%; font: 10pt Times New Roman, Times, Serif; 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: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">779,395,779</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: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,898</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: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,785,648,129</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">13,197,112,036</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">385,576,284</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">3,687</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">2,656,793,327</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">11,799,182,233</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">779,395,779</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">3,042</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">2,270,044,756</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">7,456,407,651</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">393,819,495</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">2,620</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">1,207,310,422</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">22,378,323,990</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">779,395,779</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">2,996</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">2,187,323,086</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">7,456,407,651</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">393,819,495</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">2,620</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">1,207,310,422</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">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">12,210,855,267</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">779,395,779</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">3,015</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">2,216,739,321</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">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">11,471,636,258</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">777,032,976</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">2,588</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">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,464,245,772</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-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Accounts and Assets for which Advisory Fee is Performance Based as of October&nbsp;31, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &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="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Registered Investment Companies</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Other Pooled <BR> Investment Vehicles</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Other Accounts</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Accounts</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Assets</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Accounts</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Assets</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Accounts</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">Assets</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">John P. Calamos Sr.</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: 9%; font: 10pt Times New Roman, Times, Serif; 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: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">315,830,459</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: 9%; 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: 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: 9%; 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="width: 9%; 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: 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: 9%; 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; padding-left: 5.4pt">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">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><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; padding-left: 5.4pt">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">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">315,830,459</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><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; padding-left: 5.4pt">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">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">315,830,459</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><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; padding-left: 5.4pt">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">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">315,830,459</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><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; padding-left: 5.4pt">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">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">315,830,459</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><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; padding-left: 5.4pt">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">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">315,830,459</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><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; padding-left: 5.4pt">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">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><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">&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; background-color: white"><B>PART&nbsp;C &mdash;
OTHER 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; background-color: white"><B>ITEM 25: FINANCIAL STATEMENTS AND 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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</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; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">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; text-indent: 0.5in; background-color: white">Financial highlights for
the fiscal years October&nbsp;31, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, and 2011.</P>

<P STYLE="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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
into Part&nbsp;B by reference to Registrant&rsquo;s most recent Certified Shareholder Report on Form&nbsp;N-CSR, filed December&nbsp;30,
2020 (File No.&nbsp;</FONT>811-22047):</P>

<P STYLE="font: 10pt Times 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; background-color: white">Schedule of Investments
as of 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; text-indent: 0.5in; background-color: white">Statement of Assets and
Liabilities as of 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; text-indent: 0.5in; background-color: white">Statement of Operations
for 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; text-indent: 0.5in; background-color: white">Statements of Changes
in Net Assets for the year ended October&nbsp;31, 2020 and the year ended October&nbsp;31, 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; text-indent: 0.5in; background-color: white">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; text-indent: 0.5in; background-color: white">Statement of Cash Flows
for the fiscal 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; text-indent: 0.5in; background-color: white">Report of Independent
Registered Public Accounting Firm dated December&nbsp;18, 2020</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="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibits:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-a1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.1.</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-a1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated Agreement and Declaration of Trust. (filed herewith)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1396277/000095013707005428/c14082exv99waw2.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.2.</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1396277/000095013707005428/c14082exv99waw2.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate of Trust. (1)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-b.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-b.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated By-Laws. (filed herewith)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99wd.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.1</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99wd.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;of Common Share Certificate. (3)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.2</FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;of Preferred Share Certificate. (2)</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.3</FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;of Note. (2)</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.4</FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indenture of Trust. (2)</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.5</FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;of Supplemental Indenture of Trust. (2)</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99we.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99we.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Terms and Conditions of the Dividend Reinvestment Plan. (3)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f.</FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99wg.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">g.</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99wg.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment Management Agreement with Calamos Advisors LLC. (3)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99whw1.txt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.1</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99whw1.txt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;of Underwriting Agreement relating to Common Shares. (3)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99whw1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.2</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99whw1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;of Master Agreement Among Underwriters relating to Common Shares. (3)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99whw2.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.3</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99whw2.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;of Master Selected Dealers Agreement relating to Common Shares. (3)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.4</FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;of Underwriting Agreement relating to Preferred Shares. (2)</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.5</FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;of Underwriting Agreement relating to Notes. (2)</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-h6.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.6</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-h6.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;of Distribution Agreement relating to Common Shares between Registrant and Foreside Fund Services, LLC. (filed herewith)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-h7.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.7</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-h7.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;of Sub-Placement Agent Agreement relating to Common Shares between Foreside Fund Services, LLC and UBS Securities LLC. (filed herewith)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">i.</FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-j1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">j.1.</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-j1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Custody Agreement. (filed herewith)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99wkw1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">k.1.i.</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99wkw1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stock Transfer Agency Agreement. (3)</FONT></A></TD></TR>
<TR>
<TD><A HREF="tm2119043d1_ex99-k1ii.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">k.1.ii.</FONT></A></TD>
<TD COLSPAN="2">&nbsp;</TD>
<TD><A HREF="tm2119043d1_ex99-k1ii.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment, dated December&nbsp;30, 2011, to Stock Transfer Agency Agreement. (filed herewith)</FONT></A></TD></TR>
<TR>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2119043d1_ex99-k1iii.htm">k.1.iii</A></FONT></TD>
<TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2119043d1_ex99-k1iii.htm">.</A></FONT></TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2119043d1_ex99-k1iii.htm">Amendment, dated March&nbsp;20,
2015, to Stock Transfer Agency Agreement. (filed herewith)</A></FONT></TD></TR>
<TR>
<TD><A HREF="tm2119043d1_ex99-k1iv.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.l.iv.</FONT></A></TD>
<TD COLSPAN="2">&nbsp;</TD>
<TD><A HREF="tm2119043d1_ex99-k1iv.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment,
dated September&nbsp;6, 2017, to Stock Transfer Agency Agreement. (filed herewith)</FONT></A></TD></TR>
<TR>
<TD><A HREF="tm2119043d1_ex99-k1v.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.1.v.</FONT></A></TD>
<TD COLSPAN="2">&nbsp;</TD>
<TD><A HREF="tm2119043d1_ex99-k1v.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment,
dated October&nbsp;18, 2017, to Stock Transfer Agency Agreement. (filed herewith)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-k2.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">k.2</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-k2.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Administration Agreement. (filed herewith)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-k3.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">k.3</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-k3.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EY Services Agreement dated 10/15/18. (filed herewith)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99wkw3.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">k.4</FONT></A></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99wkw3.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Master Services Agreement. (3)</FONT></A></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">k.5</FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form&nbsp;of DTC Representations Letter relating to Preferred Shares and Notes. (2)</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">l.</FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opinion of Richards, Layton&nbsp;&amp; Finger P.A. (2)</FONT></TD></TR>
</TABLE>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Auditors. (2)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99wp.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">p.</FONT></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1396277/000095013707009050/c14082a2exv99wp.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Agreement. (3)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">q.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-r.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">r.</FONT></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-r.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics. (filed herewith)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-s.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">s.</FONT></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2119043d1_ex99-s.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers of Attorney. (filed herewith)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 94%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 97%"><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;333-142056) as filed with the SEC on April&nbsp;12, 2007.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be filed by amendment.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><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;333-142056) as filed with the SEC on June&nbsp;22, 2007.</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"><B>ITEM 26: MARKETING 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 0pt 0.25in; background-color: white">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; background-color: white"><B>ITEM 27: OTHER OFFERING EXPENSES AND 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; text-indent: 0.5in; background-color: white">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: 60%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&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="width: 85%; font: 10pt Times New Roman, Times, Serif; text-align: left">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">&nbsp;</TD><TD STYLE="width: 12%; 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: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">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">*</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">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">*</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">Rating Agency 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">*</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">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">*</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">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">*</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">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="border-bottom: Black 1pt solid; 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-size: 10pt">&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">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></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; background-color: white">&nbsp;</P>

<P STYLE="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">*
 To be completed by amendment.</FONT></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"><B>ITEM 28. PERSONS CONTROLLED BY OR UNDER
COMMON CONTROL</B></P>

<P STYLE="font: 10pt Times 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; background-color: white">None.</P>

<P STYLE="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"><B>ITEM 29. NUMBER OF HOLDERS 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; text-indent: 0.5in; background-color: white">As of&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
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 CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NUMBER OF</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RECORD</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 82%; padding-bottom: 1pt">TITLE OF CLASS</TD><TD STYLE="text-align: center; width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HOLDERS</FONT></TD><TD STYLE="font: 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="font: 10pt Times New Roman, Times, Serif">Common shares (no par 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"><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: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Series&nbsp;A Mandatory Redeemable Preferred 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"><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">Series&nbsp;B Mandatory Redeemable Preferred 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"><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: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Series&nbsp;C Mandatory Redeemable Preferred 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"><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; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT> &nbsp; <FONT STYLE="font: 10pt Times New Roman, Times, Serif">To be completed by amendment.</FONT></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"></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; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>ITEM 30. INDEMNIFICATION</B></P>

<P STYLE="font: 10pt Times 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; color: #231f20">The Registrant&rsquo;s 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 interest 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #231f20">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: 0.5in; color: #231f20">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: 0.5in; color: #231f20">Section&nbsp;8 of the Distribution
Agreement and Section&nbsp;5 of the Sub-Placement Agent Agreement, to be filed as Exhibit&nbsp;h.6 and Exhibit&nbsp;h.7 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #231f20">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>ITEM 31. BUSINESS AND OTHER CONNECTIONS
OF 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; text-indent: 0.5in; background-color: white">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>ITEM 32. LOCATION OF ACCOUNTS AND RECORDS</B></P>

<P STYLE="font: 10pt Times 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, One Lincoln Street,
Boston, Massachusetts 02111, or at the offices of the Transfer Agent, </FONT>462 South 4th Street, Suite&nbsp;1600, Louisville, KY, 40202.</P>

<P STYLE="font: 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; background-color: white"><B>ITEM 33. MANAGEMENT SERVICES</B></P>

<P STYLE="font: 10pt Times 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; background-color: white">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; background-color: white"><B>ITEM 34. UNDERTAKINGS</B></P>

<P STYLE="font: 10pt Times New 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. 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: 0.25in">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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
</FONT>The Registrant undertakes:</P>

<P STYLE="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)&nbsp;to file, during any period in which offers or sales
are being made, a post-effective amendment to this 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-indent: 0.5in">(1)&nbsp;to include any prospectus required
by Section&nbsp;10(a)(3)&nbsp;of the Securities 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 0pt 1.25in; text-indent: -0.25in">(2)&nbsp;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</P>

<P STYLE="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 1.25in; text-indent: -0.25in">(3)&nbsp;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.</P>

<P STYLE="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"><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">(b)&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">(c)&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">(d)&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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(A)</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(B)</TD><TD>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</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 0pt 1in">(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">(e)&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">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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</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 0.25in">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">(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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(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">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">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="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>
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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-align: center; background-color: white"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times 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; background-color: white">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 16th&nbsp;day of June, 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>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CALAMOS GLOBAL DYNAMIC INCOME FUND</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</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 P. Calamos,&nbsp;Sr.&nbsp;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John P. Calamos,&nbsp;Sr.&nbsp;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee and President&nbsp;</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; text-indent: 0.5in; background-color: white">Pursuant to the requirements
of the 1933 Act, this registration statement has been signed 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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John P. Calamos,&nbsp;Sr.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee and President (principal executive officer)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;16, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">John P. Calamos,&nbsp;Sr.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John E. Neal*</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)<BR>
)</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John E. Neal</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ William R. Rybak*</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)<BR>
)</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William R. Rybak</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Virginia G. Breen*</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)<BR>
)</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia G. Breen</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lloyd A. Wennlund*</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)<BR>
)</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lloyd A. Wennlund</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Karen L. Stuckey*</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)<BR>
)</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karen L. Stuckey</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christopher M. Toub*</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)<BR>
)</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher M. Toub</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Thomas E. Herman</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and Chief Financial Officer</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)<BR>
)</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;16, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas E. Herman</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-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;John P. Calamos,&nbsp;Sr. signs this document pursuant to powers of attorney filed herewith.</FONT></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%">
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</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 P. Calamos,&nbsp;Sr.&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John P. Calamos,&nbsp;Sr.&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-In-Fact</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;16, 2021</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-top: 0pt; margin-bottom: 0pt; 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>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 91%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit&nbsp;Name</U></B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-a1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.1</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-a1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Agreement and Declaration of Trust</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-b.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-b.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated By-laws</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-h6.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.6</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-h6.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Distribution Agreement relating to Common Shares between Registrant and Foreside Fund Services, LLC</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-h7.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.7</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-h7.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Sub-Placement Agent Agreement relating to Common Shares between Foreside Fund Services, LLC and UBS Securities LLC</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-j1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.1</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-j1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custody Agreement</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-k1ii.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.1.ii.</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-k1ii.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment, dated December&nbsp;30, 2011, to Stock Transfer Agency Agreement</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-k1iii.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.1.iii.</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-k1iii.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment, dated March&nbsp;20, 2015, to Stock Transfer Agency Agreement</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-k1iv.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.1.iv.</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-k1iv.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment, dated September&nbsp;6, 2017, to Stock Transfer Agency Agreement.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-k1v.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.1.v.</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-k1v.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment, dated October&nbsp;18, 2017, to Stock Transfer Agency Agreement </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-k2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.2</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-k2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administration Agreement.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-k3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.3</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-k3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EY Services Agreement.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-r.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">r.</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-r.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><A HREF="tm2119043d1_ex99-s.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">s.</FONT></A></TD>
    <TD><A HREF="tm2119043d1_ex99-s.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers of Attorney</FONT></A></TD></TR>
  </TABLE>
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<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>tm2119043d1_ex99-a1.htm
<DESCRIPTION>EXHIBIT (A)(1)
<TEXT>
<HTML>
<HEAD>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.a.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Calamos
GLOBAL DYNAMIC 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>Amended
and restated</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>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"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST is made on January&nbsp;12, 2021</FONT>, 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;
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, the Trustees desire
to amend and restate such 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 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: 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: 0pt 0; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.
</FONT><U>Name</U>. The name of the Trust is &ldquo;Calamos Global Dynamic 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
</FONT><U>Definitions</U>. Unless otherwise provided or required by the context:</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 any Series&nbsp;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-family: Times New Roman, Times, Serif; 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 Series&nbsp;of Shares, 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"></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;Declaration&rdquo;
and &ldquo;Declaration of Trust&rdquo; shall mean this Amended and Restated Agreement and Declaration of Trust, as amended or restated
from time to time. 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</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#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-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#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-family: Times New Roman, Times, Serif; 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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</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-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</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-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Series&rdquo;
means a series of Shares 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"></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-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Shareholder&rdquo;
means a record owner of Outstanding 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-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT>&#8239;&#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 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). &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-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</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 Shareholder records of the Trust, such as the list of Shareholders,
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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Trust&rdquo;
means Calamos Global Dynamic 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-family: Times New Roman, Times, Serif; font-size: 10pt">(u)</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-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&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-family: Times New Roman, Times, Serif; font-size: 10pt">(w)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; 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 herein 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
provide for the distribution of Shares 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-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&#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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 hereinafter
provided for.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; 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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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; to establish
terms and conditions regarding the issuance, sale, repurchase, redemption, cancellation, retirement, acquisition, holding, resale, reissuance,
disposition of or dealing in Shares; and, subject to Articles V and VI, to apply to any such repurchase, redemption, retirement, cancellation
or acquisition of Shares any funds or property of the Trust or of the particular Series&nbsp;with respect to which such Shares 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;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, 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, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#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-family: Times New Roman, Times, Serif; font-size: 10pt">(cc)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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-family: Times New Roman, Times, Serif; font-size: 10pt">(dd)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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-family: Times New Roman, Times, Serif; font-size: 10pt">(ee)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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-family: Times New Roman, Times, Serif; font-size: 10pt">(ff)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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-family: Times New Roman, Times, Serif; font-size: 10pt">(gg)&#8239;&#8239;&#8239;&#8239;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">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. </FONT>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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; 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 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.
</FONT><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. The Shares shall be personal property giving only the rights specifically set
forth in this 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.</P>

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

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.
</FONT><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 Shares to the same extent as any other Shareholder; the Trustees may issue and sell Shares
to and buy Shares from any such person or any firm or company in which such Person is interested, subject only to any general limitations
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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;12.
</FONT><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 Outstanding Shares, 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.</P>

<P STYLE="font: 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>Article&nbsp;III</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>CONTRACTS
WITH SERVICE PROVIDERS</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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.
</FONT><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 whereby the Trustees may either agree to sell the Shares to
the other party to the contract or appoint such other party as their sales agent for the Shares, and in either case on such terms and
conditions, if any, as may be prescribed in the By-Laws, 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 contract may also provide for the
repurchase of the Shares by such other party as agent 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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
</FONT><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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.
</FONT><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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.
</FONT><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 of Shares 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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.
</FONT><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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.
</FONT><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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.
</FONT><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.</P>

<P STYLE="font: 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;IV</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>COMPENSATION,
LIMITATION OF LIABILITY AND INDEMNIFICATION</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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.
</FONT><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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
</FONT><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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.
</FONT><U>Indemnification</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-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#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:</P>

<P STYLE="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-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#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</P>

<P STYLE="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-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
indemnification shall be provided hereunder to a Covered Person:</P>

<P STYLE="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-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#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</P>

<P STYLE="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-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#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 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">&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-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#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).</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#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 entitled to vote and present in person or by proxy
at any meeting of 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.
</FONT><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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.
</FONT><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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.
</FONT><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, 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, 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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.
</FONT><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.</P>

<P STYLE="font: 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;V</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>SERIES;
CLASSES; SHARES; OTHER 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.
</FONT><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 hereby establish a single Series, designated
Calamos Global Dynamic 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.</P>

<P STYLE="font: 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">All references to Shares in
this Declaration shall be deemed to be Shares 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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
</FONT><U>Shares</U>. The beneficial interest in the Trust shall be divided into transferable Shares 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 Shareholders of such 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 of Shares; 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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.
</FONT><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 a Series&nbsp;shall be credited to each 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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.
</FONT><U>Assets and Liabilities of Series</U>. All consideration received by the Trust for the issue or sale of Shares 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.</P>

<P STYLE="font: 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">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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.
</FONT><U>Ownership and Transfer of Shares</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 of each Series&nbsp;and Class&nbsp;held
by such Shareholders, and a record of all Share transfers. The register shall be conclusive as to the identity of Shareholders of record
and the number of Shares held by them from time to time. The Trustees may authorize the issuance of certificates representing Shares and
adopt rules&nbsp;governing their use. The Trustees may make rules&nbsp;governing the transfer of Shares, whether or not represented by
certificates. Except as otherwise provided by the Trustees, Shares 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 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 shall be deemed to be the holder of such Shares 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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.
</FONT><U>Status of Shares; Limitation of Shareholder Liability</U>. Shares shall be deemed to be personal property giving Shareholders
only the rights provided in this Declaration. Every Shareholder, by virtue of having acquired a Share, shall be held expressly to have
assented to and agreed to be bound by the terms of this Declaration and to have become a party hereto. No Shareholder 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 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 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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.
<U>Other Securities</U>. The Trustees may authorize and issue such other securities of the Trust other than Shares 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. To the extent that the Trustees authorize and issue
preferred shares of any Class&nbsp;or Series, they are hereby authorized and empowered to amend or supplement this Declaration 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 shall be filed as is necessary. </FONT>In
addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any
such supplement or amendment 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 conflict with
the provisions of this Declaration with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement
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. <FONT STYLE="font-size: 10pt">The Trustees
are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.</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>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: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>DISTRIBUTIONS
AND REDEMPTIONS</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-family: Times New Roman, Times, Serif; 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 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 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. 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 of a particular Series&nbsp;shall be distributed pro rata to the Shareholders of that Series&nbsp;in
proportion to the number of Shares 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>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; 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 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
redemption fee 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 to redeem Shares for any reason under terms set by the Trustees,
including, but not limited to, the failure of a Shareholder 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; text-align: justify; text-indent: 0.5in">On any matter submitted to
a vote of the Shareholders, all Shares 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 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 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 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 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. There shall be no cumulative voting in the election of Trustees. Shares 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 may
be voted only in person or by written proxy. Until Shares 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>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
</FONT><U>Quorum; Required Vote</U>. One-third of the Outstanding Shares of each Series&nbsp;or Class, or one-third of the Outstanding
Shares 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">&nbsp;</P>

<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 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 shall elect a Trustee;
provided, that if this Declaration or applicable law permits or requires that Shares be voted on any matter by individual Series&nbsp;or
Classes, then a majority of the Shares of that Series&nbsp;or Class&nbsp;(or, if required by law, a majority of the Shares outstanding
and entitled to vote of that Series&nbsp;or Class) voting at a Shareholders&rsquo; meeting in person or by proxy on the matter shall decide
that matter insofar as that Series&nbsp;or Class&nbsp;is concerned.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.
</FONT><U>Additional Provisions</U>. The By-Laws 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-family: Times New Roman, Times, Serif; 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; 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 reports and delivering them to Shareholders; expenses of meetings of Shareholders 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 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
</FONT><U>Payment of Expenses by Shareholders</U>. The Trustees shall have the power, as frequently as they may determine, to cause each
Shareholder, or each Shareholder 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 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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 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.</P>

<P STYLE="font: 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: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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 distribute the remaining proceeds or assets (as the case may be) ratably among the Shareholders
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-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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-family: Times New Roman, Times, Serif; 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.
</FONT><U>Reorganization</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-family: Times New Roman, Times, Serif; 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 entitled to vote of the Trust or any affected Series, 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 entitled
to vote of the Trust or the affected 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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#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"></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-family: Times New Roman, Times, Serif; 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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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>

<P STYLE="font: 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-family: Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF</B></FONT>, 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    John P. Calamos,&nbsp;Sr.</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
    P. Calamos,&nbsp;Sr.</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Virginia G. Breen</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Virginia
                                            G. Breen</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    John E. Neal</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">John
                                            E. Neal</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    William R. Rybak</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">William
                                            R. Rybak</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Karen L. Stuckey</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Karen
                                            L. Stuckey</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Christopher M. Toub</FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Christopher
                                            M. Toub</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Lloyd A. Wennlund </FONT></TD>
    </TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lloyd
    A. Wennlund</FONT></TD>
    </TR>
  </TABLE>
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<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>3
<FILENAME>tm2119043d1_ex99-b.htm
<DESCRIPTION>EXHIBIT (B)
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.b</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Calamos
Global Dynamic 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>BY-LAWS</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">(as amended and restated through January&nbsp;12,
2021)</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>Article&nbsp;1</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"><B>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: 0.5in">1.1&#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 Global Dynamic Income Fund (the &ldquo;Trust&rdquo;), a Delaware statutory trust established
by the 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-indent: 0.5in">1.2&#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.</P>

<P STYLE="font: 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;2</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"><B>Offices</B></P>

<P STYLE="font: 10pt Times 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">2.1&#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.</P>

<P STYLE="font: 10pt Times 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">2.2&#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.</P>

<P STYLE="font: 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;3</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"><B>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: 0.5in">3.1&#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.</P>

<P STYLE="font: 10pt Times 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">3.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Special
Meetings.</B></P>

<P STYLE="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-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#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.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#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.</P>

<P STYLE="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-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#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.</P>

<P STYLE="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-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#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>

<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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#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>

<P STYLE="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-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#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>

<P STYLE="font: 10pt Times 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">3.3&#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.</P>

<P STYLE="font: 10pt Times 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">3.4&#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.</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-indent: 0.5in">3.5&#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.</P>

<P STYLE="font: 10pt Times 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">3.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Proxies.</B>
At any meeting of Shareholders, any holder of Shares 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 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 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, 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. 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 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, 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.</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; text-indent: 0.5in">3.7&#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.</P>

<P STYLE="font: 10pt Times 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">3.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Nominations
and Proposals by 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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Annual
Meetings of Shareholders.</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#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>

<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 0pt 1in; text-indent: 0.5in">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.</P>

<P STYLE="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-indent: 0.5in">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.</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#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.</P>

<P STYLE="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-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#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>

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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-size: 10pt">(c)&#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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">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.</P>

<P STYLE="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-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B>Abstentions
and Broker Non-Votes.</B> Outstanding Shares represented in person or by proxy (including Shares 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 that are present and entitled to vote for purposes of determining the number of Shares
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 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 will not be considered as present and entitled to vote with respect to such proposal.</P>

<P STYLE="font: 10pt Times 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">3.10&#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
entitled to vote on the matter (or such larger proportion thereof as shall be required by law) 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.</P>

<P STYLE="font: 10pt Times 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">3.11&#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.</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="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">&nbsp;</P>

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

<P STYLE="font: 10pt Times 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">4.1&#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.</P>

<P STYLE="font: 10pt Times 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">4.2&#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.</P>

<P STYLE="font: 10pt Times 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">4.3&#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.</P>

<P STYLE="font: 10pt Times 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">4.4&#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.</P>

<P STYLE="font: 10pt Times 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">4.5&#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.</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-indent: 0.5in">4.6&#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:</P>

<P STYLE="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-indent: 0.5in">(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 0pt 0.5in; text-indent: 0.5in">(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).</P>

<P STYLE="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-indent: 0.5in">(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 0pt 0.5in; text-indent: 0.5in">(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.</P>

<P STYLE="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-indent: 0.5in">(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.</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 0pt 0.5in; text-indent: 0.5in">(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 0pt 0.5in; text-indent: 0.5in">(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.</P>

<P STYLE="font: 10pt Times 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">4.7&#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.</P>

<P STYLE="font: 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">4.8&#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
Shares outstanding and 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 Shares outstanding and entitled
to vote of that Series&nbsp;or Class&nbsp;shall elect 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-align: center"><FONT STYLE="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">&nbsp;</P>

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

<P STYLE="font: 10pt Times 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">5.1&#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 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.</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-indent: 0.5in">5.2&#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.</P>

<P STYLE="font: 10pt Times 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">5.3&#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.</P>

<P STYLE="font: 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;6</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"><B>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: 0.5in">6.1&#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.</P>

<P STYLE="font: 10pt Times 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">6.2&#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.</P>

<P STYLE="font: 10pt Times 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">6.3&#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.</P>

<P STYLE="font: 10pt Times 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">6.4&#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.</P>

<P STYLE="font: 10pt Times 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">6.5&#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.</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-indent: 0.5in">6.6&#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.</P>

<P STYLE="font: 10pt Times 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">6.7&#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.</P>

<P STYLE="font: 10pt Times 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">6.8&#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.</P>

<P STYLE="font: 10pt Times 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">6.9&#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.</P>

<P STYLE="font: 10pt Times 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">6.10&#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.</P>

<P STYLE="font: 10pt Times 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">6.11&#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.</P>

<P STYLE="font: 10pt Times 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">6.12&#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.</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-indent: 0.5in">6.13&#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></P>

<P STYLE="font: 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;7</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"><B>Fiscal Year</B></P>

<P STYLE="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 fiscal year of the Trust shall end on such date as the Trustees
shall 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: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;8</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"><B>Seal</B></P>

<P STYLE="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 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.</P>

<P STYLE="font: 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;9</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"><B>Sufficiency and Waivers of Notice</B></P>

<P STYLE="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 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.</P>

<P STYLE="font: 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;10</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>C</B></FONT><B>ertificates</B></P>

<P STYLE="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 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 of the Trust owned by the Shareholder, provided, however, that certificates for fractional shares will
not be delivered in any case. Certificates representing Shares 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.</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="text-transform: uppercase"><B>Article&nbsp;11</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>A</B></FONT><B>mendment</B></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">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.</P>

<P STYLE="font: 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>ARTICLE&nbsp;12</B></P>

<P STYLE="font: 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>Forum for Adjudication of Disputes</B></P>

<P STYLE="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 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.</P>

<P STYLE="font: 10pt Times 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">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.</P>

<P STYLE="font: 10pt Times 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">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.</P>

<P STYLE="font: 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">END OF BY-LAWS</P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)(6)
<SEQUENCE>4
<FILENAME>tm2119043d1_ex99-h6.htm
<DESCRIPTION>EXHIBIT 99.(H)(6)
<TEXT>
<HTML>
<HEAD>
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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.6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="text-transform: uppercase">Form&nbsp;of</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; background-color: white">DISTRIBUTION 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; text-indent: 0.25in; background-color: white">This DISTRIBUTION AGREEMENT
(this &ldquo;<U>Agreement</U>&rdquo;) made as of [______], 2020 by and between Calamos Global Dynamic 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">&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"><U>WITNESSETH</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; text-indent: 0.25in; background-color: white">WHEREAS, the Fund is
registered under the Investment Company Act of 1940, as amended, and the rules&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">WHEREAS, the Fund has
filed a registration statement on Form&nbsp;N-2 pursuant to the Investment Company Act and the Securities Act of 1933, as amended, and
the rules&nbsp;and regulations thereunder (collectively called the &ldquo;<U>Securities Act</U>&rdquo;), to register common shares of
beneficial interest, no 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&nbsp;415
under the Securities Act; 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; background-color: white">WHEREAS, the Distributor
is registered as a broker-dealer under the provisions of the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations
thereunder (collectively, the &ldquo;<U>Exchange Act</U>&rdquo;), and is a member in good standing of the Financial Industry Regulatory
Authority,&nbsp;Inc. (&ldquo;<U>FINRA</U>&rdquo;); 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; background-color: white">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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">NOW THEREFORE, the parties
agree as follows:</P>

<P STYLE="font: 10pt Times New 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">Section&nbsp;1. <U>Appointment
of the Distributor; ATM Offerings</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: 0.75in; background-color: white">(a)&nbsp;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)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(c)&nbsp;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">&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: 0.75in; background-color: white">(d)&nbsp;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 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; text-indent: 0.75in; background-color: white">(e)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(f)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(g)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">[(h)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(a)&nbsp;The Registration
Statement (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; (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; and (iii)&nbsp;heretofore became, and is, effective; 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 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;<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, and (2)&nbsp;any information contained or incorporated by reference in a prospectus
filed with the Commission pursuant to Rule&nbsp;497(c)&nbsp;and/or Rule&nbsp;497(h)&nbsp;under the Securities Act, to the extent such
information is deemed to be part of the registration statement at the Effective Time. &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&nbsp;497(c)&nbsp;and/or Rule&nbsp;497(h)&nbsp;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 together with the Basic Prospectus
attached to or used with the Prospectus Supplement. Any reference herein to the registration statement, the Registration Statement, the
Basic Prospectus, the Prospectus Supplement or the 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-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;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&nbsp;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)&nbsp;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 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">[(c)&nbsp;The Fund has
been granted an exemptive order from the Commission pursuant to Section&nbsp;6(c)&nbsp;of the Investment Company Act for an exemption
from Section&nbsp;19(b)&nbsp;of the Investment Company Act and Rule&nbsp;19b-1 under the Investment Company Act (the &ldquo;<U>Exemptive
Order</U>&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;<U>Managed
Distribution Plan Requirement</U>&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(d)&nbsp;The Registration
Statement, the Investment Company Act Notification and the 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 the ATM offerings, 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 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 the time of purchase of Shares in connection with the ATM offerings, 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; <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
Basic Prospectus or the 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 or the Prospectus (the &ldquo;<U>Agent Provided Information</U>&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: 0.75in; background-color: white">(e)&nbsp;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 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">&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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(f)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(g)&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. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(h)&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 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 [Amended and Restated] Agreement and Declaration of Trust or bylaws 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(i)&nbsp;The Fund is
in material compliance with the rules&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(j)&nbsp;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 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&nbsp;of FINRA.</P>

<P STYLE="font: 10pt Times New 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">Section&nbsp;3. <U>Duties
of the Fund</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: 0.75in; background-color: white">(a)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;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, the Exemptive Order, and other documentation
the Distributor may reasonably request for use in the ATM offering of Shares. 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">&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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(c)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(d)&nbsp;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)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(e)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(f)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">[(g)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Section&nbsp;4. <U>Duties
of the Distributor</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: 0.75in; background-color: white">(a)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;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; text-indent: 0.75in; background-color: white">(c)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(d)&nbsp;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">&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="width: 13%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 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>
  </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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top"><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>
  </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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top"><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>
  </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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top"><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&nbsp;sub-placement agents;</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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="vertical-align: top"><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>
  </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"></P>

<!-- Field: Page; Sequence: 5; 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; background-color: white">&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="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="vertical-align: top"><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>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: lightgrey"></FONT>&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="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="vertical-align: top"><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>
  </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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying potential sub-placement agents;</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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring the performance of sub-placement agents;</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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="vertical-align: top"><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>
  </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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="vertical-align: top"><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; background-color: white">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: 0.75in; background-color: white">(e)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(f)&nbsp;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&nbsp;and 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; text-indent: 0.75in; background-color: white">(g)&nbsp;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: 0.75in; background-color: white">(h)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Section&nbsp;5. <U>Agreements
with Sub-Placement Agents</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: 0.75in; background-color: white">(a)&nbsp;The Distributor
may enter into&nbsp;sub-placement&nbsp;agent agreements or selected dealer agreements, on such terms and conditions as the Distributor
determines are not inconsistent with this Agreement, with&nbsp;sub-placement&nbsp;agents to act as the Distributor&rsquo;s agents to effect
the sale of the Shares in the ATM offerings. Such&nbsp;sub-placement&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;The Distributor
shall offer and sell Shares only through such&nbsp;sub-placement&nbsp;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&nbsp;of
FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(c)&nbsp;The Distributor
shall obtain assurance, reasonably satisfactory to the Fund, from any&nbsp;sub-placement&nbsp;agents which it engages of the compliance
by such&nbsp;sub-placement&nbsp;agents with the terms of this Agreement, applicable federal and state securities laws and the rules&nbsp;of
FINRA.</P>

<P STYLE="font: 10pt Times New 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">Section&nbsp;6.&nbsp;<U>Sales
Commission; Compensation</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: 0.75in; background-color: white">(a)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;The Distributor
shall pay to the&nbsp;sub-placement&nbsp;agents the&nbsp;sub-placement&nbsp;agent commissions agreed to between the Distributor and such&nbsp;sub-placement&nbsp;agents,
or may authorize such&nbsp;sub-placement&nbsp;agents to retain such&nbsp;sub-placement&nbsp;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)&nbsp;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; text-indent: 0.75in; background-color: white">(c)&nbsp;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,&nbsp;up-front&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Section&nbsp;7.&nbsp;<U>Payment
of Expenses</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: 0.75in; background-color: white">(a)&nbsp;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
of its Prospectus, Statement of Additional Information, if any, the preparation and filing of any required registration statements under
the Securities Act and/or the Investment Company Act, 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 any such Registration Statement, Prospectus, interim reports
or proxy materials).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(c)&nbsp;The Distributor
shall bear all expenses incurred by it in connection with its duties and activities under this Agreement, including the compensation of&nbsp;sub-placement&nbsp;agents
for sales of the Fund&rsquo;s Shares, provided that it shall pay such&nbsp;sub-placement&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Section&nbsp;8.&nbsp;<U>Limitation
of Liability; Indemnification</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: 0.75in; background-color: white">(a)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;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)&nbsp;arise out of, or are based upon any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectuses 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;&nbsp;<U>provided</U>,&nbsp;<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 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&nbsp;sub-placement&nbsp;agent
to deliver a current 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; text-indent: 0.75in; background-color: white">(c)&nbsp;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 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(d)&nbsp;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)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(e)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(f)&nbsp;With respect
to any Claim not within Section&nbsp;8(e)&nbsp;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&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">&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: 0.75in; background-color: white">(g)&nbsp;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
person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(h)&nbsp;Notwithstanding
any other provisions in this Section&nbsp;8, no 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(i)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(j)&nbsp;IN NO EVENT
WILL ANY PARTY TO THIS AGREEMENT BE LIABLE TO ANY OTHER PERSON OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL,&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Section&nbsp;9.&nbsp;<U>Duration
and Termination of this Agreement</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: 0.75in; background-color: white">(a)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;Unless earlier
terminated pursuant to Section&nbsp;9(a)&nbsp;hereof, this Agreement shall automatically terminate upon the issuance and sale of all of
the Shares through the Distributor or any&nbsp;sub-placement&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(c)&nbsp;This Agreement
shall remain in full force and effect unless terminated pursuant to Sections (9)(a)&nbsp;or 9(b)&nbsp;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-indent: 0.75in; background-color: white">(d)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Section&nbsp;10.&nbsp;<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">&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; background-color: white">Section&nbsp;11.&nbsp;<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Section&nbsp;12.&nbsp;<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Section&nbsp;13.&nbsp;<U>Miscellaneous</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: 0.75in; background-color: white">(a)&nbsp;The captions
in this Agreement are included for convenience of reference only and in no 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;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&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(c)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(d)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(e)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Section&nbsp;14.&nbsp;<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">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)&nbsp;of
Regulation&nbsp;S-P&nbsp;(&ldquo;<U>Regulation&nbsp;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&nbsp;S-P&nbsp;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&nbsp;S-P&nbsp;or the 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; background-color: white">Section&nbsp;15.&nbsp;<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">If to the Distributor:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Foreside Fund Services, LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Three Canal Plaza, Suite&nbsp;100&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Portland, Maine 04101</P>


<P STYLE="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; background-color: white">Attention: Legal Department&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email: legal@foreside.com</P>

<P STYLE="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; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">If 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 0pt 0.5in; background-color: white">Calamos Advisors LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">2020 Calamos Court&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Naperville,&nbsp;Illinois 60563&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attention: General Counsel&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email: cjackson@Calamos.com</P>

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

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page&nbsp;is intentionally left blank</I>]</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; background-color: white">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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CALAMOS GLOBAL DYNAMIC INCOME FUND</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORESIDE FUND SERVICES, LLC</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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"></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Name:</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Title:<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></TD></TR>
  </TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)(7)
<SEQUENCE>5
<FILENAME>tm2119043d1_ex99-h7.htm
<DESCRIPTION>EXHIBIT 99.(H)(7)
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>FORM&nbsp;OF</B></P>

<P STYLE="font: 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"><B>SUB-PLACEMENT&nbsp;AGENT
AGREEMENT</B>&nbsp;</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Three Canal Plaza,
Suite&nbsp;100</B>&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">[______], 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; background-color: white">UBS Securities LLC&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">RE:&nbsp;At-the-Market&nbsp;Offerings by Calamos
Global Dynamic Income 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; background-color: white">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-indent: 0.25in; 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 Global Dynamic 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; 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">&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: 0.75in"></TD><TD STYLE="width: 0.75in; text-align: left">SECTION1.</TD><TD STYLE="text-align: justify"><U>Description of Offerings</U>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(a)&nbsp;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)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(c)&nbsp;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&nbsp;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)&nbsp;of the Securities 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: 0.75in; background-color: white">(d)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(e)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(f)&nbsp;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)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(g)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(h)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(i)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">[(j)&nbsp;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">&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: 0.75in; 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:&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: 0.75in; background-color: white">(a)&nbsp;Based upon the
representations made by the Fund to the Distributor in the Distribution Agreement, a registration statement on Form&nbsp;N-2&nbsp;(File
No.&nbsp;333-[______] and 811-[____]) (the &ldquo;<I>Registration Statement</I>&rdquo;) (i)&nbsp;has been prepared by the Fund in conformity
with the requirements of the Securities Act and the rules&nbsp;and regulations thereunder and the Investment Company Act of 1940, as amended,
and the rules&nbsp;and regulations thereunder (collectively called the &ldquo;<I>1940 Act</I>&rdquo;) in all material respects; (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; and (iii)&nbsp;heretofore became, and is, effective; 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 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, and (2)&nbsp;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&nbsp;497(c)&nbsp;and/or
Rule&nbsp;497(h)&nbsp;under the Securities Act, to the extent such information is deemed to be part of the registration statement at the
Effective Time. &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&nbsp;497(c)&nbsp;and/or
Rule&nbsp;497(h)&nbsp;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
together with the Basic Prospectus attached to or used with the Prospectus Supplement. Any reference herein to the Registration Statement,
the Basic Prospectus, the Prospectus Supplement or the 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; text-indent: 0.75in; background-color: white">(b)&nbsp;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)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">[(c)&nbsp;Based upon
the representations made by the Fund to the Distributor in the Distribution Agreement, (i)&nbsp;the Fund has been granted an exemptive
order from the Commission pursuant to Section&nbsp;6(c)&nbsp;of the Investment Company Act for an exemption from Section&nbsp;19(b)&nbsp;of
the Investment Company Act and Rule&nbsp;19b-1&nbsp;under the Investment Company Act (the &ldquo;<I>Exemptive Order</I>&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&nbsp;5-year&nbsp;period ending on such date (the &ldquo;<I>Managed Distribution Plan
Requirement</I>&rdquo;); and (ii)&nbsp;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">&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: 0.75in; background-color: white">(d)&nbsp;Based upon the
representations made by the Fund to the Distributor in the Distribution Agreement, the Registration Statement, the 1940 Act Notification
and the 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; provided, however, that the Distributor does not make any representation or warranty with
respect to any statement contained in the Registration Statement, the Basic Prospectus or the 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 or the 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 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 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-indent: 0.75in; background-color: white">(e)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(f)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(g)&nbsp;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">&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: 0.75in; background-color: white">(h)&nbsp;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 [Amended and Restated] Agreement and Declaration of Trust or bylaws 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&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(i)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(j)&nbsp;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&nbsp;of the Financial Industry Regulatory
Authority,&nbsp;Inc. (&ldquo;<I>FINRA</I>&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: 0.75in; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(a)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(c)&nbsp;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">&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 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: 0.75in"></TD><TD STYLE="width: 0.75in; text-align: left">SECTION 4.</TD><TD STYLE="text-align: justify"><U>Additional Covenants</U>.</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; text-indent: 0.75in; background-color: white">(a)&nbsp;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&nbsp;(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&nbsp;and regulations,
including the applicable provisions of the Securities Act and the Exchange Act, the applicable rules&nbsp;and regulations of the Commission
thereunder, and the applicable rules&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;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&nbsp;405 under the Securities Act) concerning any Offering, other
than the Prospectus. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(c)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(d)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(e)&nbsp;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">&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: 0.75in"></TD><TD STYLE="width: 0.75in; text-align: left">SECTION 5.</TD><TD STYLE="text-align: justify"><U>Indemnification and Contribution</U>.</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; text-indent: 0.75in; background-color: white">(a)&nbsp;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&nbsp;or regulation (including any rule&nbsp;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
or 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 or 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;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&nbsp;or regulation
(including any rule&nbsp;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 or the 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">&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: 0.75in; background-color: white">(c)&nbsp;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)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(d)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(e)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(f)&nbsp;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)&nbsp;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">&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; text-indent: 0.75in; background-color: white">(g)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(h)&nbsp;IN NO EVENT
WILL ANY PARTY TO THIS AGREEMENT BE LIABLE TO ANY OTHER PERSON OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL,&nbsp;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">&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: 0.75in"></TD><TD STYLE="width: 0.75in; text-align: left">SECTION 6.</TD><TD STYLE="text-align: justify"><U>Termination</U>.</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; text-indent: 0.75in; background-color: white">(a)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(b)&nbsp;This Agreement
shall remain in full force and effect unless terminated pursuant to Section&nbsp;6(a)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">(c)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">If to the Distributor:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Foreside Fund Services, LLC</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 0pt 0.5in; background-color: white">Three Canal Plaza, Suite&nbsp;100&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Portland, Maine 04101</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Legal Department</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 0pt 0.5in; background-color: white">Email: legal@foreside.com</P>

<P STYLE="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; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">If to the 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 0pt 0.5in; background-color: white">UBS Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">1285 Avenue of the Americas&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">New York, New York 10019</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 0pt 0.5in; background-color: white">Attn: Saawan Pathange&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Email: saawan.pathange@ubs.com</P>

<P STYLE="font: 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; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; 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&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; 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">&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-indent: 0.75in; background-color: white">SECTION&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">SECTION&nbsp;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">&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&nbsp;is intentionally left blank</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"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <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-indent: 0.25in; 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">&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>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORESIDE FUND SERVICES, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <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%">&nbsp;</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">Name:</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">Title:</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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACCEPTED as of the date</FONT></TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">first above written</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UBS SECURITIES LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(as&nbsp;sub-placement&nbsp;agent)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&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: 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%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0in">&nbsp;</TD>
    <TD STYLE="padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></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">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>

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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; background-color: white"><B>ADDENDUM</B></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; background-color: white"><B>TO</B>&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"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Applicable</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Selling Agent</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">0.80%</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; background-color: white">Where:</P>

<P STYLE="font: 10pt Times New 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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; 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>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(J)(1)
<SEQUENCE>6
<FILENAME>tm2119043d1_ex99-j1.htm
<DESCRIPTION>EXHIBIT 99.(J)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.j.1</B></P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-variant: small-caps"><B>Execution
Copy</B></FONT></P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Master
Custodian Agreement</U></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 Agreement is made as
of September&nbsp;11, 2009 by and among each management investment company identified on Appendix A hereto (each such investment company
and each management investment company made subject to this Agreement in accordance with Section&nbsp;19.5 below, shall hereinafter be
referred to as a &ldquo;<B><I>Fund</I></B>&rdquo;), and <FONT STYLE="font-variant: small-caps">State Street Bank</FONT> and <FONT STYLE="font-variant: small-caps">Trust
Company</FONT>, a Massachusetts trust company (the &ldquo;<B><I>Custodian</I></B>&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"><I>W<FONT STYLE="font-variant: small-caps"><B>itnesseth:</B></FONT></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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Whereas</B></FONT><B>,</B>
each Fund may or may not be authorized to issue shares of common stock or shares of beneficial interest in separate series (&ldquo;<B><I>Shares</I></B>&rdquo;),
with each such series representing interests in a separate portfolio of securities 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Whereas</B></FONT><B>,</B>
each Fund so authorized intends that this Agreement be applicable to each of its series set forth on Appendix A hereto (such series together
with all other series subsequently established by the Fund and made subject to this Agreement in accordance with Section&nbsp;19.6 below,
shall hereinafter be referred to as the &ldquo;<B><I>Portfolio(s)</I></B>&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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Whereas</B></FONT><B>,</B>
each Fund not so authorized intends that this Agreement be applicable to it and all references hereinafter to one or more &ldquo;Portfolio(s)&rdquo;
shall be deemed to refer to such Fund(s); 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Now,
Therefore</B></FONT><B>,</B> in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto agree as
follows:</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section </FONT>1.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Employment of Custodian
and Property to be Held by It</U>.</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: justify">Each Fund hereby employs the Custodian as a custodian
of assets of the Portfolios, including securities which the Fund, on behalf of the applicable Portfolio, desires to be held in places
within the United States (&ldquo;<B><I>domestic securities</I></B>&rdquo;) and securities it desires to be held outside the United States
(&ldquo;<B><I>foreign securities</I></B>&rdquo;). Each Fund, on behalf of its Portfolio(s), agrees to deliver to the Custodian all securities
and cash of the Portfolios, and all payments of income, payments of principal or capital distributions received by it with respect to
all securities owned by the Portfolio(s)&nbsp;from time to time, and the cash consideration received by it for such Shares as may be issued
or sold from time to time. The Custodian shall not be responsible for any property of a Portfolio which is not received by it or which
is delivered out in accordance with Proper Instructions (as such term is defined in Section&nbsp;8 hereof) including, without limitation,
Portfolio property (i)&nbsp;held by brokers, private bankers or other entities on behalf of the Portfolio (each a &ldquo;<B><I>Local Agent</I></B>&rdquo;),
(ii)&nbsp;held by Special Sub-Custodians (as such term is defined in Section&nbsp;6 hereof), (iii)&nbsp;held by entities which have advanced
monies to or on behalf of the Portfolio and which have received Portfolio property as security for such advance(s)&nbsp;(each a &ldquo;<B><I>Pledgee</I></B>&rdquo;),
or (iv)&nbsp;delivered or otherwise removed from the custody of the Custodian (a)&nbsp;in connection with any Free Trade (as such term
is defined in Sections 2.2(14) and 2.6(7)&nbsp;hereof) or (b)&nbsp;pursuant to Special Instructions (as such term is defined in Section&nbsp;8
hereof). With respect to uncertificated shares (the &ldquo;<B><I>Underlying Shares</I></B>&rdquo;) of registered &ldquo;investment companies&rdquo;
(as defined in Section&nbsp;3(a)(1)&nbsp;of the Investment Company Act of 1940, as amended from time to time (the &ldquo;<B><I>1940 Act</I></B>&rdquo;)),
whether in the same &ldquo;group of investment companies&rdquo; (as defined in Section&nbsp;12(d)(1)(G)(ii)&nbsp;of the 1940 Act) or otherwise,
including pursuant to Section&nbsp;12(d)(1)(F)&nbsp;of the 1940 Act (hereinafter sometimes referred to as the &ldquo;<B><I>Underlying
Portfolios</I></B>&rdquo;) the holding of confirmation statements that identify the shares as being recorded in the Custodian&rsquo;s
name on behalf of the Portfolios will be deemed custody for purposes hereof.</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"></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">Upon receipt of Proper Instructions, the Custodian
shall on behalf of the applicable Portfolio(s)&nbsp;from time to time employ one or more sub-custodians located in the United States,
but only in accordance with an applicable vote by the Board of Trustees of the Fund (the &ldquo;<B><I>Board</I></B>&rdquo;) on behalf
of the applicable Portfolio(s), and provided that the Custodian shall have no more or less responsibility or liability to any Fund on
account of any actions or omissions of any sub-custodian so employed than any such sub-custodian has to the Custodian. The Custodian may
place and maintain each Fund&rsquo;s foreign securities with foreign banking institution sub-custodians employed by the Custodian and/or
foreign securities depositories, all as designated in Schedules A and B hereto, but only in accordance with the applicable provisions
of Sections 3 and 4 hereof.</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-variant: small-caps">Section 2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Duties of the Custodian
with Respect to Property of the Portfolios to be Held in the United States</U>.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.1&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Holding
Securities</U></FONT>. The Custodian shall hold and physically segregate for the account of each Portfolio all non-cash property, to be
held by it in the United States, including all domestic securities owned by such Portfolio other than (a)&nbsp;securities which are maintained
pursuant to Section&nbsp;2.8 in a clearing agency which acts as a securities depository or in a book-entry system authorized by the U.S.
Department of the Treasury (each, a &ldquo;<B><I>U.S. Securities System</I></B>&rdquo;) and (b)&nbsp;Underlying Shares owned by each Fund
which are maintained pursuant to Section&nbsp;2.10 hereof in an account with State Street Bank and Trust Company or such other entity
which may from time to time act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided
with Proper Instructions (the &ldquo;<B><I>Underlying Transfer Agent</I></B>&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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.2&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Delivery
of Securities</U></FONT>. The Custodian shall release and deliver domestic securities owned by a Portfolio held by the Custodian, in a
U.S. Securities System account of the Custodian or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions
on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, and only in the following
cases:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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">Upon
                                            sale of such securities for the account of the Portfolio </FONT>in accordance with customary
                                            or established market practices and procedures, including, without limitation, delivery to
                                            the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against
                                            expectation of receiving later payment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2)</TD><TD STYLE="text-align: justify">Upon the receipt of payment in connection with any repurchase agreement related to such securities entered
into by the Portfolio;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3)</TD><TD STYLE="text-align: justify">In the case of a sale effected through a U.S. Securities System, in accordance with the provisions of
Section&nbsp;2.8 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4)</TD><TD STYLE="text-align: justify">To the depository agent in connection with tender or other similar offers for securities of the Portfolio;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5)</TD><TD STYLE="text-align: justify">To the issuer thereof or its agent when such securities are called, redeemed, retired or otherwise become
payable; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6)</TD><TD STYLE="text-align: justify">To the issuer thereof, or its agent, for transfer into the name of the Portfolio or into the name of any
nominee or nominees of the Custodian or into the name or nominee name of any agent appointed pursuant to Section&nbsp;2.7 or into the
name or nominee name of any sub-custodian appointed pursuant to Section&nbsp;1; or for exchange for a different number of bonds, certificates
or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities
are to be delivered to the Custodian;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7)</TD><TD STYLE="text-align: justify">Upon the sale of such securities for the account of the Portfolio, to the broker or its clearing agent,
against a receipt, for examination in accordance with &ldquo;street delivery&rdquo; custom; provided that in any such case, the Custodian
shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such
securities except as may arise from the Custodian&rsquo;s own negligence or willful misconduct;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">8)</TD><TD STYLE="text-align: justify">For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization
or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities,
or pursuant to any deposit agreement; provided that, in any such case, the new securities and/or cash, if any, are to be delivered to
the Custodian;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">9)</TD><TD STYLE="text-align: justify">In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants,
rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in
any such case, the new securities and/or cash, if any, are to be delivered to the Custodian;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10)</TD><TD STYLE="text-align: justify">For delivery in connection with any loans of securities made by the Portfolio (a)&nbsp;against receipt
of collateral as agreed from time to time by the Fund on behalf of the Portfolio, except that in connection with any loans for which collateral
is to be credited to the Custodian&rsquo;s account in the book-entry system authorized by the U.S. Department of the Treasury, the Custodian
will not be held liable or responsible for the delivery of securities owned by the Portfolio prior to the receipt of such collateral or
(b)&nbsp;to the lending agent, or the lending agent&rsquo;s custodian, in accordance with written Proper Instructions (which may not provide
for the receipt by the Custodian of collateral therefor) agreed upon from time to time by the Custodian and the Fund;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">11)</TD><TD STYLE="text-align: justify">For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring
a pledge of assets by the Fund on behalf of such Portfolio;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">12)</TD><TD STYLE="text-align: justify">For delivery in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio,
the Custodian and a broker-dealer registered under the Securities Exchange Act of 1934 (the &ldquo;<B><I>Exchange Act</I></B>&rdquo;)
and a member of the Financial Industry Regulatory Authority,&nbsp;Inc. (&ldquo;<B><I>FINRA</I></B>,&rdquo; formerly known as The National
Association of Securities Dealers,&nbsp;Inc.), relating to compliance with the rules&nbsp;of The Options Clearing Corporation and of any
registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection
with transactions by the Fund on behalf of a Portfolio;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">13)</TD><TD STYLE="text-align: justify">For delivery in accordance with the provisions of any agreement among a Fund on behalf of the Portfolio,
the Custodian, and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules&nbsp;of
the Commodity Futures Trading Commission (the &ldquo;<B><I>CFTC</I></B>&rdquo;) and/or any contract market, or any similar organization
or organizations, regarding account deposits in connection with transactions by the Fund on behalf of a Portfolio;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">14)</TD><TD STYLE="text-align: justify">Upon the sale or other delivery of such investments (including, without limitation, to one or more (a)&nbsp;Special
Sub-Custodians or (b)&nbsp;additional custodians appointed by the Fund, and communicated to the Custodian from time to time via a writing
duly executed by an authorized officer of the Fund, for the purpose of engaging in repurchase agreement transactions(s), each a &ldquo;<B><I>Repo
Custodian</I></B>&rdquo;), and prior to receipt of payment therefor, as set forth in written Proper Instructions (such delivery in advance
of payment, along with payment in advance of delivery made in accordance with Section&nbsp;2.6(7), as applicable, shall each be referred
to herein as a &ldquo;<B><I>Free Trade</I></B>&rdquo;), provided that such Proper Instructions shall set forth (a)&nbsp;the securities
of the Portfolio to be delivered and (b)&nbsp;the person(s)&nbsp;to whom delivery of such securities shall be made;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">15)</TD><TD STYLE="text-align: justify">Upon receipt of instructions from the Fund or the Fund&rsquo;s transfer agent (the &ldquo;<B><I>Transfer
Agent</I></B>&rdquo;) for delivery to such Transfer Agent or to the holders of Shares in connection with distributions in kind, as may
be described from time to time in the currently effective prospectus and statement of additional information of the Fund related to the
Portfolio (the &ldquo;<B><I>Prospectus</I></B>&rdquo;), in satisfaction of requests by holders of Shares for repurchase or redemption;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">16)</TD><TD STYLE="text-align: justify">In the case of a sale processed through the Underlying Transfer Agent of Underlying Shares, in accordance
with Section&nbsp;2.10 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">17)</TD><TD STYLE="text-align: justify">For delivery as initial or variation margin in connection with futures or options on futures contracts
entered into by the Fund on behalf of the Portfolio; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">18)</TD><TD STYLE="text-align: justify">For any other purpose, but only upon receipt of Proper Instructions from the Fund on behalf of the applicable
Portfolio specifying (a)&nbsp;the securities of the Portfolio to be delivered and (b)&nbsp;the person or persons to whom delivery of such
securities shall be made.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.3&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Registration
of Securities</U></FONT>. Domestic securities held by the Custodian (other than bearer securities) shall be registered in the name of
the Portfolio or in the name of any nominee of a Fund on behalf of the Portfolio or of any nominee of the Custodian which nominee shall
be assigned exclusively to the Portfolio, unless the Fund has authorized in writing the appointment of a nominee to be used in common
with other registered management investment companies having the same investment adviser as the Portfolio, or in the name or nominee name
of any agent appointed pursuant to Section&nbsp;2.7 or in the name or nominee name of any sub-custodian appointed pursuant to Section&nbsp;1.
All securities accepted by the Custodian on behalf of the Portfolio under the terms of this Agreement shall be in &ldquo;street name&rdquo;
or other good delivery form. If, however, a Fund directs the Custodian to maintain securities in &ldquo;street name&rdquo;, the Custodian
shall utilize its best efforts only to timely collect income due the Fund on such securities and to notify the Fund on a best efforts
basis only of relevant corporate actions including, without limitation, pendency of calls, maturities, tender or exchange offers.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.4&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Bank
Accounts</U></FONT>. The Custodian shall open and maintain a separate bank account or accounts in the United States in the name of each
Portfolio of each Fund, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement, and shall hold
in such account or accounts, subject to the provisions hereof, all cash received by it from or for the account of the Portfolio, other
than cash maintained by the Portfolio in a bank account established and used in accordance with Rule&nbsp;17f-3 under the 1940 Act. Funds
held by the Custodian for a Portfolio may be deposited by it to its credit as Custodian in the banking department of the Custodian or
in such other banks or trust companies as it may in its discretion deem necessary or desirable; provided, however, that every such bank
or trust company shall be qualified to act as a custodian under the 1940 Act and that each such bank or trust company and the funds to
be deposited with each such bank or trust company shall on behalf of each applicable Portfolio be approved by vote of a majority of the
Board. Such funds shall be deposited by the Custodian in its capacity as Custodian and shall be withdrawable by the Custodian only in
that capacity.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.5&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Collection
of Income</U></FONT>. Except with respect to Portfolio property released and delivered pursuant to Section&nbsp;2.2(14) or purchased
pursuant to Section&nbsp;2.6(7), and subject to the provisions of Section&nbsp;2.3, the Custodian shall collect on a timely basis all
income and other payments with respect to registered domestic securities held hereunder to which each Portfolio shall be entitled either
by law or pursuant to custom in the securities business, and shall collect on a timely basis all income and other payments with respect
to bearer domestic securities if, on the date of payment by the issuer, such securities are held by the Custodian or its agent. Without
limiting the generality of the foregoing, the Custodian shall detach and present for payment all coupons and other income items requiring
presentation as and when they become due and shall collect interest when due on securities held hereunder. The Custodian shall credit
income to the Portfolio as such income is received or in accordance with the Custodian&rsquo;s then current payable date income schedule.
Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course
and the Portfolio may be charged at the Custodian&rsquo;s applicable rate for time credited. Income due each Portfolio on securities
loaned pursuant to the provisions of Section&nbsp;2.2 (10)&nbsp;shall be the responsibility of the applicable Fund. The Custodian will
have no duty or responsibility in connection therewith, other than to provide the Fund with such information or data as may be necessary
to assist the Fund in arranging for the timely delivery to the Custodian of the income to which the Portfolio is properly entitled.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.6&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Payment
of Fund Monies</U></FONT>. The Custodian shall pay out monies of a Portfolio as provided in Section&nbsp;5 and otherwise upon receipt
of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties,
the Custodian shall pay out monies of a Portfolio in the following cases only:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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">Upon
                                            the purchase of domestic securities, options, futures contracts or options on futures contracts,
                                            or other derivative interests or other instruments for the account of the Portfolio but only
                                            (a)&nbsp;</FONT>in accordance with customary or established market practices and procedures,
                                            including, without limitation, delivering money to the seller thereof or to a dealer therefor
                                            (or an agent for such seller or dealer) against expectation of receiving later delivery of
                                            such securities or evidence of title to such options, futures contracts or options on futures
                                            contracts, or other derivative interests or other instruments to the Custodian (or any bank,
                                            banking firm or trust company doing business in the United States or abroad which is qualified
                                            under the 1940 Act to act as a custodian and has been designated by the Custodian as its
                                            agent for this purpose) registered in the name of the Portfolio or in the name of a nominee
                                            of the Custodian referred to in Section&nbsp;2.3 hereof or in proper form for transfer; (b)&nbsp;in
                                            the case of a purchase effected through a U.S. Securities System, in accordance with the
                                            conditions set forth in Section&nbsp;2.8 hereof; (c)&nbsp;in the case of a purchase of Underlying
                                            Shares, in accordance with the conditions set forth in Section&nbsp;2.10 hereof; (d)&nbsp;in
                                            the case of repurchase agreements entered into between the applicable Fund on behalf of a
                                            Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of FINRA,
                                            (i)&nbsp;against delivery of the securities either in certificate form or through an entry
                                            crediting the Custodian&rsquo;s account at the Federal Reserve Bank with such securities
                                            or (ii)&nbsp;against delivery of the receipt evidencing purchase by the Portfolio of securities
                                            owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase
                                            such securities from the Portfolio; or (e)&nbsp;for transfer to a time deposit account of
                                            the Fund in any bank, whether domestic or foreign; such transfer may be effected prior to
                                            receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions
                                            from the Fund as defined herein;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2)</TD><TD STYLE="text-align: justify">In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth
in Section&nbsp;2.2 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3)</TD><TD STYLE="text-align: justify">For the redemption or repurchase of Shares issued as set forth in Section&nbsp;7 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4)</TD><TD STYLE="text-align: justify">For the payment of any expense or liability incurred by the Portfolio, including but not limited to the
following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating
expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5)</TD><TD STYLE="text-align: justify">For the payment of any dividends on Shares declared pursuant to the Fund&rsquo;s articles of incorporation
or organization and by-laws or agreement or declaration of trust, as applicable, and Prospectus (collectively, &ldquo;<B><I>Governing
Documents</I></B>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6)</TD><TD STYLE="text-align: justify">For payment of the amount of dividends received in respect of securities sold short;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7)</TD><TD STYLE="text-align: justify">Upon the purchase of domestic investments including, without limitation, repurchase agreement transactions
involving delivery of Portfolio monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Proper
Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section&nbsp;2.2(14),
as applicable, shall each be referred to herein as a &ldquo;<B><I>Free Trade</I></B>&rdquo;), provided that such Proper Instructions shall
also set forth (a)&nbsp;the amount of such payment and (b)&nbsp;the person(s)&nbsp;to whom such payment is made;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">8)</TD><TD STYLE="text-align: justify">For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund on
behalf of the Portfolio; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">9)</TD><TD STYLE="text-align: justify">For any other purpose, but only upon receipt of Proper Instructions from the Fund on behalf of the Portfolio
specifying (a)&nbsp;the amount of such payment and (b)&nbsp;the person or persons to whom such payment is to be made.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.7&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Appointment
of Agents</U></FONT>. The Custodian may at any time or times in its discretion appoint (and may at any time remove) one or more of its
wholly-owned subsidiaries which is a bank or trust company and which is itself qualified under the 1940 Act to act as a custodian, as
its agent to carry out such of the provisions of this Section&nbsp;2 as the Custodian may from time to time direct; provided, however,
that the appointment of any agent shall not relieve the Custodian of its responsibilities or liabilities hereunder. The Underlying Transfer
Agent shall not be deemed an agent or sub-custodian of the Custodian for purposes of this Section&nbsp;2.7 or any other provision of this
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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.8&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Deposit
of Fund Assets in U.S. Securities Systems</U></FONT>. The Custodian may deposit and/or maintain securities owned by a Portfolio in a U.S.
Securities System in compliance with the conditions of Rule&nbsp;17f-4 under the 1940 Act, as amended from time to time.</P>

<P STYLE="text-align: justify; font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.9&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Segregated
Account</U></FONT>. The Custodian shall upon receipt of Proper Instructions on behalf of each applicable Portfolio, establish and maintain
a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or
securities of the Portfolio, including securities maintained in an account by the Custodian pursuant to Section&nbsp;2.8 hereof and collateral
delivered by a broker-dealer to a Portfolio, (a)&nbsp;in accordance with the provisions of any agreement among the Fund on behalf of the
Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of FINRA (or any futures commission merchant
registered under the Commodity Exchange Act), relating to compliance with the rules&nbsp;of The Options Clearing Corporation and of any
registered national securities exchange (or the CFTC or any registered contract market), or of any similar organization or organizations,
regarding escrow or other arrangements in connection with transactions by the Portfolio, (b)&nbsp;for purposes of segregating cash or
government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options
thereon purchased or sold by the Portfolio, (c)&nbsp;for the purposes of compliance by the Portfolio with the procedures required by Investment
Company Act Release No.&nbsp;10666, or any subsequent release of the U.S. Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;),
or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered management investment
companies, and (d)&nbsp;for any other purpose in accordance with Proper Instructions.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.10&#9;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Deposit
of Fund Assets with the Underlying Transfer Agent</U></FONT>. Underlying Shares beneficially owned by the Fund, on behalf of a Portfolio,
shall be deposited and/or maintained in an account or accounts maintained with an Underlying Transfer Agent and the Custodian&rsquo;s
only responsibilities with respect thereto shall be limited to the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1)</TD><TD STYLE="text-align: justify">Upon receipt of a confirmation or statement from an Underlying Transfer Agent that such Underlying Transfer
Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of a Portfolio,
the Custodian shall identify by book-entry that such Underlying Shares are being held by it as custodian for the benefit of such Portfolio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2)</TD><TD STYLE="text-align: justify">In respect of the purchase of Underlying Shares for the account of a Portfolio, upon receipt of Proper
Instructions, the Custodian shall pay out monies of such Portfolio as so directed, and record such payment from the account of such Portfolio
on the Custodian&rsquo;s books and records.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3)</TD><TD STYLE="text-align: justify">In respect of the sale or redemption of Underlying Shares for the account of a Portfolio, upon receipt
of Proper Instructions, the Custodian shall transfer such Underlying Shares as so directed, record such transfer from the account of such
Portfolio on the Custodian&rsquo;s books and records and, upon the Custodian&rsquo;s receipt of the proceeds therefor, record such payment
for the account of such Portfolio on the Custodian&rsquo;s books and records.</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; text-align: justify">The Custodian shall not be liable to
the Fund for any loss or damage to the Fund or any Portfolio resulting from the maintenance of Underlying Shares with an Underlying Transfer
Agent except for losses resulting directly from the fraud, negligence or willful misconduct of the Custodian or any of its agents or of
any of its or their employees.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.11&#9;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Ownership
Certificates for Tax Purposes</U></FONT>. The Custodian shall execute ownership and other certificates and affidavits for all federal
and state tax purposes in connection with receipt of income or other payments with respect to domestic securities of each Portfolio held
by it and in connection with transfers 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"></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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.12&#9;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Proxies</U>.</FONT>
Except with respect to Portfolio property released and delivered pursuant to Section&nbsp;2.2(14), or purchased pursuant to Section&nbsp;2.6(7),
the Custodian shall, with respect to the domestic securities held hereunder, cause to be promptly executed by the registered holder of
such securities, if the securities are registered otherwise than in the name of the Portfolio or a nominee of the Portfolio, all proxies,
without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund (or its agent) such proxies,
all proxy soliciting materials and all notices relating to 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>2.13&#9;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Communications
Relating to Portfolio Securities</U></FONT>. Except with respect to Portfolio property released and delivered pursuant to Section&nbsp;2.2(14),
or purchased pursuant to Section&nbsp;2.6(7), and subject to the provisions of Section&nbsp;2.3, the Custodian shall transmit promptly
to the applicable Fund for each Portfolio all written information (including, without limitation, pendency of calls and maturities of
domestic securities and expirations of rights in connection therewith and notices of exercise of call and put options written by the Fund
on behalf of the Portfolio and the maturity of futures contracts purchased or sold by the Fund on behalf of the Portfolio) received by
the Custodian from issuers of the securities being held for the Portfolio. With respect to tender or exchange offers, the Custodian shall
transmit promptly to the applicable Fund all written information received by the Custodian from issuers of the securities whose tender
or exchange is sought and from the party (or its agents) making the tender or exchange offer. The Custodian shall not be liable for any
untimely exercise of any tender, exchange or other right or power in connection with domestic securities or other property of the Portfolios
at any time held by it unless (i)&nbsp;the Custodian is in actual possession of such domestic securities or property and (ii)&nbsp;the
Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i)&nbsp;and (ii)&nbsp;occur prior
to the deadline established by the Custodian in its reasonable discretion as will give the Custodian sufficient time to take such action.
The Custodian shall also transmit promptly to the applicable Fund for each Portfolio all written information received by the Custodian
regarding any class action or other litigation in connection with Portfolio securities or other assets issued in the United States and
then held, or previously held, during the term of this Agreement by the Custodian for the account of the Fund for such Portfolio, including,
but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of any termination
of this Agreement, with respect to a Fund or its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so
transmit any information under this Section&nbsp;2.13.</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section </FONT>3.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Provisions Relating
to Rules&nbsp;17f-5 and 17f-7</U>.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;3.1.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
</FONT>As used throughout this Agreement, the capitalized terms set forth below shall have the indicated 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">&ldquo;<B><I>Country Risk</I></B>&rdquo; means
all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country including, but not limited to, such
country&rsquo;s political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in
the country), prevailing or developing custody and settlement practices, and laws and regulations applicable to the safekeeping and recovery
of Foreign Assets held in custody in that 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-align: justify">&ldquo;<B><I>Eligible Foreign Custodian</I></B>&rdquo;
has the meaning set forth in section (a)(1)&nbsp;of Rule&nbsp;17f-5, including a majority-owned or indirect subsidiary of a U.S. Bank
(as defined in Rule&nbsp;17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule&nbsp;17f-5
or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section&nbsp;2(a)(5)&nbsp;of the 1940 Act) meeting
the requirements of a custodian under Section&nbsp;17(f)&nbsp;of the 1940 Act; the term does not include any Eligible Securities Depository.</P>

<P STYLE="font: 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">&ldquo;<B><I>Eligible Securities Depository</I></B>&rdquo;
has the meaning set forth in section (b)(1)&nbsp;of Rule&nbsp;17f-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">&ldquo;<B><I>Foreign Assets</I></B>&rdquo; means
any of the Portfolios&rsquo; investments (including foreign currencies) for which the primary market is outside the United States and
such cash and cash equivalents as are reasonably necessary to effect the Portfolios&rsquo; transactions in such 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-align: justify">&ldquo;<B><I>Foreign Custody Manager</I></B>&rdquo;
has the meaning set forth in section (a)(3)&nbsp;of Rule&nbsp;17f-5.</P>

<P STYLE="font: 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">&ldquo;<B><I>Rule&nbsp;17f-5</I></B>&rdquo; means
Rule&nbsp;17f-5 promulgated 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; text-align: justify">&ldquo;<B><I>Rule&nbsp;17f-7</I></B>&rdquo; means
Rule&nbsp;17f-7 promulgated 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; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">Section&nbsp;3.2.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Custodian as Foreign Custody Manager</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">3.2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delegation
to the Custodian as Foreign Custody Manager</U>. </FONT>Each Fund, by resolution adopted by its Board, hereby delegates to the Custodian,
subject to Section&nbsp;(b)&nbsp;of Rule&nbsp;17f-5, the responsibilities set forth in this Section&nbsp;3.2 with respect to Foreign Assets
of the Portfolios held outside the United States, and the Custodian hereby accepts such delegation as Foreign Custody Manager with respect
to the Portfolios.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">3.2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Countries
Covered</U>.</FONT> The Foreign Custody Manager shall be responsible for performing the delegated responsibilities defined below only
with respect to the countries and custody arrangements for each such country listed on Schedule A to this Agreement, which list of countries
may be amended from time to time by any Fund with the agreement of the Foreign Custody Manager. The Foreign Custody Manager shall list
on Schedule A the Eligible Foreign Custodians selected by the Foreign Custody Manager to maintain the assets of the Portfolios, which
list of Eligible Foreign Custodians may be amended from time to time in the sole discretion of the Foreign Custody Manager. The Foreign
Custody Manager will provide amended versions of Schedule A in accordance with Section&nbsp;3.2.5 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">Upon the receipt by the Foreign Custody Manager
of Proper Instructions to open an account or to place or maintain Foreign Assets in a country listed on Schedule A (as updated in the
manner set forth in the preceding paragraph), and the fulfillment by each Fund, on behalf of the applicable Portfolio(s), of the applicable
account opening requirements for such country, the Foreign Custody Manager shall be deemed to have been delegated by such Fund&rsquo;s
Board on behalf of such Portfolio(s)&nbsp;responsibility as Foreign Custody Manager with respect to that country and to have accepted
such delegation. Execution of this Agreement by each Fund shall be deemed to be a Proper Instruction to open an account, or to place or
maintain Foreign Assets, in each country listed on Schedule A. Following the receipt of Proper Instructions directing the Foreign Custody
Manager to close the account of a Portfolio with the Eligible Foreign Custodian selected by the Foreign Custody Manager in a designated
country, the delegation by the Board on behalf of such Portfolio to the Custodian as Foreign Custody Manager for that country shall be
deemed to have been withdrawn and the Custodian shall immediately cease to be the Foreign Custody Manager with respect to such Portfolio
with respect to that 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-align: justify">The Foreign Custody Manager may withdraw its acceptance
of delegated responsibilities with respect to a designated country upon written notice to the Fund. Forty-five (45) days (or such shorter
or longer period to which the parties may agree in writing) after receipt of any such notice by the Fund, the Custodian shall have no
further responsibility in its capacity as Foreign Custody Manager to the Fund with respect to the country as to which the Custodian&rsquo;s
acceptance of delegation is withdrawn.</P>

<P STYLE="font: 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-variant: small-caps">3.2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Scope
of Delegated Responsibilities</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; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-variant: small-caps">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Selection
of Eligible Foreign Custodians</U>.</FONT> Subject to the provisions of this Section&nbsp;3.2, the Foreign Custody Manager may place and
maintain the Foreign Assets in the care of the Eligible Foreign Custodian selected by the Foreign Custody Manager in each country listed
on Schedule A, as amended from time to time. In performing its delegated responsibilities as Foreign Custody Manager to place or maintain
Foreign Assets with an Eligible Foreign Custodian, the Foreign Custody Manager shall determine that the Foreign Assets will be subject
to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by that Eligible
Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors
specified in Rule&nbsp;17f-5(c)(1).</P>

<P STYLE="font: 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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Contracts
With Eligible Foreign Custodians</U>.</FONT> The Foreign Custody Manager shall determine that the contract governing the foreign custody
arrangements with each Eligible Foreign Custodian selected by the Foreign Custody Manager will satisfy the requirements of Rule&nbsp;17f-5(c)(2).</P>

<P STYLE="font: 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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Monitoring</U></FONT>.
In each case in which the Foreign Custody Manager maintains Foreign Assets with an Eligible Foreign Custodian selected by the Foreign
Custody Manager, the Foreign Custody Manager shall establish a system to monitor (i)&nbsp;the appropriateness of maintaining the Foreign
Assets with such Eligible Foreign Custodian and (ii)&nbsp;the contract governing the custody arrangements established by the Foreign Custody
Manager with the Eligible Foreign Custodian. In the event the Foreign Custody Manager determines that the custody arrangements with an
Eligible Foreign Custodian it has selected are no longer appropriate, the Foreign Custody Manager shall notify the Board in accordance
with Section&nbsp;3.2.5 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">3.2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Guidelines
for the Exercise of Delegated Authority</U>.</FONT> For purposes of this Section&nbsp;3.2, the Board, or at the Board&rsquo;s delegation,
a Fund&rsquo;s investment adviser, shall be deemed to have considered and determined to accept, on behalf of the Fund, such Country Risk
as is incurred by placing and maintaining the Foreign Assets in each country for which the Custodian is serving as Foreign Custody Manager
of the Portfolios.</P>

<P STYLE="text-align: justify; font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">3.2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reporting
Requirements</U>.</FONT> The Foreign Custody Manager shall report the withdrawal of the Foreign Assets from an Eligible Foreign Custodian
and the placement of such Foreign Assets with another Eligible Foreign Custodian by providing to the Board an amended Schedule A at the
end of the calendar quarter in which an amendment to such Schedule has occurred. The Foreign Custody Manager shall make written reports
notifying the Board of any other material change in the foreign custody arrangements of the Portfolios described in this Section&nbsp;3.2
after the occurrence of the material change.</P>

<P STYLE="font: 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">3.2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Standard
of Care as Foreign Custody Manager of a Portfolio</U></FONT>. In performing the responsibilities delegated to it, the Foreign Custody
Manager agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of assets
of management investment companies registered under the 1940 Act would exercise.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">3.2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
with Respect to Rule&nbsp;17f-5</U>.</FONT> The Foreign Custody Manager represents to each Fund that it is a U.S. Bank as defined in section
(a)(7)&nbsp;of Rule&nbsp;17f-5. Each Fund represents to the Custodian that its Board has determined that it is reasonable for such Board
to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody
Manager of the Portfolios.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">3.2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Date and Termination of the Custodian as Foreign Custody Manager</U>.</FONT> Each Board&rsquo;s delegation to the Custodian as Foreign
Custody Manager of the Portfolios shall be effective as of the date hereof and shall remain in effect until terminated at any time, without
penalty, by written notice from the terminating party to the non-terminating party. Termination will become effective forty-five (45)
days after receipt by the non-terminating party of such notice. The provisions of Section&nbsp;3.2.2 hereof shall govern the delegation
to and termination of the Custodian as Foreign Custody Manager of the Portfolios with respect to designated 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT>&nbsp;3.3&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Eligible
Securities Depositories</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; text-align: justify; text-indent: 1in">3.3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Analysis
and Monitoring</U>.</FONT> The Custodian shall (a)&nbsp;provide the Fund (or its duly-authorized investment manager or investment adviser)
with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule
B hereto in accordance with section (a)(1)(i)(A)&nbsp;of Rule&nbsp;17f-7, and (b)&nbsp;monitor such risks on a continuing basis, and promptly
notify the Fund (or its duly-authorized investment manager or investment adviser) of any material change in such risks, in accordance
with section (a)(1)(i)(B)&nbsp;of Rule&nbsp;17f-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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">3.3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard
of Care</U>.</FONT> The Custodian agrees to exercise reasonable care, prudence and diligence in performing the duties set forth in Section&nbsp;3.3.1.</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section </FONT>4.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Duties of the Custodian
with Respect to Property of the Portfolios to be Held Outside the United States</U>.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT>&nbsp;4.1&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Definitions</U></FONT>.
As used throughout this Agreement, the capitalized terms set forth below shall have the indicated 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">&ldquo;<B><I>Foreign Securities System</I></B>&rdquo;
means an Eligible Securities Depository listed on Schedule B 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-align: justify">&ldquo;<B><I>Foreign Sub-Custodian</I></B>&rdquo;
means a foreign banking institution serving as an Eligible Foreign Custodian.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT>&nbsp;4.2.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Holding
Securities</U></FONT>. The Custodian shall identify on its books as belonging to the Portfolios the foreign securities held by each Foreign
Sub-Custodian or Foreign Securities System. The Custodian may hold foreign securities for all of its customers, including the Portfolios,
with any Foreign Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers, provided
however, that (i)&nbsp;the records of the Custodian with respect to foreign securities of the Portfolios which are maintained in such
account shall identify those securities as belonging to the Portfolios and (ii), to the extent permitted and customary in the market in
which the account is maintained, the Custodian shall require that securities so held by the Foreign Sub-Custodian be held separately from
any assets of such Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;4.3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Foreign
Securities Systems</U>. </FONT>Foreign securities shall be maintained in a Foreign Securities System in a designated country through arrangements
implemented by the Custodian or a Foreign Sub-Custodian, as applicable, in such 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"></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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT>&nbsp;4.4.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Transactions
in Foreign Custody Account</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; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">4.4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Foreign Assets</U>. </FONT>The Custodian or a Foreign Sub-Custodian shall release and deliver foreign securities of the Portfolios
held by the Custodian or such Foreign Sub-Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions,
which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Upon the sale of such foreign securities for the Portfolio in accordance with commercially reasonable
market practice in the country where such foreign securities are held or traded, including, without limitation: (A)&nbsp;delivery against
expectation of receiving later payment; or (B)&nbsp;in the case of a sale effected through a Foreign Securities System, in accordance
with the rules&nbsp;governing the operation of the Foreign Securities System;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">In connection with any repurchase agreement related to foreign securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">To the depository agent in connection with tender or other similar offers for foreign securities of the
Portfolios;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">To the issuer thereof or its agent when such foreign securities are called, redeemed, retired or otherwise
become payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">To the issuer thereof, or its agent, for transfer into the name of the Custodian (or the name of the respective
Foreign Sub-Custodian or of any nominee of the Custodian or such Foreign Sub-Custodian) or for exchange for a different number of bonds,
certificates or other evidence representing the same aggregate face amount or number of units;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with
market custom; provided that in any such case, the Foreign Sub-Custodian shall have no responsibility or liability for any loss arising
from the delivery of such foreign securities prior to receiving payment for such foreign securities except as may arise from the Foreign
Sub-Custodian&rsquo;s own negligence or willful misconduct;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization
or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities,
or pursuant to any deposit agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">In the case of warrants, rights or similar foreign securities, the surrender thereof in the exercise of
such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring
a pledge of assets by the Fund on behalf of such Portfolio;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">In connection with trading in options and futures contracts, including delivery as original margin and
variation margin;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(xi)</TD><TD STYLE="text-align: justify">Upon the sale or other delivery of such foreign securities (including, without limitation, to one or more
Special Sub-Custodians or Repo Custodians) as a Free Trade, provided that applicable Proper Instructions shall set forth (A)&nbsp;the
foreign securities to be delivered and (B)&nbsp;the person or persons to whom delivery shall be made;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(xi)</TD><TD STYLE="text-align: justify">For delivery in connection with any loans of foreign securities made by the Portfolio to the lending agent,
or the lending agent&rsquo;s custodian, in accordance with written Proper Instructions (which may not provide for the receipt by the Custodian
of collateral therefor) agreed upon from time to time by the Custodian and the Fund;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(xiii)</TD><TD STYLE="text-align: justify">For any other purpose, but only upon receipt of Proper Instructions specifying (A)&nbsp;the foreign securities
to be delivered and (B)&nbsp;the person or persons to whom delivery of such securities shall be made.</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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">4.4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Portfolio Monies</U>. </FONT>Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the
parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay
out, monies of a Portfolio in the following cases only:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Upon the purchase of foreign securities, options, futures contracts or options on futures contracts, or
other derivative interests or instruments for the account of the Portfolio, unless otherwise directed by Proper Instructions, by (A)&nbsp;delivering
money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery
of such foreign securities; or (B)&nbsp;in the case of a purchase effected through a Foreign Securities System, in accordance with the
rules&nbsp;governing the operation of such Foreign Securities System;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">In connection with the conversion, exchange or surrender of foreign securities of the Portfolio;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">For the payment of any expense or liability of the Portfolio, including but not limited to the following
payments: interest, taxes, investment advisory fees, transfer agency fees, fees under this Agreement, legal fees, accounting fees, and
other operating expenses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">For the purchase or sale of foreign exchange or foreign exchange contracts for the Portfolio, including
transactions executed with or through the Custodian or its Foreign Sub-Custodians;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">In connection with trading in options and futures contracts, including delivery as original margin and
variation margin;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">Upon the purchase of foreign investments including, without limitation, repurchase agreement transactions
involving delivery of Portfolio monies to Repo Custodian(s), as a Free Trade, provided that applicable Proper Instructions shall set forth
(A)&nbsp;the amount of such payment and (B)&nbsp;the person or persons to whom payment shall be made;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">For payment of part or all of the dividends received in respect of securities sold short;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">In connection with the borrowing or lending of foreign securities; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">For any other purpose, but only upon receipt of Proper Instructions specifying (A)&nbsp;the amount of
such payment and (B)&nbsp;the person or persons to whom such payment is to be made.</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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">4.4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Market
Conditions</U>. </FONT>Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received
for the account of the Portfolios and delivery of Foreign Assets maintained for the account of the Portfolios may be effected in accordance
with the customary established securities trading or processing practices and procedures in the country or market in which the transaction
occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such
purchaser or dealer) with the expectation of receiving later payment for such Foreign Assets from such purchaser 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-align: justify">The Custodian shall provide to each Board the
information with respect to custody and settlement practices in countries in which the Custodian employs a Foreign Sub-Custodian described
on Schedule C hereto at the time or times set forth on such Schedule. The Custodian may revise Schedule C from time to time, provided
that no such revision shall result in a Board being provided with substantively less information than had been previously provided 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;4.5.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
of Foreign Securities</U>. </FONT>The foreign securities maintained in the custody of a Foreign Sub-Custodian (other than bearer securities)
shall be registered in the name of the applicable Portfolio or in the name of the Custodian or in the name of any Foreign Sub-Custodian
or in the name of any nominee of the foregoing, and the applicable Fund on behalf of such Portfolio agrees to hold any such nominee harmless
from any liability as a holder of record of such foreign securities. The Custodian or a Foreign Sub-Custodian shall not be obligated to
accept securities on behalf of a Portfolio under the terms of this Agreement unless the form of such securities and the manner in which
they are delivered are in accordance with reasonable market practice.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;4.6&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bank
Accounts</U></FONT>. The Custodian shall identify on its books as belonging to the applicable Fund cash (including cash denominated in
foreign currencies) deposited with the Custodian. Where the Custodian is unable to maintain, or market practice does not facilitate the
maintenance of, cash on the books of the Custodian, a bank account or bank accounts shall be opened and maintained outside the United
States on behalf of a Portfolio with a Foreign Sub-Custodian. All accounts referred to in this Section&nbsp;shall be subject only to draft
or order by the Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms of this Agreement to hold cash
received by or from or for the account of the Portfolio. Cash maintained on the books of the Custodian (including its branches, subsidiaries
and affiliates), regardless of currency denomination, is maintained in bank accounts established under, and subject to the laws of, The
Commonwealth of Massachusetts.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;4.7.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Collection
of Income</U>. </FONT>The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to
the Foreign Assets held hereunder to which the Portfolios shall be entitled. In the event that extraordinary measures are required to
collect such income, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses, if any, of
the Custodian relating to such measures. The Custodian shall credit income to the applicable Portfolio as such income is received or
in accordance with Custodian&rsquo;s then current payable date income schedule. Any credit to the Portfolio in advance of receipt may
be reversed when the Custodian determines that payment will not occur in due course and the Portfolio may be charged at the Custodian&rsquo;s
applicable rate for time credited. Income on securities loaned other than from the Custodian&rsquo;s securities lending program shall
be credited as 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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;4.8&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shareholder
Rights</U>.</FONT> With respect to the foreign securities held pursuant to this Section&nbsp;4, the Custodian shall use reasonable commercial
efforts to facilitate the exercise of voting and other shareholder rights, subject always to the laws, regulations and practical constraints
that may exist in the country where such securities are issued, which facilitation efforts may include endeavoring to deliver to the Fund
all proxy solicitation materials and notices relating thereto. Each Fund acknowledges that local conditions, including lack of regulation,
onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of such Fund to
exercise shareholder 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"></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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;4.9.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Communications
Relating to Foreign Securities</U>.</FONT> The Custodian shall transmit promptly to the applicable Fund written information with respect
to materials received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account
of the Portfolios (including, without limitation, pendency of calls and maturities of foreign securities and expirations of rights in
connection therewith). With respect to tender or exchange offers, the Custodian shall transmit promptly to the applicable Fund written
information with respect to materials so received by the Custodian from issuers of the foreign securities whose tender or exchange is
sought or from the party (or its agents) making the tender or exchange offer. The Custodian shall not be liable for any untimely exercise
of any tender, exchange or other right or power in connection with foreign securities or other property of the Portfolios at any time
held by it unless (i)&nbsp;the Custodian or the respective Foreign Sub-Custodian is in actual possession of such foreign securities or
property and (ii)&nbsp;the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i)&nbsp;and
(ii)&nbsp;occur prior to such deadline established by the Custodian in its reasonable discretion as will give the Custodian (including
any Foreign Sub-Custodian) sufficient time to take such action. The Custodian shall also transmit promptly to the applicable Fund all
written information received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the
account of the Portfolios regarding any class action or other litigation in connection with Portfolio foreign securities or other assets
issued outside the United States and then held, or previously held, during the term of this Agreement by the Custodian via a Foreign Sub-Custodian
for the account of the Fund for such Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance
of doubt, upon and after the effective date of any termination of this Agreement, with respect to a Fund or its Portfolio(s), as may be
applicable, the Custodian shall have no responsibility to so transmit any information under this Section&nbsp;4.9.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;4.10.&#9;&nbsp;&nbsp;<U>Liability
of Foreign Sub-Custodians</U>. </FONT>Each agreement pursuant to which the Custodian employs a Foreign Sub-Custodian shall require the
Foreign Sub-Custodian to exercise reasonable care in the performance of its duties, and to indemnify, and hold harmless, the Custodian
from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian&rsquo;s
performance of such obligations. At a Fund&rsquo;s election, the Portfolios shall be entitled to be subrogated to the rights of the Custodian
with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim
if and to the extent that the Portfolios have not been made whole for any such loss, damage, cost, expense, liability or claim.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;4.11</FONT>&#9;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><U>Tax
Law</U>.</FONT> The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on any Fund, the
Portfolios or the Custodian as custodian of the Portfolios by the tax law of the United States or of any state or political subdivision
thereof. It shall be the responsibility of each Fund to notify the Custodian of the obligations imposed on such Fund with respect to the
Portfolios or the Custodian as custodian of the Portfolios by the tax law of countries other than those mentioned in the above sentence,
including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting.
The sole responsibilities of the Custodian with regard to such tax law shall be to use reasonable efforts to effect the withholding of
local taxes and related charges with regard to market entitlements/payments in accordance with local law and subject to local market practice
or custom, and to assist the Fund with respect to any claim for exemption or refund under the tax law of countries for which such Fund
has provided such information. Except as specifically provided in this Agreement or otherwise agreed to in writing by the Custodian, the
Custodian shall have no independent obligation to determine the tax obligations now or hereafter imposed on any of the Funds by any taxing
authority or to obtain or provide information relating thereto, and shall have no obligation or liability with respect to such tax obligations,
it being specifically understood and agreed that the Custodian shall not thereby or otherwise be considered any Fund&rsquo;s tax advisor
or tax 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"></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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;4.12.&#9;&nbsp;&nbsp;<U>Liability
of Custodian</U>. </FONT>The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set
forth with respect to sub-custodians generally in this Agreement and, regardless of whether assets are maintained in the custody of a
Foreign Sub-Custodian or a Foreign Securities System, the Custodian shall not be liable for any loss, damage, cost, expense, liability
or claim resulting from nationalization, expropriation, currency restrictions, or acts of war or terrorism.</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section
                            5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Contractual Settlement
Services (Purchase / Sales)</U>.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;5.1</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian shall, in accordance with the terms set out in this section, debit or credit the appropriate cash account of each Portfolio
in connection with (i)&nbsp;the purchase of securities for such Portfolio, and (ii)&nbsp;proceeds of the sale of securities held on behalf
of such Portfolio, on a contractual settlement 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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;5.2</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
services described above (the &ldquo;<B><I>Contractual Settlement Services</I></B>&rdquo;) shall be provided for such instruments and
in such markets as the Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision of the
Contractual Settlement Services under this Agreement at its sole discretion immediately upon notice to the applicable Fund on behalf
of each Portfolio, including, without limitation, in the event of force majeure events affecting settlement, any disorder in markets,
or other changed external business circumstances affecting the markets or 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;5.3</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consideration payable in connection with a purchase transaction shall be debited from the appropriate cash account of the Portfolio as
of the time and date that monies would ordinarily be required to settle such transaction in the applicable market. The Custodian shall
promptly recredit such amount at the time that the Portfolio or the Fund notifies the Custodian by Proper Instruction that such transaction
has been canceled.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;5.4</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the settlement of a sale of securities, a provisional credit of an amount equal to the net sale price for the transaction
(the &ldquo;<B><I>Settlement Amount</I></B>&rdquo;) shall be made to the account of the Portfolio as if the Settlement Amount had been
received as of the close of business on the date that monies would ordinarily be available in good funds in the applicable market. Such
provisional credit will be made conditional upon the Custodian having received Proper Instructions with respect to, or reasonable notice
of, the transaction, as applicable; and the Custodian or its agents having possession of the asset(s)&nbsp;(which shall exclude assets
subject to any third party lending arrangement entered into by a Portfolio) associated with the transaction in good deliverable form
and not being aware of any facts which would lead them to believe that the transaction will not settle in the time period ordinarily
applicable to such transactions in the applicable 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;5.5.&#9;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Simultaneously
with the making of such provisional credit, the Portfolio agrees that the Custodian shall have, and hereby grants to the Custodian, a
security interest in any property at any time held for the account of the Portfolio to the full extent of the credited amount, and each
Portfolio hereby pledges, assigns and grants to the Custodian a continuing security interest and a lien on any and all such property
under the Custodian&rsquo;s possession, in accordance with the terms of this Agreement. In the event that the applicable Portfolio fails
to promptly repay any provisional credit, the Custodian shall have all of the rights and remedies of a secured party under the Uniform
Commercial Code of The Commonwealth of Massachusetts.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;5.6</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian shall have the right to reverse any provisional credit or debit given in connection with the Contractual Settlement Services
at any time when the Custodian believes, in its reasonable judgment, that such transaction will not settle in accordance with its terms
or amounts due pursuant thereto, will not be collectable or where the Custodian has not been provided Proper Instructions with respect
thereto, as applicable, and the Portfolio shall be responsible for any costs or liabilities resulting from such reversal. Upon such reversal,
a sum equal to the credited or debited amount shall become immediately payable by the Portfolio to the Custodian and may be debited from
any cash account held for benefit of the 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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;5.7</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Custodian is unable to debit an account of the Portfolio, and the Portfolio fails to pay any amount due to the Custodian
at the time such amount becomes payable in accordance with this Agreement, (i)&nbsp;with notice to the Fund, the Custodian may charge
the Portfolio for costs and expenses associated with providing the provisional credit, including without limitation the cost of funds
associated therewith, (ii)&nbsp;the amount of any accrued dividends, interest and other distributions with respect to assets associated
with such transaction may be set off against the credited amount, (iii)&nbsp;the provisional credit and any such costs and expenses shall
be considered an advance of cash for purposes of the Agreement and (iv)&nbsp;the Custodian shall have the right to setoff against any
property and to sell, exchange, convey, transfer or otherwise dispose of any property at any time held for the account of the Portfolio
to the full extent necessary for the Custodian to make itself whole.</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section
                            6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Special Sub-Custodians</U>.</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: justify">Upon receipt of Special Instructions (as such
term is defined in Section&nbsp;8 hereof), the Custodian shall, on behalf of one or more Portfolios, appoint one or more banks, trust
companies or other entities designated in such Special Instructions to act as a sub-custodian for the purposes of effecting such transaction(s)&nbsp;as
may be designated by a Fund in Special Instructions. Each such designated sub-custodian is referred to herein as a &ldquo;<B><I>Special
Sub-Custodian</I></B>.&rdquo; Each such duly appointed Special Sub-Custodian shall be listed on Schedule D hereto, as it may be amended
from time to time by a Fund, with the acknowledgment of the Custodian. In connection with the appointment of any Special Sub-Custodian,
and in accordance with Special Instructions, the Custodian shall enter into a sub-custodian agreement with the Fund and the Special Sub-Custodian
in form and substance approved by such Fund, provided that such agreement shall in all events comply with the provisions of the 1940 Act
and the rules&nbsp;and regulations thereunder and the terms and provisions of this Agreement.</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section
                            7</FONT>.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Payments for Sales
or Repurchases or Redemptions of Shares</U>.</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: justify">The Custodian shall receive from the distributor
of the Shares or from the Transfer Agent and deposit into the account of the appropriate Portfolio such payments as are received for Shares
thereof issued or sold from time to time by the applicable Fund. The Custodian will provide timely notification to such Fund on behalf
of each such Portfolio and the Transfer Agent of any receipt by it of payments for Shares of such Portfolio.</P>

<P STYLE="text-align: justify; font: 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">From such funds as may be available for the purpose,
the Custodian shall, upon receipt of instructions from the Transfer Agent, make funds available for payment to holders of Shares who have
delivered to the Transfer Agent a request for redemption or repurchase of their Shares. In connection with the redemption or repurchase
of Shares, the Custodian is authorized upon receipt of instructions from the Transfer Agent to wire funds to or through a commercial bank
designated by the redeeming shareholders. In connection with the redemption or repurchase of Shares, the Custodian shall honor checks
drawn on the Custodian by a holder of Shares, which checks have been furnished by a Fund to the holder of Shares, when presented to the
Custodian in accordance with such procedures and controls as are mutually agreed upon from time to time between such Fund and the Custodian.</P>

<P STYLE="font: 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 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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section
                            8</FONT>.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Proper Instructions
and Special Instructions</U>.</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: justify">&ldquo;<B><I>Proper Instructions</I></B>,&rdquo;
which may also be standing instructions, as such term is used throughout this Agreement shall mean instructions received by the Custodian
from a Fund, a Fund&rsquo;s duly authorized investment manager or investment adviser, or a person or entity duly authorized by either
of them. Such instructions may be in writing signed by the authorized person or persons or may be in a tested communication or in a communication
utilizing access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary
systems and utilities as may be agreed from time to time by the Custodian and the person(s)&nbsp;or entity giving such instruction, provided
that the Fund has followed any security procedures agreed to from time to time by the applicable Fund and the Custodian including, but
not limited to, the security procedures selected by the Fund via the form of Funds Transfer Addendum hereto, the terms of which are hereby
agreed to. Oral instructions will be considered Proper Instructions if the Custodian reasonably believes them to have been given by a
person authorized to provide such instructions with respect to the transaction involved; the Fund shall cause all oral instructions to
be confirmed in writing. For purposes of this Section, Proper Instructions shall include instructions received by the Custodian pursuant
to any multi-party agreement which requires a segregated asset account in accordance with Section&nbsp;2.9 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">&ldquo;<B><I>Special Instructions</I></B>,&rdquo;
as such term is used throughout this Agreement, means Proper Instructions countersigned or confirmed in writing by the Treasurer or any
Assistant Treasurer of the applicable Fund or any other person designated in writing by the Treasurer of such Fund, which countersignature
or confirmation shall be (a)&nbsp;included on the same instrument containing the Proper Instructions or on a separate instrument clearly
relating thereto and (b)&nbsp;delivered by hand, by facsimile transmission, or in such other manner as the Fund and the Custodian agree
in writing.</P>

<P STYLE="font: 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">Concurrently with the execution of this Agreement,
and from time to time thereafter, as appropriate, each Fund shall deliver to the Custodian, duly certified by such Fund&rsquo;s Treasurer
or Assistant Treasurer, a certificate setting forth: (i)&nbsp;the names, titles, signatures and scope of authority of all persons authorized
to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Fund and
(ii)&nbsp;the names, titles and signatures of those persons authorized to give Special Instructions. Such certificate may be accepted
and relied upon by the Custodian as conclusive evidence of the facts set forth therein and shall be considered to be in full force and
effect until receipt by the Custodian of a similar certificate to the contrary.</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT>
                            9.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Evidence of Authority</U>.</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: justify">The Custodian shall be protected in acting upon
any instructions, notice, request, consent, certificate or other instrument or paper believed by it to be genuine and to have been properly
executed by or on behalf of the applicable Fund. The Custodian may receive and accept a copy of a resolution certified by the Secretary
or an Assistant Secretary of any Fund as conclusive evidence (a)&nbsp;of the authority of any person to act in accordance with such resolution
or (b)&nbsp;of any determination or of any action by the applicable Board as described in such resolution, and such resolution may be
considered as in full force and effect until receipt by the Custodian of written notice to the contrary.</P>

<P STYLE="font: 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 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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section
                            10</FONT>.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Actions Permitted
without Express Authority</U>.</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: justify">The Custodian may in its discretion, without express
authority from the applicable Fund on behalf of each applicable Portfolio:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1)</TD><TD STYLE="text-align: justify">Make payments to itself or others for minor expenses of handling securities or other similar items relating
to its duties under this Agreement; provided that all such payments shall be accounted for to the Fund on behalf of the Portfolio;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2)</TD><TD STYLE="text-align: justify">Surrender securities in temporary form for securities in definitive form;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3)</TD><TD STYLE="text-align: justify">Endorse for collection, in the name of the Portfolio, checks, drafts and other negotiable instruments;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4)</TD><TD STYLE="text-align: justify">In general, attend to all non-discretionary details in connection with the sale, exchange, substitution,
purchase, transfer and other dealings with the securities and property of the Portfolio except as otherwise directed by the applicable
Board.</TD></TR></TABLE>

<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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section </FONT>11.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Reserved</U>.</FONT></TD>
</TR></TABLE>

<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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section </FONT>12.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Records</U>.</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: justify">The Custodian shall with respect to each Portfolio
create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the obligations
of each Fund under the 1940 Act, with particular attention to section 31 thereof and Rules&nbsp;31a-1 and 31a-2 thereunder. All such records
shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by
duly authorized officers, employees or agents of such Fund and employees and agents of the SEC. The Custodian shall, at a Fund&rsquo;s
request, supply the Fund with a tabulation of securities owned by each Portfolio and held by the Custodian and shall, when requested to
do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian, include certificate numbers in
such tabulations. Each Fund acknowledges that, in creating and maintaining the records as set forth herein with respect to Portfolio property
released and delivered pursuant to Section&nbsp;2.2(14), or purchased pursuant to Section&nbsp;2.6(7)&nbsp;hereof, the Custodian is authorized
and instructed to rely upon information provided to it by the Fund, the Fund&rsquo;s counterparty(ies), or the agents of either of them.</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT>
                            13.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Opinion of Fund&rsquo;s
Independent Accountant</U>.</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: justify">The Custodian shall take all reasonable action,
as a Fund with respect to a Portfolio may from time to time request, to obtain from year to year favorable opinions from the Fund&rsquo;s
independent accountants with respect to its activities hereunder in connection with the preparation of the Fund&rsquo;s Form&nbsp;N-1A
or Form&nbsp;N-2, as applicable, and Form&nbsp;N-SAR or other annual reports to the SEC and with respect to any other requirements 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"></P>

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<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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section </FONT>14.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Reports to Fund by
Independent Public Accountants</U>.</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: justify">The Custodian shall provide the applicable Fund,
on behalf of each of the Portfolios at such times as such Fund may reasonably require, with reports by independent public accountants
on the accounting system, internal accounting control and procedures for safeguarding securities, futures contracts and options on futures
contracts, including securities deposited and/or maintained in a U.S. Securities System or a Foreign Securities System (either, a &ldquo;<B><I>Securities
System</I></B>&rdquo;), relating to the services provided by the Custodian under this Agreement; such reports, shall be of sufficient
scope and in sufficient detail, as may reasonably be required by the Fund to provide reasonable assurance that any material inadequacies
would be disclosed by such examination, and, if there are no such inadequacies, the reports shall so state.</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section </FONT>15.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Compensation of Custodian</U>.</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: justify">The Custodian shall be entitled to reasonable
compensation for its services and expenses as Custodian, as agreed upon in writing from time to time between each Fund on behalf of each
applicable Portfolio and the Custodian.</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section </FONT>16.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Responsibility of
Custodian</U>.</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: justify">So long as and to the extent that it is in the
exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence
of title thereto received by it or delivered by it pursuant to this Agreement and shall be held harmless in acting upon any notice, request,
consent, certificate or other instrument reasonably believed by it to be genuine and to be signed by the proper party or parties, including
any futures commission merchant acting pursuant to the terms of a three-party futures or options agreement. The Custodian shall be held
to the exercise of reasonable care in carrying out the provisions of this Agreement, but shall be kept indemnified by and shall be without
liability to any Fund for any action taken or omitted by it in good faith without negligence, including, without limitation, acting in
accordance with any Proper Instruction. It shall be entitled to rely on and may act upon advice of counsel (who may be counsel for the
Fund) on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian
shall be without liability to any Fund or Portfolio for any loss, liability, claim or expense resulting from or caused by anything that
is part of Country Risk (as defined in Section&nbsp;3 hereof), including without limitation nationalization, expropriation, currency restrictions,
insolvency of a Foreign Sub-custodian, acts of war, revolution, riots or terrorism.</P>

<P STYLE="font: 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">Except as may arise from the Custodian&rsquo;s
own negligence or willful misconduct or the negligence or willful misconduct of a sub-custodian or agent, the Custodian shall be without
liability to any Fund for any loss, liability, claim or expense resulting from or caused by; (i)&nbsp;events or circumstances beyond the
reasonable control of the Custodian or any sub-custodian or Securities System or any agent or nominee of any of the foregoing, including,
without limitation, the interruption, suspension or restriction of trading on or the closure of any securities market, power or other
mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, natural disasters,
or other similar events or acts; (ii)&nbsp;errors by any Fund or its duly authorized investment manager or investment adviser in their
instructions to the Custodian provided such instructions have been in accordance with this Agreement; (iii)&nbsp;the insolvency of or
acts or omissions by a Securities System; (iv)&nbsp;any act or omission of a Special Sub-Custodian including, without limitation, reliance
on reports prepared by a Special Sub-Custodian; (v)&nbsp;any delay or failure of any broker, agent or intermediary, central bank or other
commercially prevalent payment or clearing system to deliver to the Custodian&rsquo;s sub-custodian or agent securities purchased or in
the remittance or payment made in connection with securities sold; (vi)&nbsp;any delay or failure of any company, corporation, or other
body in charge of registering or transferring securities in the name of the Custodian, any Fund, the Custodian&rsquo;s sub-custodians,
nominees or agents or any consequential losses arising out of such delay or failure to transfer such securities including non-receipt
of bonus, dividends and rights and other accretions or benefits; (vii)&nbsp;delays or inability to perform its duties due to any disorder
in market infrastructure with respect to any particular security or Securities System; and (viii)&nbsp;any provision of any present or
future law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision
thereof or of any court of competent jurisdiction. The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian
to the same extent as set forth with respect to sub-custodians generally in this 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-align: justify">If a Fund on behalf of a Portfolio requires the
Custodian to take any action with respect to securities, which action involves the payment of money or which action may, in the opinion
of the Custodian, result in the Custodian or its nominee assigned to the Fund or the Portfolio being liable for the payment of money or
incurring liability of some other form, such Fund on behalf of the Portfolio, as a prerequisite to requiring the Custodian to take such
action, shall provide indemnity to the Custodian in an amount and form satisfactory 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; text-align: justify">If a Fund requires the Custodian, its affiliates,
subsidiaries or agents, to advance cash or securities for any purpose (including but not limited to securities settlements, foreign exchange
contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses,
assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee&rsquo;s
own negligent action, negligent failure to act or willful misconduct, or if a Fund fails to compensate the Custodian pursuant to Section&nbsp;15
hereof, any property at any time held for the account of the applicable Portfolio shall be security therefor and should the Fund fail
to repay the Custodian promptly, the Custodian shall be entitled to utilize available cash and to dispose of such Portfolio&rsquo;s assets
to the extent necessary to obtain reimbursement.</P>

<P STYLE="font: 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">Except as may arise from the Custodian&rsquo;s
own negligence or willful misconduct, each Fund shall indemnify and hold the Custodian harmless from and against any and all costs, expenses,
losses, damages, charges, counsel fees, payments and liabilities which may be asserted against the Custodian (a)&nbsp;acting in accordance
with any Proper Instruction or Special Instruction including, without limitation, any Proper Instruction with respect to Free Trades including,
but not limited to, cost, expense, loss, damage, liability, tax, charge, assessment or claim resulting from (i)&nbsp;the failure of the
applicable Fund to receive income with respect to purchased investments, (ii)&nbsp;the failure of the applicable Fund to recover amounts
invested on maturity of purchased investments, (iii)&nbsp;the failure of the Custodian to respond to or be aware of notices or other corporate
communications with respect to purchased investments, or (iv)&nbsp;the Custodian&rsquo;s reliance upon information provided by the applicable
Fund, such Fund&rsquo;s counterparty(ies) or the agents of either of them with respect to Fund property released, delivered or purchased
pursuant to either of Section&nbsp;2.2(14) or Section&nbsp;2.6(7)&nbsp;hereof; (b)&nbsp;for the acts or omissions of any Special Sub-Custodian;
or (c)&nbsp;for the acts or omissions of any Local Agent or Pledgee.</P>

<P STYLE="font: 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">In the event of equipment failure, work stoppage,
governmental action, communication disruption or other impossibility of performance beyond the Custodian&rsquo;s control, the Custodian
shall take reasonable steps to minimize service interruptions. The Custodian shall enter into and shall maintain in effect, at all times
during the term of this Agreement, with appropriate parties one or more agreements making reasonable provision for (i)&nbsp;periodic back-up
of the computer files and data with respect to the Funds; and (ii)&nbsp;emergency use of electronic data processing equipment to provide
services under this Agreement. Upon reasonable request, the Custodian shall discuss with senior management of the Funds such disaster
recovery plan and/or provide a high-level presentation summarizing such 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; text-align: justify">In no event shall the Custodian be liable for
indirect, special or consequential damages.</P>

<P STYLE="font: 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 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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section </FONT>17.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Effective Period,
Termination and Amendment</U>.</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: justify">This Agreement shall remain in full force and
effect for an initial term ending September&nbsp;30, 2010 (the &ldquo;<B><I>Initial Term</I></B>&rdquo;), and thereafter shall automatically
continue in full force and effect unless either party terminates this Agreement by written notice to the other party at least 120 days
prior to the date of termination. During the Initial Term and thereafter, either party may terminate this Agreement: (i)&nbsp;in the event
of the other party&rsquo;s material breach of a material provision of this Agreement that the other party has either (a)&nbsp;failed to
cure or (b)&nbsp;failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days&rsquo; written notice of such
breach, or (ii)&nbsp;in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like
event to the other party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement
pursuant to this paragraph with respect to any Fund or Portfolio, the applicable Fund shall pay Custodian its compensation due and shall
reimburse Custodian for its costs, expenses and disbursements.</P>

<P STYLE="font: 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">During the Initial Term, in the event of: (i)&nbsp;any
Fund's termination of this Agreement with respect to such Fund or its Portfolio(s)&nbsp;for any reason other than as set forth in the
immediately preceding paragraph or (ii)&nbsp;a transaction not in the ordinary course of business pursuant to which the Custodian is not
retained to continue providing services hereunder to a Fund or Portfolio (or its respective successor), the applicable Fund shall pay
the Custodian its compensation due through the end of the Initial Term (based upon the average monthly compensation previously earned
by Custodian with respect to such Fund or Portfolio) and shall reimburse the Custodian for its costs, expenses and disbursements. Upon
receipt of such payment and reimbursement, the Custodian will deliver such Fund&rsquo;s or Portfolio&rsquo;s securities and cash as set
forth hereinbelow. For the avoidance of doubt, no payment will be required pursuant to clause (ii)&nbsp;of this paragraph in the event
of any transaction such as a merger of a Fund or Portfolio into, or the consolidation of a Fund or Portfolio with, another entity, the
sale by a Fund or Portfolio of all, or substantially all, of its assets to another entity, or the liquidation or dissolution of a Fund
or Portfolio and distribution of such Fund&rsquo;s or Portfolio&rsquo;s assets, in each case where the Custodian is retained to continue
providing services to such Fund or Portfolio (or its respective successor) on substantially the same terms as this 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; text-align: justify">Termination of this Agreement with respect to
any one particular Fund or Portfolio shall in no way affect the rights and duties under this Agreement with respect to any other Fund
or Portfolio. The provisions of Sections 4.11, 15 and 16 of this Agreement shall survive termination of this Agreement for any reason.</P>

<P STYLE="font: 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">This Agreement may be amended at any time in writing
by mutual agreement of the parties hereto.</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT>
                            18.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>Successor Custodian</U>.</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: justify">If a successor custodian for one or more Portfolios
shall be appointed by the applicable Board, the Custodian shall, upon termination and receipt of Proper Instructions, deliver to such
successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, all securities of each applicable Portfolio
then held by it hereunder and shall transfer to an account of the successor custodian all of the securities of each such Portfolio held
in a Securities System or at the Underlying Transfer Agent. Custodian shall also provide to the successor custodian a Fund&rsquo;s records
(as described in Section&nbsp;12 of this Agreement) as reasonably requested 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: justify">If no such successor custodian shall be appointed,
the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer such securities,
funds and other properties in accordance with such 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"></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: justify">In the event that no Proper Instructions designating
a successor custodian or alternative arrangements shall have been delivered to the Custodian on or before the date when such termination
shall become effective, then the Custodian shall have the right to deliver to a bank or trust company, which is a &ldquo;bank&rdquo; as
defined in the 1940 Act, doing business in Boston, Massachusetts or New York, New York, of its own selection, having an aggregate capital,
surplus, and undivided profits, as shown by its last published report, of not less than $25,000,000, all securities, funds and other properties
held by the Custodian on behalf of each applicable Portfolio and all instruments held by the Custodian relative thereto and all other
property held by it under this Agreement on behalf of each applicable Portfolio, and to transfer to an account of such successor custodian
all of the securities of each such Portfolio held in any Securities System or at the Underlying Transfer Agent. Thereafter, such bank
or trust company shall be the successor of the Custodian under this 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; text-align: justify">In the event that securities, funds and other
properties remain in the possession of the Custodian after the date of termination hereof owing to failure of any Fund to provide Proper
Instructions as aforesaid, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian retains
possession of such securities, funds and other properties and the provisions of this Agreement relating to the duties and obligations
of the Custodian shall remain in full force and effect.</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: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT>
                            19.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><U>General</U>.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;19.1
<U>Massachusetts Law to Apply</U>. </FONT>This Agreement shall be construed and the provisions thereof interpreted under and in accordance
with laws of The Commonwealth of Massachusetts.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;19.2
<U>Prior Agreements</U>. </FONT>This Agreement supersedes and terminates, as of the date hereof, all prior agreements between each Fund
on behalf of each of the Portfolios and the Custodian relating to the custody of such Fund&rsquo;s 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;19.3
<U>Assignment</U>. </FONT>This Agreement may not be assigned by (a)&nbsp;any Fund without the written consent of the Custodian or (b)&nbsp;by
the Custodian without the written consent of each applicable 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT>&nbsp;19.4
<FONT STYLE="font-variant: small-caps"><U>Interpretive and Additional Provisions.</U></FONT> In connection with the operation of this
Agreement, the Custodian and each Fund on behalf of each of the Portfolios, may from time to time agree on such provisions interpretive
of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement.
Any such interpretive or additional provisions shall be in a writing signed by all parties and shall be annexed hereto, provided that
no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of a Fund&rsquo;s
Governing Documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment
of this 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>19.5
<FONT STYLE="font-variant: small-caps"><U>Additional Funds</U>. </FONT>In the event that any management investment company in addition
to those listed on Appendix A hereto desires to have the Custodian render services as custodian under the terms hereof, it shall so notify
the Custodian in writing, and if the Custodian agrees in writing to provide such services, such management investment company shall become
a Fund hereunder and be bound by all terms and conditions and provisions hereof including, without limitation, the representations and
warranties set forth in Section&nbsp;19.7 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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>19.6
<FONT STYLE="font-variant: small-caps"><U>Additional Portfolios</U>. </FONT>In the event that any Fund establishes one or more series
of Shares in addition to those set forth on Appendix A hereto with respect to which it desires to have the Custodian render services as
custodian under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such
services, such series of Shares shall become a Portfolio 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"></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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;19.7
<U>The Parties; Representations and Warranties</U></FONT>. All references herein to the &ldquo;Fund&rdquo; are to each of the management
investment companies listed on Appendix A hereto, and each management investment company made subject to this Agreement in accordance
with Section&nbsp;19.5 above, individually, as if this Agreement were between such individual Fund and the Custodian. In the case of a
series corporation, trust or other entity, all references herein to the &ldquo;Portfolio&rdquo; are to the individual series or portfolio
of such corporation, trust or other entity, or to such corporation, trust or other entity on behalf of the individual series or portfolio,
as appropriate. Any reference in this Agreement to &ldquo;the parties&rdquo; shall mean the Custodian and such other individual Fund as
to which the matter pertains.</P>

<P STYLE="font: 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">Each Fund hereby represents and warrants that
(a)&nbsp;it is duly incorporated or organized and is validly existing in good standing in its jurisdiction of incorporation or organization;
(b)&nbsp;it has the requisite power and authority under applicable law and its Governing Documents to enter into and perform this Agreement;
(c)&nbsp;all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d)&nbsp;this Agreement constitutes
its legal, valid, binding and enforceable agreement; and (e)&nbsp;its entrance into this Agreement shall not cause a material breach or
be in material conflict with any other agreement or obligation of the Fund or any law or regulation applicable 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; text-align: justify; text-indent: 0.5in">The Custodian hereby represents
and warrants that (a)&nbsp;it is duly organized and validly existing in its jurisdiction of organization; (b)&nbsp;it has the requisite
power and authority under applicable law to enter into and perform this Agreement; (c)&nbsp;all requisite proceedings have been taken
to authorize it to enter into and perform this Agreement; (d)&nbsp;this Agreement constitutes its legal, valid, binding and enforceable
agreement; and (e)&nbsp;its execution of this Agreement shall not cause a material breach or be in material conflict with any other agreement
or obligation of the Custodian or any law or regulation applicable 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;19.8
<U>Remote Access Services Addendum</U>. </FONT>The Custodian and each Fund agree to be bound by the terms of the Remote Access Services
Addendum 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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;19.9
<U>Notices</U></FONT>. Any notice, instruction or other instrument required to be given hereunder may be delivered in person to the offices
of the parties as set forth herein during normal business hours or delivered prepaid registered mail or by telex, cable or telecopy to
the parties at the following addresses or such other addresses as may be notified by any party 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">&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: 20%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To any Fund:</FONT></TD>
    <TD STYLE="width: 80%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c/o <FONT STYLE="font-variant: small-caps">Calamos advisors LLC</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2020 Calamos Court</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Naperville,&nbsp;IL 60563</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attention: Nimish S. Bhatt, Senior Vice President, Director of Operations</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone: (630) 577-2106</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telecopy :(630) 955-6964</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To the Custodian:</FONT></TD>
    <TD STYLE="width: 80%; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">State Street Bank and Trust Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1200 Crown Colony Drive</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Crown Colony Office Park</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Quincy, Massachusetts 02169</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attention: Scott E. Johnson, Senior Vice President</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone: 617-537-4601</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telecopy: 617-527-9797</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: justify">Such notice, instruction or other instrument shall
be deemed to have been served in the case of a registered letter at the expiration of five business days after posting, in the case of
cable twenty-four hours after dispatch and, in the case of telex, immediately on dispatch and if delivered outside normal business hours
it shall be deemed to have been received at the next time after delivery when normal business hours commence and in the case of cable,
telex or telecopy on the business day after the receipt thereof. Evidence that the notice was properly addressed, stamped and put into
the post shall be conclusive evidence of posting.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;19.10
<U>Counterparts</U>. </FONT>This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and
all such counterparts taken together shall constitute one and the same 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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;19.11
<U>Severability</U>. </FONT>If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.</P>

<P STYLE="font: 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-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;19.12
<U>Confidentiality</U></FONT>. The parties hereto agree that each shall treat confidentially all information provided by each party to
the other party regarding its business and operations. All confidential information provided by a party hereto shall be used by any other
party hereto solely for the purpose of rendering or receiving services pursuant to this Agreement and, except as may be required in carrying
out this Agreement, shall not be disclosed to any third party. In addition, during the term of this Agreement, the Custodian will maintain
policies reasonably designed to prohibit the Custodian and its employees from engaging in securities transactions based on knowledge of
the Fund&rsquo;s portfolio holdings. The foregoing shall not be applicable to any information (i)&nbsp;that is publicly available when
provided or thereafter becomes publicly available, other than through a breach of this Agreement, or that is independently derived by
any party hereto without the use of any information provided by the other party hereto in connection with this Agreement, (ii)&nbsp;that
is required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar
process, or by operation of law or regulation, or (iii)&nbsp;where the party seeking to disclose has received the prior written consent
of the party providing the information, which consent shall not be unreasonably withheld. Notwithstanding anything herein to the contrary,
the Custodian and its affiliates may report and use nonpublic portfolio holdings information of its clients, including a Fund or Portfolio,
on an aggregated basis with all or substantially all other client information and without specific reference to any Fund or Portfolio.
The undertakings and obligations contained in this Section&nbsp;19.12 shall survive the termination or expiration of this Agreement for
a period of three (3)&nbsp;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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;19.13
<U>Reproduction of Documents</U></FONT>. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto
may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties
hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative
proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course
of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.</P>

<P STYLE="font: 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;19.14
<U>Shareholder Communications Election</U>. </FONT>SEC Rule&nbsp;14b-2 requires banks which hold securities for the account of customers
to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer
held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule,
the Custodian needs each Fund to indicate whether it authorizes the Custodian to provide such Fund&rsquo;s name, address, and share position
to requesting companies whose securities the Fund owns. If a Fund tells the Custodian &ldquo;no,&rdquo; the Custodian will not provide
this information to requesting companies. If a Fund tells the Custodian &ldquo;yes&rdquo; or does not check either &ldquo;yes&rdquo; or
 &ldquo;no&rdquo; below, the Custodian is required by the rule&nbsp;to treat the Fund as consenting to disclosure of this information for
all securities owned by the Fund or any funds or accounts established by the Fund. For a Fund&rsquo;s protection, the Rule&nbsp;prohibits
the requesting company from using the Fund&rsquo;s name and address for any purpose other than corporate communications. Please indicate
below whether the Fund consents or objects by checking one of the alternatives below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 1in">YES <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">The Custodian is authorized to release the Fund&rsquo;s name, address, and share positions.</TD></TR></TABLE>

<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: 0in"></TD><TD STYLE="width: 1in; text-align: left">NO <FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify">The Custodian is not authorized to release the Fund&rsquo;s
name, address, and share positions.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;19.14
<U>Additional Sub-Certifications and Reports</U>. </FONT> The Custodian shall provide to the Funds: (a)&nbsp;sub-certifications in connection
with Sarbanes-Oxley Act of 2002 certification requirements; and (b)&nbsp;periodic reports and reasonable documentation for delivery to
the Funds&rsquo; Chief Compliance Officer in connection with Rule&nbsp;38a-1 under the 1940 Act with respect to the Services and the Custodian&rsquo;s
compliance with its operating policies and procedures related thereto. The Custodian reserves the right to amend and update its sub-certifications
provided hereunder from time to time in order to address changing regulatory and industry developments.</P>

<P STYLE="font: 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"><I>[The remainder of this page&nbsp;intentionally
left blank.]</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"></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"><FONT STYLE="font-variant: small-caps"><B><U>Signature
Page</U></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>In
Witness Whereof</B></FONT>, each of the parties has caused this instrument to be executed in its name and behalf by its duly authorized
representative under seal as of the date first above-written.</P>

<P STYLE="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>EACH OF THE ENTITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SET FORTH ON APPENDIX A HERETO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Nimish S. Bhatt</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Nimish S. Bhatt</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Vice President, Chief Financial Officer</FONT></TD>
    <TD STYLE="text-align: justify">&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"><FONT STYLE="font-variant: small-caps"><B>STATE
STREET BANK AND TRUST COMPANY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Joseph C. Antonellis</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Joseph C. Antonellis</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Vice Chairman</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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<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="font-variant: small-caps"><B>APPENDIX
A</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>to</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Master
Custodian Agreement</U></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"><FONT STYLE="font-variant: small-caps"><U>Management
Investment Companies Registered with the SEC and Portfolios thereof,&nbsp;If Any</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Cal</B></FONT><B><FONT STYLE="font-variant: small-caps">amos
Advisors Trust</FONT></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Calamos Growth and Income Portfolio</FONT></TD>
    <TD STYLE="width: 64%; font-size: 10pt"><FONT STYLE="font-size: 10pt">36-7271106</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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Cal</B></FONT><B><FONT STYLE="font-variant: small-caps">amos
Investment Trust</FONT></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Blue Chip Fund</FONT></TD>
    <TD STYLE="width: 64%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41-2111185</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Convertible Fund</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36-3316238</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Evolving World Growth Fund</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26-2192228</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Global Equity Fund</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-8166626</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Global Growth and Income Fund</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36-4088206</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Growth Fund</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36-3723359</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Growth and Income Fund</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36-3575418</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos High Yield Fund</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36-4307069</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos International Growth Fund</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-2395043</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Market Neutral Income Fund</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36-3723358</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Multi-Fund Blend</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-4558998</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Total Return Bond Fund</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-8872705</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Value Fund</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22-3848966</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Calamos Convertible Opportunities and Income Fund</B></FONT></TD>
    <TD STYLE="width: 60%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">03-0426532</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Calamos Convertible and High Income Fund</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">02-0683363</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Calamos Strategic Total Return Fund</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04-3785941</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Calamos Global Total Return Fund</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-3377281</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Calamos Global Dynamic Income Fund</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-8819776</FONT></TD></TR>
  </TABLE>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(1)(II)
<SEQUENCE>7
<FILENAME>tm2119043d1_ex99-k1ii.htm
<DESCRIPTION>EXHIBIT 99.(K)(1)(II)
<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.k.1.ii</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STOCK TRANSFER FEE SCHEDULE<BR>
CALAMOS CLOSED-END FUNDS</B></P>

<P STYLE="font: 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>This
schedule here by amends and modifies the Stock Transfer Agency Agreement, dated June&nbsp;15, 2007 by and between Calamos Advisors LLC
and the Bank of New York </B></FONT>such contract having been assigned to Computershare Shareowner Services LLC (formerly known as Mellon
Investor Services LLC) as of December&nbsp;30, 2011.</P>

<P STYLE="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"><B><I>Issues
Covered: </I></B></FONT><B>Closed End Funds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>#1176 CALAMOS STRATEGIC TOTAL RETURN FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>EXPIRES 6/30/2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>#2392</B></FONT><B>&#9;&nbsp;<FONT STYLE="font-size: 10pt">CALAMOS
GLOBAL TOTAL RETURN FUND</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>EXPIRES 6/30/2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>#2888</B></FONT><B>&#9;&nbsp;<FONT STYLE="font-size: 10pt">CALAMOS
GLOBAL DYNAMIC INCOME FUND</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>EXPIRES 6/30/2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>#4865</B></FONT><B>&#9;&nbsp;<FONT STYLE="font-size: 10pt">CALAMOS
CONVERTIBLE&nbsp;&amp; OPPORTUNITIES INCOME FUND</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt"><B>EXPIRES 6/30/2013</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>#9314</B></FONT><B>&#9;&nbsp;<FONT STYLE="font-size: 10pt">CALAMOS
CONVERTIBLE&nbsp;</FONT></B><FONT STYLE="font-size: 10pt">&amp; <B>HIGH INCOME FUND</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>EXPIRES 6/30/2013</B></P>

<P STYLE="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>Effective period:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fees are effective for an &quot;Initial Term&quot; commencing July&nbsp;1,
2012 and expiring June&nbsp;30, 2013.Unless either party gives written notice of termination of this Agreement at least 60 days prior
to the end of the Initial Term, or any successive one-year term, this Agreement shall automatically renew for successive additional one-year
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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Expiration
Date: </I></B></FONT><B>See above</B></P>

<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"><B><U>FLAT SERVICE FEE</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="font-style: normal">Monthly
    fee for stock transfer services</FONT> (Per Fund/CUSIP)</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">$</FONT></TD><TD STYLE="width: 10%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-style: normal">1,500</FONT></TD><TD STYLE="width: 1%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>(All services identified as </B>&quot;included&quot; <B>will be part of the billed flat monthly rate)</B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_011.gif" ALT="" STYLE="height: 2px; width: 2px"><B><U>ACCOUNT
MAINTENANCE</U></B></P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in"><FONT STYLE="font-style: normal">Each
    active account maintained up to</FONT> <U>500 Per Fund/CUSIP</U></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Included</TD></TR>
  </TABLE>


<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%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">Each
    active account maintained in</FONT> <U>excess of 500 Per Fund/CUSIP</U></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-style: normal"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: italic 10pt Times New Roman, Times, Serif; padding-left: 0.5in">(Per Annum-billed monthly)</TD><TD STYLE="width: 2%; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: italic 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">$</FONT></TD><TD STYLE="width: 10%; font: italic 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-style: normal">3.72</FONT></TD><TD STYLE="width: 1%; font: italic 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 0pt 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="font-style: normal">Each
    inactive or closed account maintained</FONT> (Per Annum)</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">No
    Charge</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><B><I>Inactive: </I>An account with a zero balance, on-cashed checks, stop notations
on certificate history or pending 1099 Tax reporting.</B></P>

<P STYLE="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-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Closed:
</I></B></FONT><B>An account maintained on the database for eighteen months to facilitate research requests from shareowners. There is
a zero balance and no pending activity in any category. A closed account is scheduled to be purged from the data- base</B></P>



<P STYLE="font: 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 CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.2in"><B>A.</B></TD><TD STYLE="text-align: left"><B><U>General Services</U></B></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 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Open new accounts and solicit taxpayer identification numbers, where necessary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT> </FONT>Post
debits and credits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Maintain certificate/DRS history</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Place and release stop transfer notations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Process change of addresses and maintain dividend and/or seasonal addresses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Respond to shareowner correspondence</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Obtain and post Taxpayer Identification Number certifications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Purge closed accounts that meet selective criteria (e.g., no outstanding checks, no stops maintained against
certificates,&nbsp;etc.)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.2in"><B>B.</B></TD><TD STYLE="text-align: left"><B><U>Basic Proxy and Annual Meeting
                                            Services:</U></B></TD></TR></TABLE>

<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%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.5in">Provide proxy services for annual shareholder meeting</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: bold 10pt Times New Roman, Times, Serif">Included</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Convert proxy tape files from outside Agent for Computershare Shareowner Services issuance of proxy material</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.5in">(Minimum fee per tape in Computershareformat)</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><B>$</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><B>500.00</B></TD><TD STYLE="width: 1%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Provide shareholder data for proxy to a third party proxy/outside agent</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">(Per Account- Billed when file date is forwarded to proxy/outside agent)</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><B>$</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><B>0.10</B></TD><TD STYLE="width: 1%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Minimum fee to provide tape data to third party proxy agent</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,500.00</TD><TD STYLE="width: 1%; font: bold 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">Basic proxy and annual meeting services functions include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Supply broker and nominee list to solicitor to identify requirements for material needed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Print name, address and number of shares on proxy cards</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Mail proxy material and annual report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Suppress the mailing of multiple annual reports as requested and if so coded</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Tabulate proxies returned by shareowners</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Track proxy cards marked for attendance at the annual meeting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Provide un-voted listing for registered holders and DTC participants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Provide one Inspector of Election for the annual meeting</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 STYLE="font-family: Wingdings">&#168;</FONT> </FONT>Provide
remote access to the proxy tabulation file for the client and solicitor for daily tabulation results</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Prepare a list of record date holders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Prepare daily tabulation reports and report of final vote</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Process omnibus proxies for respondent banks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT> Provide
copies of proxies containing shareowner comments</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>C.</B></FONT></TD><TD STYLE="text-align: left"><B><IMG SRC="image_011.gif" ALT="" STYLE="height: 2px; width: 2px"><U>Stock
                                            Transfer System Access:</U></B></TD></TR></TABLE>

<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%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.35in">Monthly fee for access to the system</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: bold 10pt Times New Roman, Times, Serif">Included</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"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Provide access to Computershare's internet-based system for management reporting and shareowner records from company's office</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 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Provide weekly data for registered holders and DTC participants (including geographic analyses, VIP reporting, share distribution,&nbsp;etc.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><I>(Reporting DTC data is subject to additional charge to
company directly from DTC)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Provide daily access to proxy tabulation file during annual meeting season</P>

<P STYLE="font: 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 CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>D.</B></FONT></TD><TD STYLE="text-align: left; width: 7in"><B><U>TELEPHONE CALLS</U></B></TD>
                                                                                                                                  <TD STYLE="text-align: left"><B><I><U>(Per Fund/CUSIP)</U></I></B></TD></TR></TABLE>

<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%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">The first 100 calls from shareowners</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: bold 10pt Times New Roman, Times, Serif">Included</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 0.25in"><B><U>In Excess of 100 calls received:</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.5in">IVR calls (Each call completed through the IVR)</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.75</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.5in">Each call handled by a live CSR (for shareowners that opt out of IVR)</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><B>$</B></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><B>3.25</B></TD><TD STYLE="font: italic bold 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 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Provide general toll free number for shareowner inquiries and Interactive Voice Response <FONT STYLE="font-family: Times New Roman, Times, Serif">(IVR)
</FONT>system</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT> Provide
adequate staffing to manage and achieve an acceptable average speed of answer (ASA)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>E.</B></FONT></TD><TD STYLE="text-align: left; width: 7in"><B><U>TRANSFER&nbsp;</U></B><U>&amp; <B>ISSUANCES</B></U></TD>
                                                                                                                                  <TD STYLE="text-align: left"><B><I>'Per Fund/CUSIP</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.25in"><B>Each certificate or DRS statement issued and registered <I><U>In excess of 10 per month</U></I></B></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: italic bold 10pt Times New Roman, Times, Serif; width: 86%; text-align: left; padding-left: 0.25in">(Routine turnaround)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2.50</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Each non-routine transfer processed&nbsp;&nbsp;&nbsp;<I><U>In excess of 5&nbsp;&nbsp;per month</U></I></B></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">(Non-routine turnaround)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">25.00</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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Each request for delivery of DRS shares to DTC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Each
    option issuance </B></FONT><FONT STYLE="font-size: 10pt"><I>(Per transaction)</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.00</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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 49%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">** Each same day issuance transaction</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 49%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-weight: normal">(Including
    DWACs)</FONT>.<FONT STYLE="font-style: normal">Assessed to Brokers</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">Transfer&nbsp;&amp; issuance functions include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Perform in dual capacity of transfer agent and registrar under rules&nbsp;of the NYSE, AMEX, and NASDAQ</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Provide DRS functionality</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Examine transfer requests for proper documentation- routine and non-routine</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Verify that an original issuance is properly authorized and has all necessary approvals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Verify that no stop orders are held against the surrendered certificates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Record canceled and issued certificates by registration, certificate number, number of shares and date issued/canceled</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 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Process restricted transfers and non routine transfers based on supporting documentation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Replace lost, destroyed or stolen certificates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT> Furnish
daily transfer journals if requested</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>F.</B></FONT></TD><TD STYLE="text-align: left"><B><U>DIVIDEND
                                            DISBURSEMENT </U><I>(When applicable)</I></B></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 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.5in"><FONT STYLE="font-style: normal">Preparation
    and issuance of Dividend</FONT> (Per account)</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: italic bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal">Included</FONT></TD></TR>
  </TABLE>


<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%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Each wire transfer processed for DTC or Brokers and Banks</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">15.00</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Each wire transfer processed for individual shareholders</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">50.00</TD><TD STYLE="font: bold 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 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-style: normal">Each
    ACH transmission</FONT> (Per established ACH account)</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 12%"><B>Included</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Each ACH acknowledgment mailed</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Included</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">Dividend disbursement functions include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Calculate dividend, mail and reconcile checks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Prepare payment register in list or microfiche form and withhold and file taxes for non-resident aliens and uncertified accounts</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 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
File federal tax information returns and mail required tax statements (Form&nbsp;1099) to registered holders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Maintain stop files and issue replacement checks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT> Maintain
payment orders and addresses</P>

<P STYLE="font: 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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.</B></FONT></TD><TD STYLE="text-align: left"><B><U>NON-RESIDENT
                                            ALIEN <I>(NRA) </I>MAINTENANCE AND PROCESSING SERVICES</U></B></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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(In
accordance with </I></B></FONT><B><I>NRA <FONT STYLE="font-size: 10pt">tax withholding rules&nbsp;mandated </FONT>by <FONT STYLE="font-size: 10pt">the
Internal Revenue Service)</FONT></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 0pt 0.75in"><B><I><U>(Applicable to dividend payers and any type of
disbursements processed)</U></I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Annual account maintenance for each beneficial owner account on</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.5in">System</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1.50</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.5in">Billed monthly (Each beneficial holder account)</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><B>$</B></TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><I>0.125</I></TD><TD STYLE="font: italic 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 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>(The
account maintenance is subject to a monthly minimum of$100.00. </I></FONT><I>If the </I>monthly per account maintenance fee does not
exceed the minimum fee, the difference will be billed to your account)</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%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Each foreign intermediary or nominee identified</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.5in">(Each dividend or other disbursement to holders)</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">$</FONT></TD><TD STYLE="width: 10%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-style: normal">250.00</FONT></TD><TD STYLE="width: 1%; font: italic bold 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 0pt 0.25in; text-indent: 0.25in"><I>(The fee is applicable for all
<B><U>identified foreign intermediaries </U></B>whether required to perform</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>NRA record keeping or not)</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 0pt 0.25in">Maintenance and processing services include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>Code the
system to establish the Program</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Perform maintenance for Form&nbsp;W-8 BEN three times per year</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Review and examine beneficial holders file submitted</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Establish control and update beneficial holders file</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Control and return information which need further clarification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Add new names either manually or through external tape, cartridge or diskette (in Computershare format)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Process address changes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Provide periodic investment reports to the company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Distribute relevant reports</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT> Respond
to established contacts of the nominee 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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>DIRECT
PURCHASE&nbsp;</U></B></FONT><U>&amp; <B>SALE PLAN</B></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"><B>Company Paid</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 14.15pt"><FONT STYLE="font-style: normal">Monthly
    administration fee</FONT> (Per plan)</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: italic bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal">Included</FONT></TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.2pt; padding-left: 14.15pt"><FONT STYLE="font-style: normal">Each
    dividend reinvested</FONT> (Per account)</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">$</FONT></TD><TD STYLE="width: 10%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-style: normal">2.50</FONT></TD><TD STYLE="width: 1%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.2pt; padding-left: 14.15pt"><FONT STYLE="font-style: normal">Each
    withdrawal of shares from the plan</FONT> (Per occurrence)</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: italic bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal">Included</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.2pt; padding-left: 14.15pt"><FONT STYLE="font-style: normal">Each
    deposit of certificate shares into the plan</FONT> (Per occurrence)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal">Included</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.2pt; padding-left: 14.15pt"><FONT STYLE="font-style: normal">Each
    book-to-book transfer</FONT> (Per occurrence)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Included</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"><B>Shareowner Paid</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; width: 86%; text-align: left; padding-left: 0.2in"><FONT STYLE="font-style: normal">Each
    optional cash investment</FONT> (Per transaction)</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-style: normal">$</FONT></TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-style: normal">5.00</FONT></TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
  <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.2in">Each full or partial sale of shares via liquidation <FONT STYLE="font-style: normal">or termination</FONT> (Per transaction)</TD>
  <TD STYLE="font-size: 10pt">&nbsp;</TD>
  <TD STYLE="font-size: 10pt; text-align: left">$</TD>
  <TD STYLE="font-size: 10pt; text-align: right">15.00</TD>
  <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.2pt; padding-left: 14.15pt"><FONT STYLE="font-style: normal">Brokerage
    commission</FONT> (Per share purchased or sold)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.04</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.2in">Each non-shareowner account opened via initial purchase</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">10.00</TD><TD STYLE="font: bold 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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    <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"><IMG SRC="image_011.gif" ALT="" STYLE="height: 2px; width: 2px">Direct
purchase and sale plan functions include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Process enrollments of new accounts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Process dividends for reinvestment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Process optional cash payments on periodic basis (weekly, bi-monthly, monthly,&nbsp;etc.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Monitor cash payments for amounts in excess of plan limits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Prepare participant statements of account, after each transaction, showing current activity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Process requests for liquidation and termination according to plan specifications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Issue certificates to participants upon request for withdrawal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Receive certificates from participants for deposit into the plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Process requests from participants for book-to-book transfers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Provide periodic investment reports to the company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT> Prepare
tax form I099B to report sale proceeds</P>

<P STYLE="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><U>ESCHEATMENT</U></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%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-style: normal">Due
    diligence mailing</FONT> (Per Account)</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal">Included</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-style: normal">Each
    abandoned property report filed directly</FONT> (Per state)</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal">Included</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-style: normal">Each
    abandoned property report provided to client</FONT> (Per state)</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal">Included</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Each shareowner account reported</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal">Included</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">Escheatment functions include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Prepare preliminary report of abandoned property scheduled for escheatment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Perform due diligence mailing to holders with abandoned property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Clear property for holders who respond to the due diligence mailing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Prepare final report and remit abandoned property to each State in accordance with statutory requirements</P>

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

<DIV STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>Voluntary or initial compliance Escheat services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Performed in accordance with statutory or SEC requirements
<B>Not billed to Company</B></P>

</DIV>

<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 0pt 0.5in">VOLUNTARY COMPLIANCE AND INITIAL COMPLIANCE ESCHEATMENT
SERVICES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Voluntary Compliance at Company Direction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Initial Compliance in respect of mergers, acquisitions,
other similar corporate events</P>

<P STYLE="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"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Prepare preliminary report of abandoned property scheduled for escheatment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Perform due diligence mailing to shareowners with abandoned property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Clear property for shareowners who respond to due diligence mailing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Prepare final report and remit abandoned property to each state in accordance with statutory requirements</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 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
The Company is not billed for these services, if applicable. Computershare may in some instances receive a fee from third party
providers for processing&nbsp;&amp; filings to select states.</P>

<P STYLE="font: 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="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>LOST
SHAREHOLDER SEARCH </U></B></FONT><U><I>(Required under SEC Rule&nbsp;17ad-17 and 17a-24)</I></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Electronic
Search Program </U></B></FONT><I>(Two required annually)</I></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%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Management and set-up fee per search)</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">75.00</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Each lost account searched</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">3.50</TD><TD STYLE="font: bold 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">Lost shareowner search functions include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Search for current addresses in accordance with SEC requirements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Send verification notice to shareowner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Review and clear non- routine and legal items</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT> Update
new address and release lost shareowner property</P>

<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"><B><I><U>ADDITIONAL SERVICES EXCLUDED FROM ANY OVERALL
MONTHLY FEE</U></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"><B><U>SHAREOWNER
LISTS, ANALYSES&nbsp;</U></B></FONT><U>&amp; <B>LABEL SETS:</B></U></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%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in; width: 86%"><FONT STYLE="font-style: normal"><B>Standard
    shareowner lists, analyses or labels sets</B></FONT><B> (Per account)</B></TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">$</FONT></TD><TD STYLE="width: 10%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-style: normal">0.03</FONT></TD><TD STYLE="width: 1%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.5in">Minimum fee per list, analysis or label sets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-style: normal">500.00</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in; width: 86%">Additional weekly, monthly or custom lists or analyses</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: bold 10pt Times New Roman, Times, Serif">Appraisal</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><U>SPECIAL PROCESSING &nbsp;&amp; OTHER MAILINGS:</U></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%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Convert date of last contact (DLC) tape&nbsp;&amp; update system</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-style: normal">&nbsp;</FONT></TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.5in">(Per tape submitted by ADP)</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">$</FONT></TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-style: normal">2,000.00</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in; width: 86%">Special Mailings:</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-style: normal">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-style: normal">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 1%">&nbsp;</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; padding-left: 0.25in">Prepare and machine insert up to two enclosures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-style: normal">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-style: normal">&nbsp;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-left: 0.5in">(Per account)</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">$</FONT></TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-style: normal">0.10</FONT></TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-style: normal">Insert
    additional enclosures</FONT> (Per enclosure)</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">$</FONT></TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-style: normal">0.03</FONT></TD><TD STYLE="font: italic bold 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; padding-left: 0.5in">Minimum fee per mailing</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-style: normal">250.00</FONT></TD><TD STYLE="font: bold 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 0pt 0.5in"><B><FONT STYLE="font-size: 10pt">&nbsp;</FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Insert enclosures manually</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: bold 10pt Times New Roman, Times, Serif">Appraisal</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Matched mailings</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Appraisal</TD></TR>
  </TABLE>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>Optional
</U></I></B></FONT><B><U>PROXY&nbsp;&amp; ANNUAL MEETING SERVICES:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Subject to fee revision adjustment after the Shareholder meeting
is held in first year after appointment.</I></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%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal">Internet/ telephone voting </FONT><U>(Per
    Fund/CUSIP)</U></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-style: normal">Set-up
    and administration</FONT> (Includes dedicated toll free number)</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">4,000.00</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Each proxy voted by phone</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.22</TD><TD STYLE="font: bold 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; padding-left: 0.25in">Each proxy voted by Internet</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.07</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 86%; text-align: left; padding-left: 0in">Custom changes to toll free number or website</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: bold 10pt Times New Roman, Times, Serif">Appraisal</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.5pt">Alterations to website after final sign-off</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Appraisal</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>OTHER SERVICES</U></B></P>

<P STYLE="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: 0.16in">The following services, <U>not </U>included
in our basic services, are available upon request, or billed at our standard rates when applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Automated direct dividend deposit service solicitation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Class&nbsp;action litigations- Establishment of transfer agent's procedure and servicing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
House-holding proxy services, E-consent record keeping&nbsp;&amp; E delivery</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Internet&nbsp;&amp; telephone voting for shareholder meetings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Non resident alien NRA maintenance and processing services for foreign intermediaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Non-shareowner mailing list maintenance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Odd lot processing services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Processing incoming/outgoing data files (in BNY format)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Processing special circumstance incoming proxy files (in BNY format)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Reorganization services for corporate actions (e.g., tenders, exchanges, spin offs,&nbsp;etc.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Rights Agent/Warrant Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Second mailing for proxies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Special shareholder meetings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B>&#168;</B></FONT>
Stock dividend / split processing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Wingdings"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT> Employee
investment plan administration</P>

<P STYLE="font: 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>EXPENSES AND OTHER CHARGES</B></P>

<P STYLE="font: 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"><B>Other Services Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in">Other services
expenses include, but are not limited to: cost of stationery and supplies, such as transfer/issuance related services, checks,&nbsp;etc.,
together with telephone, including allocation for toll free carrier phone service, postage, mail insurance premiums, bulk rate handling,
records storage, travel for annual meeting, individual client link-up charges for ADP, charges from DTC, charges for broker movement
of shares through DTC, legal counsel, courier charges, compliance charges etc. are billed in addition to the above fees. Typically, these
supplies and services reflect items that can be purchased generically (such as plain paper, envelopes,&nbsp;etc.) and, when such supplies
and services are purchased in bulk quantities, Computershare eligible for rebates or discounts associated with meeting or exceeding purchase
thresholds. Any such rebates or discounts are not reimbursable to 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-align: justify"><B>Secondary Offerings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">A fee of $5,000
will be imposed for additional activities associated with the acceptance of appointments involving secondary public offerings.</P>

<P STYLE="font: 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"><B>Other Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in">Fees for any
services not specified above will be based on an appraisal of the work to be performed or billed at Computershare's standard fees at
the time of the 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-align: justify"><B>Regulatory Changes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event any federal, state or local
laws, rules&nbsp;or regulations are enacted that require Computershare to (i)&nbsp;make any adjustments and/or modifications to its
current system, or (ii)&nbsp;provide additional services to Client for which Computershare is not being compensated hereunder, then
Client shall compensate Computershare (a)&nbsp;on a pro rata basis proportionate to the Client's registered shareholder base, for
the costs associated with making such required adjustments and/or modifications, or (b)&nbsp;according to Computershare's standard
fees established, in good faith, with respect to such additional services. Client shall be given at least ninety (90) days notice of
the amount of the charge being assessed and the reason for such a charge. Should Client, in good faith, believe such charges are
excessive, unreasonable or not required to comply with such regulatory changes, Client may terminate this Agreement with
Computershare without the imposition of an early termination fee. However Client would be responsible for associated expenses for
lists, tapes,&nbsp;etc., requested by the successor 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"></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"><B>Conversion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is usually no charge for converting the
company's files to Computershare Shareowner Services' system with the exception of any manual processing that may be necessary (e.g.,
outstanding check history from the current agent's file). A review of the current files and formats will be made to determine if any
situation exists which will require extraordinary effort to complete the conversion. A charge may also be imposed for any conversion
of closed shareholder accounts in excess of 100 that the company requests be converted to Computershare's system. Any charge will be
discussed with the company prior to work commencing.</P>

<P STYLE="font: 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"><B>Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fees presented herein are based on data currently
available. Utilization of a third party vendor for services presented in this fee schedule will not qualify for fee reductions. If there
are any changes in the scope or complexity of the job requirements, the fees will be reviewed and adjusted accordingly.</P>

<P STYLE="font: 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"><B>Documentation of Appointment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Computershare Shareowner Services reserves the
right to suspend all conversion activities, (or closing activities in the case of an Initial Public Offering), if the following documentation
is not received prior to our effective date as transfer agent and registrar. Your Computershare Shareowner Services stock transfer relationship
manager will provide samples of the following documentation as needed.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD><B><I>Stock Transfer
                                            Agency Agreement</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD><B><I>Opinion of
                                            Counsel as to: the validity of shares outstanding, proper organization of company,&nbsp;etc.</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD><B><I>Under the
                                            seal of the Corporate Secretary</I></B></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 0pt 1in">A Copy of the Corporate By-Laws</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Specimen stock certificate</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 0pt 1in">Certificate of Incorporation with amendments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">List and sample
signature of authorized</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">signers</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD><B><I>Secretary's
                                            Certification as to:</I></B></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 0pt 1in">Number of shares, by each class; chartered, authorized, issued
and outstanding on effective date All remaining shares to be issued out of each reserve established for option plans, restricted stock,
new and secondary issues,&nbsp;etc.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD><B><I>New York
                                            State Tax Form</I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD><B><I>Employer
                                            Appointment Of Agent-LR.S. Form&nbsp;2678</I></B></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: justify"><B>Termination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon any termination of the Agreement by client
without cause prior to the expiration of the then-current term, a fee of$2,700 will be charged plus associated expenses for lists, tapes,&nbsp;etc.,
requested by the successor agent. These charges are made to compensate for the additional time and expense involved in re-routing certificates
and correspondence sent to us and for other related administrative and clerical 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; text-align: justify"><B>Confidentiality</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information contained in this proposal is
confidential. By receipt of this schedule, recipient agrees not to divulge any of the information contained herein to any third party.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>IN WITNESS
WHEREOF, </B></FONT>the parties hereto have executed this Agreement by their duly authorized officers as of the day and year above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CALAMOS ADVISERS LLC ON BEHALF OF THE CLOSED-END FUNDS</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Nimish Bhatt</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262626">Nimish Bhatt</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262626">SVP&nbsp;&amp; CFO</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262626"><B>COMPUTERSHARE SHAREOWNER SERVICES LLC</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262626">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Luis C. Detiz</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262626">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262626">Luis C. Detiz</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262626">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262626">Vice President</FONT></TD>
    <TD>&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>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(1)(III)
<SEQUENCE>8
<FILENAME>tm2119043d1_ex99-k1iii.htm
<DESCRIPTION>EXHIBIT 99.(K)(1)(III)
<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.k.1.iii</B></P>

<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"><B>Second Amendment to the Amended and Restated Stock Transfer
Agency 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">THIS SECOND AMENDMENT (&quot;Amendment&quot;), effective as of
March&nbsp;20, 2015 (&ldquo;Effective Date&quot;), is to the Amended and Restated Stock Transfer Agency Agreement (the
 &quot;'Agreement&quot;), made as of June&nbsp;15, 2007, and amended as of July&nbsp;1, 2012, between each entity set forth in
Schedule II attached to the Agreement (each, a &quot;Customer&quot;) and Computershare Inc., successor-in-interest to The Bank of
New York (&ldquo;Agent&rdquo;). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such
terms in the 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 0pt 0.5in">WHEREAS, Customer and the Agent are parties to the 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; text-indent: 0.5in">WHEREAS, Customer and Agent entered into the &quot;First
Amendment to Stock Transfer Agency Services&quot;' dated as of October&nbsp;22, 2014, which the parties agree shall be null and void;
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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>WHEREAS,
Customer and the Agent desire to amend the Agreement upon the terms and conditions 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 0pt 0.5in">NOW THEREFORE, far good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties
hereby agree as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD><U>Amendment to Agreement.</U></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">All references to &ldquo;Bank&quot; in the Agreement shall
now be referred to as &quot;'Agent'&quot;.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify"><U>Amendment to Stock Transfer Fee Schedule of the Agreement.</U></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Delete the &quot;Effective period&quot; section in its entirety and replace it with the following new section:</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 0.75in; text-indent: 0">&quot;Effective period: Fees are effective
for an &ldquo;Initial Term&rdquo; commencing October&nbsp;22, 2014 and expiring October&nbsp;21, 2015. Unless either party gives written
notice of termination of this schedule at least 60 days prior to the end of the Initial Term, or any successive one-year term, this schedule
shall automatically renew for successive, additional one-year terms.&quot;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>&ldquo;Issues Covered: Closed End Funds&quot; section is hereby deleted in its entirety and replaced with the following:</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">&rdquo;<I>Issued Covered: </I>Closed End Funds</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 53%; text-align: left; padding-left: 0.75in">Calamos Strategic Total Return Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%">Expires</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; text-align: right; width: 14%">06/30/15</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75in">Calamos Global Total Return Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Expires</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; text-align: right">06/30/15</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75in">Calamos Global Dynamic Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Expires</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; text-align: right">06/30/15</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75in">Calamos Convertible&nbsp;&amp; Opportunities Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Expires</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; text-align: right">06/30/15</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75in">Calamos Convertible&nbsp;&amp; High Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Expires</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; text-align: right">06/30/15</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75in">Calamos Dynamic Convertible and Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Expires</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">06/30/15&quot;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD><IMG SRC="image_005.gif" ALT="" STYLE="height: 2px; width: 2px"><U>Limited Effect. </U>Except as expressly modified herein, the Agreement
shall continue to be and shall remain, in full force and effect and the valid and binding obligation of the parties thereto in accordance
with its terms.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD><U>Counterparts</U>. This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this
Amendment executed and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature.</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-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><IMG SRC="image_005.gif" ALT="" STYLE="height: 2px; width: 2px">IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers, hereunto duly agreed and authorized,
as of the Effective Date,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Computershare Inc.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Each Customer as set forth in Schedule II as such may be amended from time to time</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By: </B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calamos Advisors LLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>as investment manager of each Customer</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Dennis V. Moccia</FONT></TD>
    <TD STYLE="width: 2%">&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: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Curtis Holloway</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Dennis V. Moccia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Curtis Holloway</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Manager, Contract Administration</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Vice President</FONT></TD></TR>
  </TABLE>

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

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

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<DOCUMENT>
<TYPE>EX-99.(K)(1)(IV)
<SEQUENCE>9
<FILENAME>tm2119043d1_ex99-k1iv.htm
<DESCRIPTION>EXHIBIT 99.(K)(1)(IV)
<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.k.1.iv</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Third Amendment to Transfer Agency and Service 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">THIS THIRD AMENDMENT (&ldquo;Amendment&rdquo;), effective as of
September&nbsp;6, 2017 (&ldquo;Effective Date&rdquo;), is to the Amended and Restated Stock Transfer Agency Agreement (the
 &ldquo;Agreement&rdquo;) made as of June&nbsp;15, 2007, as amended, between each entity set forth in Schedule II attached to the
Agreement (each, a &ldquo;Customer&rdquo;) and Computershare Inc., successor-in-interest to The Bank of New York
(&ldquo;Agent&rdquo;). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the
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 0pt 0.5in">WHEREAS, Customer and the Agent are parties to the 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; text-indent: 0.5in">WHEREAS, Customer and the Agent desire to amend
the Agreement upon the terms and conditions set forth herein; 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: 0.5in">WHEREAS each Customer has (i)&nbsp;entered into
a Securities Purchase Agreement, dated as of September&nbsp;6, 2017, between such Customer and the purchasers party thereto and (ii)&nbsp;executed
a Statement of Preferences of Series&nbsp;A Mandatory Redeemable Preferred Shares, Series&nbsp;B Mandatory Redeemable Preferred Shares
and Series&nbsp;C Mandatory Redeemable Preferred Shares relating to the issuance of mandatory redeemable preferred shares by such Customer;</P>

<P STYLE="font: 10pt Times 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">NOW THEREFORE, for good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: left"><U>Amendments to &ldquo;STOCK TRANFER FEE SCHEDULE</U>.&rdquo; The Fee Schedule is hereby amended as follows:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: left">The following sentence is hereby added to the end of the first paragraph of the Fee Schedule:</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 0.75in">&ldquo;Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Agreement.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: left">Delete the &ldquo;Effective period&rdquo; section in its entirety and replace it with the following new
section:</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">&ldquo;Effective period: Fees are effective for an &ldquo;Initial
Term&rdquo; commencing September&nbsp;6, 2017 and expiring June&nbsp;30, 2018. If no new fee schedule is agreed upon prior to the expiration
of the Initial Term or a Renewal Term, as defined below, the fees shall automatically renew for successive one-year periods (each a &ldquo;Renewal
Term&rdquo;).&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: left">Delete the &ldquo;<I>Issues Covered</I>: &ldquo;Closed End Funds&rdquo; section in its entirety and replace
with the following:</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 0.75in; text-align: justify">&ldquo;<I>Issues Covered</I>: Closed
End 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 0pt 0.75in; text-align: justify">Calamos Strategic Total Return Fund
Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Strategic Total Return Fund,
Series A Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Strategic Total Return Fund, Series&nbsp;B Mandatory Redeemable Preferred
Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Strategic Total Return Fund, Series&nbsp;C Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Global Total Return Fund Common
Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Global Total
Return Fund, Series&nbsp;A Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Global Total Return Fund, Series&nbsp;B Mandatory Redeemable
Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Global Total Return Fund, Series&nbsp;C Mandatory Redeemable 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 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Global
Dynamic Income Fund Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Global Dynamic Income Fund,
Series&nbsp;A Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Global Dynamic Income Fund, Series&nbsp;B Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Global Dynamic Income Fund, Series&nbsp;C Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Convertible&nbsp;&amp;
Opportunities Income Fund Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Convertible&nbsp;&amp;
Opportunities Income Fund, Series&nbsp;A Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Convertible&nbsp;&amp;
Opportunities Income Fund, Series&nbsp;B Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Convertible&nbsp;&amp;
Opportunities Income Fund, Series&nbsp;C Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Convertible&nbsp;&amp;
High Income Fund Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Convertible&nbsp;&amp; High
Income Fund, Series&nbsp;A Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Convertible&nbsp;&amp; High Income Fund, Series&nbsp;B Mandatory
Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Convertible&nbsp;&amp; High Income Fund, Series&nbsp;C Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Dynamic
Convertible and Income Fund Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Dynamic
Convertible and Income Fund, Series&nbsp;A Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Dynamic
Convertible and Income Fund, Series&nbsp;B Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">Calamos Dynamic Convertible and Income
Fund, Series&nbsp;C Mandatory Redeemable Preferred Shares</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: left">Delete the &ldquo;FLAT SERVICE FEE&rdquo; section in its entirety and replace it with the following: </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">Monthly
fee for stock transfer services (Per Fund &ndash; common Shares only)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,500</P>

<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">(All services identified as &ldquo;included&rdquo; will
be part of the billed flat monthly 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">Add the following fees and services under the <B>&rdquo;</B><U>ACCOUNT
MAINTENANCE</U>&rdquo; 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 0.5in"><B><U>&ldquo;Preferred Issue Fees</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in">$250.00</TD><TD>One-time Set-up Fee (Per preferred class, payable upon issuance of each preferred class)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in">$325.00</TD><TD>Monthly Administrative Fee (Per preferred class, payable for as long as any Shares of such class are outstanding)&rdquo;</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"><B><U>&ldquo;Services Related to Preferred Shares</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Securing information regarding specific terms of the security such as tax
ID number and cusip.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Letter to DTC within SEC notification standards announcing Agent&rsquo;s
appointment as transfer agent.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Securing appointment documentation.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Setting up the new issue details in the Agent&rsquo;s system including information
to process dividends, tax reporting and escheatment, if necessary.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Notifying Agent&rsquo;s operating departments regarding the new issue.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Acting on the instructions of the Customer regarding issuance of the securities.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Closing via telephone to release the securities after the transaction has
been agreed to by all parties. <I>(If attendance is required there will be a fee of $500.00 plus travel expenses).</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Acting as transfer agent, registrar, dividend disbursing agent, and processor
of payments&rdquo;</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&ldquo;<U>Dividend Services</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Receive full funding one day prior to payable date by 11:00 a.m., Eastern
Time via Federal Funds Wire.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Coordinate the mailing of monthly dividends with an additional enclosure
with each dividend check</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepare and file federal information returns (Form&nbsp;1099) of dividends
paid in a year</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepare and file state information returns of dividends paid in a year to
Shareholders resident within such state</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepare and file annual withholding return (Form&nbsp;1042) and payments
to the government of income taxes withheld from non-resident aliens</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Coordinate the mailing of Form&nbsp;1099 to Shareholders</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Coordinate the email notification to Shareholders of the online availability
of Form&nbsp;1099</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Replace lost dividend checks</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reconcile paid and outstanding checks</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Code &ldquo;undeliverable&rdquo; accounts to suppress mailing dividend checks
to same</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Keep records of accumulated uncashed dividends</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Withhold tax from Shareholder accounts as required by United States government
regulations</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reconcile and report taxes withheld, including additional Form&nbsp;1099
reporting requirements, to the Internal Revenue Service</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mail to new accounts who have had taxes withheld, to inform them of procedures
to be followed to curtail subsequent back-up withholding</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Perform Shareholder file adjustments to reflect certification of accounts</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">If Customer is not tax resident in the United States, Customer shall advise
Agent. Dividend withholding tax services are subject to additional fees</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Track and mail notices to &ldquo;unresponsive payees&rdquo; as required by
SEC Rule&nbsp;17Ad-17, and replace checks as requested by unresponsive payees</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"><B>&ldquo;<U>Redemption Services</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon receipt of notice and/or instructions and necessary funds from a Customer,
effect redemptions of 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 0pt 0.5in"><B><U>Automated Clearing House (ACH) Services</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Review data for accuracy and completeness</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mail cure letter to Shareholders with incomplete information</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Code accounts for ACH and perform pre-note test</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Identify rejected ACH transmissions, mail dividend check and explanation
letter to Shareholders with rejected transmissions</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Respond to Shareholder inquiries concerning the ACH Program</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Calculate on a quarterly basis the Share breakdown for ACH vs. other dividend
payments and notify Customer of funding amount for ACH transmissions and other payable date funds</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Credit ACH designated bank accounts automatically on dividend payable date</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Maintain ACH participant file, including coding new ACH accounts</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Process termination requests</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Keep adequate records including retention of ACH documents&rdquo;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left"><U>Limited Effect</U>. Except as expressly modified herein, the Agreement shall continue to be and shall
remain in full force and effect and the valid and binding obligation of the parties thereto in accordance with its terms.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: left"><U>Counterparts</U>. This Amendment may be executed in any number of counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
A signature to this Amendment executed and/or transmitted electronically shall have the same authority,
effect, and enforceability as an original signature.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: left"><U>Governing Law</U>. This Amendment shall be governed by and construed in accordance with the laws of the
State of New York.</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">IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed by their respective officers, hereunto duly agreed and authorized, as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Computershare Inc.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Each Customer as set for in Schedule II</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>as such may be amended from time to time</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By: </B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calamos Advisors LLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>as Investment Manager of each Customer</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Dennis V. Moccia</FONT></TD>
    <TD STYLE="width: 2%">&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: 46%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Curtis Holloway</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Dennis V. Moccia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Curtis Holloway</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Manager, Contract Administration</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: SVP, Head of Fund Administration</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">[Signature page&nbsp;to Third Amendment to Transfer
Agency and Service Agreement]</P>

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

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

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

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<DOCUMENT>
<TYPE>EX-99.(K)(1)(V)
<SEQUENCE>10
<FILENAME>tm2119043d1_ex99-k1v.htm
<DESCRIPTION>EXHIBIT 99.(K)(1)(V)
<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.k.1.v</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fourth Amendment to the Amended and Restated
Stock Transfer Agency 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">THIS FOURTH AMENDMENT (&ldquo;Amendment&rdquo;),
effective as of October&nbsp;18, 2017 (&ldquo;Effective Date&rdquo;), is to the Amended and Restated Stock Transfer Agency Agreement (the
 &ldquo;Agreement&rdquo;), made as of June&nbsp;15, 2007, as amended, between each entity set forth in Schedule II attached to the Agreement,
(each, a &ldquo;Customer&rdquo;) and Computershare Inc., successor-in-interest to The Bank of New York (&ldquo;Agent&rdquo;). Capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the 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 0pt 0.5in">WHEREAS, Customer and the Agent are parties to the Agreement;
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: 0.5in">WHEREAS, Customer and the Agent desire to amend
the Agreement upon the terms and conditions 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-indent: 0.5in">NOW THEREFORE, for good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD><U>Amendment to Schedule II of the Agreement</U></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD>Schedule II of the Agreement is hereby deleted and replaced with the attached Schedule II.</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 0.25in">2, <U>Amendment to Stock Transfer Fee Schedule of the Agreement.</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">&ldquo;<I>Issues Covered</I>: Closed End Funds&rdquo; section is hereby deleted in its entirety and replaced
with the following:</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 0.75in; text-align: justify">&ldquo;<I>Issues Covered</I>: Closed
End 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 0pt 0.75in; text-align: justify">Calamos Strategic Total Return Fund,
Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Strategic Total Return Fund,
Series&nbsp;A Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Strategic Total Return Fund,
Series&nbsp;B Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Strategic Total Return Fund,
Series&nbsp;C Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Global Total Return Fund,
Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Global Total Return Fund,
Series&nbsp;A Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Global Total Return Fund,
Series&nbsp;B Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Global Total Return Fund,
Series&nbsp;C Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Global Dynamic Income Fund,
Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Global Dynamic Income Fund,
Series&nbsp;A Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Global Dynamic Income Fund,
Series&nbsp;B Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Global Dynamic Income Fund,
Series&nbsp;C Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Convertible Opportunities&nbsp;&amp;
Income Fund, Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Convertible Opportunities&nbsp;&amp; Income Fund,
Series&nbsp;A Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Convertible Opportunities&nbsp;&amp; Income Fund,
Series&nbsp;B Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Convertible Opportunities&nbsp;&amp; Income Fund,
Series&nbsp;C Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Convertible&nbsp;&amp; High
Income Fund, Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Convertible&nbsp;&amp; High Income Fund, Series&nbsp;A
Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Convertible&nbsp;&amp; High Income Fund, Series&nbsp;B
Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Convertible&nbsp;&amp; High Income Fund, Series&nbsp;C
Mandatory Redeemable 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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    <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 0pt 0.75in; text-align: justify">Calamos Dynamic Convertible and Income
Fund, Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Dynamic Convertible and Income Fund, Series&nbsp;A
Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Dynamic Convertible and Income Fund, Series&nbsp;B
Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Dynamic Convertible and Income Fund, Series&nbsp;C
Mandatory Redeemable Preferred Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Calamos Long/Short Equity Income 2028
Term Trust, Common Shares&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 8.25pt">3.</TD><TD><U>Limited Effect.</U>&#9;Except as expressly modified herein, the Agreement shall continue to be and shall remain, in full force
and effect and the valid and binding obligation of the parties thereto in accordance with its terms.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 7.8pt">4.</TD><TD><U>Counterparts. </U>This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this
Amendment executed and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature.</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">1N WITNESS WHEREOF, the parties hereto have caused this Amendment
to be executed by their respective officers, hereunto duly agreed and authorized, as of the Effective Date.</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%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Computershare Inc.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Each Customer as set forth in Schedule II</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 3.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">as such may be amended from time to time</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 3.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">By: Calamos Advisors LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 3.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">as Investment manager of each Customer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 3.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 46%">/s/ Curtis Holloway</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 46%">/s/
    Dennis V. Moccia </TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Name: Dennis V. Moccia</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Name: Curtis Holloway</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Title: Manager, Contract Administration</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Title: SVP, Head of Fund Administration</TD></TR>
  </TABLE>


<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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Schedule
</U></B></FONT><U>II</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 0pt 0.75in">Calamos Convertible&nbsp;&amp; High
Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Convertible Opportunities&nbsp;&amp;
Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Global Dynamic Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Global Total Return Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos  Strategic Total Return Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos  Dynamic Convertible and Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Calamos Long/Short Equity Income 2028
Term 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"></P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(2)
<SEQUENCE>11
<FILENAME>tm2119043d1_ex99-k2.htm
<DESCRIPTION>EXHIBIT 99.(K)(2)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.k.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ADMINISTRATION 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-align: justify; text-indent: 1in">THIS ADMINISTRATION AGREEMENT
(this &ldquo;Agreement&rdquo;) is entered into as of October&nbsp;26, 2018 by and between State Street Bank and Trust Company, a Massachusetts
trust company (the &ldquo;Administrator&rdquo;), and each registered management investment company identified on Schedule A hereto (each,
a &ldquo;Trust&rdquo; and, together with the Administrator, the &ldquo;Parties&rdquo;), and shall be effective on November&nbsp;1, 2018
(the &ldquo;Effective Date&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: justify; text-indent: 1in">WHEREAS, each Trust is either
an open-end management investment company currently comprised of one or more series or a closed-end management investment company (each,
a &ldquo;Fund&rdquo; and collectively, the &ldquo;Funds&rdquo;), and each Trust is registered with the U.S. Securities and Exchange Commission
(&ldquo;SEC&rdquo;) by means of a registration statement (&ldquo;Registration Statement&rdquo;) under the Securities Act of 1933, as amended
(&ldquo;1933 Act&rdquo;), and the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&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: justify; text-indent: 1in">WHEREAS, the parties intend
that this Agreement shall supersede and replace that certain Sub-Administration Agreement dated as of October&nbsp;1, 2009 by and between
State Street Bank and Trust Company and Calamos Advisors LLC (as amended, the &ldquo;Sub-Administration Agreement&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: justify; text-indent: 1in">WHEREAS, each Trust desires
to retain the Administrator to furnish the services described in Section&nbsp;5 of this Agreement to the Trusts/Fund(s), and the Administrator
is willing to furnish such services, on the terms and conditions hereinafter set forth.</P>

<P STYLE="font: 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">NOW, THEREFORE, in consideration
of the premises and mutual covenants herein contained, the Parties agree as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD><B>APPOINTMENT AND DUTIES OF ADMINISTRATOR</B></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: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
Trust hereby appoints the Administrator to act as administrator with respect to each Trust for purposes of providing the services set
forth in this Agreement (collectively, the &ldquo;Services&rdquo;) under the terms of this Agreement until terminated in accordance with
Section&nbsp;13 herein. The Administrator accepts such appointment and agrees to render the Services.</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; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
Trust will initially consist of the Funds listed in Schedule A to this Agreement. In the event that the Trust establishes one or more
additional Funds with respect to which it wishes to retain the Administrator to act as administrator hereunder, the Trust shall notify
the Administrator with reasonable advance notice in writing. Upon written acceptance by the Administrator, which the Administrator shall
not unreasonably withhold or delay, such Fund(s)&nbsp;shall become subject to the provisions of this Agreement to the same extent as the
existing Fund(s), except to the extent that such provisions (including those relating to the compensation and expenses payable) may be
modified with respect to such Fund(s)&nbsp;in writing by the Trust and the Administrator at the time of the addition of such Fund(s).</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>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD><B>DELIVERY OF DOCUMENTS</B></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: justify; margin: 0pt 0; text-indent: 1in">Each Trust will promptly deliver to the Administrator
copies of each of following documents and all future amendments and supplements, if any:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">a.</FONT></TD><TD>The Trust&rsquo;s Declaration of Trust and by-laws;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: justify">The Trust&rsquo;s currently effective Registration Statement under the 1933 and 1940 Act and its Prospectus(es) and Statement(s)&nbsp;of
Additional Information, as applicable, relating to the Trust and its Fund(s)&nbsp;and all amendments and supplements thereto as in effect
from time to time;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">c.</FONT></TD><TD STYLE="text-align: justify">Copies of the resolutions of the Board of Trustees of the Trust (the &ldquo;Board&rdquo;) certified by the Trust&rsquo;s Secretary
authorizing (1)&nbsp;the Trust to enter into this Agreement and (2)&nbsp;certain individuals on behalf of the Trust to (a)&nbsp;give instructions
to the Administrator pursuant to this Agreement and (b)&nbsp;sign checks and pay expenses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">d.</FONT></TD><TD STYLE="text-align: justify">A copy of the investment advisory agreement between the Trust and its investment adviser, Calamos Advisors LLC (the &ldquo;Adviser&rdquo;);
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">e.</FONT></TD><TD STYLE="text-align: justify">Such other certificates, documents or opinions which the Administrator may, in its reasonable discretion, deem necessary or appropriate
in the proper performance of its duties.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD><TD><B>REPRESENTATIONS AND WARRANTIES OF THE ADMINISTRATOR</B></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">The Administrator represents and warrants to the Trust that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: justify">It is a Massachusetts trust company, duly organized and existing under the laws of The Commonwealth of Massachusetts;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: justify">It has the corporate power and authority to carry on its business in The Commonwealth of Massachusetts and to provide the Services;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">c.</FONT></TD><TD>All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">d.</FONT></TD><TD STYLE="text-align: justify">No legal or administrative proceedings have been instituted or threatened which would materially impair the Administrator&rsquo;s
ability to perform its duties and obligations under this Agreement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">e.</FONT></TD><TD STYLE="text-align: justify">Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation
of the Administrator or any law, regulation, rule, order or judgment
applicable to it.</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">Information Classification: Limited 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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.</B></FONT></TD><TD><B>REPRESENTATIONS AND WARRANTIES OF THE TRUSTS</B></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">Each Trust represents and warrants to the Administrator that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">a.</FONT></TD><TD>It is duly organized, existing and in good standing under the laws of its state of formation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: justify">It has the requisite power and authority under applicable laws and by its Declaration of Trust and By-laws to enter into and perform
this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">c.</FONT></TD><TD>All requisite proceedings have been taken to authorize it to enter into and perform this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">d.</FONT></TD><TD>It is an investment company properly registered with the SEC under the 1940 Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">e.</FONT></TD><TD STYLE="text-align: justify">The Registration Statement has been filed and will be effective and (if and as required to be updated) remain effective during the
term of this Agreement. The Trust also warrants to the Administrator that as of the effective date of this Agreement, all necessary filings
under the securities laws of the states in which the Trust offers or sells its shares have been made;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">f.</FONT></TD><TD>No legal or administrative proceedings have been instituted or threatened which would impair the Trust&rsquo;s ability to perform
its duties and obligations under this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">g.</FONT></TD><TD>Its entrance into this Agreement will not cause a material breach or be in material conflict with any other agreement or obligation
of the Trust or any law or regulation applicable to it; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">h.</FONT></TD><TD STYLE="text-align: justify">As of the close of business on the date of this Agreement, each Trust that is an open-end management investment company is authorized
to issue unlimited shares of beneficial interest and each Trust that is a closed-end management investment company has properly listed
its shares for trading on a U.S. national securities exchange;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where information provided by the Trust or the Trust&rsquo;s shareholders includes information about
an identifiable individual (&ldquo;Personal Information&rdquo;), the Trust represents and warrants that it has obtained all consents and
approvals, as required by all applicable laws, regulations, by-</FONT>laws and ordinances that regulate the collection, processing, use
or disclosure of Personal Information, necessary to disclose such Personal Information to the Administrator, and as required for the Administrator
to use and disclose such Personal Information in connection with the performance of the Services hereunder.</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">Information Classification: Limited 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"></P>

<!-- Field: Page; Sequence: 3 -->
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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 CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD><B>ADMINISTRATION SERVICES</B></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: justify; text-indent: 0.5in">The Administrator shall provide
the services as listed on Schedule B, subject to the authorization and direction of each Trust and, in each case where appropriate, the
review and comment by the Trust&rsquo;s independent accountants and legal counsel and in accordance with procedures which may be established
from time to time between the Trust and the Administrator.</P>

<P STYLE="font: 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 Administrator shall perform
such other services for a Trust/Fund(s)&nbsp;that are mutually agreed to by the Parties from time to time, for which the Trust/Fund(s)&nbsp;will
pay such fees as may be mutually agreed upon, including the Administrator&rsquo;s reasonable out-of-pocket expenses. The provision of
such services shall be subject to the terms and conditions of this 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; text-align: justify; text-indent: 0.5in">Subject to Section&nbsp;7
and at no additional cost to the Trusts, the Administrator shall provide the office facilities, equipment and personnel required by it
to perform the Services.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.</B></FONT></TD><TD><B><U>PERFORMANCE GOALS.</U></B></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: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
Trust and the Administrator may from time to time agree on the manner and timing in which the Administrator expects to deliver, and the
Trust expects to receive, the Services contemplated by this Agreement. The Parties agree that such agreement(s)&nbsp;(hereinafter referred
to as &ldquo;Service Level Document(s)&rdquo;) will reflect performance and Service delivery goals. Any failure to perform in accordance
with the provisions thereof shall not automatically be considered a breach of this Agreement. It is the intention of the Parties that,
in the event of a failure to perform in accordance with the provisions of a Service Level Document or any dispute relating to performance
goals set forth in a Service Level Document, the Parties will seek to resolve the failure pursuant to the consultation procedure described
in Sections 6.b. and 6.c. below.</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; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
a Party hereto is materially unable to meet the provisions of a Service Level Document, or in the event that a dispute arises relating
to performance goals set forth in a Service Level Document, either Party to this Agreement shall attempt to address any concerns it may
have by requiring a consultation with the other Party.</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">Information Classification: Limited 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"></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; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
purpose of the consultation procedure is to endeavor to resolve a material failure to meet the provisions of a Service Level Document
or a dispute relating to performance goals set forth in a Service Level Document. If a consultation occurs under this Section&nbsp;6,
the Parties must negotiate in good faith to endeavor to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify">agree to changes to the Service Level Document provisions that will enable the Service Level Document provisions to be more regularly
met and which meet the Parties&rsquo; respective business requirements; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: justify">otherwise find a solution such that, within 30 days after the consultation, the Administrator&rsquo;s or a Trust&rsquo;s inability
to meet the Service Level Document provisions may be less likely to occur in the future.</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: justify">If the Parties are unable to resolve the material
failure to meet the provisions of a Service Level Document or a dispute relating to performance goals set forth in a Service Level Document
within 30 days, the Parties may pursue any and all other available remedies.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.</B></FONT></TD><TD><B>FEES; EXPENSES; EXPENSE REIMBURSEMENT</B></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: justify; text-indent: 1in">The Administrator shall receive
from each Trust such compensation and expense reimbursement for the Services as set forth in a separate fee schedule signed by the Parties
(the &ldquo;Fee Schedule&rdquo;). The Fee Schedule may only be amended upon the mutual written agreement of the Administrator and the
Trusts. The fees shall be due and payable as set forth in the Fee Schedule, except for any fee that a Trust disputes in good faith, provided
that both Parties will work diligently and in good faith to effect an expeditious resolution of the dispute (&ldquo;Good Faith Dispute&rdquo;).
A Good Faith Dispute will be deemed to exist only if (1)&nbsp;a Trust has given written notice of the dispute to Administrator promptly
after receiving the invoice and (2)&nbsp;the notice explains the Trust&rsquo;s position in reasonable detail. A Good Faith Dispute will
not exist as to an invoice in its entirety merely because certain amounts on the invoice have been disputed.</P>

<P STYLE="font: 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">All rights of compensation and
expense reimbursement under this Agreement for services performed shall survive the termination of this 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; text-align: justify; text-indent: 1in">Each Trust will bear all expenses
that are incurred in the operation of such Trust and not specifically assumed by the Administrator. Such expenses to be borne by each
Trust include, but are not limited to: organizational expenses; cost of services of independent accountants and outside legal and tax
counsel (including such counsel&rsquo;s review of the Trust&rsquo;s registration statement, proxy materials, other SEC filings, federal
and state tax qualification as a regulated investment company and other reports and materials prepared by the Administrator under this
Agreement); cost of any services contracted for by the Trust directly from parties other than the Administrator; cost of trading operations
and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Trust; investment advisory
fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders
including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation (e.g., typesetting, page&nbsp;changes
and all other print vendor and EDGAR charges, collectively referred to herein as &ldquo;Preparation&rdquo;), printing, distribution and
mailing of any proxy materials; costs incidental to Board meetings, including fees and expenses of Board members; the salary and expenses
of any officer, director\trustee or employee of the Trust; costs incidental to the Preparation, printing and mailing, as applicable, of
the Trust&rsquo;s registration statements and any amendments and supplements thereto and shareholder reports; cost of typesetting and
printing of prospectuses; cost of Preparation and filing of the Trust&rsquo;s tax returns, Form&nbsp;N-1A, Form&nbsp;N-2, Form&nbsp;N-PX,
Form&nbsp;N-CSR, Form&nbsp;N-PORT and Form&nbsp;N-CEN (and such other forms that a Trust is required to file under the then-current SEC
reporting regime), and all notices, registrations and amendments associated with applicable federal and state tax and securities laws;
all applicable registration fees and filing fees required under federal and state securities laws; fidelity bond and directors&rsquo;
and officers&rsquo; liability insurance; and cost of independent pricing services used in computing the Trust&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">Information Classification: Limited 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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.</B></FONT></TD><TD><B>INSTRUCTIONS AND ADVICE</B></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: justify; text-indent: 1in">Each Trust shall furnish the
Administrator from time to time with a notice (the &ldquo;Certificate&rdquo;) specifying the names and titles of all persons authorized
to issue instructions to the Administrator on behalf of each Fund (&ldquo;Authorized Persons&rdquo;) and to sign checks and pay expenses
on behalf of the Trust. Such Certificate may be relied upon by the Administrator as conclusive evidence of the facts set forth therein
and shall be considered to be in full force and effect until receipt of a superseding Certificate by the Administrator from the Trust
bearing a subsequent date. Notwithstanding the foregoing, Trust officers shall be considered Authorized Persons.</P>

<P STYLE="font: 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">At any time, the Administrator
may request instructions from any Authorized Person with respect to any matter arising in connection with the Services to be performed
by the Administrator under this Agreement. Each Trust authorizes the Administrator to receive, act and rely upon instructions from any
Authorized Person received by the Administrator which have been issued, or the Administrator reasonably believes have been issued, by
an Authorized Person. The Administrator may consult with the independent accountants for the Funds at the expense of the 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-align: justify; text-indent: 1in">The Administrator shall not
be liable, and shall be indemnified by each Trust, for any action taken or omitted by it in good faith in reliance upon any instructions
or any other paper or document reasonably believed by it to have been issued by an Authorized Person. Nothing in this paragraph shall
be construed as imposing upon the Administrator any obligation to seek such instructions or advice, or to act in accordance with such
advice when received.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.</B></FONT></TD><TD><B>LIMITATION OF LIABILITY; INDEMNIFICATION</B></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: justify; text-indent: 1in">The Administrator shall be responsible
for the performance of only such duties as are set forth in this Agreement and shall have no responsibility for the actions or activities
of any other party, including other service providers, other than Delegates (as defined in Section&nbsp;21 below) of the Administrator.
The Administrator shall, at all times, act in good faith and without willful misconduct or negligence in performing the Services. The
Administrator shall have no liability in respect of any loss, damage or expense suffered by any Trust insofar as such loss, damage or
expense arises from the performance of the Administrator&rsquo;s duties hereunder in reliance upon records that were maintained for the
Trust by entities other than the Administrator prior to the Administrator&rsquo;s appointment as Administrator hereunder (except to the
extent such records were maintained by the Administrator pursuant to the Sub-Administration Agreement). The Administrator shall have no
liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its
duties hereunder except to the extent caused by or resulting from the negligence or willful misconduct of the Administrator, its officers
or employees. Neither Party shall be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits,
of any kind whatsoever (including, without limitation, attorneys&rsquo; fees) under any provision of this Agreement or for any such damages
arising out of any act or failure to act hereunder, each of which is hereby excluded by agreement of the Parties regardless of whether
such damages were foreseeable or whether either Party or any entity had been advised of the possibility of such damages. In any event,
unless otherwise agreed, the Administrator&rsquo;s cumulative liability for each calendar year (a &ldquo;Liability Period&rdquo;) with
respect to a Trust under this Agreement regardless of the form of action or legal theory shall be limited to its total annual compensation
earned and fees payable hereunder during the preceding Compensation Period, as defined herein, for any liability or loss suffered by the
Trust including, but not limited to, any liability relating to qualification of the Trust as a regulated investment company or any liability
relating to the Trust&rsquo;s compliance with any federal or state tax or securities statute, regulation or ruling during such Liability
Period. &ldquo;Compensation Period&rdquo; shall mean the calendar year ending immediately prior to each Liability Period in which the
event(s)&nbsp;giving rise to the Administrator&rsquo;s liability for that period have occurred. Notwithstanding the foregoing, the Compensation
Period for purposes of calculating the annual cumulative liability of the Administrator for the Liability Period commencing on the date
of this Agreement and terminating on December&nbsp;31, 2018 shall be the date of this Agreement through December&nbsp;31, 2018, calculated
on an annualized basis, and the Compensation Period for the Liability Period commencing January&nbsp;1, 2019 and terminating on December&nbsp;31,
2019 shall be the date of this Agreement through December&nbsp;31, 2018, calculated on an annualized 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">Information Classification: Limited 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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Provided the Administrator has
maintained a business continuity and disaster recovery plan, the Administrator shall not be responsible or liable for any failure or delay
in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control,
including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action
or communication disruption.</P>

<P STYLE="font: 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">Each Trust shall indemnify and
hold the Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage and expense, including reasonable
fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action or suit in connection with the Administrator&rsquo;s
acceptance of this Agreement, any action or omission by it in the performance of its duties hereunder, or as a result of acting upon any
instructions reasonably believed by it to have been duly authorized by a Trust or its Authorized Persons, or upon reasonable reliance
on information or records given or made by a Trust or the Adviser, provided that this indemnification shall not apply to actions or omissions
of the Administrator, its officers, employees, or Delegates in cases of its or their own negligence, bad faith or willful misconduct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information Classification: Limited 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"></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-align: justify; text-indent: 1in">The limitation of liability
and indemnification contained herein shall survive the termination of this Agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.</B></FONT></TD><TD><B>CONFIDENTIALITY</B></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: justify; text-indent: 0.5in">All information provided under
this Agreement by a Party (the &ldquo;Disclosing Party&rdquo;) to the other Party (the &ldquo;Receiving Party&rdquo;) regarding the Disclosing
Party&rsquo;s business and operations shall be treated as confidential. Subject to this Section&nbsp;10, all confidential information
provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its
agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party&rsquo;s
other obligations under this Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section&nbsp;10A
below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service
management. The foregoing shall not be applicable to any information (a)&nbsp;that is publicly available when provided or thereafter becomes
publicly available, other than through a breach of this Agreement, (b)&nbsp;that is independently derived by the Receiving Party without
the use of any information provided by a Disclosing Party in connection with this Agreement, (c)&nbsp;that is disclosed to comply with
any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process,
(d)&nbsp;that is disclosed as required by operation of law or regulation that the Disclosing Party or its agents direct the Administrator
or its Affiliates (as defined below) to employ (or which is required in connection with the holding or settlement of instruments included
in the assets subject to this Agreement), or (e)&nbsp;where the party seeking to disclose has received the prior written consent of the
party providing the information, which consent shall not be unreasonably withheld.</P>

<P STYLE="font: 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">Upon termination of this Agreement,
each Party shall return to the other Party or, at the option of the other Party, destroy, all confidential information of the other Party
that such Party or its agents may then possess or have under its control. Notwithstanding the foregoing, each Party may retain copies
of the other Party&rsquo;s confidential information to the extent required for regulatory compliance or audit purposes, to comply with
applicable laws and/or regulations or for the purpose of maintaining appropriate business records subject to observance of its confidentiality
obligations 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">The undertakings and obligations
contained in this Section&nbsp;shall survive the termination or expiration of this 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">Information Classification: Limited 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"></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">10A.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B>USE
OF DATA</B></FONT></P>

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

<P STYLE="text-align: justify; 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">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
connection with the provision of the Services and the discharge of its other obligations under this Agreement, the Administrator (which
term for purposes of this Section&nbsp; 10 </FONT>includes each of its parent company, branches and affiliates (&ldquo;Affiliates&rdquo;))
may collect and store information regarding a Trust or Fund and share such information with its Affiliates, agents and service providers
in order and to the extent reasonably necessary (i)&nbsp;to carry out the provision of Services contemplated under this Agreement and
other agreements between the Trust and the Administrator or any of its Affiliates and (ii)&nbsp;to carry out management of its businesses,
including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and
client service management.</P>

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

<P STYLE="text-align: justify; 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">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to paragraph (c)&nbsp;below, the Administrator and/or its Affiliates (except those Affiliates or business divisions principally engaged
in the business of asset management) may use any data or other information (&ldquo;Data&rdquo;) obtained by such entities in the performance
of their Services under this Agreement or any other agreement between a Trust and the Administrator or one of its Affiliates, including
Data regarding transactions and portfolio holdings relating to the Trust/Fund(s), and publish, sell, distribute or otherwise commercialize
the Data; provided that, unless the Trust otherwise consents, Data is combined or aggregated with information relating to (i)&nbsp;other
customers of the Administrator and/or its Affiliates or (ii)&nbsp;information derived from other sources, in each case such that any published
information will be displayed in a manner designed to prevent attribution to or identification of such Data with the Trust/Fund(s). Each
Trust agrees that Administrator and/or its Affiliates may seek to profit and realize economic benefit from the commercialization and use
of the Data, that such benefit will constitute part of the Administrator&rsquo;s compensation for services under this Agreement or such
other agreement, and the Administrator and/or its Affiliates shall be entitled to retain and not be required to disclose the amount of
such economic benefit and profit to the Trust/Fund(s).</FONT></P>

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

<P STYLE="text-align: justify; 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">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as expressly contemplated by this Agreement, nothing in this Section&nbsp;10A shall limit the confidentiality and Data protection obligations
of the Administrator and its Affiliates under this Agreement and applicable law. The Administrator shall cause any Affiliate, agent or
service provider to which it has disclosed Data pursuant to this Section&nbsp;10A to comply at all times with confidentiality and Data
protection obligations as if it were a party to this Agreement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.</B></FONT></TD><TD><B>COMPLIANCE WITH GOVERNMENTAL RULES AND REGULATIONS; RECORDS</B></TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
Trust assumes full responsibility for complying with all securities, tax, commodities and other laws, rules&nbsp;and regulations applicable
to it. The Administrator will materially comply with all laws applicable to the Administrator and all rules&nbsp;and regulations of governmental
authorities having jurisdiction over the Administrator (collectively, the &ldquo;Laws and Regulations&rdquo;), to the extent such Laws
and Regulations are directly applicable to Administrator and the Services performed by Administrator hereunder.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Administrator shall act in good faith to implement such changes to the Services as may be reasonably necessary to comply with changes
in laws or regulations directly applicable to the Administrator in providing the Services that become effective after the effective date
of this Agreement; provided, however, that prior to making any such change to the Services, </FONT>each Trust and the Administrator shall
negotiate in good faith any increase in fees payable to the Administrator. If a Trust notifies the Administrator in writing of changes
in laws or regulations applicable to the Trust, the Trust and Administrator shall negotiate in good faith any changes to the Services
(including the fees and expenses payable hereunder) necessary to support the Trust&rsquo;s compliance with those laws or regulations.
Each Trust and the Administrator shall, if practicable, work in good faith to have any changes in the Services (including the fees and
expenses payable hereunder) necessitated by changes in laws or regulations in place before the changes in law or regulations become effective.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
compliance with the requirements of Rule&nbsp;31a-3 under the 1940 Act, the Administrator agrees that all records which it maintains for
a Trust shall at all times remain the property of the Trust, shall be readily accessible and available upon reasonable request by officers,
employees, agents and auditors of the Trust during normal business hours, and shall be promptly surrendered upon the termination of the
Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for a Trust pursuant to
Rule&nbsp;31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule&nbsp;31a-2 under the 1940 Act unless any such
records are earlier surrendered as provided above. Records shall be provided in written or electronic form as reasonably consistent with
Administrator&rsquo;s practices with other registered management investment company clients of Administrator.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.</B></FONT></TD><TD><B>SERVICES NOT EXCLUSIVE</B></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: justify; text-indent: 1in">The Services of the Administrator
to the Trusts are not to be deemed exclusive, and the Administrator shall be free to render similar services to others. The Administrator
shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by a Trust from time
to time, have no authority to act or represent the Trust in any way or otherwise be deemed an agent of the Trust.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.</B></FONT></TD><TD><B>TERM, TERMINATION AND AMENDMENT</B></TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
Agreement shall become effective on the date of its execution and shall remain in full force and effect for a period of one (1)&nbsp;year
from the effective date (the &ldquo;Initial Term&rdquo;) and shall automatically continue in full force and effect after the Initial Term
unless and until terminated as set forth herein.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
Agreement may be terminated (i)&nbsp;at any time after the expiration of the Initial Term, without cause, by provision of a written notice
of termination to the other Party at least 120 days prior to the termination date, or (ii)&nbsp;at any time, (A)&nbsp;by mutual written
agreement of the Parties, or (B)&nbsp;for &ldquo;cause,&rdquo; as defined below and following any applicable notice and opportunity to
remedy requirements under that definition. For purposes of this Section&nbsp;13, &ldquo;cause&rdquo; shall mean (i)&nbsp;a material breach
(including non-payment of fees or expenses by a Trust other than by reason of a Good Faith Dispute) of this Agreement that has not been
remedied for thirty (30) days following written notice of such breach from the non-breaching Party; (ii)&nbsp;a final, unappealable judicial,
regulatory or administrative ruling or order in which the Party to be terminated has been found guilty of
criminal or unethical behavior in the conduct of its business; or (iii)&nbsp;the authorization or commencement of, or involvement by way
of pleading, answer, consent or acquiescence in, a voluntary or involuntary case against the other Party under Title 11 of the United
States Code, as from time to time is in effect, or any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation
or reorganization of debtors or to the modification or alteration of the rights of creditors.</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">Information Classification: Limited 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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">c.</FONT></TD><TD>Upon termination of this Agreement:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD>Each Trust shall pay to the Administrator such compensation and any reimbursable expenses as may be due under the terms hereof as
of the date of such termination; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD>the Administrator shall reasonably cooperate with the service provider designated by the Trust in the transfer of the terminated Services
to such other service provider in order to facilitate the transfer of the Services to such other service provider.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
assistance provided by the Administrator under Section&nbsp;13(c)(2)&nbsp;will be provided at the Trusts&rsquo; sole expense, unless this
Agreement is terminated: (i)&nbsp;by mutual written agreement of the Parties pursuant to Section&nbsp;13(b)(ii)(A), whereby the Parties
will cooperate in good faith to agree to reasonable apportionment of the costs of termination expenses; or (ii)&nbsp;by the Administrator
pursuant to Section&nbsp;13(b)(i)&nbsp;or by the Trusts pursuant to Section&nbsp;13(b)(ii)(B), in which case the reasonable costs of such
assistance provided by the Administrator shall be provided at Administrator&rsquo;s sole expense.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
Agreement may be modified or amended from time to time by mutual written agreement of the Parties hereto.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14.</B></FONT></TD><TD><B>NOTICES</B></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: justify; text-indent: 1in">Any notice or other communication
authorized or required by this Agreement to be given to either Party shall be in writing and deemed to have been given when delivered
in person or by confirmed facsimile, by overnight delivery through a commercial courier service, or posted by certified mail, return receipt
requested, to the following address (or such other address as a Party may specify by written notice to the other):</P>

<P STYLE="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">If to a 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 0pt 1in">c/o Calamos Advisors LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">2020 Calamos Court</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Naperville,&nbsp;Illinois 60563</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: Legal Department</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information Classification: Limited 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"></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 1in">If to the Administrator:</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif">S</FONT>TATE
STREET BANK AND TRUST COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">One Iron Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Boston, MA 02111</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Scott Shirrell, Vice President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Telephone: 617-662-0010</P>

<P STYLE="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">with a copy 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 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">S</FONT>TATE
STREET BANK AND TRUST COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Legal Division &ndash; Global Services Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">One Lincoln
Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Boston, MA 02110</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Senior Vice President and Senior Managing Counsel</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.</B></FONT></TD><TD><B>NON-ASSIGNABILITY</B></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: justify; text-indent: 1in">This Agreement shall not be
assigned by any Party hereto without the prior consent in writing of the other Parties, except that the a Party may assign this Agreement
to a successor of all or a substantial portion of its business, or to a party controlling, controlled by or under common control with
such Party.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>16.</B></FONT></TD><TD><B>SUCCESSORS</B></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: justify; text-indent: 1in">This Agreement shall be binding
on and shall inure to the benefit of each Trust and the Administrator and their respective successors and permitted assigns.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>17.</B></FONT></TD><TD><B>ENTIRE AGREEMENT</B></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: justify; text-indent: 1in">This Agreement, including the
Schedule and separate Fee Schedule, together with any written agreement of the parties entered into pursuant to Section&nbsp;5 or Section&nbsp;9
of even date herewith, contains the entire understanding between the Parties hereto with respect to the subject matter hereof and supersedes
all previous representations, warranties or commitments regarding the Services to be performed hereunder whether oral or in writing, including,
for the avoidance of doubt, the Sub-Administration Agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>18.</B></FONT></TD><TD><B>WAIVER</B></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: justify; text-indent: 1in">The failure of a Party to insist
upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such Party of
the right thereafter to insist upon strict adherence to that term or any term of this Agreement. Any waiver must be in writing signed
by the waiving Party.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>19.</B></FONT></TD><TD><B>SEVERABILITY</B></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: justify; text-indent: 1in">If any provision of this Agreement
is invalid or unenforceable, the balance of the Agreement shall remain in effect, and if any provision is inapplicable to any person or
circumstance it shall nevertheless remain applicable to all other persons and circumstances.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>20.</B></FONT></TD><TD><B>GOVERNING LAW</B></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: justify; text-indent: 1in">This Agreement shall be construed
and the provisions thereof interpreted under and in accordance with the laws of the Commonwealth of Massachusetts</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>21.</B></FONT></TD><TD><B>DELEGATION</B></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: justify; text-indent: 0.5in">The Administrator shall retain
the right to employ agents, subcontractors, consultants and other third parties, including, without limitation, affiliates (each, a &ldquo;Delegate&rdquo;
and collectively, the &ldquo;Delegates&rdquo;) to provide or assist it in the provision of any part of the services stated herein or the
discharge of any other obligations or duties under this Agreement without the consent or approval of the Trust. The Administrator shall
be responsible for the acts and omissions of any such Delegate so employed as if the Administrator had committed such acts and omissions
itself. The Administrator shall be responsible for the compensation of its Delegates.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>22.</B></FONT></TD><TD><B>DATA PROTECTION</B></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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Administrator shall implement and maintain a comprehensive written information security program that contains appropriate security measures
to safeguard the personal information of the Trust&rsquo;s shareholders, employees, directors and/or officers that the Administrator receives,
stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, &ldquo;personal
information&rdquo; shall mean (</FONT>i)&nbsp;an individual&rsquo;s name (first initial and last name or first name and last name), address
or telephone number <U>plus </U>(a)&nbsp;social security number, (b)&nbsp;driver&rsquo;s license number, (c)&nbsp;state identification
card number, (d)&nbsp;debit or credit card number, (e)&nbsp;financial account number or (f)&nbsp;personal identification number or password
that would permit access to a person&rsquo;s account or (ii)&nbsp;any combination of the foregoing that would allow a person to log onto
or access an individual&rsquo;s account. Notwithstanding the foregoing &ldquo;personal information&rdquo; shall not include information
that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available
to the general public.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>23.</B></FONT></TD><TD><B>REPRODUCTION OF DOCUMENTS</B></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: justify; text-indent: 1in">This Agreement and all schedules,
exhibits, attachments and amendments hereto may be reproduced by any photographic, xerographic, photostatic, microfilm, micro-card, miniature
photographic or other similar process. The Parties hereto agree that any such reproduction shall be admissible in evidence as the original
itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction
was made by a Party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction
shall likewise be admissible in evidence.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>24.</B></FONT></TD><TD><B>COUNTERPARTS</B></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: justify; text-indent: 1in">This Agreement may be executed
by the Parties hereto on any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and
the same 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">Information Classification: Limited 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"></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 1in; text-indent: 0.5in">IN WI1NESS WHEREOF, the Parties hereto
have caused this Agreement to be executed by their officers designated below 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="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">EACH TRUST IDENTIFIED ON SCHEDULE A HERETO ON BEHALF OF ITSELF OR ITS FUND(S)</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%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Curtis Holloway</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name:&#8239;&#8239;&#8239;Curtis Holloway</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title:&#8239;&#8239;&#8239;Chief Financial Officer and Treasurer</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>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">STATE STREET BANK AND TRUST COMPANY</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>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> /s/ Andrew Erickson</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Andrew Erickson</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Executive Vice 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"></P>

<!-- Field: Page; Sequence: 15 -->
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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>ADMINISTRATION AGREEMENT</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>SCHEDULE A</B></P>

<P STYLE="font: 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>LIST OF FUNDS</B></P>

<P STYLE="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"><B><U>O</U></B></FONT><B><U>PEN-END
FUNDS</U></B></P>

<P STYLE="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>C</B></FONT><B><FONT STYLE="font-size: 10pt">ALAMOS
</FONT>A<FONT STYLE="font-size: 10pt">DVISORS </FONT>T<FONT STYLE="font-size: 10pt">RUST</FONT></B></P>

<P STYLE="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">Calamos Growth and Income 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"><B>C</B></FONT><B><FONT STYLE="font-size: 10pt">ALAMOS
</FONT>I<FONT STYLE="font-size: 10pt">NVESTMENT </FONT>T<FONT STYLE="font-size: 10pt">RUST</FONT></B></P>

<P STYLE="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">Calamos Convertible Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Calamos Dividend Growth Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">Calamos Evolving World Growth Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">Calamos Emerging Market Equity Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">Calamos Global Convertible Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">Calamos Global Equity Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Calamos Global Growth and Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Calamos Growth Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Calamos Growth and Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Calamos Hedged Equity Income
Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Calamos High Income Opportunities Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Calamos International Growth Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Calamos Market Neutral Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Calamos Opportunistic
Value Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Calamos Phineus Long/Short Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Calamos Total Return Bond Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Calamos Short-Term Bond 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"><B><U>C</U></B></FONT><B><U>LOSED-END
FUNDS</U></B></P>

<P STYLE="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>C</B></FONT><B><FONT STYLE="font-size: 10pt">ALAMOS
</FONT>C<FONT STYLE="font-size: 10pt">ONVERTIBLE </FONT>O<FONT STYLE="font-size: 10pt">PPORTUNITIES AND </FONT>I<FONT STYLE="font-size: 10pt">NCOME
</FONT>F<FONT STYLE="font-size: 10pt">UND</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><FONT STYLE="font-size: 10pt"></FONT>C<FONT STYLE="font-size: 10pt">ALAMOS </FONT>C<FONT STYLE="font-size: 10pt">ONVERTIBLE
AND </FONT>H<FONT STYLE="font-size: 10pt">IGH </FONT>I<FONT STYLE="font-size: 10pt">NCOME </FONT>F<FONT STYLE="font-size: 10pt">UND</FONT></B></P>

<P STYLE="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>C</B></FONT><B><FONT STYLE="font-size: 10pt">ALAMOS
</FONT>S<FONT STYLE="font-size: 10pt">TRATEGIC </FONT>T<FONT STYLE="font-size: 10pt">OTAL </FONT>R<FONT STYLE="font-size: 10pt">ETURN
</FONT>F<FONT STYLE="font-size: 10pt">UND </FONT></B></P>

<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"><B>C<FONT STYLE="font-size: 10pt">ALAMOS </FONT>G<FONT STYLE="font-size: 10pt">LOBAL </FONT>T<FONT STYLE="font-size: 10pt">OTAL
</FONT>R<FONT STYLE="font-size: 10pt">ETURN </FONT>F<FONT STYLE="font-size: 10pt">UND</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><FONT STYLE="font-size: 10pt"></FONT>C<FONT STYLE="font-size: 10pt">ALAMOS </FONT>G<FONT STYLE="font-size: 10pt">LOBAL
</FONT>D<FONT STYLE="font-size: 10pt">YNAMIC </FONT>I<FONT STYLE="font-size: 10pt">NCOME </FONT>F<FONT STYLE="font-size: 10pt">UND</FONT></B></P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C</B></FONT><B><FONT STYLE="font-size: 10pt">ALAMOS
</FONT>D<FONT STYLE="font-size: 10pt">YNAMIC </FONT>C<FONT STYLE="font-size: 10pt">ONVERTIBLE AND </FONT>I<FONT STYLE="font-size: 10pt">NCOME
</FONT>F<FONT STYLE="font-size: 10pt">UND</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><FONT STYLE="font-size: 10pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><FONT STYLE="font-size: 10pt"></FONT>C<FONT STYLE="font-size: 10pt">ALAMOS </FONT>L<FONT STYLE="font-size: 10pt">ONG</FONT>/S<FONT STYLE="font-size: 10pt">HORT
</FONT>E<FONT STYLE="font-size: 10pt">QUITY&nbsp;</FONT>&amp; I<FONT STYLE="font-size: 10pt">NCOME </FONT>2028 T<FONT STYLE="font-size: 10pt">ERM
</FONT>T<FONT STYLE="font-size: 10pt">RUST</FONT></B></P>

<P STYLE="font: 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>ADMINISTRATION AGREEMENT</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>SCHEDULE 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>LIST OF SERVICES</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif">I.</FONT></TD><TD>Fund Administration Treasury Services as described in Schedule B1 attached hereto;</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">Information Classification: Limited 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"></P>

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<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"><B>Schedule B1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 167pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left"><B><U>Fund Administration
Treasury Services</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: justify">Prepare for the review by designated officer(s)&nbsp;of the Trust financial information regarding the Fund(s)&nbsp;that will be included
in the Trust&rsquo;s semi-annual and annual shareholder reports, Form&nbsp;N-Q reports, in each case as they may be amended from time
to time, and other quarterly reports (as mutually agreed upon), including tax footnote disclosures where applicable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">b.</FONT></TD><TD STYLE="text-align: justify">Coordinate the audit of the Trust&rsquo;s financial statements by the Trust&rsquo;s independent accountants, including the preparation
of supporting audit workpapers and other schedules, and make such reports and recommendations to the Board of Trustees of the Trust (&ldquo;Board&rdquo;)
(or the Audit Committee of the Board (&ldquo;Audit Committee&rdquo;)) concerning the performance of the independent accountants as the
Board or the Audit Committee may reasonably request;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">c.</FONT></TD><TD STYLE="text-align: justify">Prepare for the review by designated officer(s)&nbsp;of the Trust financial information required by Form&nbsp;N-1A (or Form&nbsp;N-2
as mutually agreed upon), proxy statements and such other reports, forms or filings as may be mutually agreed upon;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">d.</FONT></TD><TD STYLE="text-align: justify">Prepare for the review by designated officer(s)&nbsp;of the Trust annual fund expense budgets (with monthly review), perform accrual
analyses and rollforward calculations and recommend changes to fund expense accruals on a periodic basis, arrange for payment of the Trust&rsquo;s
expenses, review calculations of fees paid to the Trust&rsquo;s Adviser, custodian, fund accountant, distributor and transfer agent, review
calculations of other expenses paid by the Trust, and obtain authorization of accrual changes and expense payments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">e.</FONT></TD><TD STYLE="text-align: justify">Provide periodic testing of the Fund(s)&nbsp;with respect to compliance with Section&nbsp;5(b)(1)&nbsp;of the 1940 Act (no less than
quarterly) and limited periodic testing with respect to Section&nbsp;18 of the 1940 Act, as mutually agreed upon;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">f.</FONT></TD><TD STYLE="text-align: justify">Calculate estimates of income and expenses and prepare annual dividend projections to assist the Trust with dividend determinations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">g.</FONT></TD><TD STYLE="text-align: justify">Prepare and disseminate vendor survey information;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">h.</FONT></TD><TD STYLE="text-align: justify">Prepare and coordinate the filing of Rule&nbsp;24f-2 notices, including coordination of payment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">i.</FONT></TD><TD STYLE="text-align: justify">Provide the following closed-end fund Services as mutually agreed upon (1)&nbsp;specific compliance and reporting requirements relating
to debt covenants (2)&nbsp;complete schedules for reporting to the Trust and/or its Adviser on closed-end fund leverage, compliance and
activity, (3)&nbsp;prepare periodic financial statements and holding reports; (4)&nbsp;prepare and furnish financial information for inclusion
in prospectuses; (5)&nbsp;closed-end fund dividend calculation
schedules and other related schedules, and (6)&nbsp;other closed-end services;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">j.</FONT></TD><TD STYLE="text-align: justify">Prepare and furnish Board materials related to the Services, as mutually agreed upon;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">k.</FONT></TD><TD STYLE="text-align: justify">Provide sub-certificates in connection with the certification requirements of the Sarbanes-Oxley Act of 2002 with respect to the services
provided by the Administrator;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">l.</FONT></TD><TD STYLE="text-align: justify">Maintain certain books and records of the Trust as required under Rule&nbsp;31a-1(b)&nbsp;of the 1940 Act, as may be mutually agreed
upon; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">m.</FONT></TD><TD STYLE="text-align: justify">Consult with the Authorized Persons and the Trust&rsquo;s independent accountants, legal counsel, custodian, fund accountant, distributor,
and transfer agent in establishing the accounting policies of the Trust.</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">Information Classification: Limited Access</P>

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

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

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<DOCUMENT>
<TYPE>EX-99.(K)(3)
<SEQUENCE>12
<FILENAME>tm2119043d1_ex99-k3.htm
<DESCRIPTION>EXHIBIT 99.(K)(3)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin-top: 0; margin-right: 0; margin-bottom: 0"><B>Exhibit 99.k.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&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: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="tm2119043d1_ex99-k3img001.jpg" ALT="" STYLE="height: 61px; width: 63px"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Building a better</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">working world</P></TD>
    <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ernst&nbsp;&amp; Young LLP </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">155 N Wacker Drive Chicago,&nbsp;IL 60606</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +1 312 879 20 00</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax: +1 312 879 4000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ey.com</P></TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&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%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Curtis Holloway</FONT></TD>
    <TD STYLE="text-align: center; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October&nbsp;15,
    2018</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calamos Investment Trust, Calamos Closed-End Funds
    and Calamos Advisors Trust</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020 Calamos Court</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Naperville,&nbsp;IL 60563</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Dear Mr.&nbsp;Holloway <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Thank you for choosing Ernst&nbsp;&amp;
Young LLP (&quot;we&quot; or &quot;EY&quot;) to perform professional services (the &quot;Services&quot;) for Calamos Investment Trust,
comprised of the funds which are listed in Appendix I, Calamos Closed-End Funds, comprised of the funds which are listed in Appendix
I, and Calamos Advisors Trust, comprised solely of the Calamos Growth and Income Portfolio (&quot;you&quot; or &quot;Client &quot;).
We appreciate the opportunity to assist you and look forward to working with you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">For each project that we agree
to undertake for you, we will prepare a Statement of Work describing the particular Services (as defined in each such Statement of Work),
as well as any advice, presentations, or filings to be made, our fees therefor, and any other project-specific arrangements. All of the
Services will be subject to the terms and conditions of this letter, its attachments, including the General Terms and Conditions, and
the applicable Statement of Work (together , this &quot; Agreement &quot;). Except for a claim seeking solely injunctive relief , any
dispute or claim arising out of or relating to this Agreement, the Services or any other services provided by us or on our behalf to
you shall be resolved by mediation and arbitration as set forth in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We may enter into Statements
of Work with you for a period of five years following the date of this Agreement, although we may agree with you to extend that period,
including by executing additional Statements of Work referencing this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Please sign this Agreement
in the space provided below to indicate your agreement with these arrangements and return it to Ryan Ross &lt;Ryan.Ross@ey.com&gt; at
your earliest convenience. If you have any questions about any of these materials, please do not hesitate to contact Ryan Ross so that
we can address any issues you identify before we begin to provide any Services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Very truly yours,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2119043d1_ex99-k3img002.jpg" ALT="" STYLE="height: 45px; width: 174px"></FONT></P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="color: #1F1F1F">EY </FONT><FONT STYLE="color: #343434">LLP </FONT><FONT STYLE="color: #1F1F1F">Main Agree</FONT><FONT STYLE="color: #050505">m</FONT><FONT STYLE="color: #1F1F1F">ent USOO </FONT><FONT STYLE="color: #050505">I </FONT><FONT STYLE="color: #1F1F1F">0725</FONT><FONT STYLE="color: #050505">1</FONT><FONT STYLE="color: #1F1F1F">7</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="color: #1F1F1F">CALAMOS INVESTMENT TRUST</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: rgb(31,31,31)">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --> of9</P></DIV>
    <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-top: 0pt; margin-right: 0; margin-bottom: 0pt">&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: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="tm2119043d1_ex99-k3img001.jpg" ALT="" STYLE="height: 61px; width: 63px"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Building a better</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">working world</P></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="image_002.gif" ALT="" STYLE="height: 2px; width: 3px">Accepted
and agreed to by Calamos Investment Trust, Calamos Closed-End Funds, and Calamos Advisors Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&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: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Curtis Holloway</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Curtis Holloway </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;CFO&nbsp;&amp; Treasurer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>General
Terms and Conditions</B></P>

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

<DIV STYLE="float: left; width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Our relationship
with you</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: left"><IMG SRC="image_001.gif" ALT="" STYLE="height: 2px; width: 2px">We
                                            will perform the Services in accordance with applicable professional standards, including
                                            those established by the American Institute of Certified Public Accountants <B>(&quot;AICPA&quot;).</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">2.</TD><TD STYLE="text-align: left">We are a member of
                                            the global network of Ernst&nbsp;&amp; Young firms <B>(&quot;EY Firms&quot;), </B>each of
                                            which is a separate legal entity.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">3.</TD><TD STYLE="text-align: left">We will provide the
                                            Services to you as an independent contractor and not as your employee, agent, partner or
                                            joint venture. Neither you nor we have any right, power or authority to bind the other.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">4.</TD><TD STYLE="text-align: left">We may subcontract
                                            portions of the Services to other EY Finns, who may deal with you directly. Nevertheless,
                                            we alone will be responsible to you for the Reports (as defined in Section&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">11),
                                            </FONT>the performance of the Services, the other EY firms, and our other obligations under
                                            this Agreement. From time to time, non-CPA personnel may perform the Services.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: left">We
                                            will not assume any of your management responsibilities in connection with the Services.
                                            We will not be responsible for the use or implementation of the output of the Services, although
                                            we may otherwise provide advice and recommendations to assist you in your management functions
                                            and making decisions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Your responsibilities</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">6.</TD><TD STYLE="text-align: left">You shall assign
                                            a qualified person to oversee the Services. You are responsible for all management decisions
                                            relating to the Services, the use or implementation of the output of the Services and for
                                            determining whether the Services are appropriate for your purposes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">7.</TD><TD STYLE="text-align: left">You shall provide
                                            (or cause others to provide) to us, promptly, the information, resources and assistance (including
                                            access to records, systems, premises and people) that we reasonably require to perform the
                                            Services.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">8.</TD><TD STYLE="text-align: left">To the best of your
                                            knowledge, all information provided by you or on your behalf <B>(&quot;Client Information&quot;)
                                            </B>will be accurate and complete in all material respects. The provision of Client Information
                                            to us will not infringe any copyright or other third-party rights.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">9.</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                            </FONT>will rely on Client Information made available to us and, unless we expressly agree
                                            otherwise, will have no responsibility to evaluate or verify it.</TD></TR></TABLE>

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

</DIV>

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

<DIV STYLE="float: right; width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.55pt">10.</TD><TD STYLE="text-align: left">You shall be responsible
                                            for your personnel's compliance with your obligations under this Agreement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Our Reports</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.55pt">11.</TD><TD STYLE="text-align: left">Any information,
                                            advice, recommendations or other content of any reports, presentations or other communications
                                            we provide under this Agreement <B>(&quot;Reports&quot;), </B>other than Client Information,
                                            are for your internal use only (consistent with the purpose of the particular Services).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.55pt">12.</TD><TD STYLE="text-align: left">You may not disclose
                                            a Report (or any portion or summary of a Report) externally (including to your affiliates)
                                            or refer to us or to any other EY Finn in connection with the Services , except:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.55pt"></TD><TD STYLE="text-align: left; width: 12.25pt">(a)</TD><TD STYLE="text-align: left">to
                                            your lawyers (subject to these disclosure restrictions), who may review it only to give you
                                            advice relating to the Services,</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
                                                                              <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left">to
                                            the e<FONT STYLE="font-size: 10pt">xtent, and for the purposes, required by subpoena or similar
                                            legal process (of which you will promptly notify us),</FONT></TD></TR>
                                                                              </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.55pt"></TD><TD STYLE="text-align: left; width: 12.25pt">(c)</TD><TD STYLE="text-align: left">to
                                            other persons (including your affiliates) with our prior written consent, who have executed
                                            an access letter substantially in the form we prescribe, or</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: left">to
                                            the extent it contains Tax Advice<FONT STYLE="font-size: 10pt">, as set forth in Section&nbsp;13.</FONT></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">If you are permitted to disclose a Report (or a portion
                                        thereof) externally, you shall not alter, edit or modify it from the form we provided.</TD></TR>
                                                                                                                                          </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.55pt">13.</TD><TD STYLE="text-align: left">You may disclose
                                            to anyone a Report (or a portion thereof) solely to the extent that it relates to <FONT STYLE="font-family: Times New Roman, Times, Serif">tax
                                            </FONT>matters, including tax advice, tax opinions, tax returns, or the tax treatment or
                                            tax structure of any transaction to which the Services relate <B>(&quot;Tax Advice&quot;).
                                            </B>With the exception of tax authorities, you shall inform those to whom you disclose Tax
                                            Advice that they may not rely on it for any purpose without our prior written consent.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.55pt">14.</TD><TD STYLE="text-align: left">You may incorporate
                                            into documents that you intend to disclose externally EY summaries, calculations or tables
                                            based on Client Information contained in a Report, but not our recommendations, conclusions
                                            or findings. However, you must assume sole responsibility for the contents of those documents
                                            and not refer to us or any other EY Firm in connection with them. This provision does not
                                            affect your ability to circulate Reports internally.</TD></TR></TABLE>

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

</DIV>

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

<DIV STYLE="clear: both; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="color: #1F1F1F">EY </FONT><FONT STYLE="color: #343434">LLP </FONT><FONT STYLE="color: #1F1F1F">Main Agree</FONT><FONT STYLE="color: #050505">m</FONT><FONT STYLE="color: #1F1F1F">ent USOO</FONT> <FONT STYLE="color: #050505">t </FONT><FONT STYLE="color: #1F1F1F">0725 t 7</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="color: #1F1F1F">CALAMOS INVESTMENT TRUST</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: rgb(31,31,31)">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of9</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="float: left; width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">15.</TD><TD STYLE="text-align: left">You may not rely
                                            on any draft Report. We shall not be required to update any final Report for circumstances
                                            of which we become aware, or events occurring, after its delivery.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Limitations</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">16.</TD><TD STYLE="text-align: left"><IMG SRC="image_003.gif" ALT="" STYLE="height: 3px; width: 2px">Neither
                                            you (and any others for whom Services are provided) nor we may recover from the other party,
                                            in contract or tort, under statute or otherwise, any consequential, incidental, indirect,
                                            punitive or special damages in connection with claims arising out of this Agreement or otherwise
                                            relating to the Services, including any amount for loss of profit, data or goodwill, whether
                                            or not the likelihood of such loss or damage was contemplated.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">17.</TD><TD STYLE="text-align: left">You (and any others
                                            for whom Services are provided) may not recover from us, in contract or tort, under statute
                                            or otherwise, aggregate damages in excess of the fees actually paid for the Services that
                                            directly caused the loss in connection with claims arising out of this Agreement or otherwise
                                            relating to the Services. This limitation will not apply to losses caused by our fraud or
                                            willful misconduct or to the extent prohibited by applicable law or professional regulations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">18.</TD><TD STYLE="text-align: left">You shall make any
                                            claim relating to the Services or otherwise under this Agreement no later than two years
                                            after you became aware (or ought reasonably to have become aware) of the facts giving rise
                                            to any alleged such claim and in any event, no later than two years after the completion
                                            of the particular Services. This limitation will not apply to the extent prohibited by applicable
                                            law or professional regulations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">19.</TD><TD STYLE="text-align: left">You may not make
                                            a claim or bring proceedings relating to the Services or otherwise under this Agreement against
                                            any other EY Firm or our or its subcontractors, members, shareholders, directors, officers,
                                            partners, principals or employees <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(&quot;EY
                                            </B></FONT><B>Persons&quot;). </B>You shall make any claim or bring proceedings only against
                                            us. The provisions of Sections 16 through 20 are intended to benefit the other EY Firms and
                                            all EY Persons, who shall be entitled to enforce them.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Indemnity</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">20.</TD><TD STYLE="text-align: left">To the fullest extent
                                            permitted by applicable law and professional regulations, you shall indemnify us, the other
                                            EY Firms and the EY Persons against all claims by third parties (including your affiliates
                                            and attorneys) and resulting liabilities, losses, damages, costs and expenses (including
                                            reasonable external and internal legal costs) arising out of the disclosure of any Report
                                            (other than Tax Advice) or a third party's use of or reliance on any Report (including Tax
                                            Advice) disclosed to it by you or at your request.</TD></TR></TABLE>

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

</DIV>

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

<DIV STYLE="float: right; width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">To the fullest extent permitted by applicable
law and professional regulations, EY shall indemnify, hold harmless, and defend Client and its officers directors employees, agents,
affiliates, successors and permitted assigns (collectively, the &quot;Client Indemnified Party&quot;) against all claims by third parties
and resulting liabilities, losses, damages, costs and expenses (including reasonable legal costs) arising out of (a)&nbsp;any bodily
injury to or death of, or any physical damage to tangible property of, any Client Indemnified Parties to the extent that such injury
or damage results from the negligent or intentionally wrongful act or omission of EY in connection with the Services, or (b)&nbsp;the
infringement by any Report upon any copyright, trademark, trade secret or U.S. patent ofa third party, provided that EY shall have no
indemnification obligation under clause (b)&nbsp;of this paragraph to the extent that the infringement arises out of or results from
Client Information, use of the Reports other than as contemplated in this Agreement and the applicable SOW, any modification to the Reports
by anyone other than EY, or EY's compliance with Client's designs, specifications, requests or instructions in the creation of the Reports.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Intellectual
property rights</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 17.5pt">21.</TD><TD STYLE="text-align: left">We may use data,
                                            software, designs, utilities, tools, models, systems and other methodologies and know how
                                            that we own or license <B>(&quot;Materials&quot;) </B>in performing the Services. Notwithstanding
                                            the delivery of any Reports, we retain all intellectual property rights in the Materials
                                            (including any improvements or knowledge developed while performing the Services), and in
                                            any working papers compiled in connection with the Services (but not Client Information reflected
                                            in them).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 17.7pt">22.</TD><TD STYLE="text-align: left">Upon payment for
                                            particular Services and subject to the other terms of this Agreement, you may use the Reports
                                            relating to those Services, as well as any Materials owned by us that are included therein,
                                            solely to the extent necessary to use the Reports.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Confidentiality</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 17.8pt">23.</TD><TD STYLE="text-align: left">Except as otherwise
                                            permitted by this Agreement, neither of us may disclose to third parties the contents of
                                            this Agreement or any information (other than Tax Advice) provided by or on behalf of the
                                            other that ought reasonably to be treated as confidential and/or proprietary. Either of us
                                            may, however , disclose such information to the extent that it:</TD></TR></TABLE>

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

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<DIV STYLE="clear: both; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="color: #1F1F1F">EY </FONT><FONT STYLE="color: #343434">LLP </FONT><FONT STYLE="color: #1F1F1F">Main Agree</FONT><FONT STYLE="color: #050505">m</FONT><FONT STYLE="color: #1F1F1F">ent USOO </FONT><FONT STYLE="color: #050505">I </FONT><FONT STYLE="color: #1F1F1F">0725</FONT><FONT STYLE="color: #050505">1</FONT><FONT STYLE="color: #1F1F1F">7</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="color: #1F1F1F">CALAMOS INVESTMENT TRUST</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: rgb(31,31,31)">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of9</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="float: left; width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 16.68pt"></TD><TD STYLE="width: 12.25pt; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">is
                                            or becomes public other than through a breach of this Agreement,</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 16.68pt"></TD><TD STYLE="width: 12.25pt; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">is
                                            subsequently received by the recipient from a third party who, to the recipient's knowledge,
                                            owes no obligation of confidentiality to the disclosing party with respect to that information,</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 16.68pt"></TD><TD STYLE="width: 12.25pt; text-align: left"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">was
                                            known to the recipient at the time of disclosure or is thereafter created independently,</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt"></TD><TD STYLE="text-align: left; width: 12.25pt">(d)</TD><TD STYLE="text-align: left">is
                                            disclosed as necessary to enforce the recipient's rights under this Agreement, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt"></TD><TD STYLE="text-align: left; width: 12.25pt">(e)</TD><TD STYLE="text-align: left"><IMG SRC="image_001.gif" ALT="" STYLE="height: 2px; width: 2px">must
                                            be disclosed under applicable law, legal process or professional regulations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">24.</TD><TD STYLE="text-align: left">Either of us may
                                            use electronic media to correspond or transmit information and such use will not in itself
                                            constitute a breach of any confidentiality obligations under this Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">25.</TD><TD STYLE="text-align: left">Unless prohibited
                                            by applicable law , we may provide Client Information to other EY Firms (which are listed
                                            at <U>www.ey.com</U>) and EY Persons, as well as external third parties providing services
                                            on our or their behalf, who may collect, use, transfer, store or otherwise process (collectively,
                                            <B>&quot;Process&quot;) </B>it in various jurisdictions in which they operate in order to
                                            facilitate performance of the Services, to comply with regulatory requirements, to check
                                            conflicts, to provide financial</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
                                                                                     <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">accounting and other administrative support
services or for quality and risk management purposes. We shall be responsible to you for maintaining the confidentiality of Client Information,
regardless of where or by whom such information is processed on our behalf.</TD></TR>
                                                                                     </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">26.</TD><TD STYLE="text-align: left">With respect to
                                            any Services, if U.S. Securities and Exchange Commission auditor independence requirements
                                            apply to the relationship between you or any of your associated entities and any EY Firm,
                                            you represent, to the best of your knowledge, as of the date of this Agreement and as of
                                            the date of each Statement of Work hereunder, that neither you nor any of your affiliates
                                            has agreed, either orally or in writing, with any other advisor to restrict your ability
                                            to disclose to anyone the tax treatment or tax structure of any transaction to which the
                                            Services relate. An agreement of this kind could impair an EY Firm' s independence as to
                                            your audit or that of any of your affiliates, or require specific tax disclosures as to those
                                            restrictions. Accordingly, you agree that the impact of any such agreement is your responsibility.</TD></TR></TABLE>

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

</DIV>

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

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

<DIV STYLE="float: right; width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Data protection</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">27.</TD><TD STYLE="text-align: left">If we Process Client Information that can be linked
                                            to specific individuals <B>(&quot;Personal Data&quot;), </B>we will Process it in accordance
                                            with Section&nbsp;25 of this Agreement, as well as applicable law and professional regulations,
                                            including, where applicable, the EU-U.S. Privacy Shield Framework and the Swiss-U.S. Privacy
                                            Shield Framework, each administered by the U.S. Department of Commerce and to which EY has
                                            self-certified (collectively, the &quot;Privacy Shield Framework&quot;) . Further information
                                            (including disclosures required by the Privacy Shield Framework) is set out at www.ey.com/us/privacyshield.
                                            We will require any service provider that Processes Personal Data on our behalf to provide
                                            at least the same level of protection for such data as is required by the Privacy Shield
                                            Framework and other legal and regulatory requirements applicable to us. If any Client Information
                                            is protected health information under the Health Insurance Portability and Accountability
                                            Act, as amended, this Agreement is deemed to incorporate all of the terms otherwise required
                                            to be included in a business associate contract relating to such information.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">28.</TD><TD STYLE="text-align: left">You warrant that you
                                            have the authority to provide the Personal Data to us in connection with the performance
                                            of the Services and that the Personal Data provided to us has been processed in accordance
                                            with applicable law. In order to provide the Services, we may need to access Personal Data
                                            consisting of protected health information, financial account numbers, Social Security or
                                            other government-issued identification numbers, or other data that, if disclosed without
                                            authorization, would trigger notification requirements under applicable law (&quot;Restricted
                                            Personal Data&quot;). In the event that we need access to such information, you will consult
                                            with us on appropriate measures (consistent with professional standards applicable to us)
                                            to protect the Restricted Personal Data, such as deleting or masking unnecessary information
                                            before <B>it </B>is made available to us, encrypting any data transferred to us, or making
                                            the data available for on-site review at a Client site. You will provide us with Restricted
                                            Personal Data only in accordance with mutually agreed protective measures.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Fees and
expenses generally</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">29.</TD><TD STYLE="text-align: left">You shall pay our
                                            professional fees and specific expenses in connection with the Services as detailed in the
                                            applicable Statement of Work. You shall also reimburse us for other reasonable expenses incurred
                                            in performing the Services. Our fees are exclusive of taxes or similar charges, as well as
                                            customs, duties or tariffs imposed in respect of the Services, all of which you shall pay
                                            (other than taxes imposed on our income generally). Unless otherwise set forth in the applicable Statement of Work, payment is due within
30 days following receipt of each of our invoices. We may receive rebates in connection with certain purchases, which we use to reduce
charges that we would otherwise pass on to you.</TD></TR></TABLE>

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

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<DIV STYLE="clear: both; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="color: #1F1F1F">EY </FONT><FONT STYLE="color: #343434">LLP </FONT><FONT STYLE="color: #1F1F1F">Main Agree</FONT><FONT STYLE="color: #050505">m</FONT><FONT STYLE="color: #1F1F1F">ent USOO </FONT><FONT STYLE="color: #050505">I </FONT><FONT STYLE="color: #1F1F1F">0725</FONT><FONT STYLE="color: #050505">1</FONT><FONT STYLE="color: #1F1F1F">7</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="color: #1F1F1F">CALAMOS INVESTMENT TRUST</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: rgb(31,31,31)">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> of9</P></DIV>
    <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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 15px; width: 59px"></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>EY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Building
a better</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">working world</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<DIV STYLE="float: left; width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">30.</TD><TD STYLE="text-align: left"><IMG SRC="image_003.gif" ALT="" STYLE="height: 3px; width: 2px">We
                                            may charge additional professional fees if events beyond our control (including your acts
                                            or omissions) affect our ability to perform the Services as originally planned or if you
                                            ask us to perform additional tasks.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">31.</TD><TD STYLE="text-align: left">Ifwe are required
                                            by applicable law, legal process or government action to produce information or personnel
                                            as witnesses with respect to the Services or this Agreement, you shall reimburse us for any
                                            professional time and expenses (including reasonable external and internal legal costs) incurred
                                            to respond to the request, unless we are a party to the proceeding or the subject of the
                                            investigation.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Force
majeure</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">32.</TD><TD STYLE="text-align: left"><IMG SRC="image_001.gif" ALT="" STYLE="height: 2px; width: 2px">Neither
                                            you nor we shall be liable for breach of this Agreement (other than payment obligations)
                                            caused by circumstances beyond your or our reasonable control.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Term and
termination</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">33.</TD><TD STYLE="text-align: left">This Agreement applies
                                            to the Services whenever performed (including before the date of this Agreement).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">34.</TD><TD STYLE="text-align: left">This Agreement shall
                                            terminate upon the completion of the Services. Either of us may terminate it, or any particular
                                            Services, earlier upon 30 days' prior written notice to the other. In addition, we may terminate
                                            this Agreement, or any particular Services, immediately upon written notice to you if we
                                            reasonably determine that we can no longer provide the Services in accordance with applicable
                                            law or professional obligations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">35.</TD><TD STYLE="text-align: left">You shall pay us
                                            for all work-in-progress, Services already performed, and expenses incurred by us up to and
                                            including the effective date of the termination of this Agreement. Payment is due within
                                            30 days following receipt of our invoice for these amounts, unless in good faith dispute
                                            among the parties.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">36.</TD><TD STYLE="text-align: left">The provisions of
                                            this Agreement, including Section&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14
                                            </B></FONT>and otherwise with respect to Reports, that give either of us rights or obligations
                                            beyond its termination shall continue indefinitely following the termination of this Agreement,
                                            except that our respective confidentiality obligations (other than those relating to Reports
                                            or under Section&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14) </B></FONT>shall
                                            continue thereafter for three years only.</TD></TR></TABLE>

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

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<DIV STYLE="float: right; width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Governing
law and dispute resolution</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">37.</TD><TD STYLE="text-align: left">This Agreement,
                                            and any non-contractual matters or obligations arising out of this Agreement or the Services,
                                            including (without limitation) claims arising in tort, fraud, under statute or otherwise
                                            relating to the Services, or questions relating to the scope or enforceability of this Section&nbsp;37,
                                            shall be governed by, and construed in accordance with, the laws of New York applicable to
                                            agreements made, and fully to be performed, therein by residents thereof. Except as otherwise
                                            expressly provided in the Cover Letter, any dispute relating to this Agreement or the Services
                                            shall be resolved as set forth in Appendix I to these Terms and Conditions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Miscellaneous</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">38.</TD><TD STYLE="text-align: left">This Agreement constitutes
                                            the entire agreement between us as to the Services and the other matters it covers, and supersedes
                                            all prior agreements, understandings and representations with respect thereto, including
                                            any confidentiality agreements previously delivered. In addition, any policy, protocol, agreement
                                            (other than this Agreement) or other instrument, in whatever form, imposed at any time that
                                            purports to obligate EY, any other EY Firm or any EY Person with respect to the use of Client
                                            Information shall be void and of no further effect, and you shall not seek to enforce any
                                            such obligation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">39.</TD><TD STYLE="text-align: left">Both of us may execute
                                            this Agreement (including Statements of Work), as well as any modifications thereto, by electronic
                                            means and each of us may sign a different copy of the same document. Both of us must agree
                                            in writing to modify this Agreement or any Statement of Work hereunder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">40.</TD><TD STYLE="text-align: left">Each of us represents
                                            to the other that each person signing this Agreement or any Statement of Work hereunder on
                                            its behalf is expressly authorized to execute it and to bind such party to its terms. You
                                            also represent that this Agreement has, if necessary, been considered and approved by your
                                            Audit Committee. You represent that your affiliates and any others for whom Services are
                                            performed shall be bound by the terms of this Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">41.</TD><TD STYLE="text-align: left">You agree that we
                                            and the other EY Firms may, subject to professional obligations, act for other clients, including
                                            your competitors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 16.68pt">42.</TD><TD STYLE="text-align: left">Neither of us may
                                            assign any of our rights, obligations or claims arising out of or related to this Agreement
                                            or any Services.</TD></TR></TABLE>

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

</DIV>

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

<DIV STYLE="clear: both; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="color: #1F1F1F">EY </FONT><FONT STYLE="color: #343434">LLP </FONT><FONT STYLE="color: #1F1F1F">Main Agree</FONT><FONT STYLE="color: #050505">m</FONT><FONT STYLE="color: #1F1F1F">ent USOO </FONT><FONT STYLE="color: #050505">I </FONT><FONT STYLE="color: #1F1F1F">0725</FONT><FONT STYLE="color: #050505">1</FONT><FONT STYLE="color: #1F1F1F">7</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="color: #1F1F1F">CALAMOS INVESTMENT TRUST</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: rgb(31,31,31)">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> of9</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="float: left; width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">43.</TD><TD STYLE="text-align: left">If any provision
                                            of this Agreement (in whole or part) is held to be illegal, invalid or otherwise unenforceable,
                                            the other provisions shall remain in full force and effect.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">44.</TD><TD STYLE="text-align: left"><IMG SRC="image_001.gif" ALT="" STYLE="height: 2px; width: 2px">If
                                            there is any inconsistency between provisions in different parts of this Agreement, those
                                            parts shall have precedence as follows (unless expressly agreed otherwise): (a)&nbsp;the
                                            Cover Letter, (b)&nbsp;the applicable Statement of Work and any attachments thereto, (c)&nbsp;these
                                            General Terms and Conditions, and (d)&nbsp;other attachments to this Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">45.</TD><TD STYLE="text-align: left"><IMG SRC="image_001.gif" ALT="" STYLE="height: 2px; width: 2px">Neither
                                            of us may use or reference the other's name, logo or trademarks publically without the other's
                                            prior written consent, although we may publically identify you as a client in connection
                                            with specific Services or generally.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">46.</TD><TD STYLE="text-align: left">For administrative
                                            reasons, you may from time to time ask that fees and expenses for Services performed for
                                            your international affiliates or at international locations be invoiced to you or your designate
                                            there, in local currency. You guarantee the timely payment of all those invoices by your
                                            affiliates. In addition, from time to time, an affiliate of ours, providing Services as a
                                            subcontractor to us, may bill you directly for fees incurred for work outside the US, in
                                            local currency or otherwise.</TD></TR></TABLE>

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

</DIV>

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

<DIV STYLE="clear: both; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

</DIV>

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="color: #1F1F1F">EY </FONT><FONT STYLE="color: #343434">LLP </FONT><FONT STYLE="color: #1F1F1F">Main Agree</FONT><FONT STYLE="color: #050505">m</FONT><FONT STYLE="color: #1F1F1F">ent USOO </FONT><FONT STYLE="color: #050505">I </FONT><FONT STYLE="color: #1F1F1F">0725</FONT><FONT STYLE="color: #050505">1</FONT><FONT STYLE="color: #1F1F1F">7</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="color: #1F1F1F">CALAMOS INVESTMENT TRUST</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: rgb(31,31,31)">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> of9</P></DIV>
    <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-top: 0pt; margin-right: 0; margin-bottom: 0pt">&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: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="tm2119043d1_ex99-k3img001.jpg" ALT="" STYLE="height: 61px; width: 63px"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Building a better</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">working world</P></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Appendix 1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Dispute resolution procedures</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B><IMG SRC="image_001.gif" ALT="" STYLE="height: 2px; width: 2px">Mediation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">A
party shall submit a dispute to mediation by written notice to the other party or parties. The mediator shall be selected by the
parties. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">If </FONT><FONT STYLE="font-size: 10pt">the parties cannot
agree on a mediator, the International Institute for Conflict Prevention and Resolution (&quot;CPR&quot;) shall designate a mediator
at the request of a party. Any mediator must be acceptable to all parties and must confirm in writing that he or she is not, and
will not become during the term of the mediation, an employee, partner, executive officer, </FONT>director, or substantial equity
owner of any EY audit client.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The mediator shall conduct
the mediation as he/she determines , with the agreement of the parties . The parties shall discuss their differences in good faith and
attempt, with the mediator's assistance , to reach an amicable resolution of the dispute . The mediation shall be treated as a settlement
discussion and shall therefore be confidential. The mediator may not testify for either party in any later proceeding relating to the
dispute. The mediation proceedings shall not be recorded or transcribed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Each party shall bear its own
costs in the mediation. The parties shall share equally the fees and expenses of the mediator.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
</FONT><FONT STYLE="font-size: 10pt">the parties have not resolved a dispute within 90 days after written notice beginning mediation
(or a longer period, if the parties agree to extend the mediation), the mediation shall terminate and the dispute shall be settled by
arbitration. In addition, if a party initiates litigation, arbitration, or other binding dispute resolution process without initiating
mediation, or before the mediation process has terminated, an opposing party may deem the mediation requirement to have been waived and
may proceed with arbitration.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Arbitration</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The arbitration will be conducted
in accordance with the procedures in this document and the CPR Rules&nbsp;for Non-Administered Arbitration (&quot; Rule&nbsp;s&quot;)
as in effect on the date of the Agreement , or such other rules&nbsp;and procedures as the parties may agree. In the event of a conflict,
the provisions of this document will control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The arbitration will be conducted
before a panel of three arbitrators, to be selected in accordance with the screened selection process provided in the Rules. Any issue
concerning the extent to which any dispute is subject to arbitration, or concerning the applicability, interpretation, or enforceability
of any of these procedures, shall be governed by the Federal Arbitration Act and resolved by the arbitrators. No potential arbitrator
may be appointed unless he or she has agreed in writing to these procedures and has confirmed in writing that he or she is not, and will
not become during the term of the arbitration , an employee,
partner, executive officer, director, or substantial equity owner of EY or any EY audit client.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></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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    <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="tm2119043d1_ex99-k3img001.jpg" ALT="" STYLE="height: 61px; width: 63px"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Building a better</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">working world</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The arbitration panel shall
have no power to award non - monetary or equitable relief of any sort or to make an award or impose a remedy that (i)&nbsp;is inconsistent
with the agreement to which these procedures are attached or any other agreement relevant to the dispute, or (ii)&nbsp;could not be made
or imposed by a court deciding the matter in the same juris diction. In deciding the dispute, the arbitration panel shall apply the limitations
period that would be applied by a court deciding the matter in the same juris diction , and shall have no power to decide the dispute
in any manner not consistent with such limitations period.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="image_001.gif" ALT="" STYLE="height: 2px; width: 2px">Discovery
shall be permitted in connection with the arbitration only to the extent, if any, expressly authorized by the arbitration panel upon
a showing of substantial need by the party seeking disco very.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">All aspects of the arbitration
shall be treated as confidential. The parties and the arbitration panel may disclose the existence , content or results of the arbitration
only in accordance with the Rules&nbsp;or applicable professional standards. Before making any such disclosure, a party shall give written
notice to all other parties and shall afford them a reasonable opportunity to protect their interests, except to the extent such disclosure
is necessary to comply with applicable law, regulatory requirements or professional standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The result of the arbitration
shall be binding on the parties, and judgment on the arbitration award may be entered in any court having jurisdiction.</P>

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<DOCUMENT>
<TYPE>EX-99.(R)
<SEQUENCE>13
<FILENAME>tm2119043d1_ex99-r.htm
<DESCRIPTION>EXHIBIT 99.(R)
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.r</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2119043d1_ex99-rimg001.jpg" ALT="">&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>
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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>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>&nbsp;</TD>
    <TD STYLE="text-align: center"><U>Page</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNDERSTANDING AND APPLYING THE CODE</B></FONT></TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. Understanding the Terms</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. Purpose of the Code of Ethics and Insider Trading Policy</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. Scope</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. Reporting Violations of the Code</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD><B>RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BY
    CALAMOS PERSONNEL</FONT></B></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. Insider Trading and Tipping</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. General Prohibitions</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. Material Nonpublic Information about Other Companies</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. Information about Calamos Sponsored Exchange Traded Funds (&ldquo;ETFs&rdquo;)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. Public Disclosure of Information about Calamos, its Closed-End Funds and Calamos Sponsored ETF</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REPORTING REQUIREMENTS</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. Initial Disclosure of Accounts and Covered Securities</FONT></TD>
    <TD STYLE="text-align: center">13</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. Confirmations and Statements for all Brokerage and Investment Accounts</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. Quarterly Transactions Reports (Quarterly Account Statements)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. Annual Holdings Reports</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. Certification of Compliance</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. Report to Fund Board</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. Pre-Clearance of Covered Securities Transactions</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. Holding Period Requirement</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. Trading Restrictions</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. Trading Calamos Closed-End and Calamos Sponsored ETFs</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. Private Securities Transactions</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>6. Additional Exceptions and Exemptions to Trading Policies, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Procedures
    and Restrictions</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. No Transactions with Clients</FONT></TD>
    <TD STYLE="text-align: center">21</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. No Conflicting Transactions</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. Section&nbsp;16 Reporting and Prohibitions</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
</TABLE>

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

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OTHER REGULATORY REQUIREMENTS</B></FONT></TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. Outside Employment or Outside Business Activity</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. Service as a Director or Officer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. Gifts and Entertainment</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. Identifying and Reporting Conflicts of Interest and Other Ethical Concerns</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RECORD RETENTION</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX A: IN-SCOPE ENTITIES</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>27</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX
B: SECTION&nbsp;16 INDIVIDUALS</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>28</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT><B>APPENDIX C: FIRMS WITH ELECTRONIC FEEDS TO FIRM&rsquo;S COMPLIANCE </B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MONITORING
    SYSTEM</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>29</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>UNDERSTANDING AND APPLYING THE CODE</B></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Understanding the Terms</U></B></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: justify">Capitalized terms used in this Code have special
meanings defined below. It is important for you to read and become familiar with each definition used in the Code.</P>

<P STYLE="font: 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"><B>&ldquo;Access Person&rdquo;</B></P>

<P STYLE="font: 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">Access Persons means any director, officer, employee
of Calamos or an investment company managed by Calamos with the exception of Outside Trustees, Unaffiliated Trustees or Outside Directors
or as otherwise provided under this Code. Access Persons includes consultants and agents to Calamos who have access to Material Nonpublic
Information. <B>All</B> employees of Calamos and investment companies managed by Calamos are also Access Persons.</P>

<P STYLE="font: 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"><B>&ldquo;Automatic Investment Plan&rdquo;</B></P>

<P STYLE="font: 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">Automatic Investment Plan means a program in which
regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined
schedule and allocation. An Automatic Investment Plan includes a 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; text-align: justify"><B>&ldquo;Beneficial Ownership Interest&rdquo;</B></P>

<P STYLE="font: 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">Beneficial Ownership Interest shall be interpreted
in the same manner as it would be under Rule&nbsp;16a-1(a)(2)&nbsp;under the Securities Exchange Act of 1934 in determining whether a
person is a beneficial owner of a security for the purposes of Section&nbsp;16 of the Securities Exchange Act of 1934 and Section&nbsp;30(h)&nbsp;of
the Investment Company Act of 1940 (&ldquo;the 1940 Act&rdquo;) and the rules&nbsp;and regulations thereunder. As a general matter, you
have Beneficial Ownership Interest in a Covered Security, defined below, if you have or share a direct or indirect Pecuniary Interest
(as defined below) in the security, including through any contract, arrangement, understanding, relationship or otherwise. Although this
list is not exhaustive, you generally would be the beneficial owner of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities held in your own name;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities held with another in joint tenancy,
as tenants in common, or in other joint ownership arrangements;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities held by a bank or broker as a nominee
or custodian on your behalf or pledged as collateral for a loan; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities owned by a corporation which is directly
or indirectly Controlled by, or under common Control with, you.</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: justify">(See also the definitions of Immediate Family
and Related Persons)</P>

<P STYLE="font: 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"><B>&ldquo;Broad-based Security&rdquo;</B></P>

<P STYLE="font: 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">A Broad-based Security generally refers to any security index that would not be classified as a narrow-based security index under the
definitions or exclusions set forth in the Commodity Exchange Act and the Securities Exchange Act of 1934 or that meets certain criteria
specified jointly by the U.S. Commodities Futures Trading Commission and the U.S. Securities and Exchange Commission. Examples include
but are not limited to; the S&amp;P 500, NASDAQ-100<FONT STYLE="color: #3B5A6F">, </FONT>Wilshire 5000, Russell 3000, AMEX Major Market
and the Value Line Composite 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; text-align: justify"><B>&ldquo;Control&rdquo;</B></P>

<P STYLE="font: 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">Control means the power to exercise a controlling
influence, which is intended to include situations where there is less than absolute and complete domination and includes not only the
active exercise of power, but also the latent existence of power (e.g., the ability to exercise power). Anyone who beneficially owns,
either directly or through one or more controlled entities, more than 25% of the voting securities of an entity is presumed to control
that entity. In interpreting &ldquo;Control,&rdquo; the CCO will interpret the term consistent with Section&nbsp;2(a)(9)&nbsp;of 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"><B>&ldquo;Corporate Account&rdquo;</B></P>

<P STYLE="font: 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">Corporate Account means any account maintained
by any Calamos entity for the investment in Covered Securities, including Calamos-sponsored 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-align: justify"><B>&ldquo;Covered Security&rdquo;</B></P>

<P STYLE="font: 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">Covered Security means any stock, bond, future,
investment contract, shares of closed-end funds, shares of open-end mutual funds for which Calamos is the adviser or subadviser, exchange
traded funds, or any other instrument that is considered a &ldquo;security&rdquo; under the 1940 Act. The term &ldquo;Covered Security&rdquo;
is very broad and includes items you might not ordinarily think of as &ldquo;securities,&rdquo; such as: options on securities, indexes,
and currencies; limited partnership interests; interests in a foreign unit trust or foreign mutual fund; municipal securities; interests
in a private investment fund, hedge fund, or investment club; or any right to acquire any security such as a warrant or convertible. In
addition, purchase and sale transactions of Covered Securities in any 401(k)&nbsp;plan (excluding the Calamos 401k plan and excluding
percentage allocation changes or payroll deduction percentages) are considered transactions in Covered 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">The term Covered Security does not include direct
obligations of the U.S. government (U.S. treasury bills, notes and bonds), money market instruments (including bank certificates of deposit,
bankers&rsquo; acceptances, commercial paper and repurchase agreements), shares of open-end mutual funds not advised or subadvised by
Calamos or units in 529 College Savings Plans.</P>

<P STYLE="font: 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"><B>&ldquo;Fund&rdquo;</B></P>

<P STYLE="font: 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">Fund means an investment company, or series of
investment companies, managed by 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-align: justify"><B>&ldquo;Immediate Family&rdquo;</B></P>

<P STYLE="font: 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">Immediate Family means family members sharing
the same household, which could include any child, stepchild, grandchild, parent, stepparent, grandparent, spouse or equivalent domestic
partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships.
(See also the definition of Beneficial Ownership Interest and Related Persons).</P>

<P STYLE="font: 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"><B>&ldquo;Investment Person&rdquo;</B></P>

<P STYLE="font: 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">Investment Person means each person who makes,
or participates in making, investment decisions or recommendations for Calamos clients, or who, in connection with his or her regular
functions or duties with Calamos, makes, participates in, or obtains information regarding the purchase or sale of securities by a client.
Investment Person includes each Calamos portfolio manager, each research analyst, each support staff member working directly with portfolio
managers and analysts, and each trader. This definition also includes outside consultants, contractors or agents hired by Calamos to perform
investment related activities; as well as IT or systems&rsquo; consultants who have access to trading or investment systems.</P>

<P STYLE="font: 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"><B>&ldquo;Material Information&rdquo;</B></P>

<P STYLE="font: 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">Information should be regarded as material if
it could be important to decisions to buy, sell or hold a company&rsquo;s securities. Any information that could reasonably be expected
to affect the price of company securities should be considered material. Material information can be positive or negative, and can relate
to historical facts, projections, or future events. Material information can pertain to a company as a whole, or to divisions or subsidiaries
of a 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-align: justify">During the course of their employment, Calamos
personnel might learn material information about many companies. Information dealing with the following subjects is likely to be found
material in particular 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; text-align: justify"><B>Financial Related Subjects:</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial results</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes in earnings forecasts</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unusual significant gains, losses or charges</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Significant write-downs in assets</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Significant changes in revenues</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Significant liquidity issues</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes in dividends</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stock splits</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stock repurchases</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes in debt ratings</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Significant new equity or debt offerings</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proposals, plans or agreements, even if preliminary
in nature, involving significant mergers, acquisitions,
divestitures, recapitalizations, or strategic alliances</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Major changes in directors or executive officers</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: justify"><B>Product Related Subjects:</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Important new product offerings</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Significant developments related to a company&rsquo;s
product offerings</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Significant developments related to a company&rsquo;s
distribution relationships</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Significant developments related to intellectual
property</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: justify"><B>Other Subjects:</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Developments regarding significant litigation</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Developments regarding government agency actions</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Execution or termination of significant contracts</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: justify">This list is only illustrative, and certainly
is not all-encompassing. Many other types of information may be considered material. <I>When in doubt about whether particular information
about another company is material, exercise caution and consult with the CCO or the General Counsel.</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; text-align: justify"><B>&ldquo;Material Nonpublic Information&rdquo;</B></P>

<P STYLE="font: 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">Material Nonpublic Information is information
that is not known to the general public, that, if known to the public, could reasonably be expected to affect the price of a company&rsquo;s
securities, or be considered important in deciding whether to buy, sell or hold a security. It is often referred to as &ldquo;inside information.&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: justify">An Access Person who receives Material Nonpublic
Information may not act on it nor share it. The information must be kept confidential. The Access Person should inform the Global Head
Trader (or his designess in his absence) of the security so it may be added to the Restricted List until such time as the information
is publicly released.</P>

<P STYLE="font: 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"><B>&ldquo;Nonpublic Information&rdquo;</B></P>

<P STYLE="font: 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">Information about a company is considered nonpublic
if it is not available to the general public. In order for information to be considered available to the general public, it must have
been widely disseminated in a manner designed to reach investors. This is generally done by the company issuing a national press release
or making a publicly-available filing with the SEC. The circulation of rumors, even if accurate and reported in the media, does not constitute
effective public dissemination.</P>

<P STYLE="font: 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"><B>&ldquo;Outside Directors&rdquo;</B></P>

<P STYLE="font: 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">Outside Directors means those directors of Calamos
Asset Management,&nbsp;Inc. (&ldquo;CAM&rdquo;) who are not officers or employees of CAM.</P>

<P STYLE="font: 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">&ldquo;<B>Outside Trustees&rdquo;</B></P>

<P STYLE="font: 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">Outside Trustees means those trustees of a fund
who are not &ldquo;interested persons&rdquo; of the Fund, as that term is defined in Section&nbsp;2(a)(19) of 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"><B>&ldquo;Pecuniary Interest&rdquo;</B></P>

<P STYLE="font: 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">Pecuniary Interest in a security means the opportunity,
directly or indirectly, to profit or share in any profit or fees derived from a transaction in the security. An indirect Pecuniary Interest
includes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Covered Securities held by a member of an Access
Person&rsquo;s &ldquo;Immediate Family&rdquo;. For example, you would be presumed to have an indirect Pecuniary Interest in Covered Securities
held by your minor child who lives with you but not in Covered Securities held by your adult child who does not live with you. You may
request that a member of your Immediate Family be excluded from the Code&rsquo;s reach by contacting the CCO and demonstrating why it
would be appropriate. For example, it may be appropriate to exclude your adult uncle who lives with you from the Code&rsquo;s reach.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A general partner&rsquo;s proportionate interest
in the portfolio Covered Securities held by a general or limited partnership.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A person&rsquo;s right to dividends that are
separated or separable from the Covered Securities.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A beneficiary&rsquo;s pecuniary interest in Covered
Securities holdings of a trust and any pecuniary interest of any Immediate Family member of such beneficiary (such Pecuniary Interest
being to the extent of the person&rsquo;s pro rata interest in the trust).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">Remainder interests do not create a pecuniary interest unless the person with such interest has the power,
directly or indirectly, to exercise or share investment Control over the trust.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A settlor or grantor of a trust (i.e., you establish
the trust) if you reserve the right to revoke the trust without the consent of another person, unless you do not exercise or share investment
Control over the Covered Securities.</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: justify">A shareholder will not be deemed to have a Pecuniary
Interest in the portfolio Covered Securities held by a corporation or similar entity in which the person owns Covered Securities if the
shareholder is not a controlling shareholder of the entity and does not have or share investment Control over the entity&rsquo;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; text-align: justify"><B>&ldquo;Related Person&rdquo;</B></P>

<P STYLE="font: 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">Related Person includes your spouse or equivalent
domestic partner, minor children, relative living in your home, and certain trusts under which you or a related party is a beneficiary
or held under other arrangements, including a sharing of financial interest. <B>Calamos personnel are responsible for ensuring that their
Related Persons comply with the personal trading and reporting provisions of the Code.</B></P>

<P STYLE="font: 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">(See also definitions for Beneficial Ownership
Interest and Immediate Family.)</P>

<P STYLE="font: 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"><B>&ldquo;Supervised Person&rdquo;</B></P>

<P STYLE="font: 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">Supervised Person means any partner, officer,
director (or other person occupying a similar status or performing similar functions) or employee of Calamos. It may also include other
persons who provide investment advice on behalf of Calamos and are subject to Calamos&rsquo; supervision and control. For purposes of
this Code, all Supervised Persons are considered Access Persons.</P>

<P STYLE="font: 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"><B>&ldquo;Tipping&rdquo;</B></P>

<P STYLE="font: 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">Tipping is the disclosure of Material Nonpublic
Information to another person in breach of a fiduciary or other obligation for the purpose of enabling the recipient (the tipee) to engage
in insider trading or other improper activity. Tipping can result in liability for both the tipper and tipee.</P>

<P STYLE="font: 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"><B>&ldquo;Unaffiliated Trustees&rdquo;</B></P>

<P STYLE="font: 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">Unaffiliated Trustees means those Trustees of
a Fund who are not affiliated persons of Calamos but are not Outside 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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Purpose of the Code of Ethics and Insider Trading Policy</U></B></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: justify">The financial services industry is highly regulated
and is subject to many laws and regulations designed to protect investors. Rule&nbsp;17j-1 of the 1940 Act, as amended and Rule&nbsp;204A-1
of the Investment Advisers Act of 1940, as amended (the &ldquo;Advisers Act&rdquo;) require that funds and advisers adopt a Code of Ethics
that set forth standards of conduct and require compliance with federal securities 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">Rule&nbsp;17j-1 makes it unlawful for investment
company personnel and other &ldquo;Access Persons&rdquo; to engage in fraudulent, deceptive or manipulative practices in connection with
their personal transactions in securities when those securities are held or to be acquired by an investment company. The Rule&nbsp;also
requires every investment company, the investment company&rsquo;s investment adviser, and, in certain cases, the investment company&rsquo;s
principal underwriter to adopt a Code of Ethics containing provisions &ldquo;reasonably necessary to prevent&rdquo; such prohibited practices.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calamos and its subsidiaries and affiliated companies are primarily
involved in the investment management, registered investment companies, consisting of open-end mutual funds and closed-end funds (the
 &ldquo;Funds&rdquo;), and financial services industries. Therefore, the Firm is adopting this Code of Ethics and Insider Trading Policy
(the &ldquo;Code&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: justify">The Code outlines the fiduciary principles governing
an investment adviser&rsquo;s fiduciary obligations to clients and personal trading by Access Persons of funds and investment advisers.
These principles reflect:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"><B>&middot;</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The duty of Access Persons to place the interests
of shareholders and clients ahead of their own interests;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"><B>&middot;</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The requirement that Access Persons comply with
applicable Federal Securities Laws and to report any violations of the Code promptly to the Chief Compliance Officer (&ldquo;CCO&rdquo;)
of Calamos;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"><B>&middot;</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The requirement that all Access Persons of a
fund or investment adviser engage in personal securities transactions in accordance with the Code and in such a manner as to avoid any
actual or potential conflict of interest or any abuse of an individual&rsquo;s position of trust and responsibility; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"><B>&middot;</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The fundamental standard that Access Persons
should not take inappropriate advantage of their positions.</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: justify">The Code supplements the Code of Business Conduct
and Ethics and the Calamos Employee Handbook.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Scope</U></B></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: justify">The Code applies to all directors, officers, employees
and other Access Persons of Calamos. The Code also applies to any outsiders, including agents and consultants that have access through
Calamos to Material Nonpublic Information. Supervised Persons are considered Access Persons under this Code.</P>

<P STYLE="font: 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">Questions regarding the Code or its application
to specific transactions should be directed to the CCO or General Counsel 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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Reporting Violations of the Code</U></B></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: justify">Access Persons must promptly report any known
or suspected violations of the Code to the CCO or General Counsel 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-align: justify">A Supervised Person&rsquo;s reporting obligations
do not prevent him or her from (i)&nbsp;initiating communications directly with, cooperating with, providing relevant information to or
otherwise assisting in an investigation by any governmental or regulatory body regarding a possible violation of any applicable law, rule,
or regulation; (ii)&nbsp;responding to any inquiry from any such governmental or regulatory body; or (iii)&nbsp;testifying, participating
in, or otherwise assisting in an action or proceeding relating to a possible violation of any such law, rule, or regulation. A Supervised
Person is not required to notify Calamos of any such communications, cooperation, assistance, responses to inquiries, testimony, or participation.</P>

<P STYLE="font: 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"><B>CONSEQUENCES OF FAILURE TO COMPLY WITH THE
CODE</B></P>

<P STYLE="font: 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">Compliance with the provisions of the Code is
a condition of employment of Calamos. Taking into consideration all relevant circumstances, the CCO and management of Calamos will determine
what action is appropriate for any breach of the provisions of the Code. Possible actions include disgorgement of profits, monetary fines,
letters of sanction, suspension of trading privileges, and suspension or termination of employment.</P>

<P STYLE="font: 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">The Board of Trustees of any investment company
for which Calamos Advisors LLC (&ldquo;CAL&rdquo;) is the investment adviser will determine what action is appropriate for any breach
of the provisions of the Code by an Outside Trustee or Unaffiliated Trustee, which may include removal from the Board. The Board of Directors
of CAM will determine what action is appropriate for any breach of the provisions of the Code by an Outside Director, which may include
removal from 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-align: justify"><B><I>It is the responsibility of each Access
Person to make sure that a transaction in any Covered Security by any Related Person complies with the provisions of the Code.</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"><B>RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION
BY CALAMOS PERSONNEL</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Insider Trading and Tipping</U></B></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: justify">Calamos Access Persons may not act on Material
Nonpublic Information. Calamos Access Persons may not share Material Nonpublic Information, except in accordance with the provisions of
the Code section entitled &ldquo;Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations.&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: justify">Legal penalties for trading on or tipping Material
Nonpublic Information are severe. They include criminal fines, civil fines of several times the profits gained or losses avoided, imprisonment
and private party damages. The penalties also may apply to anyone who directly or indirectly controlled the person who committed the violation,
including the employer and its management and supervisory personnel. Significant penalties have been imposed even when the disclosing
person did not profit from the trading.</P>

<P STYLE="font: 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">In addition to these possible outside sanctions,
Calamos Access Persons who violate prohibitions on insider trading or tipping will face additional action from Calamos itself, up to and
including termination of employment.</P>

<P STYLE="font: 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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>General Prohibitions</U></B></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: justify">Material Nonpublic Information is an important
type of confidential information, but it is only one type of confidential information. Our clients and suppliers entrust Calamos with
important information relating to their personal and business matters. The nature of these relationships requires Calamos&rsquo; strict
confidentiality and trust. In safeguarding the information received, Calamos earns the respect and further trust of our clients and suppliers.
All employees, agents and consultants will be required to sign a Confidentiality Agreement at the time they are hired and this agreement
carries an obligation to maintain strict confidentiality of confidential information, even after an Access Person&rsquo;s employment is
terminated.</P>

<P STYLE="font: 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">Any violation of confidentiality seriously injures
Calamos' reputation and effectiveness. Therefore, except as permitted under the Code section entitled &ldquo;Permitted Disclosures to
Governmental Agencies and Entities and Self-Regulatory Organizations,&rdquo; personnel are not to discuss confidential Calamos business
with anyone who does not work for Calamos, and should never discuss business transactions with another Calamos employee who does not have
a direct association with the transaction. Even casual remarks can be misinterpreted and repeated; therefore, employees should develop
the personal discipline necessary to maintain confidentiality. If an employee becomes aware of anyone breaking this trust, they should
report the incident immediately to the CCO or General 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-align: justify">If someone outside Calamos or the employee&rsquo;s
department asks questions regarding confidential matters, you are not required to answer, and you should not answer except as permitted
under the Code section entitled &ldquo;Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations.&rdquo;
Instead, you should refer the request to the department supervisor or a member of senior management which includes the Chairman, CEO,
President, General Counsel, Head of Human Resources, Chief Financial Officer and the CCO of Calamos (collectively, &ldquo;Senior Management&rdquo;).
Inquiries to Calamos from Regulators should be immediately referred to the CCO or General 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-align: justify">No one is permitted to remove or make copies of
any Calamos records, reports or documents without prior approval from management.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Material Nonpublic Information about Other Companies</U></B></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: justify">Calamos personnel may become aware of confidential
information concerning another company. This information may be Material Nonpublic Information and, as noted above, trading of securities,
including futures or options of the company, based on this information is a violation of federal securities 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">Even after public disclosure of material information
regarding a company, an insider with prior knowledge of the information must wait a period of one full trading day after the publication
for the information to be absorbed before that person can treat the information as public.</P>

<P STYLE="font: 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">For purposes of the Code, a full trading day means
from the opening of trading on NASDAQ to the closing of trading on NASDAQ on that day. Accordingly, and by way of example, if an announcement
is made before the commencement of trading on a Tuesday, an employee in possession of such information may trade in the company securities
starting on Wednesday of that week (subject to any applicable blackout period and assuming the employee is not aware of other Material
Nonpublic Information at that time), because one full trading day would have elapsed by then (all of Tuesday). If the announcement is
made on Tuesday after trading has begun on NASDAQ, an employee in possession of the information may not trade in the company securities
until Thursday of that week. If the announcement is made on Friday after trading begins, an employee may not trade in the company securities
until Tuesday of the following week. NASDAQ holidays do not count as trading days and will impact this schedule.</P>

<P STYLE="font: 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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Information about Calamos Sponsored Exchange Traded Funds (&ldquo;ETFs&rdquo;)</U></B></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: justify">Calamos has erected a &ldquo;firewall&rdquo; between
CAM and CAL on the one hand, and Calamos Financial Services LLC (&ldquo;CFS&rdquo;), an affiliated limited purpose broker-dealer, on the
other, with respect to access to information regarding the portfolio composition of Calamos Sponsored ETFs, or changes thereto, for which
CAM or CAL is the investment adviser. No partner, officer, director, or other employee or agents and consultants of CAM or CAL may communicate
with or provide information about the portfolio composition of Calamos Sponsored ETFs, or changes thereto, with any partner, officer,
director, or other employee of 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-align: justify">The Code addresses the use of Material Nonpublic
Information by any director, officer, or partner of CAM or CAL, or any supervised person of CAM or CAL regarding the portfolio composition
of Calamos Sponsored ETFs, or changes thereto. Such director, officer, partner, or Supervised Person who has Material Nonpublic Information
regarding the portfolio composition of any Calamos Sponsored ETF, or changes thereto, is prohibited from purchasing, selling, or recommending
the purchase or sale of that ETF, and from purchasing, selling, or recommending the purchase or sale of any securities that are a part
of the Calamos Sponsored ETF&rsquo;s portfolio. In addition, such director, officer, partner, or Supervised Person may not disclose (&ldquo;tip&rdquo;)
Material Nonpublic Information about the portfolio composition of a Calamos Sponsored ETF, or any changes thereto, to any persons, including
any Related Persons, not authorized by Calamos to have such information, except as permitted under the Code section entitled &ldquo;Permitted
Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Public Disclosure of Information about Calamos, its Closed-End Funds and Calamos Sponsored ETF</U></B></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: justify">In the event any director, officer, employee,
agent, or consultant of Calamos receives any inquiry from outside the company, such as from the media, a stock analyst or investors, for
information that may be Nonpublic Information (particularly financial results or projections), the inquiry must be referred to the Director
of Marketing other than where the communications are within the scope of the Code section entitled &ldquo;Permitted Disclosures to Governmental
Agencies and Entities and Self-Regulatory Organizations.&rdquo; Since Calamos&rsquo; closed-end funds and Calamos Sponsored ETFs are also
publicly traded, the same restrictions apply to disclosure of information about those products. The Head of Marketing is responsible for
coordinating and overseeing the release of such information to the media, investing public, analysts and others in compliance with applicable
laws and regulations, including Regulation FD<FONT STYLE="font-size: 10pt"><SUP>1</SUP></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">In communicating with the general public, Calamos
will observe the following practices:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Communications to the general public regarding
Calamos should be made only by the Chairman, the Chief Executive Officer, the Chief Financial Officer, or the Head of Marketing.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos will not issue projections of, or comment
on, future investment performance of itself or any of its products</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"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> Reg FD &ndash; Regulation Fair Disclosure, promulgated
by the SEC, mandates that all publicly traded companies must disclose material information to all investors at the same time.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All disclosure of material information made by
Calamos about the closed-end funds or any Calamos Sponsored ETF will be broadly disseminated to the public.</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: justify">Ordinary communications of material information
by and about Calamos generally will be through press release, through regular channels. The Firm will not issue materials regarding itself
 &ldquo;for broker-dealer use only&rdquo; or with similar restrictions; instead, any such materials will be distributed as press releases.
If conference telephone calls to discuss material information are scheduled by Calamos with analysts, Calamos will provide adequate notice
of the calls, and permit investors to listen in by telephone or internet web casting.</P>

<P STYLE="font: 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">If any Calamos Access Person inadvertently discloses
Material Nonpublic Information to analysts or other market professionals about the closed-end funds, open-end funds, or any Calamos Sponsored
ETF, Calamos is obligated to provide that information to the general public no later than 24 hours after the statement is made, or the
commencement of the next day&rsquo;s trading on NASDAQ. The Head of Marketing and the Legal Department must be notified immediately of
any such inadvertent disclosure that comes to the attention of any Calamos personnel. The same obligation applies if the disclosure is
intentional.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations</U></B></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: justify">The Code does not prohibit or restrict any person
from reporting possible violations of federal, state, or local law or regulation to, or discussing any such possible violations with,
any governmental agency or entity or self-regulatory organization, including by initiating communications directly with, responding to
any inquiry from, or providing testimony before any federal, state, or local regulatory authority or agency or self-regulatory organization,
including without limitation the Securities and Exchange Commission (&ldquo;SEC&rdquo;), the Equal Employment Opportunity Commission,
Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;), and the Occupational Safety and Health Administration, or making any other
disclosures that are protected by the whistleblower provisions of any federal, state, or local law or regulation.</P>

<P STYLE="font: 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"><B>REPORTING 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; text-align: justify">As part of its obligations under the securities
laws, Calamos is required to obtain and maintain information about the trading activity of its Access Persons. Access Persons and their
Related Persons are required to have personal trading accounts at brokers, dealers or banks with which Calamos has an electronic connection
established so that information about account transactions is systematically sent to Calamos (eliminates paper statements). The Compliance
Department maintains a current list of available firms, which is attached hereto as Appendix C. Access Persons and their Related Persons
must transfer existing accounts to one of the available firms within one calendar quarter of the date of employment unless otherwise approved
in writing by the CCO or General 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"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Initial Disclosure of Accounts and Covered Securities</U></B></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: justify">When an Access Person <I>begins employment</I>
with Calamos, the Access Person must, within 10 days, provide a holdings report regarding all investment or brokerage accounts with Covered
Securities in which he or she has a Beneficial Ownership Interest. The information required should be input into the Firm&rsquo;s compliance
monitoring system. This report must contain the following information which must be current as of a date no more than 45 days prior to
the date the person becomes an Access Person:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The issuer name and type of security, and as
applicable, the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Covered Security in which the Access
Person had any direct or indirect Beneficial Ownership Interest;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The name of any broker, dealer or bank with whom
the Access Person maintained an account in which any Covered Securities were held for the Access Person&rsquo;s direct or indirect benefit;
and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The date that the Access Person submits the report.
(This will be the date the report is submitted into the Firm&rsquo;s compliance monitoring system.)</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: justify">In addition, a current Access Person must notify
the Compliance Department via the &ldquo;Brokerage Account Pre-Approval&rdquo; form within the Firm&rsquo;s compliance monitoring system
and wait for approval from Compliance <I>BEFORE </I>opening a new investment or brokerage account in which the Access Person will have
a Beneficial Ownership Interest. The Compliance Department will issue an approval for account opening letter to the brokerage firm and
request that the account be added to the electronic feed. Once the account is open the Access Person must disclose the details of the
account by completing a&ldquo;Brokerage Account Disclosure&rdquo; form in the Firm&rsquo;s compliance monitoring system within 10 days.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Confirmations and Statements for all Brokerage and Investment Accounts</U></B></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: justify">Until the electronic feed is set up, each Access
Person is required to direct brokers, dealers or banks to supply to the Compliance Department, on a timely basis, duplicate copies of
all confirmations of personal securities transactions and copies of periodic statements for all Covered Securities accounts in which he
or she has a Beneficial Ownership 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-align: justify"><B>You are responsible for ensuring initially
that the Compliance Department receives these confirmations and statements and for following up subsequently if Compliance notifies you
that they are not being received. The Compliance Department will direct you to close an account if it is not on an electronic feed.<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B><U>Quarterly Transaction Reports (Quarterly Account Statements)</U></B></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: justify">Each Access Person shall report all personal transactions
in Covered Securities in which he or she has a Beneficial Ownership Interest during a quarter to the CCO no later than 30 days after the
end of the calendar quarter. Quarterly transaction reports shall include the following information for each individual transaction:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the date of the transaction, issuer name, and
as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, and number of shares and principal amount of
each Covered Security involved;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the nature of the transaction (i.e., purchase,
sale, exchange, gift, or other type of acquisition or disposition);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the price of the Covered Security at which the
transaction was effected;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the name of the broker, dealer or bank with or
through which the transaction was effected;</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>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> An exception may be made if the account is managed by
a financial advisor and is held on a discretionary 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"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the account number; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the date that the Access Person submits the report.</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: justify">In addition, each quarter an Access Person must
review the list of accounts and certify its accuracy. If a new account was opened in the previous quarter, the Access Person must ensure
the applicable information including the date the account was established and the name of the broker, dealer or bank with whom the account
has been established has been entered into the Firm&rsquo;s compliance monitoring system and is included on the list for which they are
certifying.</P>

<P STYLE="font: 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">In addition, quarterly transaction reports are
not required to include transactions in Covered Securities made pursuant to an Automatic Investment Plan and reported in broker trade
confirmations or account statements received by the Compliance Department.</P>

<P STYLE="font: 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">Note that although all Access Persons must complete
the quarterly affirmation, specific information (quarterly transaction report) relating to trading activity need not be submitted under
this section if it would duplicate information contained in electronic feeds.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Annual Holdings Reports</U></B></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: justify">On an annual basis, Access Persons are required
to provide an annual holdings report to the CCO that contains certain information which must be current as of a date no more than 45 days
before the report is submitted. Annual holdings reports shall be delivered to the Compliance Department between January&nbsp;2 and January&nbsp;30
of each year. This report must contain the following information:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the issuer name and type of security, and as
applicable the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Covered Security in which the Access
Person had any direct or indirect Beneficial Ownership Interest; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the name of any broker, dealer or bank with which
the Access Person maintained an account in which any securities were held for the Access Person&rsquo;s direct or indirect benefit; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the date that the Access Person submits the report.</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: justify">This report will be distributed to Access Persons
annually via the Firm&rsquo;s compliance monitoring system in which they are responsible for reviewing and affirming to the accuracy of
the 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: justify">Note that although all Access Persons must complete
the annual affirmation, the annual holding report need not be submitted if it would duplicate information contained in the electronic
feeds to the Firm&rsquo;s compliance monitoring 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-align: justify">The CCO&rsquo;s accounts and reports are approved
and reviewed by General Counsel.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B><U>Certification of Compliance</U></B></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: justify">The CCO shall annually distribute a copy of the
Code and any amendment, and require certification by all Access Persons as described below. The CCO shall be responsible for ensuring
that all personnel comply with the certification requirement. Each Access Person is required to certify annually that: (i)&nbsp;he or
she has read and understands the Code; (ii)&nbsp;recognizes that he or she is subject to the Code; (iii)&nbsp;he or she has complied with
the requirements of the Code; and (iv)&nbsp;he or she has disclosed or reported all personal securities transactions required to be disclosed
or reported under the Code.</P>

<P STYLE="font: 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>

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: lightgrey"> </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">Any Access Person who has not engaged in any personal
securities transaction during the preceding year for which a report was required to be filed pursuant to the Code shall include a certification
to that effect in his or her annual certification.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Report to Fund Board</U></B></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: justify">The CCO of the Calamos Funds shall provide an
annual written report to the Board of Trustees of the Fund that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">summarizes existing procedures concerning personal
investing and any changes in those procedures during the past year;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">describes issues that arose during the previous
year under the Code or related procedures concerning personal investing, including but not limited to information about material violations
of the Code and sanctions imposed in response to the material violations;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">certifies to the board that the Fund has adopted
procedures reasonably necessary to prevent its Access Persons from violating the Code; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">identifies any recommended changes in existing
restrictions or procedures based upon experience under the Code, evolving industry practices, or developments in applicable laws or regulations.</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: justify">In addition, the Fund CCO shall report to the
Board of the Fund on a quarterly basis any material violations of the Code.</P>

<P STYLE="font: 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"><B>THE PURCHASE AND SALE OF SECURITIES BY CALAMOS
PERSONNEL</B></P>

<P STYLE="font: 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">Persons involved in the financial services industry
are subject to restrictions on the way in which they can buy and sell securities for their own accounts. These restrictions are imposed
by the SEC and other regulators on the assumption that industry employees have a greater opportunity for access to Material Nonpublic
Information than do employees in other types of businesses and have a fiduciary obligation with respect to trading vis-&agrave;-vis client
accounts. All personal trading must be done in a manner consistent with the provisions of this Code.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Pre-Clearance of Covered Securities Transactions</U></B></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: justify">EACH transaction in a Covered Security must be
pre-cleared by the employee and approved by the Compliance Department via the Compliance monitoring 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-align: justify">Access Persons and Related Persons must obtain
approval from the Compliance Department before acquiring a Beneficial Ownership Interest in any Covered Securities, unless the transaction
is subject to one of the exclusions below. If the transaction is not approved, the Access Person or Related Person shall not participate
in the transaction in any manner, whether directly or indirectly.</P>

<P STYLE="font: 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">A pre-clearance request is submitted via the Firm&rsquo;s
compliance monitoring system and reviewed by the Compliance Department, which will either approve or deny the request. If approved, the
transaction may <I><U>not</U></I> be placed for a share amount greater than that which was pre-cleared. Generally any approved trade must
be executed prior to the NASDAQ close of the next business day following the approved pre-clearance.</P>

<P STYLE="font: 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">When an Access Person <I>begins employment</I>
with Calamos, the Access Person will be given a 10 business day grace period to sell their security positions in which the Firm is continuously
trading. These trade exceptions must be pre-cleared via the Firm&rsquo;s compliance monitoring system and approved by the CCO. <B>Exceptions
to the Pre-Clearance Requirement:</B></P>

<P STYLE="font: 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">The provisions of this Code are intended to limit
the personal investment activities of Access Persons only to the extent necessary to accomplish the purposes of the Code. Therefore, the
pre-clearance provisions of the Code <I>shall not apply to</I>:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Purchases
</I>of shares of open-end mutual funds advised or subadvised by Calamos (sales must be precleared)<FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT>;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchases or sales effected in any account over
which Access Persons or Related Persons have no direct or indirect influence or control, including discretionary accounts and managed
account programs. See &ldquo;Exceptions and Exemptions to Trading Policies, Procedures and Restrictions&rdquo; below for further discussion
of the policies, procedures and restrictions relating to discretionary and managed accounts;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchases or sales that are non-volitional on
the part of either the Access Person or Related Person(including transactions pursuant to preexisting Rule&nbsp;10b5-1 plans, discussed
below) such as assignment of options or an exercise of an option at expiration;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Automatic dividend reinvestment plan purchases;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reoccurring automatic investment plan purchases
(<I><U>excluding</U> the initial purchase</I> of the covered security);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchases affected upon the exercise of rights
issued by an issuer <I>pro rata</I> to all holders of a class of securities to the extent such rights were acquired from such issuer,
and sales of such rights so acquired.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Holding Period Requirement</U></B></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: justify">The Code requires each Access Person to <I>avoid
excessive, short-term and speculative trading </I>in their Covered Account(s)&nbsp;that may cause undue financial risk or reduce their
effectiveness in carrying out responsibilities at Calamos. It is important to note that market fluctuation in leveraged securities may
require you to liquidate within a relatively short window of time. Access Persons are further prohibited from conducting transactions
for the purpose of market timing in any Covered 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-align: justify">To avoid instances of excessive, short-term and
speculative trading, <B>a minimum holding period of 60 calendar days</B> is required from the time of purchase. For purpose of counting
the 60 calendar days, the beginning of the holding period for all transactions starts with the most recent transaction or LIFO (&ldquo;last-in-first-out&rdquo;).This
prohibition includes short sales and applies without regard to tax lot considerations and without regard to profitability. The 60 day
holding period may be waived by Compliance if the security is trading at a significant loss (20% or greater) from where the Access Person
purchased the security. The 60 calendar day holding period also applies to Calamos advised or subadvised open-end mutual 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"></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>3</SUP> Sales of shares of Calamos Funds or subadvised funds
are subject to the pre-clearance requirement and cannot be made prior to the required 60 calendar day holding period. This excludes changes
within your 401(k).</P>

<P STYLE="font: 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">If a long call option is exercised after being
held for 60 days, the holding period for the equity shares resulting from the exercised option will be satisfied.<FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT>
Please note these transactions must be precleared and meet the other requirements of the Code.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Trading Restrictions</U></B></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: justify">The trading limitations described below are designed
to prevent violations of the federal securities laws, as well as to avoid even the appearance of impropriety in trading by Calamos Access
Persons.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>No Transactions with Clients</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; text-align: justify">No Access Person shall knowingly sell to or purchase
from a client any security or other property except securities issued by that client.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>No Conflicting Transactions</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; text-align: justify">No Access Person, nor any Related Person shall
purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any
direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or subadvised by Calamos) that the person
knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client&rsquo;s transactions
have been completed or consideration of such transactions has been abandoned.</P>

<P STYLE="font: 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">A security is being &ldquo;actively considered&rdquo;:
(a)&nbsp;when a recommendation to purchase or sell has been made for the client and is pending; or (b)&nbsp;with respect to the person
making the recommendation, when that person is seriously considering making the 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-align: justify">A personal securities transaction of the same
<I>(or equivalent<FONT STYLE="font-size: 10pt"><B><SUP>5</SUP></B></FONT>)</I> securities (excluding a Broad-based Security<FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT>)
shall not be executed until the <B><I>sixth business day</I></B> following the completion of any transaction for a client.</P>

<P STYLE="font: 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">The purchase and redemption of shares of any Calamos
advised or subadvised open-end fund by an Investment Person, Access Person, Outside Trustee or Outside Director shall not be viewed as
a conflicting transaction for the purpose of this section.</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 Firm&rsquo;s compliance monitoring system does not
recognize the new shares resulting from the exercised option as an equivalent security. The system restarts the holding period when the
shares are created.Therefore, if the Access Person wishes to sell the shares, the Access Person must contact the Compliance Department
for approval of the &ldquo;sell&rdquo; request (All other trading rules apply).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> For the purposes of identifying an equivalent security,
for individual entities, the Compliance Department will review client transactions at the issuer level. Therefore, a request for an equity
purchase will be denied if a conflicting convertible security in the same name has been placed for a client within five business days.
Barring any further activity or conflicts, the associate could trade on the sixth business 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"><SUP>6</SUP> Trades in Broad-based Securities require pre-clearance
approval subject to the 60 day 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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Restricted List</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 0pt 0.25in; text-align: justify">When Calamos has access to Material
Nonpublic Information on a security, the security will be placed on the Restricted List. NO personal trading is allowed in the security
until it is removed from the Restricted List.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Event Specific Trading Restrictions</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 0pt 0.25in; text-align: justify">Calamos reserves the right to impose
other trading restrictions from time to time on specified securities and on groups of its directors, officers, employees, consultants,
Related Persons or the entire firm when, in the judgment of the General Counsel, restrictions are warranted. Calamos will notify those
affected by such trading restriction, when it begins and when it ends. Those affected should not disclose to others the fact of such trading
suspension.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>No Initial Public Offerings</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 0pt 0.25in; text-align: justify">No Access Person or Related Person,
and as provided by FINRA Rule&nbsp;5130, no director, officer, or registered representative of CFS, shall acquire a Beneficial Ownership
Interest in any security in an Initial Public Offering (&ldquo;IPO&rdquo;).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Margin Accounts</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; text-align: justify">Although margining and pledging securities as
collateral is not prohibited, <B><I>it is strongly discouraged. </I></B>In any margin or loan account, the securities used as collateral
may be sold without your consent to meet a margin call or to satisfy a loan. If such a sale occurs when a security is on the restricted
list, during a black out period or when you have access to Material Nonpublic Information, it may raise questions of whether unlawful
insider trading and/or violations to the provisions of Section&nbsp;16 of the Securities and Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;) have occurred.</P>

<P STYLE="font: 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">If you are unable to meet a margin call, you must
contact the CCO in advance of the call date to discuss plausible exit strategies.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Trading Calamos Closed-End and Calamos-Sponsored ETFs</U></B></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: justify"><B>Closed-end Funds and Calamos-sponsored ETFs
are Covered Securities and therefore require employees to obtain pre-clearance within the Firm&rsquo;s Compliance Monitoring System to
purchase or sell shares of these funds. </B>In addition, those persons identified as Section&nbsp;16 individuals (Appendix B) must consult
and obtain approval from an attorney in the Legal Department, prior to engaging in such transactions and must notify the Legal Department
on the day such transaction was effected so the appropriate filing can be made with the SEC. This excludes dividend or capital gain reinvestments
pursuant to a dividend or capital gain reinvestment plans. Such notification is required to meet reporting obligations under Section&nbsp;16
of the Exchange Act and the rules&nbsp;thereunder. <I>See the Policy and Procedures for Filings under the Exchange Act Sections 13 and
16 for more information.</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"></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"><B><U>Private Securities Transactions</U></B></P>

<P STYLE="font: 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">No Access Person shall acquire a Beneficial Ownership
Interest in any security in a private securities transaction without the <I>express written prior approval</I> of the Chairman, CEO, or
President of Calamos (FINRA Rule&nbsp;3280). Access persons must notify the Compliance Department via the Firm&rsquo;s compliance monitoring
system and await receipt of the written approval before engaging in any private securities 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; text-align: justify">Private securities transactions are any securities
transactions outside the regular course or scope of your employment with Calamos including, but not limited to, transactions in unregistered
offerings of securities, and purchases or sales of limited partnership interests.</P>

<P STYLE="font: 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">In deciding whether that approval should be granted,
consideration will be given to whether the investment opportunity should be reserved for clients and whether the opportunity has been
offered because of the person&rsquo;s relationship with Calamos or its 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-align: justify">An Investment Person who holds a private security
must disclose that investment to a Co-Chief Investment Officer and the CCO if he or she later participates in consideration of an investment
in that issuer for a client&rsquo;s account. Any investment decision for the client relating to that security must be made by <I>other</I>
Investment Persons.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Discretionary and Managed Account Exemptions</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; text-align: justify">Security transactions in an account in which an
Access Person or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code <I>if</I> the
Access Person or a Related Person <B>has no direct or indirect influence or control over the account</B> (i.e., the account is managed
on a discretionary basis) and the Access Person or Related Person does not have knowledge of the transaction until after it has been executed
and provided the Access Person has previously identified the account to the Compliance Department via the Firm&rsquo;s compliance monitoring
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-align: justify">Discretionary Accounts must be requested within
the Compliance monitoring system and approved by Compliance. In order for an account to be deemed discretionary, supporting documentation
must be provided, from the financial adviser of the discretionary or managed account as well as a copy of the most recent account statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>De Minimis</I> Exceptions</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">Purchases or sales in an amount less than $10,000<FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT>
in a Covered Security<FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT> of an issuer (other than shares of mutual funds) that has a market
capitalization of at least $100 billion are exempt from the prohibitions with respect to whether Calamos is trading the same or equivalent
security for the accounts of its clients, however pre-clearance is still required. Further, trades falling within this <I>de minimis</I>
exception still must be reported pursuant to the requirements of this Code.</P>

<P STYLE="font: 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>7</SUP> May not exceed an aggregate of $10,000 within 30 calendar
days. In calculating the value of options for purposes of the de minimis exception, the calculation is based on the market value of the
shares underlying the option contract (notional value), and not the value of the option contract itself.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> This excludes trades in Broad-based Securities which
require pre-clearance approval subject to the 60 day 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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Hardships or other Exceptions</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; text-align: justify">Under unusual circumstances, such as a personal
financial emergency, or when it is determined that no conflict of interest or other breach of duty is involved, application for an exemption
from certain restrictions on trading (but not pre-clearance or reporting requirements) under this Code may be made to the CCO, which application
may be denied or granted in the CCO&rsquo;s discretion. To request consideration of an exemption, submit a written request containing
details on your circumstances and the reason(s)&nbsp;for the exception requested.</P>

<P STYLE="font: 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">The CCO may approve such exceptions from the Code
applicable to an individual, based on the unique circumstances of such individual and based on a determination that the exceptions can
be granted (i)&nbsp;consistent with the individual&rsquo;s fiduciary obligations to clients and (ii)&nbsp;pursuant to procedures that
are reasonably designed to avoid a conflict of interest for the individual.</P>

<P STYLE="font: 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>In addition,
the CCO may exempt from Access Person status any individual or class of individual employee that is not required under Rule&nbsp;204A-1
or Rule&nbsp;17j-1 to be covered by the Code in circumstances that are deemed likely to not raise any conflicts with Calamos clients.</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">Any such exceptions shall be subject to such additional
procedures, reviews and reporting as determined appropriate by the CCO in connection with granting such exception.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Corporate Accounts Hedging Transactions</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; text-align: justify">CAM, Calamos Investments LLC (&ldquo;CILLC&rdquo;),
Calamos Family Partners,&nbsp;Inc. (&ldquo;CFP&rdquo;) and its owners (&ldquo;Calamos Family&rdquo;) may invest in and hedge<FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT>
investments made by them in products managed by Calamos to support the continued growth of our investment products and strategies, including
investments to seed new products. Notwithstanding any provision to the contrary in this Code, investments, and the corresponding hedging
transactions, made by CAM, CILLC, CFP and the Calamos Family in Calamos products (excluding Closed-End Funds and Calamos Sponsored ETFs)
are not subject to the substantive restrictions in this Code, such as the short term trading ban. However, the hedging transactions are
subject to pre-clearance by the Corporate Investment Committee. The Adviser&rsquo;s CCO and Funds&rsquo; CCO are copied in the approval
process. In addition, the trading execution order must be (1)&nbsp;Calamos clients, (2)&nbsp;CAM, (3)&nbsp;CILLC, (4)&nbsp;CFP and/or
the Calamos Family.</P>

<P STYLE="font: 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">The General Counsel may approve additional strategies
or instruments based on unusual market circumstances and on the determination that the transactions would not impact the broader market
or conflict with any client activity.</P>

<P STYLE="font: 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>9</SUP> For purposes of the Code, hedging transactions, or a
series of hedging transactions, are defined as instruments used to reduce the overall risk and volatility of investments made in Calamos
products only. The instruments used to complete the hedging transactions must be Broad-based Securities which can be long and/or short
instruments that may include, but not limited to, indices, ETFs, and futures as well as options on these instruments. Hedging transactions
may also include index collars which are commonly employed in order to add downside protection while making a trade-off and limiting
upside profit potential by writing calls to help finance the cost of the puts.</P>

<P STYLE="font: 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>TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED
TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS</B></P>

<P STYLE="font: 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">Although an Outside Trustee, or an Unaffiliated
Trustee, or Outside Director are generally exempt from certain reporting requirements, they are required to file quarterly transaction
reports under certain circumstances. They shall report in writing to the CCO of the Calamos Funds, within 30 days after the end of a calendar
quarter, any transaction by him or her or a Related Person in a Covered Security if, at the time of the transaction he or she knew, or
in the ordinary course of fulfilling his or her duties as a Trustee or Director should have known, that on the day of the transaction
or within 15 days before or after that day a purchase or sale of that Covered Security was made by or considered for a Fund. Such reporting,
if required, shall contain the same information required for Access Persons (as described above in the Section&nbsp;entitled: &ldquo;Reporting
Requirements&rdquo;).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Outside Trustee or Unaffiliated Trustee or Related Persons shall
also report in writing to the Fund CCO and the Calamos Legal Department , for the filing of Form&nbsp;3 and Form&nbsp;4, <B><U>within
one business day</U></B>, any personal securities transaction by him or her or a Related Person of any of him or her in shares of Calamos
Closed-End Funds. Such reporting is required to meet obligations under Section&nbsp;16 of the Exchange Act and the rules&nbsp;thereunder.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>No Transactions with Clients</U></B></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: justify">No <FONT STYLE="font-size: 10pt">Outside Trustee</FONT>
or Related Persons shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>No Conflicting Transactions</U></B></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: justify">No Outside Director, Outside Trustee, Unaffiliated
Trustee nor any Related Person of any of them<B>, </B>shall purchase or sell, directly or indirectly, any Covered Security in which such
persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an
open-end fund advised or subadvised by Calamos) that the person knows or has reason to believe is being purchased or sold or considered
for purchase or sale by a client, until the client&rsquo;s transactions have been completed or consideration of such transactions has
been abandoned.</P>

<P STYLE="font: 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">A security is being &ldquo;actively considered&rdquo;
(a)&nbsp;when a recommendation to purchase or sell has been made for the client and is pending or (b)&nbsp;with respect to the person
making the recommendation, when that person is seriously considering making the 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-align: justify">Absent extraordinary circumstances, a personal
securities transaction of the same <I>(or equivalent<FONT STYLE="font-size: 10pt"><B><SUP>10</SUP></B></FONT>)</I> securities (excluding
a Broad-based Security) shall not be executed until the <B><I><U>sixth business day</U></I></B> following the completion of any transaction
for a client.</P>

<P STYLE="font: 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">The purchase and sale of shares of any open-end
fund advised or subadvised by Calamos by an Investment Person, Outside Trustee, Outside Director or Related Persons shall not be viewed
as a conflicting transaction for the purpose 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">A purchase or sale of securities in an account
in which an Outside Trustee or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code
if the Outside Trustee or a Related Person of the Outside Trustee <B>has no direct or indirect influence or control over the account</B>
(i.e., the account is managed on a discretionary basis by someone other than the Outside Trustee or the Related Person, and the Outside
Trustee or Related Person does not have knowledge of the transaction until after it has been executed).</P>

<P STYLE="font: 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"><SUP>10</SUP> For the purposes of identifying an equivalent security,
for individual entities, the Compliance Department will review client transactions at the issuer level. Therefore, a request for an equity
purchase will be denied if a conflicting convertible security in the same name has been placed for a client within five business days.
Barring any further activity or conflicts, the associate could trade on the sixth business 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Section&nbsp;16 Reporting and Prohibitions</U></B></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: justify">Under the requirements of Section&nbsp;16 of the
Exchange Act and the rules&nbsp;thereunder, certain parties are required to report any transactions in the Calamos Advised Closed-End
Funds or Calamos Sponsored ETFs, other than acquisitions resulting from the reinvestment of dividends or interest pursuant to a dividend
or interest 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; text-align: justify">These persons include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">CEO</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Funds principal financial officer or principal
accounting officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any trustee of the Funds, including Outside Trustees</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any directors of CAM, including Outside Directors</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any vice-president of Calamos in charge of a
principal business unit, division or function (such as sales, administration or finance)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any other officer or person of Calamos who performs
a policy-making function</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: justify">Individuals subject to this requirement are listed
in Appendix B, which may be 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">Directors, officers and principal shareholders
of the Funds are subject to the &ldquo;short swing&rdquo; trading provisions of Section&nbsp;16. Subject to certain exceptions, an officer,
director or principal shareholder who engages in any combination of purchase and sale, or sale and purchase, of the Funds within any period
of less than six months must turn over to the Funds any profit realized or loss avoided by such a combination of transactions. <B><I>This
is an absolute penalty imposed by law, and it is imposed regardless of any intention on the part of the director, officer or owner.</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; text-align: justify">Transactions of Immediate Family members of the
persons listed above are generally subject to the reporting requirements, on the theory that such persons will financially benefit from
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-align: justify">These persons must also file an Initial Statement
of Beneficial Ownership of Securities (known as &ldquo;Form&nbsp;3&rdquo;) to report share ownership, or when becoming a reporting party,
and Statement of Changes of Beneficial Ownership of Securities (know as &ldquo;Form&nbsp;4&rdquo;) for subsequent reports of transactions.
Although the Legal Department is prepared to assist these persons in preparing such filings, the responsibility for such filings, including
notifying the Legal Department of the transaction and obtaining prior approval, as stated above, is that of the individual.</P>

<P STYLE="font: 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"><B>OTHER REGULATORY 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; text-align: justify">Certain other restrictions are imposed upon Calamos
personnel, other than Outside Trustees, Unaffiliated Trustees and Outside Directors, as a result of being in a highly regulated 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"></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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Outside Employment or Outside Business Activity</U></B></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: justify">What employees do outside the office on their
own time is their business as long as it does not reflect negatively on or otherwise conflict with the company and its activities. However,
for full-time employees of Calamos, it is expected that their position with the company is their primary employment. Any outside activity
must not interfere with an employee&rsquo;s ability to properly perform his or her job responsibilities.</P>

<P STYLE="font: 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">Personnel contemplating a second job or other
outside activity must notify their supervisor immediately. The supervisor will thoroughly discuss this opportunity with the employee to
ensure it will not interfere with job performance at Calamos, nor pose a conflict of interest. All outside business activities must be
preapproved by your supervisor and reported to the CCO via the Firm&rsquo;s compliance monitoring system.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Service as a Director or Officer</U></B></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: justify">No Access Person may serve as a member of the
board of directors or trustees, or as an officer, of any publicly-held company without the prior written approval of the Chairman, CEO,
President or the CCO, based on a determination that the board service would not be inconsistent with the interests of Calamos clients.
If an Investment Person is serving as a board member, that Investment Person shall not participate in making investment decisions relating
to the securities of the company on whose board he or she sits. Because of the potential for real or apparent conflicts of interests,
such service is strongly discouraged.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Gifts and Entertainment</U></B></TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conflicts of interest may arise when employees are presented with gifts
or entertainment from persons doing business with Calamos or hoping to do business with same. The Advisers Act as well as the 1940 Act
require that Firms address these potential conflicts by adopting policies and procedures pertaining to Gifts and Entertainment. If a conflict
does arise, the burden of proof falls on Calamos to prove they acted in the best interest of the client(s). So if ever there is a doubt
regarding if a conflict exists, an employee should assume a conflict does exist, and therefore, he or she should not give or accept a
gift or entertainment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulations require Calamos to monitor gifts and entertainment. See
also the separate policy on Gifts and Entertainment.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gifts</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">Employees may not give or receive a gift with a value greater than
$100 or &pound;100 per year, per giver or recipient. If multiple gifts are given or received, their combined value may not exceed $100
or &pound;100 per year.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cash or cash equivalents are not allowed to be given or accepted. This
includes a gift card that may be converted into cash. Any gift accepted must only be accepted by an employee who is certain that there
is no conflict of interest, or appearance of same, raised by the acceptance of such gift. No gifts in poor taste may be given or accepted.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-approval is required when giving gifts. An employee should enter
the gift via the Firm&rsquo;s compliance monitoring system providing the recipient name, title, and company, as well as a description
of the gift and its actual or estimated value. The employee must await approval from the Compliance Department <I>before </I>giving the
gift.</P>



<P STYLE="font: 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gifts <I>received</I> must be reported upon occurrence to the Compliance
Department via the Firm&rsquo;s compliance monitoring system. The reporting should include the name of the giver, with title and company
name as well as a description of the gift and its&rsquo; actual or estimated value. The CCO reserves the right to require the employee
to return any gift if it determines such return is appropriate.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Entertainment</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">Entertainment provided or accepted must be appropriate and reasonable.
The employee must consider any conflicts or potential conflicts prior to providing or participating in entertainment.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Employees may obtain Calamos owned tickets to, for example, a sporting
event. When the tickets are used by an employee with a client or vendor, it is considered entertainment. If the employee gives the tickets
to a client (or vendor,&nbsp;etc.) and does not attend the event himself, the tickets are considered a gift and the $100 or &pound;100
limit applies. The same is true if a Calamos employee accepts tickets from a client or vendor and attends the event without that client
or vendor, this is a gift and it should be pre-approved by the Compliance Department.</P>

<P STYLE="font: 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">An employee should not provide or accept entertainment
to or from the same client (or vendor,&nbsp;etc.) on a frequent basis. Invitations for excessive or extravagant entertainment must be
declined. If such entertainment is accepted inadvertently, it must be reported to the Compliance Department via the Firm&rsquo;s compliance
monitoring system.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Identifying and Reporting Conflicts of Interest and Other Ethical Concerns</U></B></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: justify">Calamos believes that the interests of Calamos
and its clients can and should be aligned, despite the potential for conflicts of interest in the investment adviser/client relationship.
In addition to being in the best interests of our clients to avoid conflicts of interest, it is in the best interest of Calamos itself
to avoid actual and even, if possible, 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; text-align: justify">In a company of our size and complexity, it can
become difficult to identify conflicts of interest and other potential problems. But identification is the first and most necessary step
in resolving those issues. Calamos believes that those dealing with the details of running its business operations are in just as good
a position &ndash; often a better one &ndash; as Calamos management to identify potential problems.</P>

<P STYLE="font: 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">All Calamos employees have an interest in identifying
and solving potential problems. Each employee should feel free to raise questions and analyze what he or she is doing. In the end, Calamos
is paying all of us to think and use our best judgment, and that includes raising questions and joining the discussion that shapes our
business policies and practices. If any employee is concerned about an apparent conflict of interest, or any other legal or ethical question
involving our businesses, the employee should raise their concerns with the CCO or General Counsel.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An employee may report concerns directly to his
or her manager or to Senior Management&rdquo;. Calamos encourages open-door, in-person reporting of concerns but also recognizes that
some employees may feel uncomfortable raising issues, especially if they question the propriety of something that is occurring. Thus,
as an alternative to direct reporting, employees may report concerns via EthicsPoint, which is an independent third-party service provider
contracted to facilitate anonymous reporting of concerns. EthicsPoint is described more completely on the Calamos intranet site and also
is accessible through <U>https://secure.ethicspoint.com/domain/media/en/gui/6143/index.html</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; text-align: justify">Calamos will not tolerate retaliation in any form
against employees who in good faith report actual or suspected concerns under this policy or against individuals who assist in the investigation
of reported illegal or unethical conduct. Any act of retaliation should be reported immediately.</P>

<P STYLE="font: 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">This policy should be read in conjunction with
the &ldquo;Calamos Internal Whistleblower Policy&rdquo;, accessible on the Calamos intranet site.</P>

<P STYLE="font: 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">This policy is intended to encourage employees
to raise any concerns regarding illegal or unethical conduct. However, consistent with SEC Rule&nbsp;21F-17, nothing in this policy or
any other policy or agreement, limits an individual from initiating communications directly with, responding to any inquiry from, volunteering
information to, or providing testimony before, the SEC, the Department of Justice, FINRA., any other self-regulatory organization or any
other governmental, law enforcement, or regulatory authority, in connection with any reporting of, investigation into, or proceeding regarding
suspected violations of law, and no individual is required to advise or seek permission before engaging in any such activity. In connection
with such activity, individuals should identify any information that is confidential and ask the government agency for confidential treatment
of such information. Despite the foregoing, individuals are not permitted to reveal to any third party, including any governmental, law
enforcement, or regulatory authority, information that is protected from disclosure by any applicable confidentiality provisions or privilege,
including but not limited to the attorney-client privilege, attorney work product doctrine and/or other applicable legal privileges. Calamos
does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work
product, and other confidential or privileged information. Additionally, an individual&rsquo;s ability to disclose information may be
limited or prohibited by applicable law and Calamos does not consent to disclosures that would violate applicable law. Applicable laws
include, without limitation, laws and regulations restricting disclosure of confidential supervisory information or disclosures subject
to the Bank Secrecy Act (31 U.S.C. &sect;&sect; 5311-5330), including information that would reveal the existence or contemplated filing
of a suspicious activity report. Confidential supervisory information includes any information or materials relating to the examination
and supervision of Calamos by applicable regulatory agencies, materials responding to or referencing non-public information relating to
examinations or supervision by regulatory agencies and correspondence to or from applicable regulators.</P>

<P STYLE="font: 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"><B>RECORD RETENTION</B></P>

<P STYLE="font: 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">The Compliance Department shall maintain the records
listed below for a period of five years in a readily accessible place:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a copy of each Code that has been adopted or
been in effect at any time during the past five years;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a record of any violation of the Code and any
action taken as a result of such violation for five years from the end of the fiscal year in which the violation occurred;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a record of all written acknowledgements of receipt
of the Code and amendments for each person who is currently, or within the past five years was, a Supervised Person;</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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a record of each holdings and transaction report
made pursuant to the Code, including any brokerage confirmation and account statements made in lieu of these reports;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a record of any decision and supporting reasons
for approving the acquisition of securities in limited offerings for at least five years after the end of the fiscal year in which approval
was granted; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a copy of each SEC Form&nbsp;3, Form&nbsp;4,
and Annual Statement of Beneficial Ownership of Securities.</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>
    <!-- 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"><B>Appendix A &ndash; In-Scope Entities</B></P>

<P STYLE="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 policy pertains to the entities listed in the following tables
(collectively referred herein as &ldquo;Calamos&rdquo; or &ldquo;the Firm&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">Companies</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: 53%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company name</B></FONT></TD>
    <TD STYLE="width: 47%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos Asset Management,&nbsp;Inc. </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos Investments LLC </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consolidated company managed by CAM</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos Advisors LLC </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S. Investment Advisor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos Wealth Management LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S. Investment Advisor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos Financial Services LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S. Distributor</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-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Table 1 - List of In-Scope Companies</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">Funds for U.S. Investors</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: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Closed-End Fund Name</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos Convertible Opportunities and Income Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos Convertible and High Income Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos Strategic Total Return Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos Global Total Return Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos Global Dynamic Income Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos Dynamic Convertible and Income Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calamos Long/Short Equity&nbsp;&amp; Dynamic Income Trust</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-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Table 2 - List of In-Scope U.S. Funds</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">Revision Date</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: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopted: June&nbsp;30, 2005</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: March&nbsp;17, 2009</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: December&nbsp;04, 2013</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: June&nbsp;23, 2014</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: September&nbsp;25, 2014</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: July&nbsp;1, 2016 effective August&nbsp;1, 2016</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: November&nbsp;1, 2016</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: January&nbsp;24, 2017</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: December&nbsp;12, 2017</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: October&nbsp;12, 2018</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: July&nbsp;9, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: September&nbsp;25, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: June&nbsp;30, 2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revised: March&nbsp;24, 2021</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-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Table 3 &ndash; List of Revision Dates for Policy</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"></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: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>APPENDIX B</U></B></P>

<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"><U>SECTION&nbsp;16 INDIVIDUALS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Dated 6/30/20)</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">John P. Calamos,&nbsp;Sr., Chairman, Trustee and President, Calamos
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">John S. Koudounis, Vice President, Calamos 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">J. Christopher Jackson, Vice President and Secretary, Calamos 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">Robert Behan, Vice President, Calamos 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">Thomas E. Herman, Vice President, Chief Financial Officer, Calamos
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">Mark J. Mickey, Chief Compliance Officer, Calamos 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">Stephen Atkins, Treasurer, Calamos 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">John E. Neal, 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">William R. Rybak, 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">Virginia G. Breen, 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">Lloyd A. Wennlund, 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">Karen L. Stuckey, 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">Christopher M. Toub, 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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    <!-- Field: /Page -->

<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><U>APPENDIX C</U></B></P>

<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"><U>FIRMS WITH ELECTRONIC FEEDS TO FIRM&rsquo;S
COMPLIANCE MONITORING SYSTEM</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Dated 3/26/2020)</P>

<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">Ameriprise</P>

<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">Charles Schwab</P>

<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">Chase Investment Services</P>

<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">Edward Jones</P>

<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">E*Trade</P>

<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">Fidelity</P>

<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">Interactive Brokers</P>

<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">JP Morgan</P>

<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">Merrill Lynch</P>

<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">Morgan Stanley Smith Barney</P>

<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">RBC Wealth Mangement</P>

<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">TD Ameritrade</P>

<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">T. Rowe Price</P>

<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">UBS</P>

<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">U S Bank</P>

<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">Vanguard</P>

<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">Wells Fargo</P>

<P STYLE="font: 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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(S)
<SEQUENCE>14
<FILENAME>tm2119043d1_ex99-s.htm
<DESCRIPTION>EXHIBIT 99.(S)
<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.s</B></P>

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

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

<P STYLE="font: 10pt Times 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">The person whose signature appears below hereby
appoints John P. Calamos,&nbsp;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 attorney-in-fact 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 Global Dynamic Income Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Virginia G. Breen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;21, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia G. Breen</FONT></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="margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times 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">The person whose signature appears below hereby
appoints John P. Calamos,&nbsp;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 attorney-in-fact 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 Global Dynamic Income Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John E. Neal</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;21, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John E. Neal</FONT></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"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <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>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times 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">The person whose signature appears below hereby
appoints John P. Calamos,&nbsp;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 attorney-in-fact 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 Global Dynamic Income Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ William R. Rybak</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;21, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William R. Rybak</FONT></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="margin: 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times 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">The person whose signature appears below hereby
appoints John P. Calamos,&nbsp;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 attorney-in-fact 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 Global Dynamic Income Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Karen L. Stuckey</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;21, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karen L. Stuckey</FONT></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"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <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>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times 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">The person whose signature appears below hereby
appoints John P. Calamos,&nbsp;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 attorney-in-fact 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 Global Dynamic Income Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christopher M. Toub</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;21, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher M. Toub</FONT></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"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <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>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times 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">The person whose signature appears below hereby
appoints John P. Calamos,&nbsp;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 attorney-in-fact 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 Global Dynamic Income Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lloyd A. Wennlund</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;21, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lloyd A. Wennlund</FONT></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"></P>

<!-- Field: Page; Sequence: 6; Options: Last -->
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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 1in 0pt 0; text-align: right">June&nbsp;16, 2021</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549-4720</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify">Calamos Global Dynamic Income Fund (File Nos. 333-______, 811-22047)</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentleman:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are filing today via EDGAR
a Registration Statement on Form&nbsp;N-2 pursuant to the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and the
Investment Company Act of 1940, as amended, on behalf of Calamos Global Dynamic Income Fund, a Delaware statutory trust.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Section&nbsp;6
of the Securities Act, we have calculated the Registration Fees and have transmitted such fees in the amount of $109.10 to the designated
lockbox at U.S. Bank in St. Louis, Missouri.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any questions
or need any clarification concerning the foregoing or this transmission, please call the undersigned at (630) 245-1105.</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Very truly yours,</TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
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    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Tammie Lee</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Tammie Lee</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
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<TD STYLE="width: 0.5in">cc:</TD><TD>J. Christopher Jackson</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Paulita Pike,&nbsp;Esq.</TD></TR>
                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Jeremy Smith,&nbsp;Esq.</TD></TR>
                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Rita Rubin,&nbsp;Esq.</TD></TR>
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