<SEC-DOCUMENT>0001104659-20-140097.txt : 20210426
<SEC-HEADER>0001104659-20-140097.hdr.sgml : 20210426

<ACCEPTANCE-DATETIME>20201229134358

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001104659-20-140097

CONFORMED SUBMISSION TYPE:	N-2

PUBLIC DOCUMENT COUNT:		3

FILED AS OF DATE:		20201229

DATE AS OF CHANGE:		20210301


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			CALAMOS GLOBAL TOTAL RETURN FUND

		CENTRAL INDEX KEY:			0001285650

		IRS NUMBER:				203377281

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-21547

		FILM NUMBER:		201421694



	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




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			CALAMOS GLOBAL TOTAL RETURN FUND

		CENTRAL INDEX KEY:			0001285650

		IRS NUMBER:				203377281

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-251787

		FILM NUMBER:		201421695



	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



<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>
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<FILENAME>tm2038976d1_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"><B>As filed with the Securities
and Exchange Commission on December&nbsp;29, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>1933 Act File No.&nbsp;333
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></P>

<P STYLE="margin: 0pt 0; text-align: right"><B>1940 Act File No.&nbsp;811-21547</B></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 2pt solid; border-bottom: 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>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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="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>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;N-2</B></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; 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>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 12pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 12pt; width: 0.5in"></TD><TD STYLE="font-size: 12pt; width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><B>REGISTRATION
                                         STATEMENT UNDER THE SECURITIES ACT OF 1933</B></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: 0.5in"></TD><TD STYLE="font-size: 12pt; width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><B>Pre-Effective
                                         Amendment No.</B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 12pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 12pt; width: 0.5in"></TD><TD STYLE="font-size: 12pt; width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><B>Post-Effective Amendment No.</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: center"><B>and</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 12pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 12pt; width: 0.5in"></TD><TD STYLE="font-size: 12pt; width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><B>REGISTRATION
                                         STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 12pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 12pt; width: 0.5in"></TD><TD STYLE="font-size: 12pt; width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><B>Amendment
                                         No.&nbsp;31</B></TD>
</TR></TABLE>

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

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 18pt"><B>CALAMOS GLOBAL TOTAL RETURN
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>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; 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>

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

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; 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>

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

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 50%; text-align: center">Paulita A. Pike</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 50%; text-align: center">Jeremy Smith</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Ropes&nbsp;&amp; Gray LLP</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Ropes&nbsp;&amp; Gray LLP</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">191 North Wacker Drive,</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">1211 Avenue of the Americas</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">32nd Floor</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">New York, New York 10036</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Chicago,&nbsp;Illinois 60606</TD>
    <TD STYLE="font-size: 10pt; 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"><B>Approximate Date of Proposed Public Offering:
</B>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>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt">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>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt">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>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt">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">&#168;</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt">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>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt">It is proposed that this filing will become effective (check
appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt"><FONT STYLE="font-family: Wingdings">&#168;</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: 2pt 0 0pt">If appropriate, check the following box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt"><FONT STYLE="font-family: Wingdings">&#168;</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: 2pt 0 0pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT> This form
is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act and the
Securities Act registration statement number of the earlier effective registration statement for the same offering is .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt"><FONT STYLE="font-family: Wingdings">&#168;</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: 2pt 0 0pt"><FONT STYLE="font-family: Wingdings">&#168;</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: 2pt 0 0pt">Check each box that appropriately characterizes the Registrant:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT> Business
development company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT> Interval
fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt"><FONT STYLE="font-family: Wingdings">&#168;</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: 2pt 0 0pt"><FONT STYLE="font-family: Wingdings">&#168;</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: 2pt 0 0pt"><FONT STYLE="font-family: Wingdings">&#168;</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>

<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="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; width: 55%"><FONT STYLE="font-size: 10pt"><B>Title of Securities Being Registered</B></FONT></TD>
    <TD STYLE="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center; width: 15%"><FONT STYLE="font-size: 10pt"><B>Amount&nbsp;Being<BR>
Registered(1)</B></FONT></TD>
    <TD STYLE="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center; width: 15%"><FONT STYLE="font-size: 10pt"><B>Proposed Maximum<BR>
Offering Price(2)</B></FONT></TD>
    <TD STYLE="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center; width: 15%"><FONT STYLE="font-size: 10pt"><B>Amount of<BR>
Registration Fee(3)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt">Common shares, no par value per share; preferred shares, no par value per share; debt securities</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-left: Black 1pt solid; vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-left: Black 1pt solid; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: center">$1,000,000</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-left: Black 1pt solid; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: center">$109.10</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">There are being registered hereunder a presently indeterminate
number of shares of common stock to be offered on an immediate, continuous or delayed basis.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">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.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Transmitted prior to filing.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #FF1A24"><B>The information
in this prospectus is not complete and may be changed. We may not sell these securities until&nbsp;the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is&nbsp;not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any state where the&nbsp;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; color: #FF1A24"><B>Preliminary Prospectus,
subject to completion dated [ ], 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">Base Prospectus</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>$xx,xxx,xxx</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Calamos Global
Total Return Fund</B></P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Debt Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Calamos Global Total Return 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 in October&nbsp;2005. Our investment objective is to provide total return through
a combination of capital appreciation and current income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may offer, on an immediate, continuous
or delayed basis, up to $xx,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; 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 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; text-indent: 0.25in">Our common shares are listed on the Nasdaq
Global Select Market under the symbol &ldquo;CGO.&rdquo; As of [&nbsp;&nbsp; ], 2021, the last reported sale price for our common
shares was $xx.xx per share. As of [&nbsp;&nbsp; ], 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; text-align: left; text-indent: 0.25in"><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 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; text-align: left; text-indent: 0.25in"><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-indent: 0.25in"><B>Beginning on January&nbsp;1, 2021,
as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund&rsquo;s shareholder reports
will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial
intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is
posted and provided with a website link to access the report.</B></P>

<P STYLE="font: 10pt Times New 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>If you already elected to receive shareholder
reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder
reports and other communications from the Fund electronically by calling 800.582.6959. If you own these shares through a financial
intermediary, you may contact your financial intermediary.</B></P>

<P STYLE="font: 10pt Times New 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 may elect to receive all future
reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder
reports by calling 800.582.6959. If you own these shares through a financial intermediary, you may contact your financial intermediary
or follow instructions included with this disclosure to elect to continue to receive paper copies of your shareholder reports.
Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary.</B></P>

<P STYLE="font: 10pt 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 [&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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<P STYLE="font: 10pt Times New 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, 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, by sending an
e-mail request to prospectus@calamos.com, or by writing to the Fund at 2020 Calamos Court, Naperville,&nbsp;Illinois 60563. The
Fund&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.</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Summary</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Fund Expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Highlights</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market and Net Asset Value Information</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Objective and Principal Investment
    Strategies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leverage</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Rate Transactions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Currency Exchange Transactions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management of the Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closed-End Fund Structure</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Federal Income Tax Matters</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Asset Value</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends and Distributions on Common Shares;
    Automatic Dividend Reinvestment Plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rating Agency Guidelines</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><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></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of Distribution</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian, Transfer Agent, Dividend Disbursing
    Agent and Registrar</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation by Reference</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</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"><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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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;xx 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; text-indent: 0.25in">The Fund is a diversified, closed-end
management investment company. We commenced operations in October&nbsp;2005 following our initial public offering. As of [&nbsp;&nbsp;&nbsp;
], 2021, we had $xxx million of total managed assets, including $12 million of outstanding mandatory redeemable preferred shares
(&ldquo;MRP Shares&rdquo; or &ldquo;MRPS&rdquo;) and $xx million of outstanding borrowings under a liquidity agreement, plus additional
structural leverage that amounted to approximately $xx million. 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 provide total return through
a combination of capital appreciation and current income.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 [&nbsp;&nbsp;&nbsp; ], 2021, Calamos
managed approximately $xx.x billion in assets of individuals and institutions. Calamos is a wholly-owned subsidiary of Calamos
Investments LLC (&ldquo;CILLC&rdquo;). Calamos Asset Management,&nbsp;Inc. is the sole manager of CILLC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 $xx,xxx,xx 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">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">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">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">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. 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">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">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">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"><I>Primary Investments. </I>Under normal
circumstances, the Fund will 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. The Fund, under
normal circumstances, will invest at least 50% of its managed assets in equity securities (including securities that are convertible
into equity securities). 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. 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.</P>

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

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

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<P STYLE="font: 10pt Times New 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 dynamically allocate the
Fund&rsquo;s investments among multiple asset classes (rather than maintaining a fixed or static allocation), seeking to obtain
an appropriate balance of risk and reward through all market cycles using multiple strategies and combining them to seek to achieve
favorable risk adjusted 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">The Fund will attempt to keep a consistent
balance between risk and reward over the course of different market cycles, through various combinations of stocks, bonds, and/or
convertible securities, to achieve what Calamos believes to be an appropriate blend for the then current market. As the market
environment changes, portfolio securities may change in an attempt to achieve a relatively consistent risk level over time. At
some points in a market cycle, one type of security may make up a substantial portion of the Fund&rsquo;s portfolio, while at
other times certain securities may have minimal or no representation, depending on 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">The Fund may also seek to generate income
from option premiums by writing (selling) options (with an aggregate notional value of up to 33% of the value of the Fund&rsquo;s
managed assets). The Fund will opportunistically employ a strategy of writing options. The extent of option writing activity will
depend upon market conditions and Calamos&rsquo; ongoing assessment of the attractiveness of writing options on the Fund&rsquo;s
equity 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">The Fund&rsquo;s derivative activities
are principally focused on the following derivatives: interest rate swaps, convertible securities, synthetic convertible instruments,
options on individual securities, index options and forward currency exchange contracts (&ldquo;forward contracts&rdquo;). However,
the Fund reserves the right to invest in other derivative instruments to the extent it is consistent with the Fund&rsquo;s investment
objective and restrictions. 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; text-indent: 0.25in"><I>Equity Securities. </I>Equity securities
include common and preferred stocks, warrants, rights, and depository receipts. Under normal circumstances, the Fund will invest
at least 50% of its managed assets in equity securities (including securities that are convertible into equity securities). See
 &ldquo;&mdash; Convertible Securities&rdquo; below. 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"><I>Debt Securities. </I>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"><I>High Yield Securities. </I>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"></P>

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<P STYLE="font: 10pt Times New 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>Foreign Securities. </I>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. 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"><I>Convertible Securities. </I>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. Securities that
are convertible into equity securities are considered equity securities for purposes of the Fund&rsquo;s policy to invest at least
50% of its managed assets in equity 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"><I>Synthetic Convertible Instruments.
</I>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. The Fund&rsquo;s holdings of synthetic convertible instruments are considered
equity securities for purposes of the Fund&rsquo;s policy to invest at least 50% of its managed assets in equity securities. 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"><I>Options Writing. </I>The Fund may seek
to generate income from option premiums by writing (selling) options (with an aggregate notional value of up to 33% of the value
of the Fund&rsquo;s managed assets). 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<FONT STYLE="font-size: 10pt">&reg;
</FONT>Index (&ldquo;S&amp;P 500&rdquo;) or the MSCI EAFE<FONT STYLE="font-size: 10pt">&reg; </FONT>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. See &ldquo;Investment Objective and Principal Investment Strategies &mdash; Principal Investment
Strategies &mdash; Options Writing&rdquo; and &ldquo;Investment Objective and Principal Investment Strategies &mdash; Principal
Investment Strategies &mdash; Options in General.&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"><I>Rule&nbsp;144A Securities. </I>The
Fund may invest without limit in certain securities (&ldquo;Rule&nbsp;144A Securities&rdquo;), such as convertible and debt securities,
that are typically purchased in transactions exempt from the registration requirements of the 1933 Act pursuant to Rule&nbsp;144A
under that Act. Rule&nbsp;144A Securities may only be sold to qualified institutional buyers, such as the Fund. Any resale of
these securities must generally be effected through a sale that is registered under the 1933 Act or otherwise exempted or excepted
from such registration requirements. Under the supervision and oversight of the Fund&rsquo;s Board of Trustees, Calamos will determine
whether Rule&nbsp;144A Securities are liquid. Typically, the Fund purchases Rule&nbsp;144A Securities only if Calamos has determined
them to be liquid. If any Rule&nbsp;144A Security held by the Fund should become illiquid, the value of the security may be reduced
and a sale of the security may be more difficult. See &ldquo;Investment Objective and Principal Investment Strategies &mdash;
Principal Investment Strategies &mdash; 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; text-indent: 0.25in"><I>Zero Coupon Securities. </I>The securities
in which the Fund invests may include zero coupon securities, which are debt obligations that are issued or purchased at a significant
discount from face value. The discount approximates the total amount of interest the security will accrue and compound over the
period until maturity or the particular interest payment date at a rate of interest reflecting the market rate of the security
at the time of issuance. Zero coupon securities do not require the periodic payment of interest. These investments benefit the
issuer by mitigating its need for cash to meet debt service, but generally require a higher rate of return to attract investors
who are willing to defer receipt of cash. These investments may experience greater volatility in market value than U.S. government
or other securities that make regular payments of interest. The Fund accrues income on these investments for tax and accounting
purposes, which is distributable to shareholders and which, because no cash is received at the time of accrual, may require the
liquidation of other portfolio securities to satisfy the Fund&rsquo;s distribution obligations, in which case the Fund will forego
the opportunity to purchase additional income producing assets with the liquidation proceeds. Zero coupon U.S. government securities
include STRIPS and CUBES, which are issued by the U.S. Treasury as component parts of U.S. Treasury bonds and represent scheduled
interest and principal payments on the bonds. See &ldquo;Investment Objective and Principal Investment Strategies &mdash; Principal
Investment Strategies &mdash; Zero Coupon 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"><I>Other Securities. </I>The Fund may
invest in other securities of various types to the extent consistent with its investment objective. Normally, the Fund invests
substantially all of its assets to meet its investment objective. For temporary defensive purposes, the Fund may depart from its
principal investment strategies and invest part or all of its assets in securities with remaining maturities of less than one
year or cash equivalents; or it may hold cash. During such periods, the Fund may not be able to achieve its investment objective.
There are no restrictions as to the ratings of debt securities acquired by the Fund or the portion of the Fund&rsquo;s assets
that may be invested in debt securities in a particular ratings category. For more information on the types of derivatives that
the Fund invests in, see &ldquo;Investment Objective and Principal Investment Strategies &mdash; Principal Investment Strategies&rdquo;
in this prospectus and &ldquo;Investment Objective and Policies&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>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">The Fund currently uses, and may in the
future use, financial leverage. The Fund has obtained financial leverage (i)&nbsp;under an Amended and Restated Liquidity Agreement
(the &ldquo;SSB Agreement&rdquo;) with State Street Bank and Trust Company (&ldquo;SSB&rdquo; or &ldquo;State Street&rdquo;) that
allows the Fund to borrow up to $55 million and (ii)&nbsp;through the issuance of three series of MRP Shares with an aggregate
liquidation preference of $12 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 160,000 Series&nbsp;A MRP Shares, with
an aggregate liquidation preference of $4.0 million and a mandatory redemption date of September&nbsp;6, 2022; 160,000 Series&nbsp;B
MRP Shares, with an aggregate liquidation preference of $4.0 million and a mandatory redemption date of September&nbsp;6, 2024;
and 160,000 Series&nbsp;C MRP Shares, with an aggregate liquidation preference of $4.0 million 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"></P>

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<P STYLE="font: 10pt Times New 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 [&nbsp;&nbsp;&nbsp; ], 2021, the
Fund had utilized $xx million of the $55 million available under the SSB Agreement ($xx 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 $12 million of MRP Shares outstanding, representing xx.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; text-indent: 0.25in">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">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,
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; text-indent: 0.25in">For further information about the effects
of 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;Effects of Leverage.&rdquo;
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Interest Rate Transactions</B></P>

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

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

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<P STYLE="font: 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; 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"></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"><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">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="background-color: white"><I>American
Depositary Receipts Risk</I>. 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.</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"><I>Antitakeover Provisions. </I>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"><I>Cash Holdings Risk.</I> 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"></P>

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<P STYLE="font: 10pt Times New 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>Contingent Liabilities Risk. </I>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; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Convertible Securities Risk. </I>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: 0.25in">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; text-indent: 0.25in"><I>Counterparty and Settlement Risk. </I>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"><I>&ldquo;Covenant-Lite&rdquo; Loans Risk.
</I>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"><I>Credit Risk. </I>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"><I>Currency Risk. </I>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"></P>

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<P STYLE="font: 10pt Times New 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>Cybersecurity Risk. </I>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. Cyberattacks 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"><I>Debt Securities Risk. </I>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"><I>Default Risk. </I>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; text-indent: 0.25in"><I>Derivatives Risk</I>. 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, duration mismatch risk, correlation risk, liquidity risk, interest rate risk, volatility risk, credit
risk, management risk and counterparty risk. Derivatives also involve the risk of mispricing or improper valuation and the risk
that changes in the value of a derivative may not correlate perfectly with an underlying asset, interest rate or index. Suitable
derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these
transactions to reduce exposure to other risks when that would be beneficial. Furthermore, the skills needed to employ derivatives
strategies are different from those needed to select portfolio securities and, in connection with such strategies, the Fund makes
predictions with respect to market conditions, liquidity, currency movements, market values, interest rates and other applicable
factors, which may be inaccurate. Thus, the use of derivative investments may require the Fund to sell or purchase portfolio securities
at inopportune times or for prices below or above the current market values, may limit the amount of appreciation the Fund can
realize on an investment or may cause the Fund to hold a security that it might otherwise want to sell. Tax rules&nbsp;governing
the Fund&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"></P>

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<P STYLE="font: 10pt Times New 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"><I>Duration Risk. </I>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.</P>

<P STYLE="font: 10pt Times New 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>Emerging Markets Risk. </I>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"><I>Equity Securities Risk. </I>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: 0.25in">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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>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.
                                         See &ldquo;Risk Factors &mdash; Fund Risks &mdash; Equity Securities Risk.&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; text-indent: 0.25in"><I>Foreign Securities Risk. </I>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>

<P STYLE="font: 10pt Times New Roman, 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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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; text-indent: 0.25in">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: 0.25in"><I>Forward Currency Exchange Contracts
Risk. </I>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"><I>Futures and Forward Contracts Risk.
</I>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"><I>Geographic Focus Risk. </I>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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    <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"><I>High Yield Securities Risk. </I>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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&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: 0.25in">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.</P>

<P STYLE="font: 10pt Times New 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. 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. 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; text-indent: 0.25in"><I>Inflation Risk. </I>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"><I>Interest Rate Risk. </I>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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, 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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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">&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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</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: 0.25in">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.
LIBOR is expected to be phased out by the end&nbsp;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. 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"><I>Leverage Risk. </I>The Fund has issued
indebtedness and preferred shares and may borrow money or issue debt securities as permitted by the 1940 Act. As of [&nbsp;&nbsp;&nbsp;
], 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;</P>

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

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<P STYLE="font: 10pt Times New 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. 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"><I>Liquidity Risk. </I>The Fund may invest
up to 15% of its managed assets 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 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) and thus subject to the Fund&rsquo;s limit on investing
no more than 15% of its managed assets in illiquid securities. 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"></P>

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<P STYLE="font: 10pt Times New 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>Loan Risk.</I>&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-align: left; text-indent: 0.25in"><I>Management Risk.
</I>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-align: left; text-indent: 0.25in"><I>Market Disruption
Risk. </I>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; text-align: left; text-indent: 0.25in"><I>Maturity Risk. </I>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"><I>Non-Convertible Income Securities Risk.
</I>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 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"><I>Non-U.S. Government Obligation Risk.
</I>An investment in debt obligations of non-U.S. governments and their political subdivisions involves special risks that are
not present in corporate debt obligations. The non-U.S. issuer of the sovereign debt or the non-U.S. governmental authorities
that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have
limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be
more volatile than prices of debt obligations of U.S. issuers. See &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"><I>Other Investment Companies (including
ETFs) Risk. </I>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"></P>

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<P STYLE="font: 10pt Times New 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>Portfolio Selection Risk.</I> 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"><I>Portfolio Turnover Risk. </I>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"><I>Recent Market Events. </I>In the past
decade, financial markets throughout the world have experienced 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<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">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; 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 will be an eleven-month
transition period, ending December&nbsp;31, 2020, during which the United Kingdom will negotiate its future relationship with
the EU. 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 negotiations of trade agreements will proceed, and how the financial markets will react, 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"></P>

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<P STYLE="font: 10pt Times New 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. See &ldquo;Risk Factors &mdash; Fund Risks &mdash; Recent Market
Events.&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"><I>REIT Risk. </I>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"></P>

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<P STYLE="font: 10pt Times New 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>Risks Associated with Options. </I>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"><I>Rule&nbsp;144A Securities Risk</I>.
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"><I>Sector Risk. </I>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"><I>Synthetic Convertible Instruments Risk</I>.
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: 0.25in"><I>Tax Risk. </I>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 Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) 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: 0.25in"><I>U.S. Government Security Risk. </I>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"><B><I>Additional risks of investing in
common shares include the following:</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Diminished Voting Power and Excess
Cash Risk. </I>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 we are unable to invest the proceeds of such offering as intended, our per share distribution may decrease (or may consist
of return of capital) and we 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"><I>Interest Rate Transactions Risk. </I>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"><I>Market Discount Risk. </I>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"><I>Market Impact Risk. </I>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 we 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-indent: 0.25in"><I>Reduction of Leverage Risk. </I>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"></P>

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<P STYLE="font: 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; text-indent: 0.25in"><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"><I>Decline in Net Asset Value Risk. </I>A
material decline in our 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"><I>Early Redemption Risk. </I>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"><I>Inflation Risk. </I>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"><I>Interest Rate Risk. </I>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"><I>Market Discount Risk. </I>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"><I>Ratings and Asset Coverage Risk. </I>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"><I>Secondary Market Risk. </I>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"><I>Senior Leverage Risk. </I>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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-01"></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 [&nbsp;&nbsp;&nbsp; ], 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 [&nbsp;&nbsp;&nbsp; ], 2021. As of [&nbsp;&nbsp;&nbsp; ], 2021, the Fund had $xx million in borrowings
outstanding, $12 million in outstanding preferred shares and additional structural leverage of $xx million, collectively representing
xx.x% of managed assets.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Shareholder Transaction
    Expenses</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; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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">Sales Load (as a percentage of offering price)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Offering Expenses Borne by the Fund (as a percentage
    of offering price)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left">Dividend Reinvestment Plan Fees (per sales
    transaction fee)<SUP>(2)</SUP></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">15.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 67%; font-size: 10pt; font-weight: bold; text-align: left">Annual Expenses</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 30%; font-size: 10pt; font-weight: bold; text-align: center"><B>Percentage
                                         of Average Net <BR> Assets Attributable to <BR> <FONT STYLE="font-size: 10pt">Common
                                         Shareholders</FONT></B></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Management Fee<FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></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">x.xx</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Interest Payments on Borrowed Funds<FONT STYLE="font-size: 10pt"><SUP>(4)</SUP></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">x.xx</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Preferred Stock Dividend Payments<FONT STYLE="font-size: 10pt"><SUP>(5)</SUP></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">x.xx</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Other Expenses<FONT STYLE="font-size: 10pt"><SUP>(6)</SUP></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">x.xx</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Acquired Fund Fees and Expenses<FONT STYLE="font-size: 10pt"><SUP>(7)</SUP></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">x.xx</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total Annual Expenses</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">x.xx</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>1
Year</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>3
Years</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>5
Years</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>10
Years</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 48%; font-size: 10pt; text-align: left">Total Expenses Paid by Common Shareholders<FONT STYLE="font-size: 10pt"><SUP>(8)</SUP></FONT></TD>
<TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD>
<TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</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="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">$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; 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"><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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: left">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">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 [&nbsp;&nbsp;&nbsp; ], 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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD>Reflects interest expense paid on $xx.x million
                                         in average borrowings under the SSB Agreement, plus $xx.x 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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 $12 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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>

<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="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD STYLE="text-align: left">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-align: left; 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-02"></A><B>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; text-indent: 0.25in">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>

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<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-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2020</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2016</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2015</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2014</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2013</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2012</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">PER SHARE OPERATING PERFORMANCE</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 32%; font-size: 10pt; text-align: left">Net asset value, beginning of year</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; width: 4%; font-size: 10pt; text-align: right">11.65</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; width: 4%; font-size: 10pt; text-align: right">13.40</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; width: 4%; font-size: 10pt; text-align: right">12.19</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; width: 4%; font-size: 10pt; text-align: right">13.29</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; width: 4%; font-size: 10pt; text-align: right">14.21</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; width: 4%; font-size: 10pt; text-align: right">14.56</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; width: 4%; font-size: 10pt; text-align: right">13.97</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; width: 4%; font-size: 10pt; text-align: right">14.56</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; width: 4%; font-size: 10pt; text-align: right">14.60</TD><TD STYLE="white-space: nowrap; 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-size: 10pt; text-align: left">Income from investment operations:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Net investment income (loss)*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.17</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.18</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.23</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.21</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.22</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.26</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.24</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.29</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.31</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Net realized and unrealized gain (loss)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.98</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.73</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">2.18</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.11</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.06</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.59</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.56</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.33</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.87</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total from investment operations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.15</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.55</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">2.41</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.10</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.28</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.85</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.80</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.62</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.18</TD><TD STYLE="white-space: nowrap; font-size: 10pt; 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">Less distributions to common shareholders from:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Net investment income</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.41</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.97</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1.09</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.99</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.85</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.85</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.82</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.83</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1.00</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Net realized gains</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.24</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.23</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.11</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.19</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.17</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.21</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Return of capital</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.55</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.01</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.35</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.16</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.18</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; 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">Total distributions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1.20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1.20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1.20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1.20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1.20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1.20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1.20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1.20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1.21</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net asset value, end of year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">11.60</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">11.65</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">13.40</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">12.19</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">13.29</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">14.21</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">14.56</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">13.97</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">14.56</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Market value, end of year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">12.12</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">11.50</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">13.98</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">10.96</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">11.96</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">13.57</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">13.99</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">13.52</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">14.69</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; 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">Total investment return based on: <SUP>(b)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Net asset value</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">10.35</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(5.06</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">21.44</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">2.22</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">2.39</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">6.19</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">13.56</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">4.55</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">8.15</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Market value</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">16.80</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(10.17</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">40.91</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">2.13</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(3.51</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">5.54</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">12.74</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.29</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">9.11</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; 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">Net expenses<SUP>(c)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">3.42</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">2.98</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">2.34</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">2.11</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">2.00</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.92</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.93</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">2.07</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.90</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net investment income (loss)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.48</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.39</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.87</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.73</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.56</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.78</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">1.68</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">2.04</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">2.07</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">SUPPLEMENTAL DATA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net assets applicable to common shareholders, end of year (000)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">100,526</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">100,722</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">113,638</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">103,158</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">112,474</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">120,277</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">123,141</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">116,733</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">119,604</TD><TD STYLE="white-space: nowrap; font-size: 10pt; 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">Portfolio turnover rate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">81</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">119</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">134</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">114</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">76</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">95</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">73</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">47</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">89</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Average commission rate paid</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.0317</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.0203</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.0272</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.0279</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.0279</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.0253</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.0170</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.0119</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.0101</TD><TD STYLE="white-space: nowrap; font-size: 10pt; 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">Capital charge resulting from issuance of common and preferred shares and related
    offering costs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.01</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.01</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(0.01</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Premiums from shares sold in at the market offerings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">0.0236</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><SUP>(a)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation
    preference) (000&rsquo;s omitted)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">12,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">12,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">12,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Notes Payable (000&rsquo;s omitted)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">38,300</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">43,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">36,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">42,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">44,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">49,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">49,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">41,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">41,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; 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">Asset coverage per $1,000 of loan outstanding<SUP>(d)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">3,938</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">3,621</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">4,490</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">3,456</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">3,556</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">3,455</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">3,513</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">3,847</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">3,917</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred
    Shares<SUP>(e)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">314</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">324</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">337</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; 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="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></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" 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: 3%; text-align: left">*</TD>
    <TD STYLE="padding-top: 2pt; width: 97%; text-align: left">Net investment income calculated based on average shares method.</TD>
    </TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="padding-top: 2pt; width: 3%">(a)</TD><TD STYLE="padding-top: 2pt; width: 97%">Amount equated to less than $0.005 per common share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="padding-top: 2pt; width: 3%">(b)</TD><TD STYLE="padding-top: 2pt; width: 97%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 3%">(c)</TD><TD STYLE="padding-top: 2pt; text-align: justify; width: 97%">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 x.xx%, 1.75%, 1.69%, 1.62%, 1.62%, 1.63%, 1.59%, 1.57%, 1.58%,
                              and 1.46%, respectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="padding-top: 2pt; width: 3%">(d)</TD><TD STYLE="padding-top: 2pt; width: 97%">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>

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<TD STYLE="width: 3%">(e)</TD><TD STYLE="width: 97%">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"></P>

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

<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="text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: super; font-size: 10pt; font-weight: bold"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Average</TD><TD STYLE="vertical-align: super; font-size: 10pt"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: super; font-size: 10pt; font-weight: bold"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Liquidating</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Market</TD><TD STYLE="vertical-align: super; font-size: 10pt"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Type of</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Total Amount</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Asset</TD><TD STYLE="vertical-align: super; font-size: 10pt; font-weight: bold"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Preference per</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Value Per</TD><TD STYLE="vertical-align: super; font-size: 10pt"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Senior</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; font-size: 10pt; font-weight: bold">Fiscal
    Year Ended</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Outstanding</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Coverage</TD><TD STYLE="vertical-align: super; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><SUP>&nbsp;</SUP></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Preferred
    Share<SUP>(c)</SUP></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Preferred
    Share</TD><TD STYLE="vertical-align: super; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt"><SUP>&nbsp;</SUP></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Security</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-size: 10pt">October&nbsp;31, 2020</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: super; padding-bottom: 1pt; font-size: 10pt"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: super; padding-bottom: 1pt; font-size: 10pt"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">Loan</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">October&nbsp;31, 2020</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: super; padding-bottom: 1pt; font-size: 10pt"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: super; padding-bottom: 1pt; font-size: 10pt"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">MRPS</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 24%; font-size: 10pt; text-align: left">October&nbsp;31, 2019</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">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">38,300,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">3,938</TD><TD STYLE="vertical-align: super; width: 1%; font-size: 10pt; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="vertical-align: super; width: 1%; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">Loan</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">October&nbsp;31, 2019</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">12,000,000</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">314</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(b)</SUP></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">25</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">25</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(d)</SUP></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">MRPS</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-size: 10pt; text-align: left">October&nbsp;31, 2018</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">43,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,621</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Loan</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">October&nbsp;31, 2018</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">12,000,000</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">324</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(b)</SUP></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">25</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">25</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(d)</SUP></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">MRPS</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-size: 10pt; text-align: left">October&nbsp;31, 2017</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">36,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,490</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Loan</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">October&nbsp;31, 2017</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">12,000,000</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">337</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(b)</SUP></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">25</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">25</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(d)</SUP></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">MRPS</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-size: 10pt; text-align: left">October&nbsp;31, 2016</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">42,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,456</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Loan</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">October&nbsp;31, 2015</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">44,000,000</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">3,556</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(a)</SUP></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">&mdash;</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">&mdash;</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></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">Loan</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-size: 10pt; text-align: left">October&nbsp;31, 2014</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">49,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,455</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Loan</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">October&nbsp;31, 2013</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">49,000,000</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">3,513</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(a)</SUP></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">&mdash;</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">&mdash;</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></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">Loan</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-size: 10pt; text-align: left">October&nbsp;31, 2012</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">41,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,847</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Loan</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">October&nbsp;31, 2011</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">41,000,000</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">3,917</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>(a)</SUP></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">&mdash;</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">&mdash;</TD><TD STYLE="vertical-align: super; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></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">Loan</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"></P>

<!-- Field: Rule-Page --><DIV STYLE="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"></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: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; width: 3%">(a)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 97%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">(b)</TD>
    <TD STYLE="width: 97%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">(c)</TD><TD STYLE="width: 97%">&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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">(d)</TD><TD STYLE="width: 97%">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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-03"></A><B>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;CGO.&rdquo; Our common shares commenced
trading on the New York Stock Exchange (&ldquo;NYSE&rdquo;) on October&nbsp;27, 2005. 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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    <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">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"><B>&nbsp;</B></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="vertical-align: bottom; text-align: center; font-size: 10pt; font-weight: bold"><B>&nbsp;</B></TD><TD STYLE="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><B>&nbsp;</B></TD><TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center"><B>Market
    Price<SUP>(1)</SUP></B></TD><TD STYLE="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><B>&nbsp;</B></TD><TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 10pt; text-align: center"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Net</B></P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Asset</B></P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Value
                                         at</B></P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Quarter</B></P></TD><TD STYLE="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD><TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Premium/(Discount)</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>to
                                         Net Asset</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Value<SUP>(3)</SUP></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold">Quarter Ended</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">High</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Low</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><B>End<SUP>(2)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">High</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Low</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">January&nbsp;31, 2019</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: center">$12.36</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: center">$9.76</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: center">$11.50</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: center">7.20%</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: center">(3.75)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">April&nbsp;30, 2019</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: center">$13.44</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: center">$11.63</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: center">$12.21</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: center">10.07%</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: center">(0.85)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; width: 39%">July&nbsp;31, 2019</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 10%">$13.40</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 10%">$12.02</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 10%">$11.96</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center; width: 10%">9.57%</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center; width: 10%">4.70%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">October&nbsp;31, 2019</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: center">$12.95</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: center">$11.68</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: center">$11.60</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: center">12.12%</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: center">2.01%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">January&nbsp;31, 2020</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: center">$13.65</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: center">$12.14</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: center">$12.00</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: center">11.61%</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: center">3.41%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">April&nbsp;30, 2020</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: center">&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: center">&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: center">&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: center">&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: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">July&nbsp;31, 2020</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: center">&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: center">&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: center">&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: center">&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: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">October&nbsp;31, 2020</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: center">&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: center">&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: center">&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: center">&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: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">January&nbsp;31, 2021</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: center">&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: center">&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: center">&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: center">&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: center">&nbsp;</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; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: bottom"><TD STYLE="font-size: 10pt; text-align: left">Source:
                                         Bloomberg Financial and Fund Accounting Records.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">(1)</TD><TD STYLE="width: 97%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">(2)</TD><TD STYLE="width: 97%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">(3)</TD><TD STYLE="width: 97%">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 [&nbsp;&nbsp;&nbsp; ], 2021 were $xx.xx, $xx.xx
and x.xx%, respectively. As of [&nbsp;&nbsp;&nbsp; ], 2021, we had x,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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-04"></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="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-05"></A><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">Calamos Global Total Return Fund is a
diversified, closed-end management investment company which commenced investment operations in October&nbsp;2005. The Fund was
organized as a statutory trust under the laws of the State of Delaware on March&nbsp;30, 2004, and has registered under the 1940
Act. On October&nbsp;31, 2005, the Fund issued an aggregate of 8,000,000 common shares, no par value, in an initial public offering
and commenced its operations. The net proceeds of the initial public offering were approximately $114,700,003.  [As of January&nbsp;31,
2019, the Fund had issued 372,748 common shares in connection with a continuous, at-the-market offering that commenced in June&nbsp;2018
and ceased in March&nbsp;2019. The net proceeds of that at-the-market offering through January&nbsp;31, 2019 were $5 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: 0pt 0"></P>

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<P STYLE="font: 10pt Times New 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 [&nbsp;&nbsp;&nbsp;
], 2021, the Fund had $xx million in borrowings outstanding under the SSB Agreement, plus MRP Shares outstanding with an aggregate
liquidation preference of $12 million, plus additional structural leverage that amounted to approximately $xx 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;CGO.&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 0pt 0.25in">The following table provides information
about our outstanding securities as of [&nbsp;&nbsp;&nbsp; ], 2021:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 82%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Title of Class</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount
    Authorized</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount<BR>
    Held by the<BR> Fund for<BR> its Account</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount
    Outstanding</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt">Common Shares</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">Unlimited</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">0</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">x,xxx,xxx</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-size: 10pt; text-align: left">MRPS-Series&nbsp;A</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">160,000</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">0</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">160,000</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-size: 10pt; text-align: left">MRPS-Series&nbsp;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">160,000</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">0</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">160,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">MRPS-Series&nbsp;C</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">160,000</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">0</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">160,000</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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-06"></A><B>INVESTMENT
OBJECTIVE AND PRINCIPAL INVESTMENT STRATEGIES</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund&rsquo;s investment
objective is to provide total return through a combination of capital appreciation and current income. The Fund&rsquo;s investment
objective may be changed by the Board of Trustees without a shareholder vote, although the Fund will give shareholders at least
60 days&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"><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">Under normal circumstances,
the Fund will 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. The Fund, under normal circumstances,
will invest at least 50% of its managed assets in equity securities (including securities that are convertible into equity securities).
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. 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.</P>

<P STYLE="font: 10pt Times New 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 dynamically
allocate the Fund&rsquo;s investments among multiple asset classes (rather than maintaining a fixed or static allocation), seeking
to obtain an appropriate balance of risk and reward on a long- term basis through all market cycles using multiple strategies
and combining them to seek to achieve favorable risk adjusted 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">The Fund will attempt
to keep a consistent balance between risk and reward over the course of different market cycles, through various combinations
of stocks, bonds, and/or convertible securities, to achieve what Calamos believes to be an appropriate blend for the then current
market. As the market environment changes, portfolio securities may change in an attempt to achieve a relatively consistent risk
level over time. At some points in a market cycle, one type of security may make up a substantial portion of the Fund&rsquo;s
portfolio, while at other times certain securities may have minimal or no representation, depending on 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"></P>

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<P STYLE="font: 10pt Times New 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 seek
to generate income from option premiums by writing (selling) options (with an aggregate notional value of up to 33% of the value
of the Fund&rsquo;s managed assets). The Fund will opportunistically employ a strategy of writing options. The extent of option
writing activity will depend upon market conditions and Calamos&rsquo; ongoing assessment of the attractiveness of writing options
on the Fund&rsquo;s equity 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">The Fund&rsquo;s derivative
activities are principally focused on the following derivatives: interest rate swaps, convertible securities, synthetic convertible
instruments, options on individual securities, index options and forward currency exchange contracts. However, the Fund reserves
the right to invest in other derivative instruments to the extent it is consistent with the Fund&rsquo;s investment objective
and 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; text-indent: 0.25in"><I>Equity Securities.
</I>Equity securities include common and preferred stocks, warrants, rights, and depository receipts. Under normal circumstances,
the Fund will invest at least 50% of its managed assets in equity securities (including securities that are convertible into equity
securities). See &ldquo;&mdash; Convertible Securities&rdquo; below. 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"><I>Debt Securities. </I>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"><I>High Yield Securities.
</I>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"><I>Other Income Securities.
</I>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"><I>Preferred Shares. </I>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"><I>Foreign Securities.
</I>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"><I>Convertible Securities.
</I>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. Securities that are convertible into equity securities
are considered equity-securities for purposes of the Fund&rsquo;s policy to invest at least 50% of its managed assets in equity
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"><I>Synthetic Convertible
Instruments. </I>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 0pt 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 0pt 0.25in; 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 0pt 0.25in; 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"></P>

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<P STYLE="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">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; text-indent: 0.25in">The Fund&rsquo;s holdings
of synthetic convertible instruments are considered equity securities for purposes of the Fund&rsquo;s policy to invest at least
50% of its managed assets in equity securities. 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.</P>

<P STYLE="font: 10pt Times New 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>Options Writing. </I>The
Fund may seek to generate income from option premiums by writing (selling) options (with an aggregate notional value of up to
33% of the value of the Fund&rsquo;s managed assets). 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The
Fund may also purchase and sell 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.</P>

<P STYLE="font: 10pt Times New 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, to a limited extent, purchase
put options on individual securities, broad-based securities indices (such as the S&amp;P 500 or MSCI EAFE) or certain ETFs that
trade like common stocks but seek to replicate market indices. See &ldquo;&mdash; Options in General&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"><I>Options in General.
</I>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>

<!-- Field: Split-Segment; Name: 4 -->
<P STYLE="font: 10pt Times New 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"><I>Rule&nbsp;144A Securities.
</I>The Fund may invest without limit in certain securities, such as convertible and debt securities, that are typically purchased
in transactions exempt from the registration requirements of the 1933 Act pursuant to Rule&nbsp;144A under that Act. Rule&nbsp;144A
Securities may only be sold to qualified institutional buyers, such as the Fund. Any resale of these securities must generally
be effected through a sale that is registered under the 1933 Act or otherwise exempted or excepted from such registration requirements.
Under the supervision and oversight of the Fund&rsquo;s Board of Trustees, Calamos will determine whether Rule&nbsp;144A Securities
are liquid. Typically, the Fund purchases Rule&nbsp;144A Securities only if Calamos has determined them to be liquid. If any Rule&nbsp;144A
Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more
difficult.</P>

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

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

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<P STYLE="font: 10pt Times New 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>U.S. Government Securities.
</I>U.S. government securities in which the Fund invests include debt obligations of varying maturities issued by the U.S. Treasury
or issued or guaranteed by an agency or instrumentality of the U.S. government, including the Federal Housing Administration,
Federal Financing Bank, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, Government
National Mortgage Association (&ldquo;GNMA&rdquo;), General Services Administration, Central Bank for Cooperatives, Federal Farm
Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation (&ldquo;FHLMC&rdquo;), 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 only by: (i)&nbsp;the right of the issuer to borrow from
the U.S. Treasury, such as securities of the Federal Home Loan Banks; (ii)&nbsp;the discretionary authority of the U.S. government
to purchase the agency&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.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Other Investment Companies.
</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 the policies 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 done 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. 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"><I>Temporary and Defensive
Investments. </I>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"></P>

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<P STYLE="font: 10pt Times New 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>Repurchase Agreements.
</I>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; text-indent: 0.25in"><I>Lending of Portfolio
Securities</I>. 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">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"><I>Portfolio Turnover.
</I>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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Fundamental Investment
Restrictions. </I>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 Commission thereunder; (2)&nbsp;borrow money, except as permitted by the 1940 Act and the rules&nbsp;and
interpretive positions of the Commission thereunder; (3)&nbsp;invest in real estate, except that the Fund may invest in securities
of issuers that invest in real estate or interests therein, securities that are secured by real estate or interests therein, securities
of real estate investment funds and mortgage-backed securities; (4)&nbsp;make loans, except by the purchase of debt obligations,
by entering into repurchase agreements or through the lending of portfolio securities and as otherwise permitted by the 1940 Act
and the rules&nbsp;and interpretive positions of the Commission thereunder; (5)&nbsp;invest in physical commodities or contracts
relating to physical commodities; (6)&nbsp;act as an underwriter, except as it may be deemed to be an underwriter in a sale of
securities held in its portfolio; (7)&nbsp;make any investment inconsistent with the Fund&rsquo;s classification as a diversified
investment company under the 1940 Act and the rules&nbsp;and interpretive positions of the Commission thereunder; and (8)&nbsp;concentrate
its investments in securities of companies in any particular industry as defined in the 1940 Act and the rules&nbsp;and interpretive
positions of the Commission thereunder. This description of the Fund&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">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; notice of any
changes to the Fund&rsquo;s investment objective. See &ldquo;Investment Restrictions&rdquo; on page&nbsp;S-xx 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"><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, 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">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"></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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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">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; margin: 0pt 0; text-align: center"><A NAME="n2-07"></A><B>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: 0.25in">The Fund may issue preferred
shares or debt securities or borrow to increase its assets available for investment. As of [&nbsp;&nbsp;&nbsp; ], 2021, the Fund
had $xx million in borrowings outstanding under the SSB Agreement, MRP Shares outstanding with an aggregate liquidation preference
of $12 million and used approximately $xx million of collateral obtained through securities lending arrangements as an offset
against borrowings under the SSB Agreement, for a total of $xx 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 $55 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; 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"></P>

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    <!-- 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>

<P STYLE="font: 10pt Times New 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 0pt 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="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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; text-indent: 0.25in; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">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; text-indent: 0.25in">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"></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 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: 0.25in">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: 0.25in">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; text-indent: 0.25in">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"></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>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: 0.25in">On September&nbsp;6, 2017,
the Fund completed a private placement of 160,000 Series&nbsp;A MRP Shares, 160,000 Series&nbsp;B MRP Shares and 160,000 Series&nbsp;C
MRP Shares. Each MRP Share has a liquidation preference of $25.00, resulting in an aggregate liquidation preference of $12 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 Shares is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">MRP Shares</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">Applicable
    Rate</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; text-align: left">Series&nbsp;A MRP Shares</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: 20%; font-size: 10pt; text-align: right">3.70</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Series&nbsp;B MRP 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">4.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Series&nbsp;C MRP 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">4.24</TD><TD STYLE="font-size: 10pt; 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; text-indent: 0.25in">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: 0.25in">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: 0.25in"><I>Liquidation Preference.
</I>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: 0.25in"><I>MRP Shares Dividends.
</I>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" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><B>Fitch Rating</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt"><B>Enhanced&nbsp;Dividend<BR>
    Amount</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt">&ldquo;A-&rdquo;</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: 20%; font-size: 10pt; text-align: right">0.5</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&ldquo;BBB+&rdquo; to &ldquo;BBB-&rdquo;</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">2.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&ldquo;BB+&rdquo; or below</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">4.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: justify; text-indent: 0.25in">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; text-indent: 0.25in"><I>Limitation on Common
Share Distributions. </I>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 0.5in"><U>MRP Shares Asset Coverage Test</U>:
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 0.5in; text-align: justify"><U>MRP Shares
Overcollateralization Test</U>: 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: 0.25in">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: 0.25in"><I>Redemption. </I>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: 0.25in"><I>Voting Rights. </I>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"></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">With respect to 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 [&nbsp;&nbsp;&nbsp; ], 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: 0.25in">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"><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: 0.25in">The SSB Agreement provides
for credit availability for the Fund, such that it may borrow up to $55 million. As of [&nbsp;&nbsp;&nbsp; ], 2021, the Fund had
utilized $xx million of the $55 million available under the SSB Agreement ($xx million in borrowings outstanding, and $xx 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 [&nbsp;&nbsp;&nbsp; ], 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: 0.25in">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 Shares
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: 0.25in">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 [&nbsp;&nbsp;&nbsp; ] , 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: 0.25in">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, 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: 0.25in">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 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"></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">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: 0.25in">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 [&nbsp;&nbsp;&nbsp; ], 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><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: 35%; font-size: 10pt; text-align: left">Assumed Portfolio Return (Net of Expenses)</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">(10.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)%</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">(5.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)%</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">0.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</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">5.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</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">10.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Corresponding Common Share Return<SUP>(1)</SUP></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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">)%</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">)%</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">)%</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">%</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">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="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">(1)&nbsp;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.</P>

<P STYLE="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">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="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-08"></A><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 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. 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: 0.25in">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: 0.25in">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 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">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"></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">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: 0.25in">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; text-indent: 0.25in">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: 0.25in">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: 0.25in">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: 0.25in">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: 0.25in">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"></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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-09"></A><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; 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">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: 0.25in">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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Hedging against a decline
in the value of a currency does not eliminate fluctuations in the value of a portfolio security traded in that currency or prevent
a loss if the value of the security declines. Hedging transactions also preclude the opportunity for gain if the value of the
hedged currency should rise. Moreover, it may not be possible for the Fund to hedge against a devaluation that is so generally
anticipated that the Fund is not able to contract to sell the currency at a price above the devaluation level it anticipates.
The cost to the Fund of engaging in currency exchange transactions varies with such factors as the currency involved, the length
of the contract period, and prevailing market conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-10"></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: 0.25in">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: 0.25in">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"><I>General. </I>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; text-indent: 0.25in"><FONT STYLE="background-color: white"><I>American
Depositary Receipts Risk.</I> 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.</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"><I>Antitakeover Provisions.
</I>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"></P>

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<P STYLE="font: 10pt Times New 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="background-color: white"><I>Cash
Holdings Risk.</I> 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.</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"><I>Convertible Securities
Risk. </I>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: 0.25in">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.</P>

<P STYLE="font: 10pt Times New 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>Counterparty and Settlement
Risk. </I>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: 0.25in"><I>Currency Risk. </I>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: 0.25in"><I>Cybersecurity Risk.
</I>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. Cyberattacks 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"></P>

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<P STYLE="font: 10pt Times New 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>Debt Securities Risk.
</I>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"><I>Default Risk. </I>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; text-indent: 0.25in"><I>Derivatives Risk. </I>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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><U>Duration Mismatch Risk.
</U>The duration of a derivative instrument may be significantly different than the duration of the related liability or asset.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><U>Volatility Risk.</U>
Risk may arise in connection with the use of derivative instruments from volatility of interest rates and the prices of reference
instruments.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, 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: 0.25in"><U>Regulatory Risk.</U>
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="font: 10pt Times New 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 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; text-indent: 0.25in">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"></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"><U>General Derivative
Risks.</U> 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. 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.</P>

<P STYLE="font: 10pt Times New 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>Emerging Markets Risk.
</I>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; text-indent: 0.25in"><I>Equity Securities Risk.
</I>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. 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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>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"></P>

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<P STYLE="font: 10pt Times New 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>Foreign Securities
Risk. </I>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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</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">&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="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</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">&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="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</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">&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="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</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">&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="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</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">&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="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</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">&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="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</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">&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="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</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">&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="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</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">&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="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</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">&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="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</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">&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="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</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; text-indent: 0.25in">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: 0.25in">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&rsquo;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"></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>

<!-- Field: Split-Segment; Name: 7 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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;&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"><I>Forward Currency Exchange
Contracts Risk. </I>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"><I>High Yield Securities
Risk. </I>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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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: 0.25in">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: 0.25in">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, 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"></P>

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<P STYLE="font: 10pt Times New 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. 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: 0.25in">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 &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; text-indent: 0.25in"><I>Interest Rate Risk.
</I>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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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">&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="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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">&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="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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">&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="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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">&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="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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"></P>

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<P STYLE="font: 10pt Times New 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.
LIBOR was expected to be phased out by the end&nbsp;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, and they may vary depending&nbsp;on factors that include, but are not
limited to: (i)&nbsp;existing fallback or&nbsp;termination provisions in individual contracts and (ii)&nbsp;whether, how, and&nbsp;when
industry participants develop and adopt new reference rates and&nbsp;fallbacks for both legacy and new products and 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: 0.25in"><I>Leverage Risk. </I>The
Fund has issued indebtedness and preferred shares and may borrow money or issue debt securities as permitted by the 1940 Act.
As of [ &nbsp;&nbsp;], 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 0pt 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="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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 0pt 0in; 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"></P>

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<P STYLE="font: 10pt Times New 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>Liquidity Risk. </I>The
Fund may invest up to 15% of its managed assets 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 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) and thus subject to the Fund&rsquo;s
limit on investing no more than 15% of its managed assets in illiquid securities. 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. 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"><I>Management Risk. </I>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"><I>Market Disruption Risk.
</I>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"><I>Non-U.S. Government
Obligation Risk. </I>An investment in debt obligations of non-U.S. governments and their political subdivisions involves special
risks that are not present in corporate debt obligations. The non-U.S. issuer of the sovereign debt or the non-U.S. governmental
authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the
Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign
debt may be more volatile than prices of debt obligations of U.S. issuers.</P>

<P STYLE="font: 10pt Times New 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>Recent Market Events.
</I>In the past decade, financial markets throughout the world have experienced 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"></P>

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<P STYLE="font: 10pt Times New 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; 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 will
be an eleven-month transition period, ending December&nbsp;31, 2020, during which the United Kingdom will negotiate its future
relationship with the EU. 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 negotiations of trade agreements will proceed, and how the financial markets will react,
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 0pt 0in; 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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, 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"><I>Risks Associated with
Options. </I>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"><I>Rule&nbsp;144A Securities
Risk. </I>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"><I>Synthetic Convertible
Instruments Risk. </I>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"></P>

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<P STYLE="font: 10pt Times New 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>Tax Risk. </I>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 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"><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"><I>Diminished Voting Power
and Excess Cash Risk. </I>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 we are unable to invest the proceeds of such offering as intended, our per share distribution may decrease (or
may consist of return of capital) and we 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"><I>Interest Rate Transactions
Risk. </I>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"></P>

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<P STYLE="font: 10pt Times New 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"><I>Market Discount Risk.
</I>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; 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"><I>Market Impact Risk.
</I>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 we 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-indent: 0.25in"><I>Reduction of Leverage
Risk. </I>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; text-indent: 0.25in"><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"><I>Decline in Net Asset
Value Risk. </I>A material decline in our 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"><I>Early Redemption Risk.
</I>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"><I>Inflation Risk. </I>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"><I>Interest Rate Risk.
</I>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"><I>Market Discount Risk.
</I>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"><I>Ratings and Asset Coverage
Risk. </I>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"><I>Secondary Market Risk.
</I>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"><I>Senior Leverage Risk.
</I>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-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="n2-11"></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"></P>

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<P STYLE="font: 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">The Fund&rsquo;s investments
are managed by Calamos, 2020 Calamos Court, Naperville,&nbsp;Illinois 60563. On [&nbsp;&nbsp;&nbsp; ], 2021, Calamos managed approximately
$xx.x billion in assets of individuals and institutions. Calamos is a wholly owned subsidiary of Calamos Investments LLC (&ldquo;CILLC&rdquo;).
Calamos Asset Management,&nbsp;Inc. (&ldquo;CAM&rdquo; or the &ldquo;Company&rdquo;) is the sole manager of CILLC and a wholly
owned subsidiary of Calamos Partners LLC (&ldquo;CPL&rdquo; or &ldquo;Parent&rdquo;). As of [&nbsp;&nbsp;&nbsp; ], 2021, approximately
22% of the outstanding equity interest of CILLC is owned by CAM and the remaining approximately 78% of CILLC is owned by CPL and
John P. Calamos,&nbsp;Sr. CPL is owned by Calamos Family Partners,&nbsp;Inc. (&ldquo;CFP&rdquo;), John P. Calamos,&nbsp;Sr. and
John S. Koudounis. CFP is 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; 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"></P>

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<P STYLE="font: 10pt Times New 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; 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"><B>John P. Calamos,&nbsp;Sr.
</B>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; text-indent: 0.25in"><B>Dennis Cogan. </B>Dennis
Cogan joined Calamos in March&nbsp;2005 and since March&nbsp;2013 has been 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"><B>R. Matthew Freund.
</B>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 0pt 0in; text-indent: 0.25in"><B>John Hillenbrand.
</B>John Hillenbrand joined Calamos in 2002 and since September&nbsp;2015 has been a Co-CIO, Head of Multi-Asset Strategies and
Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager. From March&nbsp;2013 to September&nbsp;2015 he was
a Co-Portfolio Manager. Between August&nbsp;2002 and March&nbsp;2013 he was a senior strategy analyst.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Nick Niziolek. </B>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"><B>Eli Pars. </B>Eli Pars
joined Calamos in May&nbsp;2013 and has been a Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, as
well as a Senior Co-Portfolio Manager, since September&nbsp;2015. Between May&nbsp;2013 and September&nbsp;2015, he was a Co-Portfolio
Manager. Previously, he was a Portfolio Manager at Chicago Fundamental Investment Partners from February&nbsp;2009 until November&nbsp;2012.</P>

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

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

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<P STYLE="font: 10pt Times New 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>Joe Wysocki. </B>Joe
Wysocki joined Calamos in October&nbsp;2003 and since March&nbsp;2015 has been a Co-Portfolio Manager. Previously, Mr.&nbsp;Wysocki
was a sector head from March&nbsp;2014 to March&nbsp;2015. Prior thereto, he was a Co-Portfolio Manager from March&nbsp;2013 to
March&nbsp;2014. Between February&nbsp;2007 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">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.</P>

<P STYLE="font: 10pt Times New 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 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 0pt 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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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 0pt 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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 2%">&bull;</TD><TD STYLE="width: 94%">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, and Jon Vacko are each Sr. Co-Portfolio Managers,
and Dennis Cogan and Joe Wysocki are each 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"></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"><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">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;). Each fund of the
Calamos Funds pays its pro-rata share of the fees payable to State Street described below based on relative managed assets of
each fund. State Street receives a fee at the annual rate of 0.005% for the first $20.0 billion of Combined Assets, 0.004% for
the next $10.0 billion of Combined Assets and 0.003% for the Combined Assets in excess of $30.0 billion. Each fund of the Calamos
Funds pays its pro-rata share of the fees payable to State Street based on relative Combined Assets of each fund. Because the
fees payable to State Street are based on the relative Combined Assets of the Calamos Funds, the fees increase as the Calamos
Funds increase their leverage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-12"></A><B>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 in
October&nbsp;2005. 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; 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"></P>

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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: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-14"></A><B>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"><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; 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 such a debt obligation; when the Fund may cease
to accrue interest, OID or market discount; when and to what extent the Fund may take deductions for bad debts or worthless securities;
and how the Fund should allocate payments received on obligations in default between principal and income. These and other related
issues will be addressed by the Fund when, as, and if it invests in such securities in order to seek to ensure that it distributes
sufficient income to preserve its status as a regulated investment company and avoid becoming subject to U.S. federal income or
excise tax.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Federal Income Taxation of Common and Preferred
Shareholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Federal Income Tax
Treatment of Common Share Distributions. </I>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; 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"></P>

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<P STYLE="font: 10pt Times New 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>Federal Income Tax
Treatment of Preferred Share Distributions. </I>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; 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"><I>Sale of Shares. </I>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"></P>

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<P STYLE="font: 10pt Times New 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>Backup Withholding.
</I>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"><I>Shares Purchased Through
Tax-Qualified Plans. </I>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"><I>Taxation of Non-U.S.
Shareholders. </I>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"><B>Federal Income Taxation of Holders of Debt
Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Federal Income Tax
Treatment of Holders of Debt Securities. </I>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"><I>Taxation of Interest.
</I>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"><I>Purchase, Sale and
Redemption of Debt Securities. </I>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"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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"><I>Amortizable Premium.
</I>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"><I>Original Issue Discount.
</I>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"><I>Acquisition Premium.
</I>If a holder purchases debt securities that were issued with OID at a cost greater than their issue price and less than or
equal to their stated redemption price at maturity, the holder will be considered to have purchased the debt securities with acquisition
premium. Such holder will generally be permitted to reduce the daily portions of OID required to be included in income by a fraction,
the numerator of which is the excess of the holder&rsquo;s initial basis in the debt securities over the debt securities&rsquo;
issue price, and the denominator of which is the excess of the redemption price at maturity of the debt securities over their
issue price.</P>

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

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

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<P STYLE="font: 10pt Times New 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>Information Reporting
and Backup Withholding. </I>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 0pt 0in; 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"><I>Taxation of Non-U.S.
Holders. </I>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 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; 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"></P>

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<P STYLE="font: 8pt Times New 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: 8pt Times New 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: 8pt Times New 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: 8pt 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: 8pt Times New 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>Other Reporting and
Withholding Requirements. </I>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: 8pt Times New 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>Medicare Tax on Certain
Investment Income. </I>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: 8pt 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: 8pt Times New 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: 8pt 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"><A NAME="n2-15"></A><B>NET
ASSET VALUE</B></P>

<P STYLE="font: 8pt Times New 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. 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.</P>

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

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

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<P STYLE="font: 10pt Times New 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 0pt 0in; 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; 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"></P>

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<P STYLE="font: 10pt Times New 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-16"></A><B>DIVIDENDS
AND DISTRIBUTIONS ON COMMON SHARES; 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">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. 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; 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"></P>

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<P STYLE="font: 10pt Times New 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="width: 100%; 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: 11.95pt">&bull;</TD><TD>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="width: 100%; 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: 11.95pt">&bull;</TD><TD>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>

<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: 36pt"></TD><TD STYLE="width: 11.95pt">&bull;</TD><TD>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="width: 100%; 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: 11.95pt">&bull;</TD><TD>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="width: 100%; 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: 11.95pt">&bull;</TD><TD>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="width: 100%; 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: 11.95pt">&bull;</TD><TD>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"></P>

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<P STYLE="font: 10pt Times New 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="width: 100%; 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: 11.95pt">&bull;</TD><TD>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="width: 100%; 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: 11.95pt">&bull;</TD><TD>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="width: 100%; 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: 11.95pt">&bull;</TD><TD>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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.95pt"></TD><TD STYLE="width: 9pt">&bull;</TD><TD>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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.95pt"></TD><TD STYLE="width: 9pt">&bull;</TD><TD>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; 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"></P>

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<P STYLE="font: 10pt Times New 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 0pt 0in; text-indent: 0.25in">Whenever the Fund
declares a dividend or distribution payable either in common shares or in cash, non-participants in the Plan will receive cash,
and participants in the Plan will receive the equivalent in shares of common shares. The common shares are acquired by the Plan
Agent for the participant&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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<P STYLE="font: 10pt Times New 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. 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 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"></P>

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<P STYLE="font: 10pt Times New 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; text-indent: 0.25in">For more information,
please direct all correspondence concerning the Plan to the Plan Agent at P.O.&nbsp;Box 30170, College Station, TX 77842-3170.</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"><A NAME="n2-17"></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&nbsp;description does not purport to be complete and is subject to and qualified&nbsp;in
its entirety by reference to the Fund&rsquo;s Agreement and Declaration of Trust and By-Laws, each as&nbsp;amended and restated
through the date hereof. The&nbsp;Agreement and Declaration of Trust and By-Laws are each exhibits to the registration statement
of&nbsp;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 [&nbsp;&nbsp;&nbsp; ], 2021, the Fund had x,xxx,xxx common shares outstanding and MRP Shares outstanding in
the following amounts: 160,000 Series&nbsp;A MRP Shares, 160,000 Series&nbsp;B MRP Shares, and 160,000 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 [&nbsp;&nbsp;&nbsp;
], 2021, the Fund had total leverage of approximately $xx 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 2.8%. The SSB Agreement has a commitment
fee of 0.10% of any undrawn amount. As of [&nbsp;&nbsp;&nbsp;], 2021, the interest rate charged under the SSB Agreement was x.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">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">&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"></P>

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<P STYLE="font: 10pt Times New 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; 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"><I>General. </I>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"></P>

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<P STYLE="font: 10pt Times New 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" STYLE="width: 100%; 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: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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>

<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: 36pt"></TD><TD STYLE="width: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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"><I>Interest. </I>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"><I>Limitations. </I>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"><I>Events of Default and
Acceleration of Maturity of Debt Securities; Remedies</I>. 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" STYLE="width: 100%; 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: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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"></P>

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<P STYLE="font: 10pt Times New 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"><I>Liquidation Rights.
</I>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; 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"><I>Voting Rights. </I>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"><I>Market. </I>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"><I>Book-Entry, Delivery
and Form. </I>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"></P>

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<P STYLE="font: 10pt Times New 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 0pt 0in; 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" STYLE="width: 100%; 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: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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" STYLE="width: 100%; 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: 11.95pt">&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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-18"></A><B>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"><I>Basic Maintenance Amounts.
</I>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"></P>

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<P STYLE="font: 10pt Times New 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, Kroll, and any other Rating Agency that may provide a rating
for the senior securities. The ratings assigned to the senior securities are not recommendations to buy, sell or hold the senior
securities. Such ratings may be subject to revision or withdrawal by the assigning Rating Agency at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>1940 Act Asset Coverage.
</I>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; text-indent: 0.25in"><I>Notices. </I>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"></P>

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<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="n2-19"></A><B>CERTAIN
PROVISIONS OF THE AGREEMENT AND DECLARATION OF TRUST AND BY-LAWS,&nbsp;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: 0.25in">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: 0.25in">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: 0.25in">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 Trustees 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: 0.25in">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 Trustees 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: 0.25in">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: 0.25in">In addition, the Agreement
and Declaration of Trust requires the affirmative vote or consent of a majority of the then Trustees 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 Trustees, 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" STYLE="width: 100%; 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: 11.95pt">&bull;</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">&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: 36pt"></TD><TD STYLE="width: 11.95pt">&bull;</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">&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: 36pt"></TD><TD STYLE="width: 11.95pt">&bull;</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: 0.25in">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: 0.25in">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: 0.25in">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 information regarding
the shares held by the shareholder and information regarding the candidate&rsquo;s background and qualifications 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">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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-20"></A><B>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 $xx,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"></P>

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<P STYLE="font: 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"><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-align: justify; 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"></P>

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    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: 10 -->
<P STYLE="font: 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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: left">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-align: left; 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; 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-align: left; 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-align: left; 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-align: left; 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"></P>

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<P STYLE="font: 10pt Times New 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-21"></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="n2-22"></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-align: justify; text-indent: 0.25in">Ropes&nbsp;&amp;
Gray LLP (&ldquo;Ropes&nbsp;&amp; Gray&rdquo;) is counsel to the Fund. [__________] 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; text-align: center"><A NAME="n2-23"></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, appearing 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="n2-24"></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">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&nbsp;on April&nbsp;8, 2020 to implement certain provisions of the Economic Growth, Regulatory Relief,
and Consumer Protection Act, the Fund is permitted to&nbsp;&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&nbsp;those documents. The information
incorporated by reference is considered to be part of this prospectus, and later information that the Fund files with the&nbsp;SEC
will automatically update and supersede this information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-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&nbsp;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&nbsp;deemed to be part of this Prospectus from the date of the filing of
such reports and documents:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 0.14in"><FONT STYLE="font-size: 10pt">&#9632;</FONT></TD>
    <TD STYLE="width: 98%; padding-right: 0.25in; padding-left: 2pt">the Fund&rsquo;s Statement of Additional Information, dated
    [ ], 2021, filed with this Prospectus;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 0.14in"><FONT STYLE="font-size: 10pt">&#9632;</FONT></TD>
    <TD STYLE="width: 98%; padding-right: 0.25in; padding-left: 2pt">the Fund&rsquo;s&nbsp;Annual
    Report on Form&nbsp;N-CSR, filed on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2020;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 0.14in"><FONT STYLE="font-size: 10pt">&#9632;</FONT></TD>
    <TD STYLE="width: 98%; padding-right: 0.25in; padding-left: 2pt">the Fund&rsquo;s&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1285650/000119312512287073/d369932d8a12b.htm" STYLE="-sec-extract: exhibit">description of Common Shares on Form&nbsp;8-A, filed on June 28, 2012.</A></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times 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 prospectus, at no charge, by calling toll-free 800.582.6959
or by writing to&nbsp;the Fund at 2020 Calamos Court, Naperville,&nbsp;IL 50463. The Fund&rsquo;s periodic reports filed pursuant
to&nbsp;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&nbsp;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&nbsp;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; 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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    <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; 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 [ ], 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">Prospectus Supplement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(To Prospectus dated [&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"><B>Calamos Global
Total Return Fund</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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;&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">Calamos Global
Total Return 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 October&nbsp;2005. Our investment objective is to provide total return
through a combination of capital appreciation and current income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our common shares
are listed on the NASDAQ Global Select Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;CGO.&rdquo; As of [&nbsp;&nbsp;&nbsp;
], 2021, the last reported sale price for our common shares was $xx.xx per share. As of [&nbsp;&nbsp;&nbsp; ], 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">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>

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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>

<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="padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</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">Per&nbsp;Share</FONT></TD>
    <TD>&nbsp;</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">Total(1)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 71%; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Public
    offering price</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD>
    <TD STYLE="width: 11%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
    load</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: center"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right"></TD>
    <TD>&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-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    to us (before expenses)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: center"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right"></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" 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"></TD><TD STYLE="width: 0.25in; text-align: left"><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">The
                                         aggregate expenses of the offering are estimated to be $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
                                         which represents approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriters
may also purchase up to an additional [&nbsp;&nbsp;&nbsp; ] common shares from the Fund at the public offering price, less underwriting
discounts and commissions if any, within [&nbsp;&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;&nbsp; ] and
the total underwriting discounts and commissions would be $[&nbsp;&nbsp;&nbsp; ] . The common shares will be ready for delivery
on or about [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ].]</P>

<P STYLE="font: 10pt Times New 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>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 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the
Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Beginning on January&nbsp;1, 2021, as
permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund&rsquo;s shareholder reports
will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial
intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is
posted and provided with a website link to access the report.</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; text-indent: 0.25in">If you already elected to receive shareholder
reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder
reports and other communications from the Fund electronically by calling [800.582.6959]. If you own these shares through a financial
intermediary, you may contact your financial intermediary.</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; text-indent: 0.25in">You may elect to receive all future reports
in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports
by calling [800.582.6959]. If you own these shares through a financial intermediary, you may contact your financial intermediary
or follow instructions included with this disclosure to elect to continue to receive paper copies of your shareholder reports.
Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[UNDERWRITER(S)]</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus Supplement
dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2021</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"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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">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 prospectus supplement, which contain important information, before deciding whether
to invest in our securities. You should retain the accompanying prospectus and prospectus supplement for future reference. A statement
of additional information, dated [&nbsp;&nbsp;&nbsp; ], 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&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 0pt 0.5in">&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.</P>

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

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

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<P STYLE="font: 10pt 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="tableofcontnent"></A><B>TABLE OF CONTENTS</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 95%">Prospectus Supplement Summary</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; width: 5%">SUP-1</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Capitalization</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">SUP-2</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Summary of Fund Expenses</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">SUP-2</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Market and Net Asset Value Information</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">SUP-4</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Use of Proceeds</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">SUP-5</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Plan of Distribution</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">SUP-6</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Legal Matters</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">SUP-6</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Available Information</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom">SUP-6</TD>
    </TR>
</TABLE>

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

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

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



<P STYLE="margin: 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="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 94%">Prospectus Summary</TD>
<TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">1</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Summary of Fund Expenses</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">23</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Financial Highlights</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">25</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Market and Net Asset Value Information</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">26</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Use of Proceeds</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">27</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">The Fund</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">27</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Investment Objective and Principal Investment Strategies</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">28</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Leverage</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">36</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Interest Rate Transactions</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">42</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Forward Currency Exchange Transactions</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">44</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Risk Factors</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">45</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Management of the Fund</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">60</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Closed-End&nbsp;Fund Structure</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">64</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Certain Federal Income Tax Matters</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">65</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Net Asset Value</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">73</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">75</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Description of Securities</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">80</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Rating Agency Guidelines</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">85</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Certain Provisions of the Agreement and Declaration of Trust and&nbsp;By-Laws,&nbsp;Including Antitakeover Provisions</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">87</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Plan of Distribution</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">88</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Custodian, Transfer Agent, Dividend Disbursing Agent and Registrar</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">91</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Legal Matters</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">91</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Experts</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">91</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Incorporation by Reference &nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center">91</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New 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 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 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
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 0pt 0.5in">&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 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 0pt 0.5in">&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"><A NAME="toc2-1"></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"><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"><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">The Fund is a
diversified,&nbsp;closed-end&nbsp;management investment company, with total managed assets of $x.xx&nbsp;billion as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
], 2020. We commenced operations in October&nbsp;2005 following our initial public offering. Our investment objective is to provide
total return through a combination of capital appreciation and current income.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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&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;&nbsp;&nbsp;&nbsp;
], 2020 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.</P>

<P STYLE="font: 10pt Times New 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; 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">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">The Fund and
Calamos entered into the [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
] Agreement with [&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;
]&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;
] 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;
] 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">As of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
], 2020, the Fund had offered and sold xx,xxx,xxx common shares pursuant to a prior sales agreement with [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
], resulting in proceeds (net of all fees, expenses and commissions) of $xx million. The prior sales agreement with [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
] has been terminated. As of [ ], the Fund had offered and sold [ ]common shares pursuant to the [ ] Agreement and [ ]Agreement
with the [ ] and [ ], 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">Our common shares
are listed on the NASDAQ Global Select Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;CGO.&rdquo; As of [&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">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 (the &ldquo;Minimum Price&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"><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">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;[ &nbsp;&nbsp;&nbsp;] of the accompanying prospectus) within
approximately three months of receipt of such proceeds. We may also use proceeds from the sale of our securities (i)&nbsp;to retire
all or a portion of any short-term debt we incur in pursuit of our investment objective and policies, (ii)&nbsp;to redeem any
outstanding senior securities, and (iii)&nbsp;for working capital purposes, including the payment of interest and operating expenses,
although there is currently no intent to issue securities primarily for these purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="toc2-2"></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">The Fund may offer and sell up to [&nbsp;&nbsp;&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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Actual</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">As Adjusted</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font-size: 10pt">Loans(1)</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: White">
    <TD STYLE="font-size: 10pt">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="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">Common shares, no par value per share, unlimited
    shares authorized, [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] outstanding (actual) 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-size: 10pt; text-align: left">Undistributed net investment income (loss)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: left">Accumulated net realized gain
    (loss) on investments, foreign currency transaction, written options and interest rate swaps</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: left">Net unrealized appreciation (depreciation)
    on investments, foreign currency transaction, written options and interest rate swaps</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net assets applicable to common shareholders</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="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; text-align: left; padding-bottom: 1pt">Total Capitalization</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</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>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</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"><A NAME="toc2-3"></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 [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
], and not as a percentage of gross assets or managed assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
]. As of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], 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" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; 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: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 92%">Sales Load (as a percentage of offering
    price)</TD>
    <TD STYLE="vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">%(1)&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Offering Expenses Borne by the Fund (as a percentage
    of offering price)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">%&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt">Dividend Reinvestment Plan Fees (per sales transaction fee) (2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">[$15.00]</TD>
    <TD STYLE="white-space: nowrap">&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"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Percentage&nbsp;of&nbsp;Average&nbsp;Net</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Assets Attributable to</B></FONT></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 STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Shareholders</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 78%">Management Fee(3)</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Interest Payments on Borrowed Funds(4)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">Preferred Stock Dividend Payments(5)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Other Expenses(6)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">Acquired Fund Fees and Expenses</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Total Annual Expenses</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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"><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 [(including an assumed
total sales load or commission of [ ]%)], assuming (1)&nbsp;total annual expenses of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]% of net
assets attributable to common shareholders; (2)&nbsp;a 5% annual gross return; and (3)&nbsp;all distributions are reinvested at
net asset value:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; 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-size: 10pt"><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-size: 10pt"><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-size: 10pt"><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-size: 10pt"><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: 66%">Total Expenses Paid by Common Shareholders(7)</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">[ ]</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">[ ]</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">[ ]</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">[ ]</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; 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="border-bottom: Black 1pt solid; 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%">(1)</TD>
    <TD STYLE="text-indent: 0.25pt"><FONT STYLE="font-size: 10pt">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 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">&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%">(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 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.</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%">(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 [&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).</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%">(4)</TD>
    <TD STYLE="padding-left: 0.6pt; text-indent: -0.6pt"><FONT STYLE="font-size: 10pt">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;</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%">(5)</TD>
    <TD>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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">(6)</TD>
    <TD>&ldquo;Other Expenses&rdquo; are based on estimated amounts for the current fiscal year.</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%">(7)</TD>
    <TD>The example includes 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;
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"><A NAME="toc2-4"></A><B>MARKET AND
NET ASSET VALUE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our common shares are listed on the NASDAQ Global Select Market
(&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;CGO.&rdquo; Our common shares commenced trading on the New York Stock Exchange
(&ldquo;NYSE&rdquo;) on October&nbsp;27, 2005. 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&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">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" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; 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-size: 10pt"><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-size: 10pt"><B>Market Price(1)</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-size: 10pt"><B>Net&nbsp;Asset<BR>
    Value(2)</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-size: 10pt"><B>to Net Asset<BR>
    Value(3)</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-size: 10pt"><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-size: 10pt"><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-size: 10pt"><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-size: 10pt"><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: 46%">January&nbsp;31, 2019</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&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>
    <TD STYLE="vertical-align: bottom; width: 3%">&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>
    <TD STYLE="vertical-align: bottom; width: 3%">&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>
    <TD STYLE="vertical-align: bottom; width: 3%">&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>
    <TD STYLE="vertical-align: bottom; width: 2%">&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">April&nbsp;30, 2019</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>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">July&nbsp;31, 2019</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>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2019</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>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">January&nbsp;31, 2020</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>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">April&nbsp;30, 2020</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>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">July&nbsp;31, 2020</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>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2020</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>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">January&nbsp;31, 2021</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">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; 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">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%">(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">&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%">(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">&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%">(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][discount] to NAV per common share on [&nbsp;&nbsp;&nbsp;&nbsp; ], 2021,
were $xx.xx, $xx.xx and [(]x.xx[)]%, respectively. As of [&nbsp;&nbsp;&nbsp;&nbsp; ], 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>

<!-- Field: Page; Sequence: 107; Value: 1 -->
    <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">SUP-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></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">The following
table provides information about our outstanding securities as of [&nbsp;&nbsp;&nbsp;&nbsp; ], 2020:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Title of Class</B></P></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount<BR>
    Authorized</B></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-size: 10pt"><B>Amount<BR>
    Held&nbsp;by&nbsp;the<BR>
    Fund&nbsp;or&nbsp;for<BR>
    its Account</B></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-size: 10pt"><B>Amount<BR>
    Outstanding</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 57%">Common Shares</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: 11%">Unlimited</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: 11%">0</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: 11%">&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">MRPS-Series&nbsp;A</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,330,000</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">0</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">1,330,000</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">MRPS-Series&nbsp;B</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,330,000</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">0</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">1,330,000</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">MRPS-Series&nbsp;C</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,340,000</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">0</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">1,340,000</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; text-indent: 0.25in">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
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], the Fund&rsquo;s independent registered
public accounting firm.</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: left; white-space: nowrap; width: 40%"><FONT STYLE="font-size: 10pt"><B>Fiscal
    Year Ended</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Amount<BR>
    Outstanding</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Asset</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt"><B>Coverage(a)</B></FONT></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt"><B>Liquidating</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Preference&nbsp;per</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Preferred&nbsp;Share(c)</B></FONT></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Average</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt"><B>Market</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Value&nbsp;per</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>Preferred&nbsp;Share</B></FONT></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type
    of<BR>
    Senior<BR>
    Security</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2020</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2020</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2019</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2019</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2018</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2018</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2017</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2017</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2016</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2015&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2014&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2013&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2012&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">October&nbsp;31, 2011&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in">&nbsp;</TD></TR>
</TABLE>


<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>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></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"></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: 5%"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">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"><A NAME="toc2-5"></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">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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<P STYLE="font: 10pt Times New 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. 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 these purposes. 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"><A NAME="toc2-6"></A><B>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[To be updated at the time of the
offering]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="toc2-7"></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">[ &nbsp;&nbsp;&nbsp;&nbsp;]
 &ldquo;[&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;&nbsp;&nbsp;&nbsp;&nbsp;&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"><A NAME="toc2-8"></A><B>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.&nbsp;</P>

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

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

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

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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">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calamos Global
Total Return 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">&nbsp;</P>

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

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; 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"></P>

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

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

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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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<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">CGOPRO [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
]</P>

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

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

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    <!-- Field: /Page -->

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

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<P STYLE="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: rgb(222,26,30)"><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; color: rgb(222,25,29); text-align: center"><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; ]</B></P>

<P STYLE="font: 10pt 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">[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">FORM&nbsp;OF PROSPECTUS SUPPLEMENT&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(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: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$&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: center"><B>CALAMOS GLOBAL
TOTAL RETURN FUND</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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">Calamos Global
Total Return 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 provide total return through a combination of capital appreciation and current
income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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;preferred
shares (referred to as &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Preferred Shares&rdquo; or &ldquo;Series &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 , 20 &nbsp;&nbsp;&nbsp;&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
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">The Series
 &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">The Preferred
Shares have a liquidation preference of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share, plus any accumulated, unpaid
dividends. The Preferred Shares also have priority over the Fund&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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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;&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"><B>Neither the
Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

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

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

<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">Beginning on January&nbsp;1,
2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund&rsquo;s shareholder
reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your
financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a
report is posted and provided with a website link to access the report.</P>

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

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

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<P STYLE="font: 10pt Times New 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 you already
elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
You may elect to receive shareholder reports and other communications from the Fund electronically by calling [800.582.6959]. If
you own these shares through a financial intermediary, you may contact your financial intermediary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may elect
to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies
of your shareholder reports by calling [800.582.6959]. If you own these shares through a financial intermediary, you may contact
your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of
your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or your
financial intermediary.</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 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-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"></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">
    <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"><FONT STYLE="font-size: 10pt">Per&nbsp;Share</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">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Total</FONT></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="width: 82%; font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Public offering price</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 10pt; text-align: left"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 4%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Sales load</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"></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-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Proceeds to us (before expenses)<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"></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"></P>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></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: 3.4%">(1)</TD>
    <TD STYLE="width: 96.6%">Does not include offering expenses payable to us estimated to be $&nbsp;&nbsp;&nbsp;&nbsp;&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-indent: 0.25in">The underwriters
expect to deliver the Series &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares in book-entry form, through
the facilities of The Depository Trust Company, to broker-dealers on or about , 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[UNDERWRITER(S)]</B></P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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="text-align: center; font-size: 10pt"><B>TABLE OF CONTENTS&nbsp;</B></TD>
<TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; font-size: 10pt"><B>Prospectus Supplement</B></TD>
<TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Page</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-align: left">Prospectus Supplement Summary</TD>
<TD STYLE="font-size: 10pt; text-align: right">Pref-1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt">Use of Proceeds</TD>
<TD STYLE="font-size: 10pt; text-align: right">Pref-3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt">Capitalization</TD>
<TD STYLE="font-size: 10pt; text-align: right">Pref-3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left">Asset Coverage Requirements</TD>
<TD STYLE="font-size: 10pt; text-align: right">Pref-3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt">Description of Preferred Shares</TD>
<TD STYLE="font-size: 10pt; text-align: right">Pref-4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt">Underwriting</TD>
<TD STYLE="font-size: 10pt; text-align: right">Pref-6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-align: left">Where You Can Find More Information</TD>
<TD STYLE="font-size: 10pt; text-align: right">Pref-6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left">Legal Matters</TD>
<TD STYLE="font-size: 10pt; text-align: right">Pref-6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt">[Unaudited] Financial Statements as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20</TD>
<TD STYLE="font-size: 10pt; text-align: right">Pref-7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">Prospectus</TD>
<TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 95%; font-size: 10pt; text-align: left">Prospectus Summary</TD>
<TD STYLE="width: 5%; font-size: 10pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt">Summary of Fund Expenses</TD>
<TD STYLE="font-size: 10pt; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left">Financial Highlights</TD>
<TD STYLE="font-size: 10pt; text-align: right">25</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-align: left">Market and Net Asset Value Information</TD>
<TD STYLE="font-size: 10pt; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt">Use of Proceeds</TD>
<TD STYLE="font-size: 10pt; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt">The Fund</TD>
<TD STYLE="font-size: 10pt; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left">Investment Objective and Principal Investment Strategies</TD>
<TD STYLE="font-size: 10pt; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt">Leverage</TD>
<TD STYLE="font-size: 10pt; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left">Interest Rate Transactions</TD>
<TD STYLE="font-size: 10pt; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-align: left">Forward Currency Exchange Transactions</TD>
<TD STYLE="font-size: 10pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left">Risk Factors</TD>
<TD STYLE="font-size: 10pt; text-align: right">45</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt">Management of the Fund</TD>
<TD STYLE="font-size: 10pt; text-align: right">60</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt">Closed-End&nbsp;Fund Structure</TD>
<TD STYLE="font-size: 10pt; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-align: left">Certain Federal Income Tax Matters</TD>
<TD STYLE="font-size: 10pt; text-align: right">65</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt">Net Asset Value</TD>
<TD STYLE="font-size: 10pt; text-align: right">73</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-align: left">Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan</TD>
<TD STYLE="font-size: 10pt; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt">Description of Securities</TD>
<TD STYLE="font-size: 10pt; text-align: right">80</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-align: left">Rating Agency Guidelines</TD>
<TD STYLE="font-size: 10pt; text-align: right">85</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left">Certain Provisions of the Agreement and Declaration of Trust And&nbsp;By-Laws,&nbsp;Including Antitakeover Provisions</TD>
<TD STYLE="font-size: 10pt; text-align: right">87</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt">Plan of Distribution</TD>
<TD STYLE="font-size: 10pt; text-align: right">88</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left">Custodian, Transfer Agent, Dividend Disbursing Agent and Registrar</TD>
<TD STYLE="font-size: 10pt; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-align: left">Legal Matters</TD>
<TD STYLE="font-size: 10pt; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt">Experts</TD>
<TD STYLE="font-size: 10pt; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-align: left">Incorporation by Reference &nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: right">91</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>PROSPECTUS SUPPLEMENT
SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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;31 of the accompanying prospectus and on page&nbsp;[&nbsp;&nbsp;&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"><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">Calamos Global
Total Return Fund is a diversified,&nbsp;closed-end&nbsp;management investment company. Throughout the prospectus, we refer to
Calamos Global Total Return 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;CGO.&rdquo;
As &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of&nbsp;[&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">Our investment objective
is to provide total return through a combination of capital appreciation and current income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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">We commenced operations
in October&nbsp;2005 following our initial public offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
], Calamos managed approximately $xxx billion in assets of individuals and institutions. Calamos is a wholly owned subsidiary of
Calamos Investments LLC (&ldquo;CILLC&rdquo;) and an indirect subsidiary of Calamos Asset Management,&nbsp;Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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">The principal
business address of the Adviser is 2020 Calamos Court, Naperville,&nbsp;Illinois, 60563.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-left: 9.45pt; text-indent: -9.45pt">Preferred Shares offered by the Fund</TD>
    <TD STYLE="width: 70%">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;per share. The Series &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares are offered through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-left: 9.45pt; text-indent: -9.45pt">Use of Proceeds</TD>
    <TD STYLE="width: 70%">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;.</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>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 70%">The Fund will invest the net proceeds of any sales of securities in accordance with our investment objective and policies. Such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investments may be delayed if suitable investments are unavailable at the time or for other reasons.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 70%">Pending such investment, we anticipate that we will invest the proceeds in securities issued by the U.S. government or its agencies or instrumentalities or in high quality, short-term or long-term debt obligations. We may also use proceeds from the sale of our securities to (i)&nbsp;retire all or a portion of any short-term debt we incur in pursuit of our investment objective and policies, (ii)&nbsp;redeem any outstanding senior securities, and (iii)&nbsp;for working capital purposes, including the payment of interest and operating expenses, although there is currently no intent to issue securities primarily for this purpose. A delay in the anticipated use of proceeds could lower returns, reduce our distribution to common shareholders and reduce the amount of cash available to make dividend and interest payments on preferred shares and debt securities, respectively. See &ldquo;Investment Objective and Principal Investment Strategies&rdquo; in the accompanying prospectus.</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: 30%; padding-left: 9.45pt; text-indent: -9.45pt">Risk Factors</TD>
    <TD STYLE="width: 70%">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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 117; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Pref-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- 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; text-align: center"><B><A NAME="a_002"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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;. 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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;instrumentalities or in high quality, short-term or
long-term debt obligations. We may also use proceeds from the sale of our securities to (i)&nbsp;retire all or a portion of any
short-term debt we incur in pursuit of our investment objective and policies, (ii)&nbsp;redeem any outstanding senior securities,
and (iii)&nbsp;for working capital purposes, including the payment of interest and operating expenses, although there is currently
no intent to issue securities primarily for this purpose. A delay in the anticipated use of proceeds could lower returns, reduce
our distribution to common shareholders and reduce the amount of cash available to make dividend and interest payments on preferred
shares and debt securities, respectively. See &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"><B><A NAME="a_003"></A>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following
table sets forth the capitalization of the Fund as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
and as adjusted, to give effect to the issuance of all the Preferred Shares offered hereby (including estimated offering expenses
and sales load of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;). The sales load and offering expenses of the Preferred Shares
will be effectively borne by common shareholders.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 76%; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; width: 12%">Actual</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; width: 12%">As Adjusted <BR>
Preferred Shares</TD><TD STYLE="white-space: nowrap; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Loan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Shareholders Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">Preferred Shares, no par value per share, $25,000 stated value per share, at liquidation value; unlimited shares authorized (no shares issued; and shares issued, respectively)*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Common shares, no par value per share, unlimited shares authorized, shares outstanding*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Undistributed net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated net realized gain (loss) on investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net Unrealized appreciation (depreciation) on investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; 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"></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: 3.4%">*</TD>
    <TD STYLE="width: 96.6%">None of these outstanding shares are held by or for the account of the Fund</TD></TR>
</TABLE>
<P STYLE="font: 10pt 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_004"></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">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>

<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-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Pref-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- 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; text-align: center"><B><A NAME="a_005"></A>DESCRIPTION
OF PREFERRED SHARES</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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;Preferred Shares, Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
All Preferred Shares will have a liquidation preference of $ &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">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"><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">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"><I>Dividend Periods.</I>&nbsp;The
dividend period for the Preferred Shares is
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and the dividend rate is &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"><I>Dividend Payment
Dates.</I>&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">Dividends on Preferred
Shares will accumulate from the date of their original issue, which is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Restrictions
on Dividend, Redemption and Other Payments.</I>&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; text-indent: 0.25in">&nbsp;</P>

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

<!-- Field: Page; Sequence: 119; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Pref-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- 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; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, a
declaration of a dividend or other distribution on, or purchase or redemption of, Preferred Shares may be prohibited (i)&nbsp;at
any time when an event of default under any borrowings has occurred and is continuing; or (ii)&nbsp;if, after giving effect to
such declaration, the Fund would not have eligible portfolio holdings with an aggregated discounted value at least equal to any
asset coverage requirements associated with such borrowings; or (iii)&nbsp;the Fund has not redeemed the full amount of borrowings,
if any, required to be redeemed by any provision for mandatory redemption.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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">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">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">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"><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"><I>Mandatory Redemption.</I>&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"><I>Optional Redemption.</I>&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"><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">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;per share), plus
an amount equal to all unpaid dividends thereon. After the payment to the holders of Preferred Shares of the full preferential
amounts provided for as described herein, the holders of Preferred Shares as such will have no right or claim to any of the remaining
assets of the Fund.</P>

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

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

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

<!-- Field: Page; Sequence: 120; Value: 1 -->
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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">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"><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: center"><A NAME="a_006"></A><B>UNDERWRITING</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[To be provided
at the time of an offering.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>WHERE YOU CAN
FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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">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">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"><B><A NAME="a_008"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">, (&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;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;and counsel to the underwriters may rely on the opinion
of &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>

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>[UNAUDITED]
FINANCIAL STATEMENTS AS OF &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: 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"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calamos Global
Total Return Fund</B>&nbsp;</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>Preferred Shares</B>&nbsp;</P>

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; 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>

<!-- Field: Page; Sequence: 123 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><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: 12 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: Red; margin: 0pt 0"><FONT STYLE="color: Red"><B>The information
in this prospectus supplement, which relates to an effective Registration Statement under the Securities Act of 1933, is not complete
and may be changed. We may not sell these securities until we deliver a final prospectus supplement. This prospectus supplement
and the attached prospectus do not constitute an offer to sell these securities or a solicitation of an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: Red; margin: 0pt 0; text-align: center"><FONT STYLE="color: Red"><B>SUBJECT
TO COMPLETION, DATED [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</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">FORM&nbsp;OF PROSPECTUS SUPPLEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">(To prospectus dated
[&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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CALAMOS GLOBAL
TOTAL RETURN FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes
(&ldquo;Calamos Notes&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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-top: 0pt; margin-bottom: 0pt; text-align: center"><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">Calamos Global Total Return 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 provide total return through a combination of capital appreciation and current
income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 , 20&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; margin: 0pt 0; text-indent: 0.25in">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"><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"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Beginning on January&nbsp;1, 2021, as
permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund&rsquo;s shareholder reports
will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial
intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is
posted and provided with a website link to access the report.</P>

<P STYLE="font: 10pt Times New 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 you already elected to receive shareholder
reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder
reports and other communications from the Fund electronically by calling [800.582.6959]. If you own these shares through a financial
intermediary, you may contact your financial intermediary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may elect to receive all future reports
in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports
by calling [800.582.6959]. If you own these shares through a financial intermediary, you may contact your financial intermediary
or follow instructions included with this disclosure to elect to continue to receive paper copies of your shareholder reports.
Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary.</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 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-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Per&nbsp;Share</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Public offering price</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: left">$</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: left">$</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-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Sales load</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: left">$</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">$</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-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Proceeds to us (before expenses)<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></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: left">$</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="border-bottom: Black 1pt solid; 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: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%">(1)</TD>
    <TD STYLE="vertical-align: top">Does not include offering expenses payable to us estimated to be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-indent: 0.25in">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;,
20&nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[UNDERWRITER(S)]</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">, 20&nbsp;&nbsp;&nbsp;&nbsp;</P>

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



<!-- Field: Page; Sequence: 124 -->
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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">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">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">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">The Calamos Notes do not represent a deposit
or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally
insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</P>

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

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

<!-- Field: Page; Sequence: 125 -->
    <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>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
<TD STYLE="width: 93%">&nbsp;</TD>
<TD STYLE="text-align: center; width: 7%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Page</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Prospectus Supplement Summary</TD>
<TD STYLE="text-align: center; white-space: nowrap">Debt-1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Use of Proceeds</TD>
<TD STYLE="text-align: center; white-space: nowrap">Debt-3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Capitalization</TD>
<TD STYLE="text-align: center; white-space: nowrap">Debt-3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Asset Coverage Requirements</TD>
<TD STYLE="text-align: center; white-space: nowrap">Debt-3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Description of Calamos Notes</TD>
<TD STYLE="text-align: center; white-space: nowrap">Debt-4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Underwriting</TD>
<TD STYLE="text-align: center; white-space: nowrap">Debt-6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Where You Can Find More Information</TD>
<TD STYLE="text-align: center; white-space: nowrap">Debt-6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Legal Matters</TD>
<TD STYLE="text-align: center; white-space: nowrap">Debt-6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>[Unaudited] Financial Statements as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD STYLE="text-align: center; white-space: nowrap">Debt-7</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"><B>Prospectus</B></TD>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Prospectus Summary</TD>
<TD STYLE="text-align: center">1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Summary of Fund Expenses</TD>
<TD STYLE="text-align: center">23</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Financial Highlights</TD>
<TD STYLE="text-align: center">25</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Market and Net Asset Value Information</TD>
<TD STYLE="text-align: center">26</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Use of Proceeds</TD>
<TD STYLE="text-align: center">27</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>The Fund</TD>
<TD STYLE="text-align: center">27</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Investment Objective and Principal Investment Strategies</TD>
<TD STYLE="text-align: center">28</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Leverage</TD>
<TD STYLE="text-align: center">36</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Interest Rate Transactions</TD>
<TD STYLE="text-align: center">42</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Forward Currency Exchange Transactions</TD>
<TD STYLE="text-align: center">44</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Risk Factors</TD>
<TD STYLE="text-align: center">45</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Management of the Fund</TD>
<TD STYLE="text-align: center">60</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Closed-End&nbsp;Fund Structure</TD>
<TD STYLE="text-align: center">64</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Certain Federal Income Tax Matters</TD>
<TD STYLE="text-align: center">65</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Net Asset Value</TD>
<TD STYLE="text-align: center">73</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan</TD>
<TD STYLE="text-align: center">75</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Description of Securities</TD>
<TD STYLE="text-align: center">80</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Rating Agency Guidelines</TD>
<TD STYLE="text-align: center">85</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Certain Provisions of the Agreement and Declaration of Trust And&nbsp;By-Laws,&nbsp;Including Antitakeover Provisions</TD>
<TD STYLE="text-align: center">87</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Plan of Distribution</TD>
<TD STYLE="text-align: center">88</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Custodian, Transfer Agent, Dividend Disbursing Agent and Registrar</TD>
<TD STYLE="text-align: center">91</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Legal Matters</TD>
<TD STYLE="text-align: center">91</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>Experts</TD>
<TD STYLE="text-align: center">91</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD>Incorporation by Reference &nbsp;</TD>
<TD STYLE="text-align: center">91</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New 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 on the information
contained in or incorporated by reference in this prospectus supplement in making an investment decision. Neither we nor the underwriters
have authorized anyone to provide you with different or inconsistent information. If anyone provides you with different or inconsistent
information, you should not rely on it. We are not, and the underwriters are not, making an offer to sell these notes in any jurisdiction
where the offer or sale is not permitted. You should assume that the information in this prospectus supplement is accurate only
as of the date of this prospectus supplement, and that our business, financial condition and prospects may have changed since
this date. We will amend or supplement this prospectus supplement to reflect material changes to the information contained in
this prospectus supplement to the extent required by applicable law.</B></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n2-25"></A><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 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">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 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">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; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

<!-- Field: Page; Sequence: 127 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">ii</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: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b-01"></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"><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;31 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"><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">The Fund is a diversified,&nbsp;closed-end&nbsp;management
investment company. Throughout the prospectus, we refer to Calamos Global Total Return 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;CGO.&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">Our investment objective is to provide
total return through a combination of capital appreciation and current income. There can be no assurance that we will achieve
our investment objective. See &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">We commenced operations in October&nbsp;2005
following our initial public offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
Calamos managed approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;billion in assets of individuals and institutions.
Calamos is a wholly owned subsidiary of Calamos Investments LLC (&ldquo;CILLC&rdquo;) and an indirect subsidiary of Calamos Asset
Management,&nbsp;Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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">The principal business address of the
Adviser is 2020 Calamos Court, Naperville,&nbsp;Illinois 60563.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-left: 9.45pt; text-indent: -9.45pt">Calamos Notes offered by the Fund</TD>
    <TD>$&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;</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: 38%; padding-left: 9.45pt; text-indent: -9.45pt">Use of proceeds</TD>
    <TD>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;.</TD></TR>
</TABLE>
<P STYLE="font: 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: 128 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">The Fund will invest the net proceeds of any sales of securities in accordance with our investment
    objective and policies. Such investments may be delayed if suitable investments are unavailable at the time or for other reasons.
    Pending such investment, we anticipate that we will invest the proceeds in securities issued by the U.S. government or its
    agencies or instrumentalities or in high quality, short-term or long-term debt obligations. We may also use proceeds from
    the sale of our securities to (i)&nbsp;retire all or a portion of any short-term debt we incur in pursuit of our investment
    objective and policies, (ii)&nbsp;redeem any outstanding senior securities, and (iii)&nbsp;for working capital purposes, including
    the payment of interest and operating expenses, although there is currently no intent to issue securities primarily for this
    purpose. A delay in the anticipated use of proceeds could lower returns, reduce our distribution to common shareholders and
    reduce the amount of cash available to make dividend and interest payments on preferred shares and debt securities, respectively.
    See &ldquo;Investment Objective and Principal Investment Strategies&rdquo; in the accompanying prospectus.</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: 38%; padding-left: 9.45pt; text-indent: -9.45pt">Risk factors</TD>
    <TD>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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, 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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="b-02"></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">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 (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"><A NAME="b-03"></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">The following table sets forth the capitalization
of the Fund as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;,
and as adjusted, to give effect to the issuance of all the Calamos Notes offered hereby (including estimated offering expenses
and sales load of $&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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Actual</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">As&nbsp;Adjusted<BR> Calamos&nbsp;Notes</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; font-weight: bold; text-align: left">Long-Term Debt</TD><TD STYLE="font-size: 10pt">&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: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; width: 76%; font-size: 10pt; text-align: left">Calamos Notes, denominations
    of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or any multiple thereof</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 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="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; font-weight: bold">Loan</TD><TD STYLE="font-size: 10pt">&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: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; font-weight: bold; text-align: left">Shareholders
    Equity</TD><TD STYLE="font-size: 10pt">&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: 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="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">Preferred Shares, no par value per share, $25,000
    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: 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: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">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: 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: 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="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: left">Undistributed net investment income</TD><TD STYLE="font-size: 10pt">&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: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: left">Accumulated net realized gain
    (loss) on investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: 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: 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="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: left">Net Unrealized appreciation (depreciation)
    on investments</TD><TD STYLE="font-size: 10pt">&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: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; font-weight: bold; text-align: left">Net Assets</TD><TD STYLE="font-size: 10pt">&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: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<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="border-top: Black 1pt solid; width: 4%">*</TD>
    <TD STYLE="border-top: Black 1pt solid">None of these outstanding shares are held by or for the account of the Fund</TD></TR>
</TABLE>
<P STYLE="font: 10pt 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="b-04"></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">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; text-indent: 0.25in">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b-05"></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">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">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;,
20&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"><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">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;,
20&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">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"><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">The Calamos Notes represent an unsecured
obligation of ours to pay interest and principal, when due. We cannot assure you that we will have sufficient funds or that we
will be able to arrange for additional financing to pay interest on the Calamos Notes when due or to repay the Calamos Notes at
the Stated Maturity. Our failure to pay interest on the Calamos Notes when due or to repay the Calamos Notes upon the Stated Maturity
would, subject to the cure provisions under the Indenture, constitute an event of default under the Indenture and could cause
a default under other agreements that we may enter into from time to time. There is no sinking fund with respect to the Calamos
Notes, and at the Stated Maturity, the entire outstanding principal amount of the Calamos Notes will become due and payable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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">Purchasers of Calamos Notes will not receive
certificates representing their ownership interest in such securities. DTC initially will act as Securities Depository for the
Agent Members with respect to the Calamos Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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>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">Calamos Notes will bear interest from
the Original Issue Date at the Applicable Rate and shall be payable on each Interest Payment Date thereafter. Interest will be
paid through the Securities Depository on each Interest Payment Date. Interest on the Calamos Notes shall be payable when due
as described in this prospectus supplement. If we do not pay interest when due, it will trigger an event of default under the
Indenture (subject to the cure provisions), and we will be restricted from declaring dividends and making other distributions
with respect to our common shares and preferred shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Optional Redemption</I>. 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"><I>Mandatory Redemption</I>. 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"><I>Redemption Procedure</I>. 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">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">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">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">Notwithstanding the provisions for redemption
described above, no Calamos Notes may be redeemed unless all interest in arrears on the outstanding Calamos Notes, and any of
our indebtedness ranking on a parity with the Calamos Notes, have been or are being contemporaneously paid or set aside for payment,
except in connection with our liquidation, in which case all Calamos Notes and all indebtedness ranking on a parity with the Calamos
Notes must receive proportionate amounts. At any time we may purchase or acquire all the outstanding Calamos Notes pursuant to
the successful completion of an otherwise lawful purchase or exchange offer made on the same terms to, and accepted by, holders
of all outstanding Calamos Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Payment of Proceeds Upon Dissolution, Etc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event of (a)&nbsp;any insolvency
or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection
therewith, relative to us or to our creditors, as such, or to our assets, or (b)&nbsp;our liquidation, dissolution or other winding
up, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c)&nbsp;our assignment for the
benefit of creditors or any other marshalling of assets and liabilities, then (after any payments with respect to our secured
creditor outstanding at such time) and in any such event the holders of Calamos Notes shall be entitled to receive payment in
full of all amounts due or to become due on or in respect of all Calamos Notes (including any interest accruing thereon after
the commencement of any such case or proceeding), or provision shall be made for such payment in cash or cash equivalents or otherwise
in a manner satisfactory to the holders of the Calamos Notes, before the holders of any of our common or preferred shares are
entitled to receive any payment on account of any redemption proceeds, liquidation preference or dividends from such shares, and
to that end the holders of Calamos Notes shall be entitled to receive, for application to the payment thereof, any payment or
distribution of any kind or character, whether in cash, property or securities, including any such payment or distribution which
may be payable or deliverable by reason of the payment of any of our other indebtedness being subordinated to the payment of the
Calamos Notes, which may be payable or deliverable in respect of the Calamos Notes in any such case, proceeding, dissolution,
liquidation or other winding up event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">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"><A NAME="b-06"></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">[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"><A NAME="b-07"></A><B>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">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 , 20&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">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&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"><A NAME="b-08"></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: 0.75in">, (&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>

<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"><A NAME="b-09"></A><B>[UNAUDITED] FINANCIAL STATEMENTS AS
OF&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="border-top: 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"></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="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Calamos Global
Total Return Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.375in; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes
(&ldquo;Calamos Notes&rdquo;)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>, 20</B></P>

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

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

<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: 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>

<!-- Field: Split-Segment; Name: 13 -->
<P STYLE="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="color: rgb(255,66,55)"><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></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: rgb(255,66,55)">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: rgb(255,66,55)"><B>Subject
to Completion dated [ ], 2021</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 162.15pt 0pt 159.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 162.15pt 0pt 159.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 162.15pt 0pt 159.25pt; text-align: center">CALAMOS
GLOBAL TOTAL RETURN FUND</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 162.15pt 0pt 159.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 162.15pt 0pt 159.25pt; text-align: center">STATEMENT
OF ADDITIONAL INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 162.15pt 0pt 159.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">Calamos
Global Total Return 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 $xx,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"><A NAME="tableofcontnentupdate"></A><B>TABLE OF CONTENTS FOR STATEMENT OF ADDITIONAL
INFORMATION</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Objective
    and Policies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Restrictions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management of the
    Fund</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-30</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Shareholders
    </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-47</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portfolio Transactions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-48</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Asset Value</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-49</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repurchase of Common
    Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-50</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Federal
    Income Tax Matters</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-52</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian, Transfer
    Agent, Dividend Disbursing Agent and Registrar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-66</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Registered
    Public Accounting Firm</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-66</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Information</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-66</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Information
    Concerning the Agreement and Declaration of Trust</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-66</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Financial Statements</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-67</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix A &mdash;
    Summary of Certain Provisions of the Indenture and Form&nbsp;of Supplemental Indenture </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix B &mdash; Description of Ratings </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-1</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This Statement of Additional Information
is dated [ ], 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>

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<P STYLE="font: 10pt 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="n2-26"></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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-27"></A><B>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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">Under
normal circumstances, the Fund invests 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. The Fund, under
normal circumstances, will invest at least 50% of its managed assets in equity securities (including securities that are convertible
into equity securities). 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. 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. &ldquo;Managed
assets&rdquo; means the total assets of the Fund (including any assets attributable to any leverage that may be outstanding) minus
the sum of accrued liabilities (other than debt representing financial leverage). For this purpose, the liquidation preference
on the preferred shares will not constitute a liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">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 corporation organized under the laws of a foreign country. 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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"></P>

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<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-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">If
the Fund enters into a forward contract, its custodian will segregate liquid assets of the Fund having a value equal to the Fund&rsquo;s
commitment under such forward contract from day to day, except to the extent that the Fund&rsquo;s forward contract obligation
is covered by liquid portfolio securities denominated in, or whose value is tied to, the currency underlying the forward contract.
At the maturity of the forward contract to deliver a particular currency, the Fund may either sell the portfolio security related
to the contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market
or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader
obligating it to purchase on the same maturity date the same amount of the currency. It is impossible to forecast with absolute
precision the market value of portfolio securities at the expiration of a forward contract. Accordingly, it may be necessary for
the Fund to purchase additional currency on the spot market (and bear the expense of such purchase) if the market value of the
security is less than the amount of currency the Fund is obligated to deliver and if a decision is made to sell the security and
make delivery of the currency. Conversely, it may be necessary to sell on the spot market some of the currency received upon the
sale of the portfolio security if its market value exceeds the amount of currency the Fund is obligated to deliver.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">If
the Fund retains the portfolio security and engages in an offsetting currency transaction, it will incur a gain or a loss to the
extent that there has been movement in forward contract prices. If the Fund engages in an offsetting currency transaction, it
subsequently may enter into a new forward contract to sell the currency. Should forward prices decline during the period between
the Fund&rsquo;s entering into a forward contract for the sale of a currency and the date it enters into an offsetting contract
for the purchase of the currency, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds
the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent
the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell. A default on the
contract would deprive the Fund of unrealized profits or force the Fund to cover its commitments for purchase or sale of currency,
if any, at the current market price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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"></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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">Equity
securities include common and preferred stocks, warrants, rights, and depository receipts. Under normal circumstances, the Fund
will invest at least 50% of its managed assets in equity securities (including securities that are convertible into equity securities).
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 that 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 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.</P>

<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-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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"></P>

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<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-right: 0; margin-bottom: 0pt; 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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 11.95pt">&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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 11.95pt">&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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 11.95pt">&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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 11.95pt">&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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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"></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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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"></P>

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<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-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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) purchasing a money market instrument denominated in one
currency, generally U.S. dollars, and (b) 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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"></P>

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<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-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">Convertible
securities include any corporate debt security or preferred stock that may be converted into underlying shares of common stock.
The common stock underlying convertible securities may be issued by a different entity than the issuer of the convertible securities.
Convertible securities entitle the holder to receive interest payments paid on corporate debt securities or the dividend preference
on a preferred stock until such time as the convertible security matures or is redeemed or until the holder elects to exercise
the conversion privilege. As a result of the conversion feature, however, the interest rate or dividend preference on a convertible
security is generally less than would be the case if the security were a non-convertible obligation.</P>

<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-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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"></P>

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<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-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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"></P>

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<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-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">The
Fund may seek to generate income from option premiums by writing (selling) options (with an aggregate notional value of up to
33% of the value of the Fund&rsquo;s managed assets). 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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"></P>

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<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-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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"></P>

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<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-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">The
Fund&rsquo;s ability to close out its position as a purchaser or seller (writer) of an OCC or exchange listed put or call option
is dependent, in part, upon the liquidity of the option market. Among the possible reasons for the absence of a liquid option
market on an exchange are: (i)&nbsp;insufficient trading interest in certain options; (ii)&nbsp;restrictions on transactions imposed
by an exchange; (iii)&nbsp;trading halts, suspensions or other restrictions imposed with respect to particular classes or series
of options or underlying securities including reaching daily price limits; (iv)&nbsp;interruption of the normal operations of
the OCC or an exchange; (v)&nbsp;inadequacy of the facilities of an exchange or OCC to handle current trading volume; or (vi)&nbsp;a
decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which
event the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange
would generally continue to be exercisable in accordance with their terms. If the Fund were unable to close out an option that
it has purchased on a security, it would have to exercise the option in order to realize any profit or the option would expire
and become worthless. If the Fund were unable to close out a covered call option that it had written on a security, it would not
be able to sell the underlying security until the option expired. As the writer of a covered call option on a security, the Fund
foregoes, during the option&rsquo;s life, the opportunity to profit from increases in the market value of the security covering
the call option above the sum of the premium and the exercise price of the call. As the writer of a covered call option on a foreign
currency, the Fund foregoes, during the option&rsquo;s life, the opportunity to profit from any currency appreciation.</P>

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

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




<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-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">The
Fund may enter into interest rate futures contracts, index futures contracts, volatility index futures contracts and foreign currency
futures contracts. 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[, volatility]
or foreign currency futures contract provides for the future sale by one party and purchase by another party of a specified quantity
of a financial instrument or the cash value of an index at a specified price and time. A public market exists in futures contracts
covering a number of indices (including, but not limited to: the Standard&nbsp;&amp; Poor&rsquo;s 500 Index, the Russell 2000
Index, the Value Line Composite Index, and the New York Stock Exchange (&ldquo;NYSE&rdquo;) Composite Index) as well as financial
instruments (including, but not limited to: U.S. Treasury bonds, U.S. Treasury notes, Eurodollar certificates of deposit and foreign
currencies). Other index and financial instrument futures contracts are available and it is expected that additional futures contracts
will be developed and traded.</P>

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

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

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<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-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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. 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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. 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-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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"></P>

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<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-right: 0; margin-bottom: 0pt; 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. 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;). 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;
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;<FONT STYLE="font-size: 10pt">1 </FONT>at the time of purchase) may not exceed 5% of the Fund&rsquo;s
NAV, or alternatively, the aggregate net notional value of those positions, as determined at the time the most recent position
was established, may not exceed 100% of the Fund&rsquo;s NAV (after taking into account unrealized profits and unrealized losses
on any such positions). If, in the future, the Fund can no longer satisfy these requirements, Calamos would withdraw its exclusion
from the definition of CPO, and Calamos would be subject to registration and regulation as a CPO with respect to the Fund, in
accordance with CFTC rules&nbsp;that apply to CPOs of registered investment companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">The
Fund may invest in warrants. A warrant is a right to purchase common stock at a specific price (usually at a premium above the
market value of the underlying common stock at time of issuance) during a specified period of time. A warrant may have a life
ranging from less than a year to twenty years or longer, but a warrant becomes worthless unless it is exercised or sold before
expiration. In addition, if the market price of the common stock does not exceed the warrant&rsquo;s exercise price during the
life of the warrant, the warrant will expire worthless. Warrants have no voting rights, pay no dividends and have no rights with
respect to the assets of the corporation issuing them. The percentage increase or decrease in the value of a warrant may be greater
than the percentage increase or decrease in the value of the underlying common stock.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">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 taxed at ordinary income tax rates for federal income tax purposes.</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>

<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="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD>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.</TD></TR></TABLE>

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

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

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<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-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">It
is possible that the market value of the securities the Fund holds in long positions will decline at the same time that the market
value of the securities the Fund has sold short increases, thereby increasing the Fund&rsquo;s potential volatility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">The
Fund will not make a short sale of securities (other than a short sale &ldquo;against the box&rdquo;), if more than 20% of its
net assets would be deposited with brokers as collateral or allocated to segregated accounts in connection with all outstanding
short sales (other than short sales &ldquo;against the box&rdquo;).</P>

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

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

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<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-right: 0; margin-bottom: 0pt; 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.</P>

<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-right: 0; margin-bottom: 0pt"><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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.25in">The
Fund may enter into interest rate, currency, index, credit default, total return 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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">&nbsp;</P>

<!-- Field: Split-Segment; Name: 14 -->
<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-right: 0; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; 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 0pt 0in"><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 0pt 0in; 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 0pt 0in; 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&nbsp;the&nbsp;so-called&nbsp;&ldquo;legally
segregated, operationally commingled&rdquo; model for the segregation of swap clearing customer collateral on&nbsp;a&nbsp;customer-by-customer&nbsp;basis,&nbsp;which
is intended to protect each customer from the default of other customers of the FCM. Such segregation, however, will not protect
clearing customers like the Fund from any operational or fraud risk of a CCP or FCM with respect to the initial margin posted
to the CCP or FCM. In addition, the initial margins posted to a&nbsp;non-US&nbsp;CCP&nbsp;through a&nbsp;non-US&nbsp;clearing
broker may not even be segregated from the property of such CCP and/or clearing broker. The SEC has no final rules&nbsp;for the
treatment and protection of customer property, including initial 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 0pt 0in; 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&nbsp;with&nbsp;non-U.S.&nbsp;entities.&nbsp;While the Fund may benefit from
reduced counterparty credit and operations risk and pricing transparency resulting from these requirements, it will incur additional
costs in trading these swaps. In addition, while the Fund will attempt to execute, clear and settle these swaps through entities
Calamos believes to be sound, there can be no assurance that a failure by such an entity will not cause a loss to the Fund.</P>

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

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

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

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<P STYLE="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>&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 0pt 0in; 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 0pt 0in; 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 0pt 0in; text-indent: 0.25in">At the time when
the Fund enters into a binding obligation to purchase securities on a when-issued basis or enters into a reverse repurchase agreement,
liquid securities (cash, U.S. government securities or other &ldquo;high- grade&rdquo; debt obligations) of the Fund having a
value at least as great as the purchase price of the securities to be purchased will be segregated on the books of the Fund and
held by the custodian throughout the period of the obligation. The use of these investment strategies may increase net asset value
fluctuation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><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 0pt 0in; text-indent: 0.25in">The Fund may invest
up to 15% of its managed assets 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. Calamos, under the supervision of the Board of Trustees, will determine whether Rule&nbsp;144A
Securities are illiquid (that is, not readily marketable) and thus subject to the Fund&rsquo;s limit on investing no more than
15% of its managed assets in illiquid securities. Illiquid securities may be difficult to dispose of at a fair price at the times
when the Fund believes it is desirable to do so. The market price of illiquid securities generally is more volatile than that
of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of illiquid securities.
Illiquid securities are also more difficult to value and Calamos&rsquo; judgment may play a greater role in the valuation process.
Investment of the Fund&rsquo;s assets in illiquid securities may restrict the Fund&rsquo;s ability to take advantage of market
opportunities. The risks associated with illiquid securities may be particularly acute in situations in which the Fund&rsquo;s
operations require cash and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of
illiquid securities.</P>

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

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

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<P STYLE="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>Temporary Defensive Investments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">The Fund may make
temporary investments without limitation when Calamos determines that a defensive position is warranted. Such investments may
be in money market instruments, consisting of obligations of, or guaranteed as to principal and interest by, the U.S. government
or its agencies or instrumentalities; certificates of deposit, bankers&rsquo; acceptances and other obligations of domestic banks
having total assets of at least $500 million and that are regulated by the U.S. government, its agencies or instrumentalities;
commercial paper rated in the highest category by a recognized rating agency; cash; and repurchase agreements. If the Fund temporarily
uses a different investment strategy for defensive purposes, different factors could affect the Fund&rsquo;s performance, and
the Fund may not achieve its investment objective.</P>

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

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

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<P STYLE="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>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 0pt 0in; 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><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 0pt 0in; text-indent: 0.25in">REITs are pooled
investment vehicles which invest primarily in income producing real estate or real estate related loans or interests. REITs are
generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority
of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize
capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real
estate mortgages and derive income from the collection of interest payments. REITs are not taxed on income and gains distributed
to shareholders provided they comply with the applicable requirements of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;).
The Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests in
addition to the expenses paid by the Fund. Debt securities issued by REITs are, for the most part, general and unsecured obligations
and are subject to risks associated with REITs.</P>

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

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

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<P STYLE="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, 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 0pt 0in"><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 0pt 0in; text-indent: 0.25in">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 0pt 0in; text-indent: 0.25in">In addition to
the recent unprecedented turbulence in financial markets, the reduced liquidity in credit and fixed income markets may negatively
affect many issuers worldwide. Reduced liquidity in these markets may mean there is less money available to purchase raw materials,
goods and services, which may, in turn, bring down the prices of these economic staples. It may also result in some issuers having
more difficulty obtaining financing and ultimately may lead to a decline in their stock prices. The values of some sovereign debt
and of securities of issuers that hold that sovereign debt have fallen. These events and the potential for continuing market turbulence
may have an adverse effect on the Fund. In addition, global economies and financial markets 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">Continuing uncertainty
as to the status of the Euro and the European Monetary Union (&ldquo;EMU&rdquo;) and the potential for certain countries to withdraw
from the institution has created significant volatility in currency and financial markets generally. Any partial or complete dissolution
of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&rsquo;s portfolio
investments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">The U.S. federal
government and certain foreign central banks have acted to calm credit markets and increase confidence in the U.S. and world economies.
Certain of these entities have injected liquidity into the markets and taken other steps in an effort to stabilize the markets
and grow the economy. The ultimate effect of these efforts is, of course, not yet known. Changes in government policies may exacerbate
the market&rsquo;s difficulties and the withdrawal of this support, or other policy changes by governments or central banks, could
negatively affect the value and liquidity of certain securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">The situation
in the financial markets has resulted in 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 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"></P>

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<P STYLE="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 statutory
provisions of the Dodd-Frank Act significantly change in several respects the ways in which investment products are marketed,
sold, settled or terminated. In particular, the Dodd-Frank Act mandates the elimination of references to credit ratings in numerous
securities laws, including the 1940 Act. Transactions in some types of swaps (including interest rate swaps and credit default
index swaps on North American and European indices) are required to be centrally cleared. Clearinghouses and futures commission
merchants have broad rights to increase margin requirements for existing cleared transactions or to terminate cleared transactions
at any time. Any increase in margin requirements or termination by the clearing member or the clearinghouse may have an effect
on the performance of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">Under rules&nbsp;adopted
under the Dodd-Frank Act, certain 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 0pt 0in; text-indent: 0.25in">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">The new requirements
may result in increased uncertainty about counterparty credit risk, and they may also limit the flexibility of the Fund to protect
its interests in the event of an insolvency of a derivatives counterparty. In the event of a counterparty&rsquo;s (or its affiliate&rsquo;s)
insolvency, the Fund&rsquo;s ability to exercise remedies, such as the termination of transactions, netting of obligations and
realization on collateral, could be stayed or eliminated under new special resolution regimes adopted in the United States, the
European Union and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene
when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject
to such proceedings in the European Union, the liabilities of such counterparties to the Fund could be reduced, eliminated, or
converted to equity in such counterparties (sometimes referred to as a &ldquo;bail in&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">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 under such rules&nbsp;in 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">These and other
new rules&nbsp;and regulations could, among other things, further restrict the Fund&rsquo;s ability to engage in, or increase
the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the
Fund or otherwise limiting liquidity.</P>

<P STYLE="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">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"></P>

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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: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-28"></A><B>INVESTMENT
RESTRICTIONS</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Fund may not:</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; width: 100%; 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>Issue senior securities, except as permitted by the 1940
                                         Act and the rules&nbsp;and interpretive positions of the SEC thereunder.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Borrow money, except as permitted by the 1940 Act and the
                                         rules&nbsp;and interpretive positions of the SEC thereunder.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>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.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(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 SEC thereunder.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(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 SEC 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 0in; 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 0pt 0in; 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"></P>

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<P STYLE="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-align: justify; 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 0pt 0in; 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 0pt 0in; text-indent: 0.25in">Currently under
the 1940 Act, a &ldquo;senior security&rdquo; does not include any promissory note or evidence of indebtedness where such loan
is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the
loan is made. A loan is presumed to be for temporary purposes if it is repaid within sixty days and is not extended or renewed.</P>

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

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



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<P STYLE="font: 10pt 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="n2-29"></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 0pt 0in"><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 0pt 0in; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><B>Trustees Who Are Interested Persons of the Fund:</B>&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: #231F20 1pt solid; text-align: left; width: 20%; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt; color: #231F20"><B>NAME AND <BR> YEAR OF BIRTH</B></FONT></TD>
<TD STYLE="text-align: center; width: 2%; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center; border-bottom: #231F20 1pt solid; width: 20%; font-size: 10pt"><B>POSITION(S) AND <BR>
</B><FONT STYLE="font-size: 10pt; color: #231F20"><B>LENGTH
OF<BR>
 TIME WITH FUND</B></FONT></TD>
<TD STYLE="text-align: center; width: 2%; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center; border-bottom: #231F20 1pt solid; width: 15%; font-size: 10pt"><B>PORTFOLIOS IN<BR>
<FONT STYLE="font-size: 10pt; color: #231F20">FUND
COMPLEX^<BR>
OVERSEEN</FONT></B></TD>
<TD STYLE="text-align: center; width: 2%; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; text-align: center; border-bottom: #231F20 1pt solid; width: 39%; font-size: 10pt"><B>PRINCIPAL OCCUPATION(S)<BR>
</B><FONT STYLE="font-size: 10pt; color: #231F20"><B>DURING THE PAST 5 YEARS<BR>
 AND OTHER DIRECTORSHIPS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #231F20">John P. Calamos, Sr. (1940)*</FONT></TD>
<TD>&nbsp;</TD>
<TD>Chairman, Trustee and President (since 2004) Term Expires 2023 Co-Portfolio Manager (since inception)</TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">26</FONT></TD>
<TD>&nbsp;</TD>
<TD>Founder, Chairman, and Global Chief Investment Officer, Calamos Asset Management, 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>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="4" STYLE="font-size: 10pt"><B>Trustees Who Are Not Interested Persons of the Fund:</B></TD>
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
<TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD STYLE="width: 20%">John E. Neal (1950) </TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 20%; font-size: 10pt"><FONT STYLE="color: #231F20">Trustee (since 2004); Lead Independent Trustee (since July 2019) Term Expires 2021</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: center; width: 15%; font-size: 10pt"><FONT STYLE="color: #231F20">26</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 39%; font-size: 10pt"><FONT STYLE="color: #231F20">Retired; private investor; Director, Equity Residential Trust (publicly-owned REIT); Director, Creation Investments (private international microfinance company); Director, Centrust Bank (Northbrook, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><B>&nbsp;</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: #231F20 1pt solid; text-align: left; font-size: 10pt; width: 20%; vertical-align: bottom"><FONT STYLE="font-size: 10pt; color: #231F20"><B>NAME AND <BR> YEAR OF BIRTH</B></FONT></TD>
<TD STYLE="text-align: center; width: 2%; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #231F20 1pt solid; text-align: center; font-size: 10pt; width: 20%"><B>POSITION(S) AND <BR>
</B><FONT STYLE="font-size: 10pt; color: #231F20"><B>LENGTH
OF<BR>
 TIME WITH FUND</B></FONT></TD>
<TD STYLE="text-align: center; width: 2%; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #231F20 1pt solid; text-align: center; font-size: 10pt; width: 15%"><B>PORTFOLIOS IN<BR>
<FONT STYLE="font-size: 10pt; color: #231F20">FUND
COMPLEX^<BR>
OVERSEEN</FONT></B></TD>
<TD STYLE="text-align: center; width: 2%; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #231F20 1pt solid; text-align: center; font-size: 10pt; width: 39%"><B>PRINCIPAL OCCUPATION(S)<BR>
</B><FONT STYLE="font-size: 10pt; color: #231F20"><B>DURING THE PAST 5 YEARS<BR>
 AND OTHER DIRECTORSHIPS</B></FONT></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD STYLE="width: 20%">William R. Rybak (1951)</TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 20%">Trustee (since 2004) Term Expires 2023</TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: center; width: 15%">26</TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: left; width: 39%">Private investor; Chairman (since 2016) and Director (since 2010), Christian Brothers Investment Services Inc.; Trustee, JNL Series&nbsp;Trust, JNL Investors Series&nbsp;Trust and JNL Variable Fund LLC (since 2007); and Jackson Variable Series&nbsp; Trust (since 2018), 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)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD>Virginia G. Breen (1964)</TD>
<TD>&nbsp;</TD>
<TD>Trustee (since 2015) Term Expires 2022</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: center">26</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">Private investor; Director, Paylocity Holding Corporation (since 2018); Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)***; Trustee, Jones Lang LaSalle Income Property Trust,&nbsp;Inc. (REIT) (since 2004); Director, UBS A&amp;Q Fund Complex (closed-end funds) (since 2008)****; Director, Bank of America/US Trust Company (until 2015)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD>Lloyd A. Wennlund (1957)</TD>
<TD>&nbsp;</TD>
<TD>Trustee (since 2018) Term Expires 2022</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: center">26</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">Trustee and Chairman, Datum One Series&nbsp;Trust (since 2020); Expert Affiliate, Bates Group, LLC (financial services consulting and expert testimony firm) (since 2018); Executive Vice President, The Northern Trust Company (1989-2017); President and Business Unit Head of Northern Funds and Northern Institutional Funds (1994-2017); Director, Northern Trust Investments (1998-2017); Governor (2004-2017) and Executive Committee member (2011-2017),&nbsp;Investment Company Institute Board of Governors; Member, Securities Industry Financial Markets Association (SIFMA) Advisory Council, Private Client Services Committee and Private Client Steering Group (2006-2017); Board Member, Chicago Advisory Board of the Salvation Army (2011-2019)</TD></TR>
</TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: #231F20 1pt solid; text-align: left; font-size: 10pt; width: 20%; vertical-align: bottom"><FONT STYLE="font-size: 10pt; color: #231F20"><B>NAME AND <BR> YEAR OF BIRTH</B></FONT></TD>
<TD STYLE="text-align: center; width: 2%; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #231F20 1pt solid; text-align: center; font-size: 10pt; width: 20%"><B>POSITION(S) AND <BR>
</B><FONT STYLE="font-size: 10pt; color: #231F20"><B>LENGTH
OF<BR>
 TIME WITH FUND</B></FONT></TD>
<TD STYLE="text-align: center; width: 2%; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #231F20 1pt solid; text-align: center; font-size: 10pt; width: 15%"><B>PORTFOLIOS IN<BR>
<FONT STYLE="font-size: 10pt; color: #231F20">FUND
COMPLEX^<BR>
OVERSEEN</FONT></B></TD>
<TD STYLE="text-align: center; width: 2%; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; border-bottom: #231F20 1pt solid; text-align: center; font-size: 10pt; width: 39%"><B>PRINCIPAL OCCUPATION(S)<BR>
</B><FONT STYLE="font-size: 10pt; color: #231F20"><B>DURING THE PAST 5 YEARS<BR>
 AND OTHER DIRECTORSHIPS</B></FONT></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD>Karen L. Stuckey (1953)</TD>
    <TD>&nbsp;</TD>
<TD>Trustee (since December&nbsp;2019) Term Expires 2021</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: center">26</TD>
<TD>&nbsp;</TD>
<TD>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)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD>Christopher M. Toub (1959)</TD>
    <TD>&nbsp;</TD>
<TD>Trustee (since December&nbsp;2019) Term Expires 2023</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: center">26</TD>
<TD>&nbsp;</TD>
<TD>Private investor; formerly Director of Equities, AllianceBernstein LP (until 2012)</TD></TR>
</TABLE>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; 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"></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: 34.05pt">*</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>                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>**</TD><TD>Overseeing 131 portfolios in fund complex.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>***</TD><TD>Overseeing five portfolios in fund complex.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>****</TD><TD>Overseeing four portfolios in fund complex.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>^</TD><TD>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.</TD></TR>
</TABLE>

<P STYLE="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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><I>Officers</I>.
The preceding table gives information about Mr.&nbsp;John P. Calamos,&nbsp;Sr., who is Chairman, Trustee and President of the
Fund. The following table sets forth each other officer&rsquo;s name and year of birth, position with the Fund and date first
appointed to that position, and principal occupation(s)&nbsp;during the past five years.</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 0in">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: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left; width: 17%"><P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><B>NAME
                                         AND</B></P>
                                                                   <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>YEAR
                                         OF BIRTH</B></FONT></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 32%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>POSITION(S)
                                         </B></FONT><B>WITH FUND</B></P></TD>
<TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: center; width: 2%"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left; width: 47%"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>PRINCIPAL
                                         OCCUPATION(S)&nbsp;</B></P>
                                                                                                 <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>DURING PAST 5 YEARS</B></P>
                                                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"></P></TD>
</TR>                                   <TR STYLE="vertical-align: top; text-align: justify; background-color: rgb(204,238,255)">
<TD>Robert F. Behan (1964)</TD>
    <TD>&nbsp;</TD>
<TD>Vice President (since 2013)</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">President (since 2015), Head of Global Distribution (since 2013), CAM, CILLC, Calamos
Advisors and CFS; prior thereto Executive Vice President (2013-2015); Senior Vice President (2009-2013), Head of US
Intermediary Distribution (2010-2013)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; background-color: White">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; background-color: rgb(204,238,255)">
<TD>Thomas E. Herman (1961)</TD>
    <TD>&nbsp;</TD>
<TD>Vice President (since 2016) and Chief Financial Officer (2016-2017 and since August&nbsp;2019)</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">Chief Financial Officer, CAM, CILLC, Calamos Advisors and CWM (since 2016); Chief Financial
Officer and Treasurer, Harris Associates (2010-2016)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; background-color: White">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD><P STYLE="margin-top: 0; margin-bottom: 0"></P>
    <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; background-color: rgb(204,238,255)">
<TD>John S. Koudounis (1966)</TD>
    <TD>&nbsp;</TD>
<TD>Vice President (since 2016)</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">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.</TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left; width: 17%"><P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><B>NAME
                                         AND</B></P>
                                                                   <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>YEAR
                                         OF BIRTH</B></FONT></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 32%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>POSITION(S)
                                         </B></FONT><B>WITH FUND</B></P></TD>
<TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: center; width: 2%"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left; width: 47%"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>PRINCIPAL
                                         OCCUPATION(S)&nbsp;</B></P>
                                                                                                 <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>DURING PAST 5 YEARS</B></P>
                                                                                <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"></P></TD>
</TR>

<TR STYLE="vertical-align: top; text-align: justify; background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; width: 17%">J. Christopher Jackson (1951)</TD>
    <TD STYLE="text-align: left; width: 2%">&nbsp;</TD>
<TD STYLE="text-align: left; width: 32%">Vice President and Secretary (since 2010)</TD>
<TD STYLE="text-align: left; width: 2%">&nbsp;</TD>
<TD STYLE="text-align: left; width: 47%">Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos, CWM and CFS (since
2010); Director, Calamos Global Funds plc (since 2011)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; background-color: White">
<TD STYLE="text-align: left"></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left"></TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; background-color: rgb(204,238,255)">
<TD STYLE="text-align: left">Mark J. Mickey (1951)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">Chief Compliance Officer (since 2005)</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">Chief Compliance Officer, Calamos Funds (since 2005)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; background-color: White">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; background-color: rgb(204,238,255)">
<TD STYLE="text-align: left">Stephen Atkins (1965)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">Treasurer (since March&nbsp;2020)</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">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)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><I>Committees of the Board of Trustees</I>.
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 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><U>Executive Committee</U>.
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 0pt -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><U>Audit Committee</U>. Messrs.&nbsp;William
R. Rybak (Chair), John E. Neal, Christopher M. Toub and Lloyd A. Wennlund and Mses. Virginia G. Breen and Karen L. Stuckey, each
a non-interested Trustee, serve on the Audit Committee. The Audit Committee operates under a written charter adopted and approved
by the Board, a copy of which is available on the Fund&rsquo;s website, <U>www.calamos.com</U>. The Audit Committee selects independent
auditors, approves services to be rendered by the auditors, monitors the auditors&rsquo; performance, reviews the results of the
Fund&rsquo;s audit, determines whether to recommend to the Board that the Fund&rsquo;s audited financial statements be included
in the Fund&rsquo;s annual report and responds to other matters deemed appropriate by the Board of Trustees.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><U>Governance Committee</U>. Mses.
Virginia G. Breen (Chair) and Karen L. Stuckey and Messrs.&nbsp;John E. Neal, William R. Rybak, Christopher M. Toub and Lloyd
A. Wennlund, each a non-interested Trustee, serve on the Governance Committee. The Governance Committee operates under a written
charter adopted by the Board, a copy of which is available on the Fund&rsquo;s website, <U>www.calamos.com</U>. The Governance
Committee oversees the independence and effective functioning of the Board of Trustees and endeavors to be informed about good
practices for investment company boards. The members of the Governance Committee make recommendations to the Board of Trustees
regarding candidates for election as non interested Trustees. The Governance Committee will consider shareholder recommendations
regarding potential candidates for nomination as Trustees properly submitted to the Governance Committee for its consideration.
A Fund shareholder who wishes to nominate a candidate to the Fund&rsquo;s Board of Trustees must submit any such recommendation
in writing via regular mail to the attention of the Fund&rsquo;s Secretary, at the address of the Fund&rsquo;s principal executive
offices. The shareholder recommendation must include:</P>

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

<TABLE 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="width: 5%"></TD><TD STYLE="width: 3%">&bull;</TD><TD STYLE="width: 92%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">&bull;</TD><TD STYLE="width: 92%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">&bull;</TD><TD STYLE="width: 92%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">&bull;</TD><TD STYLE="width: 92%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">&bull;</TD><TD STYLE="width: 92%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">&bull;</TD><TD STYLE="width: 92%">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">&bull;</TD><TD STYLE="width: 92%">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 0pt 0in; 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 0pt 0in; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><U>Dividend Committee</U>.
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 0pt -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><U>Valuation Committee</U>.
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. 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 0pt -0.5in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; 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" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 76%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Number of Meetings
    During Fiscal <BR>Year Ended October&nbsp;31, 2020</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font-size: 10pt">Board of Trustees</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: 25%; font-size: 10pt; text-align: right">11</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-size: 10pt; text-align: left">Executive Committee</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">0</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-size: 10pt; text-align: left">Audit Committee </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">4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Governance Committee</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">2</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-size: 10pt">Dividend Committee<FONT STYLE="font-size: 10pt"><SUP>(1)&nbsp;</SUP></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">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Valuation Committee </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">4</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"></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 0in">(1)&nbsp;Although the Dividend Committee
held no meetings, it acted by written consent on 12 occasions.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><I>Leadership
Structure and Qualifications of the Board of Trustees. </I>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 0pt -0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">Each of Messrs.&nbsp;Calamos,
Neal and Rybak has served for more than ten years as a Trustee of the Fund. In addition, each of Mses. Breen and Stuckey and Messrs.&nbsp;Calamos,
Neal, Rybak, Toub and Wennlund has more than 25 years of experience in the financial services industry. Each of Mses. Breen and
Stuckey and Messrs.&nbsp;Calamos, Neal, Rybak and Wennlund has experience serving on boards of other entities, including other
investment companies. Each of Ms.&nbsp;Breen and Messrs.&nbsp;Calamos, Neal, Rybak and Toub has earned a Masters of Business Administration
degree.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><I>Risk Oversight.
</I>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 0pt -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><I>Compensation
of Officers and Trustees. </I>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 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 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 82%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Name of Trustee</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-left: -0.125in; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Aggregate Compensation From<BR>
 Fund</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><B>Total Compensation
    From</B> <B><BR>
Calamos Fund Complex(1)*</B></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">John P. Calamos,&nbsp;Sr</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="text-indent: -0.625in; padding-left: -0.5in; font-size: 10pt; text-align: right; width: 10%">0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="text-indent: -0.75in; padding-left: -0.875in; width: 10%; font-size: 10pt; text-align: right">0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-size: 10pt; text-align: left">Virginia G. Breen</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&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-size: 10pt; text-align: left">John E. Neal<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">William R. Rybak </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&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-size: 10pt; text-align: left">Karen L. Stuckey<FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Christopher M. Toub<FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&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-size: 10pt; text-align: left">Lloyd A. Wennlund</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Mark J. Mickey</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="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 $x,xxx,xxx.</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: 0.25in">(2)</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"></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>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>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><I>Ownership of
Shares of the Fund and Other Calamos Funds</I>. 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.</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 0in">Beneficial ownership is determined
in accordance with the rules&nbsp;of the SEC. [Table below to be updated]</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 58%; font-size: 10pt; font-weight: bold"><B>Name of Trustee</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; width: 1%; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; font-size: 10pt; text-align: center"><B>&nbsp;</B><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Dollar
                                         Range of Equity</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Securities
                                         in the Fund</B></P></TD><TD STYLE="padding-bottom: 1pt; text-align: center; width: 1%; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; font-size: 10pt; text-align: center"><B>Aggregate Dollar Range of Equity
    Securities in all Registered Investment Companies Overseen by Trustee in the Calamos Funds</B></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 P. Calamos,&nbsp;Sr.<SUP>(1)(2)&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">Over $100,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Over $100,000</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-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Over $100,000</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 E. Neal </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">Over $100,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Over $100,000</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-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Over $100,000</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">Karen L. Stuckey</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Over $100,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Christopher M. Toub </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">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">Lloyd A. Wennlund </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Over $100,000</TD></TR>
</TABLE>

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

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

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<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">(1)</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"></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">(2)</TD><TD>Indicates an &ldquo;interested person&rdquo; of the Trust,
                                         as defined in 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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<P STYLE="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"><I>Code of Ethics</I>.
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 0pt 0in; text-indent: 0.25in"><I>Proxy Voting
Procedures</I>. 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 economic 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 interests
of the Fund, and the interests of the adviser 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 0pt 0.25in">The following is a summary of the
Policies used by Calamos in voting proxies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">To assist it in
voting proxies, Calamos has established a Committee comprised of members of its Portfolio Management and Research 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 0pt 0in; 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 a 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.
Although Calamos will examine board member elections on a case-by-case basis, it will generally vote for the election of directors
that would result in a board comprised of a majority 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 0pt 0in; 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 0pt 0in; text-indent: 0.25in">Finally, Calamos
has established procedures to help resolve conflicts of interests that might arise when voting proxies for the Fund. These procedures
provide that the Committee, along with Calamos&rsquo; Legal and Compliance Departments, will examine conflicts of interests with
the Fund of which Calamos is aware and seek to resolve such conflicts in the best interests of the Fund, irrespective of any such
conflict. If a member of the Committee has a personal conflict of interest, that member will refrain from voting and the remainder
of the Committee will determine how to vote the proxy solely on the investment merits of any proposal. 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"></P>

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<P STYLE="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 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 <U>www.sec.gov</U> 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 0pt 0in; text-indent: 0.25in">You may obtain
a copy of Calamos&rsquo; Policies by calling 1-800-582-6959, by visiting the Fund&rsquo;s website at <U>www.calamos.com,</U> by
writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville,&nbsp;IL 60563, and on the SEC&rsquo;s
website at <U>www.sec.gov.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><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 0pt 0in; text-indent: 0.25in">Subject to the
overall supervision and review of the Board of Trustees, Calamos provides the Fund with investment research, advice and supervision
and furnishes continuously an investment program for the Fund, consistent with the investment objective and policies of the Fund.
In addition, Calamos furnishes for use of the Fund such office space and facilities as the Fund may require for its reasonable
needs, supervises the Fund&rsquo;s business and affairs and provides the following other services on behalf of the Fund and not
provided by persons not a party to the investment management agreement: (i)&nbsp;preparing or assisting in the preparation of
reports to and meeting materials for the Trustees; (ii)&nbsp;supervising, negotiating contractual arrangements with, to the extent
appropriate, and monitoring the performance of, accounting agents, custodians, depositories, transfer agents and pricing agents,
accountants, attorneys, printers, underwriters, brokers and dealers, insurers and other persons in any capacity deemed to be necessary
or desirable to Fund operations; (iii)&nbsp;assisting in the preparation and making of filings with the SEC and other regulatory
and self-regulatory organizations, including, but not limited to, preliminary and definitive proxy materials, registration statements
on Form&nbsp;N-2 and amendments thereto, and reports on Form&nbsp;N-CEN and Form&nbsp;N-CSR; (iv)&nbsp;overseeing the tabulation
of proxies by the Fund&rsquo;s transfer agent; (v)&nbsp;assisting in the preparation and filing of the Fund&rsquo;s federal, state
and local tax returns; (vi)&nbsp;assisting in the preparation and filing of the Fund&rsquo;s federal excise tax returns pursuant
to Section&nbsp;4982 of the Code; (vii)&nbsp;providing assistance with investor and public relations matters; (viii)&nbsp;monitoring
the valuation of portfolio securities and the calculation of net asset value; (ix)&nbsp;monitoring the registration of shares
of beneficial interest of the Fund under applicable federal and state securities laws; (x)&nbsp;maintaining or causing to be maintained
for the Fund all books, records and reports and any other information required under the 1940 Act, to the extent that such books,
records and reports and other information are not maintained by the Fund&rsquo;s custodian or other agents of the Fund; (xi)&nbsp;assisting
in establishing the accounting policies of the Fund; (xii)&nbsp;assisting in the resolution of accounting issues that may arise
with respect to the Fund&rsquo;s operations and consulting with the Fund&rsquo;s independent accountants, legal counsel and the
Fund&rsquo;s other agents as necessary in connection therewith; (xiii)&nbsp;reviewing the Fund&rsquo;s bills; (xiv)&nbsp;assisting
the Fund in determining the amount of dividends and distributions available to be paid by the Fund to its shareholders, preparing
and arranging for the printing of dividend notices to shareholders, and providing the transfer and dividend paying agent, the
custodian, and the accounting agent with such information as is required for such parties to effect the payment of dividends and
distributions; and (xv)&nbsp;otherwise assisting the Fund as it may reasonably request in the conduct of the Fund&rsquo;s business,
subject to the direction and control of the Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; 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 0pt 0in; 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; 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 0pt 0in; 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 $1,663,513, $1,512,752 and
$x,xxx,xxx 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 0pt 0in; text-indent: 0.25in">The investment
management agreement had an initial term ending August&nbsp;1, 2006 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 0pt 0in; 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 and a wholly owned subsidiary of Calamos Partners LLC (&ldquo;CPL&rdquo;). As of [ ], 2021, approximately
22% of the outstanding equity interest of CILLC is owned by CAM and the remaining approximately 78% of CILLC is owned by CPL and
John P. Calamos,&nbsp;Sr. CPL is owned by Calamos Family Partners,&nbsp;Inc. (&ldquo;CFP&rdquo;), John P. Calamos,&nbsp;Sr., and
John S. Koudounis. CFP is 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 Chief Executive Officer; President and Head of Global Distribution; 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 0pt 0in; 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"></P>

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<P STYLE="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 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 0pt 0in"><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 0pt 0in; text-indent: 0.25in"><B>John P. Calamos,&nbsp;Sr.
</B>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 0pt 0in; text-indent: 0.25in"><B>Dennis Cogan.
</B>Dennis Cogan joined Calamos in March&nbsp;2005 and since March&nbsp;2013 has been 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 0pt 0in; text-indent: 0.25in"><B>R. Matthew
Freund. </B>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 0pt 0in; text-indent: 0.25in"><B>John Hillenbrand.
</B>John Hillenbrand joined Calamos in 2002 and since September&nbsp;2015 has been a Co-CIO, Head of Multi-Asset Strategies and
Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager. From March&nbsp;2013 to September&nbsp;2015 he was
a Co-Portfolio Manager. Between August&nbsp;2002 and March&nbsp;2013 he was a senior strategy analyst.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><B>Nick Niziolek.
</B>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 0pt 0in; text-indent: 0.25in"><B>Eli Pars. </B>Eli
Pars joined Calamos in May&nbsp;2013 and has been a Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies,
as well as a Senior Co-Portfolio Manager, since September&nbsp;2015. Between May&nbsp;2013 and September&nbsp;2015, he was a Co-Portfolio
Manager. Previously, he was a Portfolio Manager at Chicago Fundamental Investment Partners from February&nbsp;2009 until November&nbsp;2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><B>Jon Vacko.
</B>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 0pt 0in; text-indent: 0.25in"><B>Joe Wysocki.
</B>Joe Wysocki joined Calamos in October&nbsp;2003 and since March&nbsp;2015 has been a Co-Portfolio Manager. Previously, Mr.&nbsp;Wysocki
was a sector head from March&nbsp;2014 to March&nbsp;2015. Prior thereto, he was a Co-Portfolio Manager from March&nbsp;2013 to
March&nbsp;2014. Between February&nbsp;2007 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 0pt 0in; 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"></P>

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<P STYLE="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">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 0pt 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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></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 0pt 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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></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 0pt 0in; 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, and Jon Vacko are each Sr. Co-Portfolio Managers,
and Dennis Cogan and Joe Wysocki are each 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 0pt 0in; 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"></P>

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<P STYLE="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 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 0pt 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>

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

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<P STYLE="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"><B>[Table to be inserted]</B></P>

<P STYLE="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">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><B>[Table to be inserted]</B></P>

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

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<P STYLE="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">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 0pt 0in; text-indent: 0.25in">As of October&nbsp;31,
2020, R. Matthew Freund, John Hillenbrand, Nick Niziolek, Eli Pars, Jon Vacko, Dennis Cogan, and Joe Wysocki receive all of their
compensation from Calamos. These individuals each receive compensation in the form of an annual base salary, a discretionary bonus
(payable in cash) and are eligible for discretionary Mutual Fund Incentive Awards. Additionally, Messrs.&nbsp;Hillenbrand, Niziolek,
and Pars received additional compensation awards in prior years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; 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 0pt 0in; 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 0pt 0in; text-indent: 0.5in">[Table below to be updated]</P>

<P STYLE="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 1.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 22%"></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 12%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Portfolio Manager</B></FONT></TD>
                            <TD STYLE="width: 28%; text-align: left"><U></U></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 16%"><FONT STYLE="font-size: 10pt"><B>Fund</B></FONT></TD>
                                                                                                                                              <TD STYLE="text-align: justify; width: 22%">&nbsp;</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="background-color: rgb(204,238,255); text-align: left"><FONT STYLE="font-size: 10pt">John P.
                                                    Calamos, Sr.<SUP>(1)</SUP>&nbsp;</FONT>

<TD STYLE="background-color: rgb(204,238,255); text-align: center"><FONT STYLE="font-size: 10pt">Over
                                         $1,000,000</FONT></TD>
                                                                                                                                              <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; background-color: White">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nick
                                         Niziolek</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
                                                                                                                                              <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="background-color: rgb(204,238,255); text-align: left"><FONT STYLE="font-size: 10pt">Dennis
                                         Cogan </FONT></TD><TD STYLE="background-color: rgb(204,238,255); text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
                                                                                                                                              <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; background-color: White">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">John
                                         Hillenbrand </FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
                                                                                                                                              <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="background-color: rgb(204,238,255); text-align: left"><FONT STYLE="font-size: 10pt">Jon
                                         Vacko</FONT></TD><TD STYLE="background-color: rgb(204,238,255); text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
                                                                                                                                              <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; background-color: White">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Joe
                                         Wysocki</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
                                                                                                                                              <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="background-color: rgb(204,238,255); text-align: left"><FONT STYLE="font-size: 10pt">Eli
                                         Pars</FONT></TD><TD STYLE="background-color: rgb(204,238,255); text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
                                                                                                                                              <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify; background-color: White">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">R.
                                         Matthew Freund </FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
                                                                                                                                              <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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



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

<!-- Field: Rule-Page --><DIV STYLE="width: 15%"><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"></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="width: 0.25in"><FONT STYLE="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 0pt 0in"><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 0pt 0in; text-indent: 0.25in">The Fund has entered
into an agreement with Ernst&nbsp;&amp; Young LLP (&ldquo;EY&rdquo;) located at 155 N. Wacker Drive, Chicago,&nbsp;IL 60606 to
provide certain tax services to the Fund. The tax services include the following: calculating, tracking and reporting tax adjustments
on all assets of the Fund, including but not limited to contingent debt and preferred trust obligations; preparing excise tax
and fiscal year distribution schedules; preparing tax information required for financial statement footnotes; preparing state
and federal income tax returns; preparing specialized calculations of amortization on convertible securities; preparing year-end
dividend disclosure information providing treaty-based foreign withholding tax reclaim services; providing certain global compliance
and reporting services; providing a match service and analysis of the &ldquo;passive foreign investment company&rdquo; status
of foreign corporate entities; and providing services related to corporate actions that may or may not have a tax impact on the
Fund&rsquo;s holdings. For the fiscal years ended October&nbsp;31, 2020, October&nbsp;31, 2019, and October&nbsp;31, 2018, the
Fund paid EY $x,xxx, $6,659, 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 0pt 0in; text-indent: 0.25in">Under the arrangements
with State Street Bank and Trust Company (&ldquo;State Street&rdquo;) located at One Iron Street, Boston, MA 02111 to provide
fund accounting services, State Street provides certain administrative and accounting services including providing daily reconciliation
of cash, trades and positions; maintaining general ledger and capital stock accounts; preparing daily trial balance; calculating
net asset value; providing selected general ledger reports; preferred share compliance; calculating total returns; and providing
monthly distribution analysis to the Fund. For the fiscal years ended October&nbsp;31, 2020, October&nbsp;31, 2019, and October&nbsp;31,
2018, the Fund paid State Street $xx,xxx, $24,718, and $24,679, 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 $xx,xxx, $13,541, and $0, respectively, for administration services. Under a prior agreement for administration
services, the Fund paid the previous service provider $x, $0, and $19,193 for the fiscal years ended October&nbsp;31, 2020, 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"></P>

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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: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-30"></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 0pt 0in; 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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>Class&nbsp;of Shares</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Name and Address</B></P>
        <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>of Beneficial Owner</B></P></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 4.7pt"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Number of</B></P>
                                    <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Shares owned</B></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Percent</B></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><B>of Class</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 19%">Common</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 35%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>National Financial
Services LLC</P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-left: 4.7pt">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">499 Washington Blvd.</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Jersey City, NJ 07310</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">TD Ameritrade</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">200 S. 108th Ave</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Omaha, NE 68154</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><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>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley Smith Barney LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1300 Thames Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6th Floor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Baltimore, MD 21231</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><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>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><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>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Charles Schwab&nbsp;&amp; Co.,&nbsp;Inc.</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">2423 E. Lincoln Drive</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Phoenix, AZ 85016-1215</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">St. Louis, MO 63103</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UBS Financial Services Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000 Harbor Blvd</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Weehawken, NJ 07086</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Series&nbsp;A Mandatory</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Redeemable</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Preferred Shares</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Massachusetts Mutual Life Insurance
        Company</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Barings LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street, Suite&nbsp;2200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PO Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">160,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Series&nbsp;B Mandatory</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Redeemable</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Preferred Shares</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Massachusetts Mutual Life Insurance
        Company</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Barings LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street, Suite&nbsp;2200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PO Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">160,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Series&nbsp;C Mandatory</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Redeemable</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Preferred Shares</P></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Massachusetts Mutual Life Insurance
        Company</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Barings LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1500 Main Street, Suite&nbsp;2200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PO Box 15189</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Springfield, MA 01115-5189</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">160,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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



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

<!-- Field: Rule-Page --><DIV STYLE="width: 15%"><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 0pt 0in">&nbsp;At [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
], 2021, the trustees and officers as a group owned x.x% of the Fund&rsquo;s outstanding common shares.</P>

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

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

<!-- Field: Page; Sequence: 183; Value: 1 -->
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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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-31"></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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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"></P>

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<P STYLE="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 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 0pt 0in"><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 0pt 0in; 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 81% and xx%, 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-32"></A><B>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 0pt 0in; text-indent: 0.25in">Net asset value
per share is determined no less frequently than the close of regular session trading on the New York Stock Exchange (usually 4:00
p.m., Eastern time), on the last business day in each week, or such other time as the Fund may determine. 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.</P>

<P STYLE="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 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-33"></A><B>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 0pt 0in; 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 0pt 0in; 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"></P>

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

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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: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-34"></A><B>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 0pt 0in; 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. 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.</P>

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

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<P STYLE="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 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 0pt 0in; text-indent: 0.25in">Under the Code,
the Fund will be subject to a nondeductible 4% federal excise tax on its undistributed ordinary income for a calendar year and
its undistributed capital gains for the one-year period generally ending on October&nbsp;31 of such calendar year if it fails
to meet certain distribution requirements with respect to that year. Generally the excise tax applies to the extent the Fund fails
to distribute by the end of any calendar year at least the sum of (i)&nbsp;98% of its ordinary income (not taking into account
any capital gain or loss) for the calendar year and (ii)&nbsp;98.2% of its capital gains in excess of its capital losses (adjusted
for certain ordinary losses). In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will
be increased or decreased to reflect the total amount of any under-distribution or over-distribution, as the case may be, from
the previous year. For purposes of the required excise tax distribution, a regulated investment company&rsquo;s ordinary gains
and losses from the sale, exchange, or other taxable disposition of property that would otherwise be taken into account after
October&nbsp;31 generally are treated as arising on January&nbsp;1 of the following calendar year. Also, for purposes of the excise
tax, the Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable
year ending within the calendar year. The Fund intends to generally make distributions in a timely manner and in an amount sufficient
to avoid such tax and accordingly does not expect to be subject to this excise tax.</P>

<P STYLE="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 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 0pt 0in; 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 0pt -0.25in; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; text-indent: 0.25in">Very generally,
where the Fund purchases a bond at a price that exceeds the stated redemption price at maturity &mdash; that is, at a premium
 &mdash; the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election
applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund reduces the current
taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon
the disposition or maturity of such bonds, the Fund is permitted to deduct any remaining premium allocable to a prior period.
In the case of a tax-exempt bond, tax rules&nbsp;require the Fund to reduce its tax basis by the amount of amortized premium.</P>

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

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

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

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<P STYLE="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 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in"><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 0pt 0in; text-indent: 0.25in"><I>Common Share
Distributions</I>. 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 0pt 0in; 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 0pt 0in; 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 proposed regulations that would 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 0pt 0in; 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 0pt 0in; 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>



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<!-- Field: Split-Segment; Name: 15 -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; text-indent: 0.25in"><I>Preferred Share
Distributions</I>. Under present law and based in part on the fact that there is and will be no express or implied agreement between
or among a broker-dealer or any other party, and the Fund or any owners of preferred shares, that the broker-dealer or any other
party will guarantee or otherwise arrange to ensure that an owner of preferred shares will be able to sell his or her shares,
the Fund has treated, and intends to continue to treat, the preferred shares as equity for federal income tax purposes. As such,
distributions with respect to the preferred shares (other than distributions in redemption of the preferred shares subject to
Section&nbsp;302(b)&nbsp;of the Code) will generally constitute dividends to the extent of the Fund&rsquo;s current and accumulated
earnings and profits, as calculated for U.S. federal income tax purposes. Except in the case of net capital gain distributions,
such dividends generally will be taxable at ordinary income tax rates to holders of preferred shares but may qualify for the dividends
received deduction available to corporate shareholders under Section&nbsp;243 of the Code and the reduced rates of federal income
taxation that apply to qualified dividend income received by noncorporate shareholders under Section&nbsp;1(h)(11) of the Code.
Distributions reported by the Fund as net capital gain distributions will be taxable as long-term capital gain regardless of the
length of time a shareholder has held shares of the Fund. Please see the discussion above on qualified dividend income, dividends
received deductions and net capital gain.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">The character of the
Fund&rsquo;s income will not affect the amount of dividends which the holders of preferred shares are entitled to receive. If
the preferred shares are auction rate securities, holders of preferred shares are entitled to receive only the amount of
dividends as determined by periodic auctions. For U.S. federal income tax purposes, the IRS requires that a regulated
investment company that has two or more classes of shares allocate to each such class proportionate amounts of each type of
its income (such as ordinary income and net capital gain) for each tax year. Accordingly, the Fund intends to report
distributions made with respect to the common shares and preferred shares as consisting of particular types of income (e.g.,
net capital gain and ordinary income), in accordance with each class&rsquo;s proportionate share of the total dividends paid
to both classes. Thus, each year the Fund will report dividends qualifying for the corporate dividends received deduction,
qualified dividend income, ordinary income and net capital gains in a manner that allocates such income between the preferred
shares and common shares in proportion to the total dividends made to each class with respect to such taxable year, or
otherwise as required by applicable law. In addition, solely for the purpose of satisfying the 90% distribution requirement
and the distribution requirement for avoiding income taxes, certain distributions made after the close of a taxable year of
the Fund may be &ldquo;spilled back&rdquo; and treated as paid during such taxable year. In such case, shareholders will be
treated as having received such dividends in the taxable year in which the distribution was actually made. The Fund intends
to treat any dividends that are paid following the close of a taxable year as &ldquo;paid&rdquo; in the prior year for
purposes of determining a class&rsquo;s proportionate share of a particular type of income. The IRS has ruled privately that dividends
paid following the close of the taxable year that are treated for federal income tax purposes as derived from income from the
prior year will be treated as dividends &ldquo;paid&rdquo; in the prior year for purposes of determining the proportionate share
of a particular type of income for each class. The private ruling is not binding on the IRS, and there can be no assurance that
the IRS will respect such treatment. Each shareholder will be notified of the allocation within 60 days after the end of the year.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; 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 0pt 0in; text-indent: 0.25in"><I>Sales of Fund
Shares</I>. Sales and other dispositions of the Fund&rsquo;s shares, including a repurchase by the Fund of its shares, generally
are taxable events for shareholders that are subject to federal income tax. Selling shareholders will generally recognize gain
or loss in an amount equal to the difference between the amount received for such shares and their adjusted tax basis in the shares
sold. If such shares are held as a capital asset at the time of sale, the gain or loss will generally be a long-term capital gain
or loss if the shares have been held for more than one year and, if not held for such period, a short-term capital gain or loss.
Similarly, a repurchase by the Fund, including as a result of a tender offer by the Fund, if any, of all of the shares (common
and preferred) actually and constructively held by a shareholder generally will give rise to capital gain or loss under Section&nbsp;302
(b)&nbsp;of the Code if the shareholder does not own (and is not regarded under certain federal income tax law rules&nbsp;of constructive
ownership as owning) any other common or preferred shares of the Fund and provided that the proceeds from the purchase do not
represent declared but unpaid dividends. If the Fund repurchases fewer than all of a shareholder&rsquo;s common shares or a shareholder
continues to hold (directly or by attribution) other Fund shares (including preferred shares if then outstanding) subsequent to
a Fund repurchase, in certain circumstances such shareholder may be treated as having received a distribution under Section&nbsp;301
of the Code (&ldquo;Section&nbsp;301 distribution&rdquo;) unless the repurchase is treated as being either (i)&nbsp;&ldquo;substantially
disproportionate&rdquo; with respect to such shareholder or (ii)&nbsp;otherwise &ldquo;not essentially equivalent to a dividend&rdquo;
under the relevant rules&nbsp;of the Code. A Section&nbsp;301 distribution is
not treated as a sale or exchange giving rise to capital gain or loss, but rather is treated as a dividend to the extent supported
by the Fund&rsquo;s current and accumulated earnings and profits, with the excess treated as a return of capital reducing the
shareholder&rsquo;s tax basis in its Fund shares, and thereafter as capital gain. Where a selling shareholder is treated as receiving
a dividend, there is a risk that non-selling shareholders whose percentage interests in the Fund increase as a result of such
repurchase will be treated as having received a taxable distribution from the Fund. The extent of such risk will vary depending
upon the particular circumstances of the repurchase, in particular whether such repurchase is a single and isolated event or is
part of a plan for periodically repurchasing the common shares of the Fund; if isolated, any such risk is likely remote.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; 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 0pt 0in; text-indent: 0.25in">Any loss realized
by a shareholder upon the sale or other disposition of shares with a tax holding period of six months or less will be treated
as a long-term capital loss to the extent of any amounts treated as distributions of long-term capital gain with respect to such
shares. Losses on sales or other dispositions of shares may be disallowed under &ldquo;wash sale&rdquo; rules&nbsp;in the event
a shareholder acquires, or is treated as acquiring, substantially identical stock or securities (including Fund shares acquired
pursuant to the reinvestment of dividends) within a period of 61 days beginning 30 days before and ending 30 days after a sale
or other disposition of shares. In such a case, the disallowed portion of any loss generally would be included in the U.S. federal
income tax basis of the shares acquired. Shareholders should consult their own tax advisers regarding their individual circumstances
to determine whether any particular transaction in the Fund&rsquo;s shares is properly treated as a sale for U.S. federal income
tax purposes and the tax treatment of any gains or losses recognized in such transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; 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 0pt 0in; text-indent: 0.25in"><I>Federal Income
Tax Withholding</I>. 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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><I>Other Matters</I>.
Treasury regulations provide that if a shareholder recognizes a loss with respect to shares of&nbsp;$2 million or more in a single
taxable year (or $4 million or more in any combination of taxable years in which the transaction is entered into and the five
succeeding taxable years) for a shareholder who is an individual, S corporation or trust or $10 million or more for a corporate
shareholder in any single taxable year (or $20 million or more in any combination of taxable years in which the transaction is
entered into and the five succeeding taxable years), the shareholder must
file with the IRS a disclosure statement on Form&nbsp;8886. Direct shareholders of portfolio securities are in many cases excepted
from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted.</P>

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

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

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<P STYLE="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">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 0pt 0.25in">Special tax rules&nbsp;apply to
investments through defined contribution plans and other tax-qualified 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 0pt 0in">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 0pt 0in; text-indent: 0.25in"><I>Taxation of
Non-U.S. Shareholders. </I>The description of certain federal income tax provisions above relates only to U.S. federal income
tax consequences for shareholders who are U.S. persons (i.e., U.S. citizens or resident aliens or U.S. corporations, partnerships,
trusts or estates who are subject to U.S. federal income tax on a net income basis). Investors other than U.S. persons, including
non-resident alien individuals, may be subject to different U.S. federal income tax treatment. With respect to such persons, the
Fund must generally withhold U.S. federal withholding tax at the rate of 30% (or, if the Fund receives certain certifications
from such non-U.S. shareholder, such lower rate as prescribed by an applicable tax treaty) on amounts treated as ordinary dividends
from the Fund. However, the Fund is not required to withhold tax on any amounts paid to a non-U.S. person with respect to capital
gain dividends (that is, distributions of net capital gain that are properly reported by the Fund as capital gain dividends),
dividends attributable to &ldquo;qualified short-term gain&rdquo; (i.e., the excess of net short-term capital gain over net long-term
capital loss) reported as such by the Fund and dividends attributable to certain U.S. source interest income of types similar
to those not subject to federal withholding tax if earned directly by a non-U.S. person, provided such amounts are properly reported
by the Fund. <B>Shareholders should consult their own tax advisers on these matters and on any specific question of U.S. federal,
state, local, foreign and other applicable tax laws before making an investment in the Fund.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><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 0pt 0in; text-indent: 0.25in">Under present
law, the Fund intends to treat the debt securities as indebtedness for federal income tax purposes, which treatment the discussion
below assumes. We intend to treat all payments made with respect to the debt securities consistent with this characterization.
The following discussion assumes that all interest on the debt securities will be qualified stated interest (which is generally
interest that is unconditionally payable at least annually at a fixed or qualified floating rate), and that the debt securities
will have a fixed maturity date of more than one year from the date of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><I>Taxation of
Interest. </I>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 0pt 0in; text-indent: 0.25in"><I>Purchase, Sale
and Redemption of Debt Securities. </I>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"></P>

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<P STYLE="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">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 0pt 0in; text-indent: 0.25in"><I>Amortizable
Premium. </I>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 0pt 0in; text-indent: 0.25in"><I>Original Issue
Discount. </I>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&nbsp;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 0pt 0in; text-indent: 0.25in"><I>Acquisition
Premium. </I>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 0pt 0in; text-indent: 0.25in"><I>Market Discount.
</I>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 0pt 0in; text-indent: 0.25in">The holder may
elect to include market discount in gross income currently as it accrues (on either a ratable or constant yield basis), in lieu
of treating a portion of any gain realized on a sale of the debt securities as ordinary income. If the holder elects to include
market discount on a current basis, the interest deduction deferral rule&nbsp;described above will not apply and the holder will
increase its basis in the debt security by the amount of market discount included in gross income.
If the holder does make such an election, it will apply to all market discount debt instruments acquired on or after the first
day of the first taxable year to which the election applies. This election may not be revoked without the consent of the IRS.</P>

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

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

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<P STYLE="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"><I>Information
Reporting and Backup Withholding</I>. 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 0pt 0in; 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 0pt 0in; text-indent: 0.25in">A holder who is
a non-U.S. Holder may have to comply with certification procedures to establish its&nbsp;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 0pt -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><I>Taxation of
Non-U.S. Holders</I>. 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&nbsp; holder provided that (1)&nbsp;interest
paid on the debt securities is not effectively connected with the holder&rsquo;s conduct of a trade or business in the United
States, (2)&nbsp;the holder is not a bank whose receipt of interest on the debt securities is described in Section&nbsp;881(c)(3)(A)&nbsp;of
the Code, (3)&nbsp;the holder does not actually or constructively own 10 percent or more of the combined voting power of all classes
of our stock entitled to vote, (4)&nbsp;the holder is not a controlled foreign corporation that is related, directly or indirectly,
to us through stock ownership, and (5)&nbsp;the holder satisfies the certification requirements described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; 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 0pt 0in; text-indent: 0.25in">Interest on debt
securities received by a non-U.S. Holder that is not excluded from U.S. federal withholding tax under the portfolio interest exemption
as described above generally will be subject to withholding at a 30% rate, except where (1)&nbsp;the interest
is effectively connected with the conduct of a U.S. trade or business, in which case the interest will be subject to U.S. income
tax on a net basis at graduated rates as applicable to U.S. holders generally (and, in the case of corporate non-U.S. Holders,
may be subject to an additional 30% branch profits tax) or (2)&nbsp;a non-U.S. Holder can claim the benefits of an applicable
income tax treaty to reduce or eliminate such withholding tax. To claim the benefit of an income tax treaty or to claim an exemption
from withholding because the interest is effectively connected with a U.S. trade or business, a non-U.S. Holder must timely provide
the appropriate, properly executed IRS forms. These forms may be required to be periodically updated. Also, a non-U.S. Holder
who is claiming the benefits of an income tax treaty may be required to obtain a U.S. taxpayer identification number and to provide
certain documentary evidence issued by foreign governmental authorities to prove residence in the foreign country.</P>

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

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

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<P STYLE="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">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 0pt 0in; 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 0pt 0in"><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 0pt 0in; text-indent: 0.25in"><I>Medicare Tax
on Certain Investment Income</I>. 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 0pt 0in; text-indent: 0.25in"><I>Other Reporting
and Withholding Requirements</I>. 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 0pt 0in; 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"></P>

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<P STYLE="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>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 0pt 0in; 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-35"></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 0pt 0in; text-indent: 0.25in">The Fund&rsquo;s
securities and cash are held under a custodian agreement with State Street Bank and Trust Company, 100 Lincoln Street, Boston,
Massachusetts 02111. The transfer agent, dividend disbursing agent and registrar for the Fund&rsquo;s shares is Computershare
Investor Services P.O.&nbsp;Box 505000, Louisville, KY 40233-5000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="n2-36"></A><B>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 0pt 0in; text-indent: 0.25in">[ ], 111 S. Wacker
Drive, Chicago,&nbsp;IL 60606, serves as our 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 0pt 0in; text-indent: 0.25in">[ ] 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-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="n2-37"></A><B>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 0pt 0in; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="n2-38"></A><B>ADDITIONAL
INFORMATION CONCERNING THE AGREEMENT AND DECLARATION OF TRUST</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in">The Fund&rsquo;s
Agreement and Declaration of Trust provides that the Fund&rsquo;s Trustees shall have the power to cause each shareholder to pay
directly, in advance or arrears, for charges of the Fund&rsquo;s custodian or transfer, shareholder servicing or similar agent,
an amount fixed from time to time by the Trustees, by setting off such charges due from such shareholder from declared but unpaid
dividends owed such shareholder and/or by reducing the number of shares in the account of such shareholder by that number of full
and/or fractional shares which represents the outstanding amount of such charges due from such shareholder. The Fund has no present
intention of relying on this provision of the Agreement and Declaration of Trust and would only do so if consistent with the 1940
Act or the rules&nbsp;and regulations or interpretations of the SEC thereunder.</P>

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

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<P STYLE="font: 10pt 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>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">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 [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
independent registered public accounting firm for the Fund, which report is included in such annual shareholder 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">The annual shareholder report is available without charge on
its website at <U>www.calamos.com</U> or by request in writing to the Fund at 2020 Calamos Court, Naperville,&nbsp;IL 60564.</P>

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

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

<P STYLE="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 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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><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>The Fund&rsquo;s
                                         prospectus, dated [ ], 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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><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>The Fund&rsquo;s
                                         Annual Report on Form&nbsp;N-CSR, filed on [ ]. [2020];</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; background-color: white"><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>The Fund&rsquo;s
                                         <A HREF="http://www.sec.gov/Archives/edgar/data/1285650/000119312512287073/d369932d8a12b.htm" STYLE="-sec-extract: exhibit">description of Common Shares on Form&nbsp;8-A, filed on June 28, 2012.</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">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>



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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 0pt 0.5in"><A NAME="n2-40"></A>APPENDIX A &mdash;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">SUMMARY OF CERTAIN PROVISIONS OF
THE INDENTURE</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;Auction
Agent&rdquo; means [&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 0pt 0.5in">&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 0pt 0.5in">&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;]
Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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;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 0pt 0.5in">&ldquo;Auction Period&rdquo; means
with respect to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, either a Standard Auction Period
or a Special Auction Period, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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 0pt 0.5in">&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;&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;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;&nbsp;&nbsp;&nbsp;&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;Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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 0pt 0.5in">&ldquo;Available&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;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 0pt 0.5in">&ldquo;Beneficial Owner,&rdquo; with
respect to each series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, means a customer of a
Broker-Dealer who is listed on the records of that Broker-Dealer (or, if applicable, the Auction Agent) as a holder of such series
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

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

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

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<P STYLE="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">&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 0pt 0.5in">&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;Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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 0pt 0.5in">&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 0pt 0.5in">&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 0pt 0.5in">&ldquo;Commission&rdquo; means the
Securities and Exchange Commission. &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 0pt 0.5in">&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;or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&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 0pt 0.5in">&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;Notes),
Discount Factor (if&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;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 0pt 0.5in">&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 0pt 0.5in">&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;&rsquo;s Eligible
Assets (if Moody&rsquo;s or&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;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 0pt 0.5in">&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"></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">&ldquo;Existing Holder,&rdquo; with
respect to&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
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 0pt 0.5in">&ldquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rdquo;
means&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 0pt 0.5in">&ldquo;&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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rsquo;s
ratings 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 0pt 0.5in">&ldquo;&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;Guidelines
as eligible for inclusion in calculating the Discounted Value of the Issuer&rsquo;s assets in connection with&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&rsquo;s
ratings of Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;&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;, as may be amended
from time to time, in connection with&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;Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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 0pt 0.5in">&ldquo;Holder&rdquo; means, with
respect to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes, the registered holder of notes of each
series of&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 0pt 0.5in">&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;&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;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 0pt 0.5in">&ldquo;Interest Payment Date&rdquo;
when used with respect to any&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;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"></P>

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<P STYLE="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">&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;shall
determine the arithmetic mean of the offered quotations of the reference banks to leading banks in the London interbank market
for deposits in U.S. dollars for the designated Rate Period in an amount determined by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
reference to requests for quotations as of approximately 11:00 a.m.&nbsp;(London time) on such date made by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;
(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;(after
obtaining the Issuer&rsquo;s approval) that is representative of a single transaction in such market at such time by reference
to the principal London office of leading banks in the London interbank market; provided, however, that if&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
not a Broker-Dealer or does not quote a rate required to determine LIBOR, LIBOR will be determined on the basis of the quotation
or quotations furnished by any other Broker-Dealer selected by the Issuer to provide such rate or rates not being supplied by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;;
provided further, that if&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 0pt 0.5in">&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 0pt 0.5in">&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;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 0pt 0.5in">&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;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 0pt 0.5in">&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 0pt 0.5in">&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;Notes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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;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 0pt 0.5in">&ldquo;1940 Act&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;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 0pt 0.5in">&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;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 0pt 0.5in">&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 0pt 0.5in">&ldquo;Original Issue Date&rdquo;
means, with respect to the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 0.5in">&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;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 0pt 0.5in">&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;Notes.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;Outstanding&rdquo; or &ldquo;outstanding&rdquo;
means, as of any date,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes theretofore issued by the
Issuer except, without duplication, (i)&nbsp;any&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;Notes
and (ii)&nbsp;any &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;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;Notes
Basic Maintenance Amount,&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;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 0pt 0.5in">&ldquo;Paying Agent&rdquo; means&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;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 0pt 0.5in">&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 0pt 0.5in">&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;&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;Notes
of such series but that wishes to purchase&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;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of such series that wishes to purchase additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of such series;
provided, however, that for purposes of conducting an Auction, the Auction Agent may consider a Broker-Dealer acting on behalf
of its customer as a Potential Beneficial Owner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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; text-align: justify">&ldquo;Potential
Holder,&rdquo; with respect to&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;Notes
of such series or that is an Existing Holder of&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;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 0pt 0.5in">&ldquo;Rate Period&rdquo; means,
with respect to a series of&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 0pt 0.5in">&ldquo;Rating Agency&rdquo; means
each of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(if&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is then rating&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;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 0pt 0.5in">&ldquo;Rating Agency Guidelines&rdquo;
mean&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidelines (if&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is then rating&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;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 0pt 0.5in">&ldquo;Redemption Date,&rdquo; when
used with respect to any&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 0pt 0.5in">&ldquo;Redemption Price,&rdquo; when
used with respect to any&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 0pt 0.5in">&ldquo;Reference Rate&rdquo; means,
with respect to the determination of the Maximum Rate and Default Rate, the greater of (i) 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 0pt 0.5in">&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 0pt 0.5in; text-align: justify">&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;Notes
Series&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 0pt 0.5in">&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 0pt 0.5in">&ldquo;Special Auction Period&rdquo;
means an Auction Period that is not a Standard Auction Period. &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 0pt 0.5in">&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;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;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 0pt 0.5in">&ldquo;Standard Auction Period&rdquo;
means an Auction Period of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;days.</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">&ldquo;Standard Rate Period&rdquo;
means a Rate Period of&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"></P>

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<P STYLE="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">&ldquo;Stated Maturity&rdquo; with
respect to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
shall mean&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 0pt 0.5in">&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 0pt 0.5in">&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 0pt 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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 0pt 0.5in">&ldquo;Sufficient Clearing Bids&rdquo;
means for each series of&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;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 0pt 0.5in">&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 0pt 0.5in">&ldquo;Notes Series&rdquo; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
means the Series &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;of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes. &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 0.5in">&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 0pt 0.5in">&ldquo;Trustee&rdquo; means&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 0pt 0.5in">&ldquo;Unit&rdquo; means, with respect
to each series of&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;Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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;Notes Series&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 0pt 0.5in">&nbsp;</P>

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

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




<P STYLE="font: 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 0pt 0.5in">&ldquo;Winning Bid Rate&rdquo; means
for each series of&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;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;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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">(a) The Holders of any series of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
shall be entitled to receive interest payments on their Notes at the Applicable Rate, determined as set forth in paragraph (c)&nbsp;of
this Section&nbsp;2.02, and no more, payable on the respective dates determined as set forth in paragraph (b)&nbsp;of this Section&nbsp;2.02.
Interest on the Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 0pt 0.5in">(b)&nbsp;(i)&nbsp;Interest shall
be payable, subject to subparagraph (b)(ii)&nbsp;of this Section&nbsp;2.02, on each series of Notes, with respect to any Rate
Period on the first Business Day following the last day of such Rate Period; provided, however, if the Rate Period is greater
than 30 days then on a monthly basis on the first Business Day of each month within such Rate Period, not including the initial
Rate Period, and on the Business Day following the last day of such Rate Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(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 0pt 0.5in">(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;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;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 0pt 0.5in">(iv)&nbsp;All moneys paid to the
Paying Agent for the payment of interest shall be held in trust for the payment of such interest by the Paying Agent for the benefit
of the Holders specified in subparagraph (b)(v)&nbsp;of this Section&nbsp;2.02. Any moneys paid to the Paying Agent in accordance
with the foregoing but not applied by the Paying Agent to the payment of interest, including interest earned on such moneys, will,
to the extent permitted by law, be repaid to the Issuer at the end of 90 days from the date on which such moneys were to have
been so applied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(v)&nbsp;Each interest payment on
a series of&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 0pt 0.5in">(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;&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;%. For each subsequent Rate Period with respect
to the&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;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;&nbsp;&nbsp;Notes
being the subject of Submitted&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;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;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;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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(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 0pt 0.5in">(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
payable on each Interest Payment Date of each Rate Period of less than one (1)&nbsp;year (or in respect of interest on another
date in connection with a redemption during such Rate Period) shall be computed by multiplying the Applicable Rate (or the Default
Rate) for such Rate Period (or a portion thereof) by a fraction, the numerator of which will be the number of days in such Rate
Period (or portion thereof) that such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes were outstanding
and for which the Applicable Rate or the Default Rate was applicable and the denominator of which will be 360, multiplying the
amount so obtained by $25,000, and rounding the amount so obtained to the nearest cent. During any Rate Period of one (1)&nbsp;year
or more, the amount of interest per Unit of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 0pt 0.5in">(d)&nbsp;Any Interest Payment made
on any series of&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"></P>

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<P STYLE="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">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 0pt 0.5in">(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;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;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;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;&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;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 0pt 0.5in">(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;&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;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;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;&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;Notes
will be subject to mandatory redemption out of funds legally available therefor. The aggregate principal amount &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of&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;&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;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;&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;Notes the redemption of which would have
such result, all&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;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 0pt 0.5in">(iii) In determining
the&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;Notes
required to be redeemed to satisfy the&nbsp;&nbsp;&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;&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;Notes in
proportion to the aggregate principal amount of&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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of&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;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;Notes with respect to a redemption required under subparagraph
(a)(ii)&nbsp;of this Section&nbsp;2.03, by 1:00 p.m., New York City time, of the Business Day immediately preceding the
Mandatory Redemption Date. If fewer than all of the Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Notes
to be redeemed shall be redeemed pro rata from the Holders of such&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;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"></P>

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<P STYLE="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;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) 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;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;Notes to be redeemed
(or, during a Default Period with respect to such&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;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;&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;&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;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;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;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;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 0pt 0.5in">(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;Notes may be redeemed
unless all interest on the Outstanding&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;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;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;Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(d)&nbsp;Upon the deposit of funds
sufficient to redeem any&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;&#8239;Notes
shall cease to accrue and such&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;Notes
Basic Maintenance Amount or the 1940 Act&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;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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;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;&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;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"></P>

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<P STYLE="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;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;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;Notes
for which such Notice of Redemption has been given. Notwithstanding the fact that the Issuer may not have redeemed any Notes for
which a Notice of Redemption has been given, interest may be paid on a series of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
and shall include those&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 0pt 0.5in">(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;&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;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 0pt 0.5in">(g)&nbsp;So long as any&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;&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 0pt 0.5in">(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;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;&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;&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;&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;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 0pt 0.5in">(i)&nbsp;The Board of Directors may,
without further consent of the holders of the&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;Notes,
ranking prior to or on a parity with the&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;&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;Notes
or (B)&nbsp;the Issuer would meet the 1940 Act&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;&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 0pt 0.5in">(j) If any&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;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;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;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;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 0pt 0.5in">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 0pt 0.5in">The initial Rate Period for each
series of&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;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;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;Notes, the redemption price with respect to such&nbsp;&nbsp;&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;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 0pt 0.5in">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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 0pt 0.5in">No later than 3:00 p.m., New York
City time, on the second Business Day next preceding the first day of any proposed Special Rate Period, the Issuer shall deliver
to the Auction Agent and Trustee, who will promptly deliver to the Broker-Dealers and Existing Holders, either:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(i)&nbsp;a notice stating (A)&nbsp;that
the Issuer has determined to designate the next succeeding Rate Period as a Special Rate Period, specifying the first and last
days thereof and (B)&nbsp;the terms of any Specific Redemption Provisions; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(ii) 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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in; text-indent: 0.5in">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;&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;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;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 0pt 0.5in">1940 Act&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 0pt 0.5in">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;Notes are Outstanding, asset
coverage with respect to the&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;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 0pt 0.5in">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 0pt 0.5in">So long as the&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;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 0pt 0.5in">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 0pt 0.5in">For so long as any&nbsp;&nbsp;&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;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;Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940&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;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 0pt 0.5in">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;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;Notes
required to be redeemed by any provisions for mandatory redemption contained herein.</P>




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

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

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

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<P STYLE="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">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 0pt 0.5in">For so long as any&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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(a)
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;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;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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(b)
Upon any failure to maintain the required&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Basic Maintenance Amount or 1940 Act&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;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;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 0pt 0.5in">(c) Compliance with the&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;Notes Asset Coverage tests
shall be determined with reference to those&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 0pt 0.5in">(d) The Issuer shall deliver to each
Rating Agency which is then rating&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;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 0pt 0.5in">(e) 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;Notes Basic Maintenance Amount
or the 1940 Act&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;Notes
Basic Maintenance Amount or to meet the 1940&#9;&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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">(a) 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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(b)
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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(c)
Rating letters from each Rating Agency rating the&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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(d)
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 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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 0pt 0.5in">The Trustee&rsquo;s authentication
certificate upon the&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;hereto. No&nbsp;&nbsp;&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;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;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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">(a) default in the payment of any
interest upon a series of&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes when it becomes due and payable and the continuance of such default
for thirty (30) days; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(b) default in the payment of the
principal of, or any premium on, a series of&#9;&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 0pt 0.5in">(c) default in the performance, or
breach, of any covenant or warranty of the Company in the Indenture, and continuance of such default or breach for a period of
ninety (90) days after there has been given, by registered or certified mail, to the Company by the Trustee a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a &ldquo;Notice of Default;&rdquo; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(d) 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 0pt 0.5in">(e) 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&nbsp; 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"></P>

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<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: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(f)
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</P>



<P STYLE="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">(24) consecutive calendar months,
the 1940 Act&#9;&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 0pt 0.5in">(g) any other Event of Default provided
with respect to a series of&#9;&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 0pt 0.5in">Unless otherwise noted, an Event
of Default that relates only to one series of&#9;&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 0pt 0.5in">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 0pt 0.5in">If an Event of Default with respect
to&#9;&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;&nbsp;&nbsp;Notes
of that series may declare the principal amount of all the&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of any series
at the time Outstanding occurs, the principal amount of all the&#9;&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 0pt 0.5in">At any time after such a declaration
of acceleration with respect to&#9;&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&#9;&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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(a)
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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(i)
all overdue interest on all&#9;Notes of that series,</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(ii) the principal of (and premium,
if any, on) any&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(iii) to the extent that payment
of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such&#9;&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 0pt 0.5in">(iv) 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 0pt 0.5in">(b) all Events of Default with respect
to&#9;&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 0pt 0.5in">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 0pt 0.5in">&nbsp;</P>

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

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<P STYLE="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 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 0pt 0.5in">(a) 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 0pt 0.5in">(b) default is made in the payment of the
principal of (or premium, if any, on) any&#9;&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&#9;&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&#9;&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 0pt 0.5in">If an Event of Default with respect
to&#9;&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&#9;&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 0pt 0.5in">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 0pt 0.5in">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&#9;&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 0pt 0.5in">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 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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">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&#9;&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 0pt 0.5in">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 0pt 0.5in">No holder of any&#9;&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 0pt 0.5in">(a) 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 0pt 0.5in">(b)&nbsp;the holders of not less
than a majority in principal amount of the Outstanding&#9;&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 0pt 0.5in">(c) 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"></P>

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<P STYLE="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) 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 0pt 0.5in">(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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of that series;</P>

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

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

<P STYLE="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 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 0pt 0.5in">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 0pt 0.5in">The holders of not less than a majority
in principal amount of the Outstanding&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(1)
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 0pt 0.5in">(2) 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 0pt 0.5in">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"></P>

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<P STYLE="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 holders
of not less than a majority in principal amount of the Outstanding&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
of any series may on behalf of the holders of all the&#9;&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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(1)
in the payment of the principal of or any premium or interest on any&#9;Notes of such series, or</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">(2) in respect of a covenant or provision
which cannot be modified or amended without the consent of the holder of each Outstanding&#9;&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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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&#9;&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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(a)
Either:</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">(i)&nbsp;all&#9;&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</P>

<P STYLE="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">(2) 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 0pt 0.5in">(ii) all such&#9;&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</P>

<P STYLE="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">(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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(b)
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 0pt 0.5in">(c) 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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(1)
Except during the continuance of an Event of Default,</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">(A) the Trustee undertakes to perform
such duties and only such duties as are specifically set forth in the Indenture and as required by the Trust Indenture Act, and
no implied covenants or obligations shall be read into the Indenture against the Trustee; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(B)&nbsp;in the absence of bad faith
on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of the Indenture; but in the
case of any such certificates or opinions which by any provision of the Indenture are specifically required to be furnished to
the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements
of the Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(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 0pt 0.5in">(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 0pt 0.5in">(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 0pt 0.5in">(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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(A)
this Subsection shall not be construed to limit the effect of Subsection (1)(A)&nbsp;of this Section;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(B)&nbsp;the Trustee shall not be
liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent
in ascertaining the pertinent facts;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(C) the Trustee shall not be liable
with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of
a majority in principal amount of the Outstanding securities of any series, determined as provided in the Indenture, relating
to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee, under the Indenture with respect to the Securities of such series; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(D) 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 0pt 0.5in">Notice of Defaults</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If a default occurs hereunder with
respect to&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of any series, the Trustee shall give the Holders of&#9;&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&#9;&nbsp;&nbsp;&#8239;&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&#9;&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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">(a) 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 0pt 0.5in">(b) 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 0pt 0.5in">(c) 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 0pt 0.5in">(d) 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 0pt 0.5in">(e) 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 0pt 0.5in">(f) 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 0pt 0.5in">(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 0pt 0.5in">(h) 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 0pt 0.5in; text-align: justify">(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 0pt 0.5in">(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 0pt 0.5in">(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"></P>

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<P STYLE="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">Compensation and Reimbursement 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 0pt 0.5in">(a) 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 0pt 0.5in">(b) 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&#9;&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 0pt 0.5in">(c) 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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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&#9;&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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">The Trustee may resign at any time
with respect to the&#9;&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&#9;&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 0pt 0.5in">The Trustee may be removed at any
time with respect to the&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of any series by
Act of the holders of a majority in principal amount of the Outstanding&#9;&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&#9;&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 0pt 0.5in">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 0pt 0.5in">(a) 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&#9;&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 0pt 0.5in">(b) 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 0pt 0.5in">(c) 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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes,
or (ii)&nbsp;any holder who has been a bona fide holder of&#9;&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&#9;&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 0pt 0.5in">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&#9;&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&#9;&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&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&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&#9;&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&#9;&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 0pt 0.5in">If no successor Trustee with respect
to the&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&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&#9;&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 0pt 0.5in">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;Notes of any series and each appointment of a successor
Trustee with respect to the&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of any series to all holders
of&#9;&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&#9;&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 0pt 0.5in">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 0pt 0.5in">In case of the appointment hereunder
of a successor Trustee with respect to all&#9;&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"></P>

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<P STYLE="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">In case of the appointment hereunder
of a successor Trustee with respect to the&#9;&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 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&#9;&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&#9;&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&#9;&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&#9;&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&#9;&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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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;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&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in; text-align: justify">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 0pt 0.5in">(a) 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 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"></P>

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<P STYLE="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"></P>

<P STYLE="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) 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 0pt 0.5in">(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 0pt 0.5in">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 0pt 0.5in">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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&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&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes and to have satisfied all its other obligations under such&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
and the Indenture insofar as such&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
when payments are due, (2)&nbsp;the Company&rsquo;s obligations with respect to such&#9;&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 0pt 0.5in">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 0pt 0.5in">Upon the Company&rsquo;s exercise
of its option (if any) to have provisions of the Indenture relating to Covenant Defeasance applied to any&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
or any series of&#9;&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&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&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&#9;&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 0pt 0.5in">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 0pt 0.5in">(a) 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&#9;&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&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes on the respective Stated Maturities, in accordance with the
terms of the Indenture and such&#9;&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;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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(b) In the event
of an election to have Defeasance and Discharge apply to any&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes or any series&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of&#9;&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,&#9;&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&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&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&#9;&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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(c)
In the event of an election to have Covenant Defeasance apply to any&#9;Notes or any series of&#9;&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&#9;&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&#9;&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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">(d)
The Company shall have delivered to the Trustee an Officers&rsquo; Certificate to the effect that neither such&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
nor any other&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes of the same series, if then listed on any&#9;&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"></P>

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<P STYLE="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) No event which is, or after notice
or lapse of time or both would become, an Event of Default with respect to such&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
or any other&#9;&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 0pt 0.5in">(f) 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&#9;&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 0pt 0.5in">(g) 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 0pt 0.5in">(h) 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 0pt 0.5in">(i) 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&#9;&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 0pt 0.5in">(j) 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 0pt 0.5in">(k) 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,&#9;&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&#9;&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 0pt 0.5in"><A NAME="n2-39"></A>APPENDIX B &mdash; DESCRIPTION OF
RATINGS<FONT STYLE="font-size: 10pt">1</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">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">P-1: Issuers (or supporting institutions)
rated Prime-1 have a superior ability to repay short-term debt obligations. P-2: Issuers (or supporting institutions) rated Prime-2
have a strong ability to repay short-term debt obligations. P-3: Issuers (or supporting institutions) rated Prime-3 have an acceptable
ability to repay short-term obligations. 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 0pt 0.5in">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 0pt 0.5in">Aaa: Obligations rated Aaa are judged
to be of the highest quality, subject to the lowest level of credit risk. 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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">Ba: Obligations rated Ba are judged
to be speculative and are subject to substantial credit risk. 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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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">&nbsp;</P>

<P STYLE="font: 10pt Times 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" 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-size: 10pt">1</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" 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"><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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in; text-align: justify">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 11.95pt">&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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 11.95pt">&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>

<P STYLE="font: 10pt Times New Roman, 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: 72pt"></TD><TD STYLE="width: 11.95pt">&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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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"></P>

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<P STYLE="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">*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 0pt 0.5in">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 0pt 0.5in">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 0pt 0.5in">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: 0pt 0"></P>

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

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

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

<TABLE 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="width: 11%">ITEM 25:</TD><TD STYLE="width: 89%">FINANCIAL STATEMENTS AND EXHIBITS</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="padding-top: 2pt; width: 6%; padding-bottom: 2pt"></TD><TD STYLE="padding-top: 2pt; width: 5%; text-align: left; padding-bottom: 2pt">1.</TD><TD STYLE="padding-top: 2pt; text-align: justify; width: 89%; padding-bottom: 2pt">Financial
                                         Statements:</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Included
                                         in Part&nbsp;A:</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Financial
                                         highlights for the fiscal years October&nbsp;31, 2020, 2019, 2018, 2017, 2016, 2015,
                                         2014, 2013, 2012, and 2011.</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Incorporated
                                         into Part&nbsp;B by reference to Registrant&rsquo;s most recent Certified Shareholder
                                         Report on Form&nbsp;N-CSR, filed</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">December&nbsp;[
                                         ], 2020 (File No.&nbsp;811-21547):</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Schedule
                                         of Investments as of October&nbsp;31, 2020</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Statement
                                         of Assets and Liabilities as of October&nbsp;31, 2020</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Statement
                                         of Operations for the year ended October&nbsp;31, 2020</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Statements
                                         of Changes in Net Assets for the year ended October&nbsp;31, 2020 and the year ended
                                         October&nbsp;31, 2019</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Notes
                                         to Financial Statements</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Statement
                                         of Cash Flows for the fiscal year ended October&nbsp;31, 2020</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Report
                                         of Independent Registered Public Accounting Firm dated [ ], 2020</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD><TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">2.</TD><TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">Exhibits:</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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: 6%; text-align: left">a.1.</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095012311053111/c64409exv99waw1.htm">Amended
                                         and Restated Agreement and Declaration of Trust</A>. <FONT STYLE="font-size: 10pt">(8)</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: 6%; text-align: left">a.2.</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095013704002445/c84171exv99waw1.txt">Certificate
                                         of Trust</A>. <FONT STYLE="font-size: 10pt">(1)</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: 6%; text-align: left">b.</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000138713118001485/ex99-b.htm">Amended
                                         and Restated By-laws</A>. <FONT STYLE="font-size: 10pt">(12)</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: 6%; text-align: left">c.</TD><TD STYLE="text-align: justify; width: 94%">None.</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: 6%; text-align: left">d.1</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095013705012778/c97003a3exv99wd.txt">Form&nbsp;of
                                         Common Share Certificate</A>. <FONT STYLE="font-size: 10pt">(5)</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: 6%; text-align: left">d.2</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095013705015235/c98170a1exv99wd.txt">Form&nbsp;of
                                         Preferred Share Certificate</A>. <FONT STYLE="font-size: 10pt">(6)</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: 6%; text-align: left">d.3</TD><TD STYLE="text-align: justify; width: 94%">Form&nbsp;of Note. <FONT STYLE="font-size: 10pt">(2)</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: 6%; text-align: left">d.4</TD><TD STYLE="text-align: justify; width: 94%">Indenture of Trust. <FONT STYLE="font-size: 10pt">(2)</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: 6%; text-align: left">d.5</TD><TD STYLE="text-align: justify; width: 94%">Form&nbsp;of Supplemental Indenture
                                         of Trust. <FONT STYLE="font-size: 10pt">(2)</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: 6%; text-align: left">e.</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095013708002628/c19483a2exv99wxey.htm">Terms
                                         and Conditions of the Dividend Reinvestment Plan</A>. <FONT STYLE="font-size: 10pt">(4)</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: 6%; text-align: left">f.</TD><TD STYLE="text-align: justify; width: 94%">None.</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: 6%; text-align: left">g.</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095012311053111/c64409exv99wg.htm">Investment
                                         Management Agreement with Calamos Advisors LLC</A>. <FONT STYLE="font-size: 10pt">(8)</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: 6%; text-align: left">h.1</TD><TD STYLE="text-align: justify; width: 94%">Form&nbsp;of Underwriting Agreement
                                         relating to 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: 6%; text-align: left">h.2</TD><TD STYLE="text-align: justify; width: 94%">Form&nbsp;of Master Agreement Among
                                         Underwriters relating to 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: 6%; text-align: left">h.3</TD><TD STYLE="text-align: justify; width: 94%">Form&nbsp;of Master Selected Dealers
                                         Agreement relating to 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: 6%; text-align: left">h.4</TD><TD STYLE="text-align: justify; width: 94%">Form&nbsp;of Underwriting Agreement
                                         relating to Preferred Shares. <FONT STYLE="font-size: 10pt">(2)</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: 6%; text-align: left">h.5</TD><TD STYLE="text-align: justify; width: 94%">Form&nbsp;of Underwriting Agreement
                                         relating to Notes. <FONT STYLE="font-size: 10pt">(2)</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: 6%; text-align: left">h.6</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095012311087987/c64409exexv99whw6.htm">Sales
                                         Agreement relating to Common Shares dated September&nbsp;30, 2011, among Registrant,
                                         Calamos Advisors LLC and&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JonesTrading Institutional
                                         Services LLC</A>. <FONT STYLE="font-size: 10pt">(10)</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: 6%; text-align: left">h.7.</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000119312513067520/d460620dex99h7.htm">First
                                         Amendment to Sales Agreement dated July&nbsp;2, 2012</A>. <FONT STYLE="font-size: 10pt">(11)</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: 6%; text-align: left">h.8.</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000138713118002982/ex99-h8.htm">Sales
                                         Agreement relating to Common Shares dated June&nbsp;29, 2018, among Registrant, Calamos
                                         Advisors LLC, and&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JonesTrading Institutional Services
                                         LLC</A>. <FONT STYLE="font-size: 10pt">(14)</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: 6%; text-align: left">h.9.</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000119312519073089/d711225dex99h9.htm">Distribution
                                         Agreement relating to Common Shares dated March&nbsp;8, 2019, between Registrant and
                                         Foreside Fund Services,&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LLC</A>. <FONT STYLE="font-size: 10pt">(16)</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: 6%; text-align: left">h.10</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000119312520044505/d844332dex99h10.htm">First
                                         Amendment to Distribution Agreement relating to Common Shares dated January&nbsp;13,
                                         2020, between Registrant and&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreside Fund Services,
                                         LLC</A> <FONT STYLE="font-size: 10pt">(17).</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" 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: 6%; text-align: left">h.11</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000119312519073089/d711225dex99h10.htm">Sub-Placement
                                         Agent Agreement relating to Common Shares dated March&nbsp;8, 2019, between Foreside
                                         Fund Services, LLC&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and UBS Securities LLC</A>. <FONT STYLE="font-size: 10pt">(16)</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: 6%; text-align: left">h.12</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000119312520044505/d844332dex99h12.htm">First
                                         Amendment to Sub-Placement Agent Agreement dated January&nbsp;13, 2020, between Foreside
                                         Fund Services, LLC and&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Securities LLC</A> <FONT STYLE="font-size: 10pt">(17)</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: 6%; text-align: left">i.</TD><TD STYLE="text-align: justify; width: 94%">None.</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: 6%; text-align: left">j.1</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095012310021602/c53132exexv99wjw1.htm">Custody
                                         Agreement.</A> <FONT STYLE="font-size: 10pt">(7)</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: 6%; text-align: left">j.2</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095012311053111/c64409exv99wjw2.htm">Amendment
                                         to Appendix A to Custody Agreement</A>. <FONT STYLE="font-size: 10pt">(8)</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: 6%; text-align: left">k.1.i</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095012311053111/c64409exv99wkw1.htm">Stock
                                         Transfer Agency Agreement</A>. <FONT STYLE="font-size: 10pt">(8)</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: 6%; text-align: left">k.1.ii</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000138713118001485/ex99-k1ii.htm">Amendment,
                                         dated July&nbsp;1, 2012, to Stock Transfer Agency Agreement</A>. <FONT STYLE="font-size: 10pt">(12)</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: 6%; text-align: left">k.1.iii</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000138713118001485/ex99-k1iii.htm">Amendment,
                                         dated March&nbsp;20, 2015, to Stock Transfer Agency Agreement</A>. <FONT STYLE="font-size: 10pt">(12)</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: 6%; text-align: left">k.1.iv</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000138713118001485/ex99-k1iv.htm">Amendment,
                                         dated September&nbsp;6, 2017, to Stock Transfer Agency Agreement.</A> <FONT STYLE="font-size: 10pt">(12)</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: 6%; text-align: left">k.1.v</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000138713118001485/ex99-k1v.htm">Amendment,
                                         dated October&nbsp;18, 2017, to Stock Transfer Agency Agreement</A>. <FONT STYLE="font-size: 10pt">(12)</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: 6%; text-align: left">k.2</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095013708002628/c19483a2exv99wxkyx3y.htm">Master
                                         Services Agreement</A>. <FONT STYLE="font-size: 10pt">(4)</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: 6%; text-align: left">k.3</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095012311053111/c64409exv99wkw4.htm">Amendment
                                         to Appendix A to Master Services Agreement</A>. <FONT STYLE="font-size: 10pt">(8)</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: 6%; text-align: left">k.4</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000119312519048477/d711225dex99k4.htm">Administration
                                         Agreement</A>. <FONT STYLE="font-size: 10pt">(15)</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: 6%; text-align: left">k.5</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000119312519048477/d711225dex99k5.htm">Services
                                         Agreement</A>. <FONT STYLE="font-size: 10pt">(15)</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: 6%; text-align: left">k.6</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095013705015235/c98170a1exv99wkw4.txt">Form&nbsp;of
                                         Auction Agency Agreement relating to Preferred Shares</A>. <FONT STYLE="font-size: 10pt">(6)</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: 6%; text-align: left">k.7</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095013705015235/c98170a1exv99wkw5.txt">Form&nbsp;of
                                         Broker-Dealer Agreement relating to Preferred Shares</A>. <FONT STYLE="font-size: 10pt">(6)</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: 6%; text-align: left">k.8</TD><TD STYLE="text-align: justify; width: 94%">Form&nbsp;of Auction Agency Agreement
                                         relating to Notes. <FONT STYLE="font-size: 10pt">(2)</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: 6%; text-align: left">k.9</TD><TD STYLE="text-align: justify; width: 94%">Form&nbsp;of Broker-Dealer Agreement
                                         relating to Notes. <FONT STYLE="font-size: 10pt">(2)</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: 6%; text-align: left">k.10</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095013708002628/c19483a2exv99wxkyx8y.htm">Form&nbsp;of
                                         DTC Representations Letter relating to Preferred Shares and Notes</A>. <FONT STYLE="font-size: 10pt">(4)</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: 6%; text-align: left">l.1</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095012311079849/c64409a1exv99wlw1.htm">Opinion
                                         of Morris, Nichols, Arsht and Tunnell LLP regarding registration statement.</A> <FONT STYLE="font-size: 10pt">(9)</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: 6%; text-align: left">l.2</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095012311087987/c64409exexv99wlw2.htm">Opinion
                                         of K&amp;L Gates LLP regarding Common Shares</A>. <FONT STYLE="font-size: 10pt">(10)</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: 6%; text-align: left">l.3</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095012311087987/c64409exexv99wlw3.htm">Opinion
                                         of Morris, Nichols, Arsht and Tunnell LLP regarding Common Shares</A>. <FONT STYLE="font-size: 10pt">(10)</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: 6%; text-align: left">l.4</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000119312519048477/d711225dex99l4.htm">Opinion
                                         of Richards, Layton&nbsp;&amp; Finger, P.A. regarding Common Shares</A>. <FONT STYLE="font-size: 10pt">(15)</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: 6%; text-align: left">m.</TD><TD STYLE="text-align: justify; width: 94%">None.</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: 6%; text-align: left">n.</TD><TD STYLE="text-align: justify; width: 94%">Consent of Auditors ().*</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: 6%; text-align: left">o.</TD><TD STYLE="text-align: justify; width: 94%">Not applicable.</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: 6%; text-align: left">p.</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000095013705012857/c97003a4exv99wp.txt">Subscription
                                         Agreement.</A> <FONT STYLE="font-size: 10pt">(3)</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: 6%; text-align: left">q.</TD><TD STYLE="text-align: justify; width: 94%">None.</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: 6%; text-align: left">r.1</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000119312520044505/d844332dex99r1.htm">Code
                                         of Ethics</A> (<FONT STYLE="font-size: 10pt">17)</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: 6%; text-align: left">s.1</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000119312513067520/d460620dex99s.htm">Powers
                                         of Attorney for John E. Neal and William R. Rybak</A>. <FONT STYLE="font-size: 10pt">(11)</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: 6%; text-align: left">s.2</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000138713118001485/ex99-s2.htm">Power
                                         of Attorney for Virginia G. Breen</A>. <FONT STYLE="font-size: 10pt">(12)</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: 6%; text-align: left">s.3</TD><TD STYLE="text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1285650/000119312519048477/d711225dex99s3.htm">Power
                                         of Attorney for Lloyd A. Wennlund.</A> <FONT STYLE="font-size: 10pt">(15)</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: 6%; text-align: left">s.4</TD><TD STYLE="text-align: justify; width: 94%">Power of Attorney for Karen L. Stuckey
                                         and Christopher M. Toub (<FONT STYLE="font-size: 10pt">17</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="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"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Registrant&rsquo;s initial Registration Statement on Form&nbsp;N-2 (1933
                                         Act File No.&nbsp;333-114111) as filed&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with the Commission
                                         on March&nbsp;31, 2004.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; width: 94%">To
                                         be filed by post-effective amendment.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Pre-Effective Amendment No.&nbsp;4 to Registrant&rsquo;s Registration
                                         Statement on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-114111)
                                         as filed with the Commission on October&nbsp;26, 2005.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Pre-Effective Amendment No.&nbsp;2 to Registrant&rsquo;s Registration
                                         Statement on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-146944)
                                         as filed with the Commission on February&nbsp;22, 2008.</TD>
</TR></TABLE>

<P STYLE="font: 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: 238 -->
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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="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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Pre-Effective Amendment No.&nbsp;3 Registrant&rsquo;s Registration Statement
                                         on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-11411)
                                         as filed with the Commission on October&nbsp;24, 2005.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Pre-Effective Amendment No.&nbsp;1 to Registrant&rsquo;s Registration
                                         Statement on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-129102)
                                         as filed with the Commission on December&nbsp;22, 2005.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(7)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Post-Effective Amendment No.&nbsp;4 to Registrant&rsquo;s Registration
                                         Statement on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-146944)
                                         as filed with the Commission on March&nbsp;5, 2010.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(8)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Registrant&rsquo;s initial Registration Statement on Form&nbsp;N-2 (1933
                                         Act File No.&nbsp;333-174431) as filed&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with the Commission
                                         on May&nbsp;23, 2011.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(9)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Pre-Effective Amendment No.&nbsp;1 to Registrant&rsquo;s Registration
                                         Statement on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-175076)
                                         as filed with the Commission on August&nbsp;25, 2011.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(10)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Post-Effective Amendment No.&nbsp;1 to Registrant&rsquo;s Registration
                                         Statement on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-175076)
                                         as filed with the Commission on September&nbsp;30, 2011.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(11)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Post-Effective Amendment No.&nbsp;3 to Registrant&rsquo;s Registration
                                         Statement on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-175076)
                                         as filed with the Commission on February&nbsp;20, 2013.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(12)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Registrant&rsquo;s initial Registration Statement on Form&nbsp;N-2 (1933
                                         Act File No.&nbsp;333-224205) as filed with the Commission on April&nbsp;9, 2018.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(13)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Pre-Effective Amendment No.&nbsp;1 to Registrant&rsquo;s Registration
                                         Statement on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-224205)
                                         as filed with the Commission on June&nbsp;22, 2018.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(14)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Post-Effective Amendment No.&nbsp;1 to Registrant&rsquo;s Registration
                                         Statement on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-224205)
                                         as filed with the Commission on July&nbsp;3, 2018.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(15)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Post-Effective Amendment No.&nbsp;2 to Registrant&rsquo;s Registration
                                         Statement on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-224205)
                                         as filed with the Commission on February&nbsp;22, 2019.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left"><FONT STYLE="font-size: 10pt">(16)</FONT></TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Post-Effective Amendment No.&nbsp;4 to Registrant&rsquo;s Registration
                                         Statement on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-224205)
                                         as filed with the Commission on March&nbsp;13, 2019.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left">(<FONT STYLE="font-size: 10pt">17</FONT>)</TD><TD STYLE="text-align: justify; width: 94%">Incorporated
                                         by reference to Post-Effective Amendment No.&nbsp;5 to Registrant&rsquo;s Registration
                                         Statement on Form&nbsp;N-2 (1933 Act&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;333-224205)
                                         as filed with the Commission on February&nbsp;21, 2020.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 6%; text-align: left">*</TD><TD STYLE="text-align: justify; width: 94%">To be filed
                                         by amendment.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 11%">ITEM 26:</TD><TD STYLE="width: 89%">MARKETING ARRANGEMENTS</TD></TR></TABLE>

<P STYLE="font: 10pt Times 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">Not applicable.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 11%">ITEM 27:</TD><TD STYLE="width: 89%">OTHER OFFERING EXPENSES AND DISTRIBUTION</TD></TR></TABLE>

<P STYLE="font: 10pt Times 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 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="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 82%; font-size: 10pt; text-align: left">Registration fees</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Printing (other than certificates)</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-size: 10pt; text-align: left">FINRA fees</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-size: 10pt; text-align: left">Accounting fees and expenses</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-size: 10pt; text-align: left">Legal fees and expenses</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-size: 10pt; padding-bottom: 1pt">Miscellaneous</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Total</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"></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>

<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="width: 0%"></TD><TD STYLE="width: 11%">ITEM 28.</TD><TD STYLE="width: 89%">PERSONS CONTROLLED BY OR UNDER COMMON CONTROL</TD></TR></TABLE>

<P STYLE="font: 10pt Times 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">None.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 11%">ITEM 29.</TD><TD STYLE="width: 89%">NUMBER OF HOLDERS OF 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: 0.5in">As of [ ], 2021, 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: 75%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">NUMBER
    OF RECORD</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<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; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">HOLDERS</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 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: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">[&nbsp;&nbsp;&nbsp;&nbsp; ]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 82%; text-align: left; text-indent: 1.5in">Series&nbsp;A
    Mandatory Redeemable Preferred Shares</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; padding-right: 14pt; width: 15%; text-align: right">1</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: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 1.5in">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; padding-right: 14pt; text-align: right">1</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; text-indent: 1.5in">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; padding-right: 14pt; text-align: right">1</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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    <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: 1in">ITEM 30.</TD><TD>INDEMNIFICATION</TD></TR></TABLE>

<P STYLE="font: 10pt Times 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 Registrant&rsquo;s
Amended and Restated Agreement and Declaration of Trust (the &ldquo;Declaration&rdquo;), dated September&nbsp;13, 2006, 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">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">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">Section&nbsp;8 of the Distribution
Agreement and Section&nbsp;5 of the Sub-Placement Agent Agreement, previously filed as Exhibit&nbsp;h.9 and Exhibit&nbsp;h.11
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">Insofar as indemnification
for liability arising under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), may be available to Trustees,
officers, controlling persons of the Registrant and underwriter, pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the 1933
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the Registrant&rsquo;s expenses incurred or paid by a Trustee, officer or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such Trustee, officer, controlling person or underwriter in connection
with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.</P>

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

<TABLE 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="width: 0"></TD><TD STYLE="width: 1in">ITEM 31.</TD><TD>BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER</TD></TR></TABLE>

<P STYLE="font: 10pt Times 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 information in the
Statement of Additional Information under the caption &ldquo;Management of the Fund &mdash; Trustees and Officers&rdquo; is incorporated
by reference.</P>

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

<TABLE 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="width: 0"></TD><TD STYLE="width: 1in">ITEM 32.</TD><TD>LOCATION OF ACCOUNTS 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; text-indent: 0.5in">All such accounts, books,
and other documents are maintained at the offices of the Registrant, at the offices of the Registrant&rsquo;s investment manager,
Calamos Advisors LLC 2020 Calamos Court, Naperville,&nbsp;Illinois 60563, at the offices of the Custodian and Accounting Agent,
200 Clarendon Street, P.O.&nbsp;Box 9130, Boston, Massachusetts 02117-9130. or at the offices of the Transfer Agent, P.O.&nbsp;Box
358016, Pittsburgh, PA 15252-8016.</P>

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

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

<!-- Field: Page; Sequence: 240 -->
    <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="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 11%">ITEM 33.</TD><TD STYLE="width: 89%">MANAGEMENT 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; text-indent: 0.5in">Not applicable.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 11%">ITEM 34.</TD><TD STYLE="width: 89%">UNDERTAKINGS</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 0pt 0.25in">3. The Registrant undertakes:</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: 6%"></TD><TD STYLE="width: 3%; text-align: left">(a)</TD><TD STYLE="text-align: justify; width: 91%">to file,
                                         during any period in which offers or sales are being made, a post-effective amendment
                                         to this Registration Statement:</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: 12%"></TD><TD STYLE="width: 3%; text-align: left">(1)</TD><TD STYLE="text-align: justify; width: 85%">to include
                                         any prospectus required by Section&nbsp;10(a)(3)&nbsp;of 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" 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: 12%"></TD><TD STYLE="width: 3%; text-align: left">(2)</TD><TD STYLE="text-align: justify; width: 85%">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</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: 12%"></TD><TD STYLE="width: 3%; text-align: left">(3)</TD><TD STYLE="text-align: justify; width: 85%">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.</TD>
</TR></TABLE>

<P STYLE="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"><I>Provided, however, </I>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>

<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: 6%"></TD><TD STYLE="width: 3%; text-align: left">(b)</TD><TD STYLE="text-align: justify; width: 91%">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;</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: 6%"></TD><TD STYLE="width: 3%; text-align: left">(c)</TD><TD STYLE="text-align: justify; width: 91%">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</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: 6%"></TD><TD STYLE="width: 3%; text-align: left">(d)</TD><TD STYLE="text-align: justify; width: 91%">that, for
                                         the purpose of determining liability under the Securities Act to any purchaser:</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: 12%"></TD><TD STYLE="width: 3%; text-align: left">(1)</TD><TD STYLE="text-align: justify; width: 85%">if the
                                         Registrant is subject to Rule&nbsp;430B:</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: 0.25in">(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" 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: 0.25in">(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>

<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: 12%"></TD><TD STYLE="width: 3%; text-align: left">(2)</TD><TD STYLE="text-align: justify; width: 85%">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.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, 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: 6%"></TD><TD STYLE="width: 3%; text-align: left">(e)</TD><TD STYLE="text-align: justify; width: 91%">that for
                                         the purpose of determining liability of the Registrant under the Securities Act to any
                                         purchaser in the initial distribution of 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 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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12%"></TD><TD STYLE="width: 3%">(1)</TD><TD STYLE="width: 85%">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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12%"></TD><TD STYLE="width: 3%">(2)</TD><TD STYLE="width: 85%">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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12%"></TD><TD STYLE="width: 3%">(3)</TD><TD STYLE="width: 85%">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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12%"></TD><TD STYLE="width: 3%">(4)</TD><TD STYLE="width: 85%">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>

<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: 6%"></TD><TD STYLE="width: 3%; text-align: left">(a)</TD><TD STYLE="text-align: justify; width: 91%">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</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: 6%"></TD><TD STYLE="width: 3%; text-align: left">(b)</TD><TD STYLE="text-align: justify; width: 91%">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.</TD>
</TR></TABLE>

<P STYLE="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>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 29 day of December, 2020.</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: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">CALAMOS GLOBAL TOTAL RETURN FUND</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John P. Calamos,&nbsp;Sr.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0in; text-align: left">John P. Calamos,&nbsp;Sr.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="padding-left: 0in; text-align: left; width: 30%">Trustee and President</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 31%">Name</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 30%">Title</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 31%"><FONT STYLE="font-size: 10pt">Date</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ John P. Calamos,&nbsp;Sr.</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Trustee and President (principal</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">December&nbsp;29, 2020</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">John P. Calamos,&nbsp;Sr.</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">executive officer)</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ John E. Neal*</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Trustee</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">John E. Neal</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ William Rybak*</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Trustee</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">William Rybak</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Virginia G. Breen*</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Trustee</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">Virginia G. Breen</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Lloyd A. Wennlund*</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Trustee</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">Lloyd A. Wennlund</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Karen L. Stuckey*</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Trustee</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">Karen L. Stuckey</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left"></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Christopher M. Toub*</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Trustee</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">Christopher M. Toub</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Thomas E. Herman</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Vice President and Chief</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">December&nbsp;29, 2020</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">Thomas E. Herman</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Financial Officer</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">)</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"></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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* John P. Calamos,&nbsp;Sr. signs this document
pursuant to powers of attorney filed in Post-Effective Amendment No.&nbsp;2 to Registrant&rsquo;s Registration Statement (1933
Act File No.&nbsp;333-175076) as filed with the Commission on February&nbsp;20, 2013; Registrant&rsquo;s initial Registration
Statement on Form&nbsp;N-2 (1933 Act File No.&nbsp;333-224205) as filed with the Commission on April&nbsp;9, 2018; Post-Effective
Amendment No.&nbsp;2 to Registrant&rsquo;s Registration Statement (1933 Act File No.&nbsp;333-224205) as filed with the Commission
on February&nbsp;22, 2019 and Post-Effective Amendment No.&nbsp;5 to Registrant&rsquo;s Registration Statement (1933 Act File
No.&nbsp;333-224205) as filed with the Commission on February&nbsp;21, 2020.</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: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John P. Calamos,&nbsp;Sr.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">John P. Calamos,&nbsp;Sr.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="padding-left: 0in; text-align: left; width: 30%">Attorney-In-Fact</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0in; text-align: left">December&nbsp;29, 2020</TD></TR>
</TABLE>
<P STYLE="text-align: left; font: 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: 243 -->
    <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%">&nbsp;</TD><TD STYLE="width: 33%">&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>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; font-size: 10pt; font-weight: bold"><U>Exhibit</U></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 84%; font-size: 10pt; font-weight: bold; text-align: left"><U>Exhibit&nbsp;Name</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"></P>

<!-- Field: Page; Sequence: 244; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>4
<FILENAME>filename4.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="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="tm2038976d1_cover.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 345pt">December&nbsp;29, 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"><B><U>VIA EDGAR</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">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">Division of Investment Management</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549-4720</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Total Return
Fund (File Nos. 333-______, 811-21547)</P>

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

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

<P STYLE="font: 10pt Times New Roman, 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">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 Total Return Fund, a Delaware statutory 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">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>

<P STYLE="font: 10pt Times New Roman, 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">If you have any questions
or need any clarification concerning the foregoing or this transmission, please call the undersigned at (630) 245-1105.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</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="font: 10pt Times New Roman, Times, Serif; width: 23%"><FONT STYLE="font-size: 10pt"><U>/s/ Tammie Lee</U></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 22%">&nbsp;</TD>
    <TD STYLE="width: 55%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Tammie Lee</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</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">cc:</TD><TD>J. Christopher Jackson</TD></TR>                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Paulita Pike,&nbsp;Esq.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Jeremy Smith,&nbsp;Esq.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Rita Rubin,&nbsp;Esq.</TD></TR>
</TABLE>

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

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