Each Fund’s prospectus contains one or more instances of a section titled “Subsequent Outcome Periods”. Each such section is hereby deleted in its entirety and replaced with the following:

Approximately one week prior to the end of each Outcome Period, the Fund will file a prospectus supplement that will alert existing shareholders that the Outcome Period is approaching its conclusion and disclose the anticipated Cap range for the next Outcome Period. This filing will be mailed to existing shareholders. Following the close of business on the last day of the Outcome Period, the Fund will file a prospectus supplement that discloses the Fund’s Cap for the next Outcome Period. This filing will be mailed to existing shareholders. There is no guarantee the Cap will be within the anticipated Cap range. The information referenced above will also be available on the Fund’s website at www.calamos.com.

Please retain this supplement for future reference