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SUPPLEMENT DATED JANUARY 13, 2000 TO PROSPECTUS DATED AUGUST 1, 1999
CALAMOS(R) FAMILY OF FUNDS
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SALES COMMISSION WAIVER
Effective January 13, 2000, in addition to those persons or entities described
on pages 57-58 of the prospectus, any investor buying Class A shares of a Fund
through a brokerage account with a broker-dealer who has waived the initial
sales charge to which the broker-dealer otherwise would be entitled may purchase
such shares at net asset value without payment of any sales commission.
CERTAIN REDEMPTIONS PERMITTED WITHOUT SIGNATURE GUARANTEES
Effective January 13, 2000, if your shares are held for you by the Funds'
transfer agent, you may redeem your shares by written request without a
signature guarantee, provided that the proceeds of the redemption are not more
than $50,000 and they are to be sent to you at your address of record. If the
proceeds of the redemption are more than $50,000 or you wish to send the
proceeds to an address other than your address of record, you must obtain a
signature guarantee on your written redemption request.
TELEPHONE REDEMPTIONS PERMITTED
Effective January 13, 2000, if your shares are held for you by the Funds'
transfer agent, you may redeem your shares by telephone. With the telephone
redemption option, you may sell up to $50,000 worth of shares on any day. You
may not redeem by telephone shares held in an IRA account or in an account for
which you have changed the address within the preceding 30 days.
During periods of volatile economic and market conditions, you may have
difficulty making a redemption request by telephone, in which case you should
make your redemption request in writing.
To permit telephone redemptions, you must authorize telephone redemption on your
account application prior to calling us with your redemption request. Call us at
800.823.7386 to obtain an account application with the telephone redemption
option. If you did not authorize telephone redemption on your original account
application, you may request telephone redemption by submitting a request in
writing with a signature guaran-
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tee. If you want redemption proceeds paid by wire transfer to your bank account,
send your request for telephone redemption, along with a voided check, to First
Data Investor Services Group, Inc., 211 South Gulph Road, P.O. Box 61767, King
of Prussia, PA 19406.
To redeem shares from your account by telephone, call 800.823.7386. We will send
your redemption proceeds to you by check or, by wire to a predetermined bank or
brokerage account. Redemption proceeds paid by wire will normally be sent on the
next business day after receipt of the redemption request and the cost of the
wire (currently $9.00) will be deducted from the redemption proceeds. A
redemption request received after 4 p.m. eastern time (or after the close of
regular session trading on the New York Stock Exchange ("NYSE") if the NYSE
closes before 4 p.m.) will be deemed received on the next business day.
To reduce the risk of fraudulent instruction and to ensure that instructions
communicated by telephone are genuine, we will send your redemption proceeds
only to the address or bank/brokerage account as shown on our records. We also
may record a call, request more information and send written confirmation of
telephone transactions. We (and our transfer agent) will not be responsible for
the authenticity of instructions provided by telephone, nor for any loss,
liability, cost or expense for acting upon instructions furnished by telephone
if we reasonably believe that such instructions are genuine. If we do not follow
reasonable procedures for protecting shareholders against loss on telephone
redemptions, we may be liable for any loss due to unauthorized or fraudulent
instructions. Please verify the accuracy of each telephone transaction as soon
as you receive your confirmation statement.
January 2000
