Calamos Investments Strategies AS OF 9/30/21 View Summary of Returns STRATEGY NAME INDEX SINCE INCEPTION RETURNS INCEPTION DATE GROSS NET INDEX Active Growth Equity U.S. All Cap Growth Strategy S&P 1500 Growth Index 15.10% 14.19% N/A 1/1/91 International Growth Strategy MSCI ACWI ex US Index 10.68% 9.62% 6.24% 4/1/05 International Growth Concentrated Strategy MSCI ACWI ex US Index 11.38% 10.37% 5.66% 12/1/13 Global Growth Strategy MSCI ACWI Index 11.64% 10.47% 7.21% 4/1/07 Timpani Small Cap Growth Strategy Russell 2000 Growth Index 15.58% 14.96% 11.70% 4/1/08 Timpani SMID Growth Strategy Russell 2500 Growth Index 16.70% 15.57% 13.69% 3/1/15 Timpani Enhanced Alpha Strategy Russell 1000 Index 17.45% 16.85% 16.70% 5/1/17 Lower-Volatility Equity/Risk Managed Emerging Economies Strategy MSCI Emerging Markets Index 11.95% 10.74% 9.92% 12/1/08 U.S. Opportunities Strategy S&P 500 Index 13.36% 12.58% 10.95% 1/1/91 Global Opportunities Strategy MSCI ACWI Index 10.31% 9.37% 7.74% 10/1/96 Sustainable Equity International Sustainable Equities Strategy MSCI ACWI ex US Index (Net) 17.95% 16.50% 10.72% 4/1/19 Global Sustainable Equities Strategy MSCI ACWI Index (Net) 23.80% 22.29% 19.56% 1/1/19 U.S. Sustainable Equities Strategy S&P 500 Index 23.79% 22.28% 20.93% 2/1/20 Fixed Income High Income Opportunities Strategy Bloomberg US High Yield 2% Issuer Capped Index 7.45% 6.69% 7.21% 11/1/99 Dynamic Intermediate Tax-Efficient Strategy Bloomberg US Aggregate Intermediate Index 3.77% 3.55% 3.02% 7/1/17 Core Plus Fixed Income Strategy Bloomberg US Aggregate Bond Index 4.94% 4.38% 4.23% 7/1/07 Convertible U.S. Convertible Strategy ICE BofA All US Convertibles Index 10.79% 10.10% 10.86% 1/1/91 Global Convertible Strategy Refinitiv Global Convertible Bond Index 9.17% 8.02% 7.81% 10/1/01 Alternatives Phineus Long/Short Strategy MSCI World Index 13.13% 11.54% 8.67% 6/1/02 Market Neutral Income Strategy Bloomberg US Govt/Credit Bond Index 7.66% 6.90% 5.77% 1/1/91 Hedged Equity Strategy S&P 500 Index 6.79% 6.24% 13.74% 1/1/15 Past performance does not guarantee or indicate future results. Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Returns or Risk/Rewards statistics presented reflect the Calamos All Cap Growth Composite which is an actively managed composite investing in common stocks, preferred stocks, securities convertible into U.S. common stocks, and U.S. dollar-denominated American Depository Receipts, primarily in high growth industries and companies across all market capitalizations. The Composite was created July 1, 2010, calculated with an inception date of January 1, 1991 and includes all fully discretionary, fee paying accounts including those no longer with the Firm. Returns and Risk/Reward statistics presented reflect the Calamos International Growth Composite which is an actively managed composite primarily investing in common stocks issued by companies outside the United States. The Composite was created February 16, 2006 calculated with an inception date of April 1, 2005 and includes all fully discretionary fee paying accounts, including those no longer with the Firm. Returns and Risk/Reward statistics presented reflect the Calamos International Growth Concentrated Composite which is an actively managed composite primarily investing in a concentrated portfolio of common stocks issued by companies outside the United States. The Composite was created December 13, 2013 calculated with an inception date of December 1, 2013 and includes all fully discretionary fee paying accounts, including those no longer with the Firm. Returns presented reflect the Calamos Global Growth Composite which is an actively managed composite primarily investing in a globally-diversified portfolio of equity securities. The Composite was created March 22, 2007 calculated with an inception date of April 1, 2007 and includes all fully discretionary, tax-exempt, fee paying accounts, including those no longer with the Firm. Returns and Risk/Reward statistics presented reflect the Calamos Timpani Small Cap Growth Composite, which is an actively managed Composite investing in common stocks of small market capitalization companies with sound growth potential. The Composite was created June 1, 2019 calculated with an inception date of April 1, 2008. Results include all fully discretionary accounts, including those no longer with the Firm. Past performance is no guarantee of future results. On May 31, 2019 Calamos acquired Timpani Capital Management LLC which has managed the strategy since its inception in 2008. Results include all fully discretionary accounts, including those no longer with the Firm. All returns are net of commission and other similar fees charged on securities transactions and include reinvestment of net realized gains and interest. Returns and Risk/Reward statistics presented reflect the Calamos Timpani SMID Growth Composite, which is an actively managed Composite investing in common stocks of small and mid- market capitalization companies with sound growth potential. The Composite was created March 1, 2015, and calculated with an inception date of March 1, 2015. Results include all fully discretionary accounts, including those no longer with the Firm. On May 31, 2019, Calamos acquired Timpani Capital Management LLC, which has managed the strategy since its inception in 2015. All returns are net of commission and other similar fees charged on securities transactions and include reinvestment of net realized gains and interest. Returns and Risk/Reward statistics presented reflect the Calamos Timpani Enhanced Alpha Composite Composite, which is an actively managed Composite investing in a mix of large capitalization companies that exhibit either defensive or growth characteristics, based on the probability of which style will outperform over the near term. The Composite was created May 1, 2017, and calculated with an inception date of 5/1/2017. Results include all fully discretionary accounts, including those no longer with the Firm. On May 31, 2019, Calamos acquired Timpani Capital Management LLC, which has managed the strategy since its inception in 2017. All returns are net of commission and other similar fees charged on securities transactions and include reinvestment of net realized gains and interest. Returns and Risk/Reward presented reflect the Calamos Emerging Economies Composite, which is an actively managed composite investing in a globally diversified portfolio of equity, convertible or debt securities, with at least 35% of constituent portfolio assets are invested in securities of issuers that are organized in emerging market countries. Investments in securities of developed market companies are generally limited to those companies which derive 20% or more of assets or revenues from emerging market countries. The Composite was created December 1, 2010 calculated with an inception date of December 1, 2008 and includes all fully discretionary fee paying accounts, including those no longer with the Firm. Returns and Risk/Reward statistics presented reflect the Calamos U.S. Opportunities Composite which is an actively managed composite investing in equity, convertible and fixed income securities seeking long term total return through growth and current income. The Composite was created August 31, 2013 calculated with an inception date of January 1, 1991 and includes all fully discretionary, fee paying accounts, including those no longer with the Firm. Returns and Risk/Reward statistics presented reflect the Calamos Global Opportunities Composite which is an actively managed composite primarily investing in a globally diversified portfolio of equity, convertible and fixed-income securities, with equal emphasis on capital appreciation and current income. The Composite was created February 16, 2006, calculated with an inception date of October 1, 1996 and includes all fully discretionary fee paying accounts, including those no longer with the Firm. Returns or Risk/Rewards statistics presented reflect the Calamos International Sustainable Equities Composite, which is an actively managed composite that utilizes an integrated proprietary ESG process benchmarked to the MSCI ACWI ex-U.S. Index to target the best high-quality growth opportunities across market capitalizations in developed and emerging markets, excluding the U.S. On August 25, 2021, Calamos acquired Pearl Impact Capital, LLC, which has managed the strategy since its inception in 2019. The Calamos International Sustainable Equities Composite was formerly named the PIC International Opportunities Portfolio. This name change was effected August 25, 2021.The Composite was created April 1, 2019, calculated with an inception date of April 1, 2019. The Composite results include all fully discretionary accounts, including those no longer with the Firm. Returns or Risk/Rewards statistics presented reflect the Calamos Global Sustainable Equities Composite, which is an actively managed composite that utilizes an integrated proprietary ESG process benchmarked to the MSCI ACWI Index to invest in common stocks, preferred stocks, securities convertible into global common stocks, and U.S. dollar-denominated American Depository Receipts, primarily in high-growth industries and companies worldwide and across all market capitalizations. On August 25, 2021, Calamos acquired Pearl Impact Capital, LLC, which has managed the strategy since its inception in 2019. The Calamos Global Sustainable Equities Composite was formerly named the PIC Global Opportunities Portfolio. This name change was effected August 25, 2021.The Composite was created January 1, 2019, calculated with an inception date of January 1, 2019. The Composite results include all fully discretionary accounts, including those no longer with the Firm. Returns or Risk/Rewards statistics presented reflect the Calamos U.S. Sustainable Equities Composite, which is an actively managed composite that utilizes an integrated proprietary ESG process benchmarked to the S&P 500 Index to invest in common stocks, preferred stocks, securities convertible into U.S. common stocks, and U.S. dollar-denominated American Depository Receipts, primarily in high growth industries and companies across all market capitalizations. On August 25, 2021, Calamos acquired Pearl Impact Capital, LLC, which has managed the strategy since its inception in 2020. The Calamos U.S. Sustainable Equities Composite was formerly named the PIC U.S. Opportunities Portfolio. This name change was effected August 25, 2021.The Composite was created February 1, 2020, calculated with an inception date of February 1, 2020. The Composite results include all fully discretionary accounts, including those no longer with the Firm. Returns and Risk/Reward statistics presented reflect the Calamos High Income Opportunities Composite which is an actively managed composite investing in high yield fixed income securities, primarily with credit ratings lower than investment grade securities. The Composite was created January 1, 2001, calculated with an inception date of November 1, 1999 and includes all fully discretionary, fee paying accounts, including those no longer with the Firm. Returns or Risk/Reward statistics presented reflect the Calamos Intermediate Bond Tax-Efficient Insurance Composite, which is an actively managed composite that invests in a broad range of U.S. dollar-denominated intermediate maturity, investment grade fixed-income securities, including corporate bonds, municipal bonds, Treasuries, agencies, mortgage-backed securities and asset-backed securities. The Composite was created July 1, 2017, calculated with an inception date of July 1, 2017. Returns and Risk/Reward statistics presented reflect the Calamos Institutional Core Plus Fixed Income Composite which is an actively managed composite investing primarily in a diversified portfolio of investment-grade securities that generally have a dollar-weighted average duration between three to ten years. The Composite was created December 1, 2010, calculated with an inception date of July 1, 2007 and includes all fully discretionary, fee paying accounts, including those no longer with the Firm. Returns and Risk/Rewards statistics presented reflect the Calamos Institutional Convertible Composite which is an actively managed composite investing in primarily high-quality U.S. convertible securities. The Composite was created March 1, 2014, calculated with an inception date of January 1, 1991 and includes all fully discretionary, fee paying accounts, including those no longer with the Firm. Returns and Risk/Rewards statistics presented reflect the Calamos Global Convertible Composite which is an actively managed composite investing primarily in a globally diversified portfolio of convertible securities. The Composite includes all fully discretionary fee paying accounts, including those no longer with the Firm. The Composite was created May 15, 2008, calculated with an inception date of October 1, 2001. Returns and Risk/Reward statistics presented reflect the Calamos Phineus Long/Short Composite which is an actively managed composite primarily investing in long and short positions of global publicly listed equity securities. The Composite was created September 30, 2015 calculated with an inception date of June 1, 2002 and includes all fully discretionary fee paying accounts, including those no longer with the Firm. On October 1, 2015 Calamos acquired Phineus Partners, LP which has managed the strategy since its inception in 2002. Returns and Risk/Reward statistics presented reflect the Calamos Market Neutral Income Composite which is an actively managed “market neutral” composite seeking to achieve maximum current income while maintaining a low correlation to the fluctuations of the U.S. equity market as a whole. The Composite was created November 15, 2013 calculated with an inception date of January 1, 1991. Results include all fully discretionary accounts, including those no longer with the Firm. Returns and Risk/Reward statistics presented reflect the Calamos Hedged Equity Composite which is an actively managed composite seeking to generate total return with lower volatility than equity markets. The strategy invests in a broadly diversified portfolio of equity securities while also writing (selling) index call options and/or entering into other options strategies on equity securities and/or broad based indices. The Composite was created January 13, 2015 calculated with an inception date of January 1, 2015. The Calamos Hedged Equity Composite was formerly named the Calamos Covered Call Composite. This name change was effected March 1, 2019. Results include all fully discretionary accounts, including those no longer with the Firm. Fees include the investment advisory fee charge by Calamos Advisors LLC. Returns greater than 12 months are annualized. Chart Data Sources: BNY Mellon Analytical Services LLC and Calamos Advisors LLC. Manager's fees are further described in Part II of the Adviser's Form ADV, which is available upon request. Calamos Advisors LLC is a federally registered investment advisor. Part II of Form ADV, which provides background information about the firm and its business practices, is available upon written request to: Calamos Advisors LLC 2020 Calamos Court Naperville, IL 60563-2787 Attn: Compliance Officer Funds Mutual Funds Closed-End Funds UCITS Global Funds Strategies Insights Convertibles Alternatives Global Markets Small Cap Sustainable Equities Blog Investment Team Voices Investment Ideas Resources Mutual Funds Closed-End Funds UCITS Global Funds Institutional Strategies Applications & Forms Tax Center About Overview Executive Officers Investment Organization Mission & Values News Locations Calamos Financial Services LLC, Distributor Check the background of the firm and its investment professionals on FINRA's BrokerCheck. Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. 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