DATA AS OF 12/31/19 www.calamos.com/institutional

Idea GenerationOur Mission: Find timely stocks of fast-growing companies that are poised to exceed expectations for

the next several quarters.

» Universe includes 1,500 stocks <$4 billion market cap

» Typically 150–200 fit our Tier 1 criteria, a manageable

list for further fundamental research

» Research data points and weekly screens drive new

idea generation

» List is constantly evolving

» Use these inputs to build a portfolio of 80–120 stocks

PORTFOLIO MANAGEMENT» Brandon Nelson, CFA, Senior Portfolio

Manager

The investment team, comprising true small capgrowth managers, believes outstandingcompanies with superior earnings and revenuegrowth will outperform the market long term.Analysis of secular trends provides exploitableinvestment opportunities specific to smallcapitalization companies. The product’s riskcontrols also help add value by reducingportfolio downside.

DIFFERENTIATORS» One cohesive and consistent investment

team since inception

» Time-tested process that works in mostinvesting environments

» Objective, disciplined approach minimizesbiases and results in efficient decision-making

» Value-added sell discipline seeks toprovide downside protection

CALAMOS PROFILE» Multi-disciplined, global asset manager

» Headquartered in the Chicagometropolitan area, the firm also has officesin New York, San Francisco, Milwaukeeand the Miami area.

» Founded in 1977

» AUM of U.S. $26.1 billion

» Institutional Assets† of U.S. $13.4 billion

» 334 employees*, 73 investmentprofessionals

†Institutional Assets include institutional shareclasses of open-end funds as well as assetsmanaged for institutions.

*Information as of 12/31/19. Total representsfull-time employees of the operatingsubsidiaries of Calamos Asset Management,Inc. Part-time employees and consultants areexcluded.

Strategy OverviewWe use an active, fundamental, bottom-up security selection process when researching stocks for our

small cap growth portfolios. Utilizing Timpani’s research-intensive approach, the investment team

expects to add value primarily through security selection (approximately 90%) with the remainder

coming from sector allocation.

Investment Philosophy» By combining fundamental research with analysis of estimate revisions, we firmly believe we can

identify and purchase underestimated growth that exists between a company’s business strength

and the market’s expectation of that strength. This phenomenon occurs because the market is slow

to react to incremental, relevant changes (Anchoring Bias).

» Using growth gaps to guide our decisions helps us minimize a behavioral mistake of growth

investing: selling winners too early and not selling losers quickly enough (Disposition Effect).

Timpani Small Cap Growth Strategy

U.S. EQUITY DATA AS OF 12/31/19

Calamos Timpani Small Cap Growth Strategy

CHARACTERISTICS

REPRESENTATIVEPORTFOLIO

RUSSELL2000

GROWTHINDEX

Assets in Strategy1 $ 340.6 M N/A

# of Holdings

Portfolio Turnover(12 month) 147.8% N/A

Median MarketCap (mil) $2,155 $930

Weighted AverageMarket Cap (mil) $3,246 $2,768

Price/Earnings(Forward)

Price/Sales 1.4x 1.7x

Est 1-Year EPSGrowthEst 1-Year SalesGrowthEst 3-5 Years EPSGrowthP/E to Growth(1-Year Forward) 2.4x 2.4x

1Strategy AUM reflects all assets that are currently beingmanaged (collectively) under the Calamos strategy, whichmay contain multiple performance composites.

RISK/REWARD STATISTICS (3-YEAR)2

TIMPANI SMALLCAP GROWTH

RUSSELL 2000GROWTH INDEX

Alpha 6.39% N/ABeta 0.99 1.00Standard Deviation 18.13% 16.60%UpsideSemivariance 18.27% 12.79%

DownsideSemivariance 10.95% 10.76%

Sharpe Ratio 0.97 0.65Information Ratio 0.89 N/A

2All risk-adjusted statistics are relative to the Russell 2000Growth Index versus the Calamos Timpani Small Cap GrowthComposite. Past performance is no guarantee of futureresults. Source: Calamos Advisors LLC

SECTOR ALLOCATION4

SECTOR REPRESENTATIVEPORTFOLIO % RUSSELL 2000 GROWTH INDEX % UNDER/OVERWEIGHT %

Information Technology 34.1 17.3 16.8

Health Care 24.8 30.6 -5.8

Consumer Discretionary 16.3 12.0 4.3

Industrials 7.7 18.9 -11.2

Financials 6.2 5.7 0.5

Energy 4.5 0.6 3.9

Communication Services 3.0 2.4 0.6

Consumer Staples 1.4 3.3 -1.9

Materials 1.2 3.1 -1.9

Real Estate 0.8 4.6 -3.8

Utilities 0.0 1.5 -1.54Sector weightings are calculated as a percentage of net assets and exclude cash or cash equivalents.

REPRESENTATIVE PORTFOLIO 10 LARGEST HOLDINGS6

COMPANY SECTOR % OF PORTFOLIOWEIGHTING

TopBuild Corp. Consumer Discretionary 2.4

Addus HomeCare Corp. Health Care 2.4

World Fuel Services Corp. Energy 2.3

Boot Barn Holdings, Inc. Consumer Discretionary 2.3

Five9, Inc. Information Technology 2.3

Scorpio Tankers, Inc. Energy 2.2

RingCentral, Inc. - Class A Information Technology 2.2

Chegg, Inc. Consumer Discretionary 2.1

Diodes, Inc. Information Technology 2.0

Amedisys, Inc. Health Care 2.06The information provided should not be considered a recommendation to purchase or sell any security. There is no assurance that any securitiespresented herein will remain in the portfolio at the time you receive information or that securities sold have not been repurchased. The securitiesdiscussed do not represent an account’s entire portfolio and in the aggregate may represent only a small percentage of an account’s portfolio holdings.It should not be assumed that any securities transactions or holdings presented were or will prove to be profitable, or that the investmentrecommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities presented herein. TenLargest Holdings exclude any government/ sovereign bonds or broad-based index hedging securities the portfolio may hold.

UP/DOWN CAPTURE (3-YEAR) VS.RUSSELL 2000 GROWTH INDEX

n Calamos Timpani Small Cap Growth

Source: Calamos Advisors LLC

DOWN MARKET CAPTURE

UP M

ARKE

T CA

PTUR

E

Upside: 116.61Downside: 89.40

80 90 100 110 12080

90

100

110

120

2

CALAMOS TIMPANI SMALL CAP GROWTH STRATEGY HAS DEMONSTRATED A HIGHER GROWTH STYLE

MORNINGSTAR HOLDINGS-BASED STYLE MAP AS OF 9/30/197Morningstar holdings-based style map as of 6/30/19DEEP-VALUE CORE-VALUE CORE CORE-GROWTH HIGH-GROWTH

MIC

ROSM

ALL

MID

LARG

EGI

ANT

SMALL GROWTH CATEGORY

CALAMOS TIMPANI SMALL CAP GROWTH

RUSSELL 2000 GROWTH INDEX

Performance shown is past performance, which is no guarantee of future results. The Morningstar Small Growth Category includes small growthportfolios that focus on fastergrowing companies that are at the lower end of the market capitalization range. The Russell 2000 Growth Index is acomposite of small cap companies located in the U.S. that also exhibit a growth probability.7Data lags by one quarter.

99 1,172

27.23x 22.02x

11.27% 9.12%

15.11% 7.71%

15.86% 14.54%

U.S. EQUITY DATA AS OF 12/31/19

1-YEAR

21.54%

20.90

28.48

3-YEAR

19.21%

18.67

12.49

5-YEAR

10.81%

10.24

9.34

10-YEAR

14.42%

13.80

13.01

SINCE INCEPTION(4/08)

12.16%

11.57

10.45

CALENDAR YEAR RETURNS

Calamos Timpani Small Cap Growth (gross of fees)

Calamos Timpani Small Cap Growth (net of fees)

Russell 2000 Growth Index

2019

21.54%

20.90

28.48

2018

0.86%

0.43

-9.31

2017

38.19%

37.63

22.17

2016

0.01%

-0.73

11.32

2015

-1.39%

-1.87

-1.38

2014

0.94%

0.17

5.60

2013

58.39%

57.51

43.30

2012

18.90%

18.04

14.59

2011

-3.02%

-3.41

-2.91

2010

24.84%

24.40

29.09

Calamos Timpani Small Cap Growth Strategy

ANNUALIZED TOTAL RETURNS

Calamos Timpani Small Cap Growth (grossof fees)Calamos Timpani Small Cap Growth (netof fees)

Russell 2000 Growth Index

Past performance is no guarantee of future results.3

PERC

ENTI

LE

0

25

Median

75

1001 YR 3 YR 5 YR 10 YR SINCE

INCEPTION(4/08)

Calamos Timpani Small Cap Growth Strategy

Russell 2000 Growth Index

RETURN RANK RETURN RANK RETURN RANK RETURN RANK RETURN RANK

Calamos Timpani Small Cap Growth (gross of fees) 21.54% 85 19.21% 28 10.81% 58 14.42% 52 12.81% 45Russell 2000 Growth Index 28.48% 51 12.49% 77 9.34% 80 13.01% 83 10.46% 81

Median 28.80% - 15.98% - 11.38% - 14.52% - 12.04% -

Number of Observations 173 171 162 147 138

EVESTMENT U.S. SMALL CAP GROWTH EQUITY UNIVERSE QUARTILE RANKING ANALYSIS - ANNUALIZED RETURNS

Source: Evestment Alliance. Rankings are based on gross of fees data. The rankings represent percentile within peer group.Past performance is no guarantee of future results. Please see accompanying disclosures before making an investment decision.

SELL DISCIPLINE VALUE ADD MEDIAN RELATIVE PERFORMANCE OF STOCKS SOLD FROM PORTFOLIO

1 MONTH 3 MONTHS 6 MONTHS

2011 0.62% -1.11% -1.13%

2012 -2.20 -4.20 0.71

2013 0.84 -3.14 -9.04

2014 -1.39 -0.36 -6.48

2015 -1.55 -2.21 -6.26

2016 1.39 0.05 1.17

2017 2.26 1.27 -1.75

2018 1.40 -3.20 -4.39

2019 0.52 -5.54 -13.96

Median 0.62 -2.21 -4.39

Performance data quoted represents past performance, which is no guarantee of future results. There is no assurance that the sell discipline of thestrategy will produce similar results in the future. The median relative performance displayed above does not include transaction costs.

U.S. EQUITY DATA AS OF 12/31/19

Calamos Timpani Small Cap Growth Strategy

Calamos Advisors LLC2020 Calamos Court | Naperville, IL 60563-2787800.582.6959 | www.calamos.com/institutional© 2020 Calamos Investments LLC. All Rights Reserved.Calamos® and Calamos Investments® are registered trademarks ofCalamos Investments LLC.SCGSTRFCT 20285 1219Q II

Calamos Advisors LLC is a federally registered investmentadvisor. Form ADV Part 2A, which provides backgroundinformation about the firm and its business practices, isavailable upon written request to:Calamos Advisors LLC2020 Calamos CourtNaperville, IL 60563-2787Attn: Compliance Officer

Past performance does not guarantee or indicate future results. Current performance may be lower or higher than the performance quoted. Past performance is no guarantee of 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.The results portrayed on the preceding pages are for the Calamos Timpani Small Cap Growth Strategy. Representative holdings and portfolio characteristics are specific only to the portfolio shown at that point in time. Other portfolios will vary in composition, characteristics, and will experience different investment results. The representative portfolio shown has been selected by the advisor based on account characteristics that the advisor feels accurately represents the investment strategy as a whole.Calamos Timpani Small Cap Growth Composite is an actively managed composite which invests in small market captilization companies with sound growth potential. On May 31, 2019 Calamos acquired Timpani Capital Management LLC which has managed the strategy since its inception in 2008. The Calamos Timpani Small Cap Growth Composite was formerly named the Timpani Small Cap Growth Composite. This name change was effected June 1, 2019. The Composite was created April 1, 2008, calculated with an inception date of April 1, 2008. 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: Mellon Analytical Solutions LLC and Calamos Advisors LLC.The primary benchmark is the Russell 2000® Growth Index. The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000 Growth Index is published and maintained by FTSE Russell. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect any fees, expenses or sales charges. Investors cannot invest directly in an index.The information in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent the account’s entire portfolio and in the aggregate may represent only a small percentage of an account’s portfolio holdings.

BRANDON NELSON, CFASENIOR PORTFOLIO MANAGER

Senior Portfolio Manager Brandon M. Nelson is responsible for the portfolio management of our small- and smid-cap growth strategies. He drawsupon more than two decades of experience in small- and smid-cap growth equity investing, utilizing the same philosophy and process employed byCalamos Timpani Small Cap Growth Fund today. He is also a member of the Calamos Investment Committee, which is charged with providing atop-down framework, maintaining oversight of risk and performance metrics, and evaluating investment process. Brandon joined CalamosInvestments following its 2019 acquisition of Timpani Capital Management, the company he co-founded in 2008, where he served as ChiefInvestment Officer and Portfolio Manager of the Timpani strategies since inception. Previously, he was a Managing Director and Senior PortfolioManager at Wells Capital Management since 2005. Prior to that, Brandon was with Strong Capital Management, Inc. as a Research Analyst from1996 to 2000 and as a Portfolio Manager from 2000 to 2005. He received his master’s degree in Finance from the University of Wisconsin-Madison and was selected to participate in the prestigious Applied Security Analysis Program. He also received his B.B.A. in Finance from theUniversity of Wisconsin-Madison

Portfolio Manager Biographies

RYAN B. ISHERWOOD, CFACO-PORTFOLIO MANAGER, SENIOR ANALYST

Ryan Isherwood joined Calamos Investments following its 2019 acquisition of Timpani Capital Management, his employer since 2008. He serves asa senior research analyst for our small-cap growth portfolios and has portfolio management responsibilities for our enhanced alpha equity andsmall/mid-cap growth equity strategies. Prior to that, Ryan was a senior research analyst at Wells Capital Management. Previously, he was withStrong Capital Management, Inc. as an inside sales representative. Ryan received his M.B.A. in Finance & Investments from the University of NotreDame and a B.B.A. in Risk Management from the University of Wisconsin-Madison.