Calamos Advisors LLC

Item 5: Fees and Compensation
SEPARATE ACCOUNTS
Separate accounts are individual portfolios of securities managed to meet clients’ unique needs and include
institutional accounts and managed accounts. Generally, the minimum account size for a separate account ranges
from $1 million to $25 million depending on the strategy selected. The minimum account size for wrap-fee and
UMA programs is typically $75,000 to $250,000, depending on the strategy and Sponsor minimums. Calamos
reserves the right to waive or reduce the minimum account size at our discretion. Separate account fees are based
upon a percentage of assets under management, typically calculated and invoiced at the end of each calendar
quarter and are normally payable quarterly in advance. Fees may also be payable in arrears. Please see your
Investment Management Agreement to determine your fee schedule.
Below is the standard fee schedule.

                                          MINIMUM           INVESTMENT
     STRATEGY NAME                                                                   FEES
                                         INVESTMENT           AMOUNT
 Convertible Arbitrage                   $50,000,000         on balance              0.80%
 Dynamic Intermediate
                                          $1,000,000        on first $10m            0.40%
 Tax-Efficient
                                                             next $15m               0.30%
                                                             next $25m               0.25%
                                                             next $50m               0.20%
                                                             next $150m              0.15%
                                                             on balance              0.10%
 Emerging Economies                      $25,000,000        on first $50m            0.95%
                                                             next $50m               0.85%
                                                             next $50m               0.80%
                                                             on balance              0.70%
 Global Convertible                      $25,000,000        on first $25m            0.85%
                                                              next $25m              0.70%
                                                             on balance              0.65%
 Global Growth                           $25,000,000        on first $25m            0.90%
                                                             next $25m               0.75%
                                                             next $50m               0.65%
                                                             on balance              0.60%
 Global Opportunities                    $25,000,000        on first $25m            0.90%
                                                              next $25m              0.75%
                                                             next $50m               0.65%
                                                             on balance              0.60%
 Global Sustainable
 Equities                                 $5,000,000        on first $25m            0.75%
                                                             next $25m               0.70%

Calamos Advisors LLC
Form ADV Part 2A – Disclosure Brochure             PAGE 7                                    March 26, 2026

                                                             next $50m       0.65%
                                                             on balance      0.60%
 Hedged Equity                           $25,000,000        on first $25m    0.60%
                                                             next $25m       0.50%
                                                             on balance      0.45%
 High Income
 Opportunities                           $25,000,000        on first $50m    0.60%
                                                             next $50m       0.50%
                                                             on balance      0.40%
 International Growth                    $25,000,000        on first $25m    0.90%
                                                             next $25m       0.75%
                                                             next $50m       0.65%
                                                             on balance      0.60%
 International Growth
                                                            on first $25m    0.90%
 Concentrated                            $25,000,000
                                                             next $25m       0.75%
                                                             next $50m       0.65%
                                                             on balance      0.60%
 International Small Cap
 Growth                                  $25,000,000        on first $50m    0.95%
                                                             next $50m       0.85%
                                                             on balance      0.75%
 International Sustainable
 Equities                                 $5,000,000        on first $25m    0.80%
                                                             next $25m       0.75%
                                                             next $50m       0.70%
                                                             on balance      0.65%
 Market Neutral Income                   $100,000,000       on first $100m   0.75%
                                                             next $100m      0.70%
                                                             on balance      0.65%
 Merger Arbitrage                        $25,000,000         on balance      0.80%
 Phineus Long/Short                      $10,000,000        on first $25m    1.25%
...

Item 7: Types of Clients
Calamos provides investment management services to:
    •    institutional clients such as corporations and financial institutions;
    •    registered investment companies, open-end funds;
    •    exchange-traded funds (“ETFs”);

Calamos Advisors LLC
Form ADV Part 2A – Disclosure Brochure             PAGE 14                                     March 26, 2026

    •    closed-end funds, including interval funds;
    •    charitable institutions, foundations and endowments;
    •    corporate pensions, profit sharing and other retirement plans;
    •    municipalities;
    •    individuals;
    •    Taft-Hartley plans; and pooled investment vehicles, including limited partnerships.