Phineus Long/Short Strategy

Strategy Objective

Absolute return across a global equity universe.

Key Differentiators

Fundamental and global, incorporating a blend of top-down and bottom-up considerations
Company analysis integrated with industry and thematic research
Inclusive framework for managing potential returns and associated risks-stock, industry, style, country and market factors
Employ all investment styles depending upon market conditions and the economic cycle

Strategy Details

As of 12/31/20

Inception Date:	6/01/02
Benchmark:	MSCI World Index

Resources

Characteristics

As of 12/31/20

Name	Long	Short
Number of Holdings	41	18
Equity Exposure	99.5	-33.8
Median Market Cap	51.5	34.9
Weighted Avg. Market Cap	184.1	293.7

Portfolio Composition

As of 12/31/20

Name	Delta Adjusted Basis %
Total Long Exposure	99.2%
Total Short Exposure	-33.5%
Total Gross Exposure	132.7%
Total Net Exposure	65.6%

Sector Weightings

As of 12/31/20

Sector	Delta Adjusted Basis %
Industrials	37.2%
Financials	18.8%
Information Technology	14.4%
Communication Services	9.2%
Health Care	8.5%
Consumer Staples	3.5%
Consumer Discretionary	2.2%
Materials	1.1%
Energy	0.0%
Real Estate	0.0%
Utilities	0.0%
Other	-29.1%

Regional Weightings

As of 12/31/20

Region	Delta Adjusted Basis %
North America	57.9%
Europe	7.7%
Asia/Pacific	0.0%
Caribbean	0.0%
Emerging Markets	0.0%
Latin America	0.0%
Middle East/Africa	0.0%

Market Capitalization

As of 12/31/20

Market CAP Range	Delta Adjusted Basis %
<=$0.10bil	0.0%
>$0.10bil<=$5bil	0.0%
>$5bil<=$30bil	22.3%
>$30bil<=$200bil	45.5%
>$200bil	-2.1%

The results portrayed on this page are for the Phineus Long/Short Strategy and as such only relate to the representative portfolio shown. 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 experienced 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.

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.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

S&P 500 Index-Is generally considered representative of the U.S. stock market.

The information provided in this page 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 an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. Ten Largest Holdings exclude any government/sovereign bonds or broad-based index hedging securities the portfolio may hold.

"Other" may include securities that don't have a sector classification such as options, ETFs, or Treasurys.

Delta Adjusted estimates the sensitivity of options values to changes in price of the underlying securities. Please note that calculating option positions on a market value basis does not reflect the potential exposure to the underlying securities, which may be larger on a notional basis.

It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

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.

Exposure is calculated using the market value of the equities and options in the portfolio. Please note that calculating option positions on a market value basis does not reflect the potential exposure to the underlying security which may be larger on a notional basis.

Annualized Total Returns

As of 12/31/20

Name	1-Year	3-Year	5-Year	10-Year	15-Year	Since Inception (6/02)
Phineus Long/Short (Gross)	22.86%	7.57%	9.79%	8.27%	12.43%	12.89%
Phineus Long/Short (Net)	21.37%	6.25%	8.42%	6.79%	10.86%	11.30%
MSCI World Index	16.49%	11.15%	12.82%	10.48%	7.93%	8.30%
S&P 500 Index	18.40%	14.18%	15.22%	13.88%	9.88%	9.18%

Calendar Year Returns

As of 12/31/20

Name	Qtr ending Dec 20	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	6/1/02 - 12/31/02
Phineus Long/Short (Gross)	25.39%	22.86%	5.84%	-4.26%	11.08%	15.37%	6.80%	2.26%	22.26%	9.45%	-5.06%	10.25%	76.38%	-16.39%	30.28%	23.72%	18.96%	8.98%	30.75%	-2.97%
Phineus Long/Short (Net)	25.03%	21.37%	4.53%	-5.45%	9.72%	13.84%	5.22%	0.74%	20.47%	7.83%	-6.48%	8.62%	73.86%	-17.66%	28.38%	21.91%	17.22%	7.37%	28.85%	-3.82%
MSCI World Index	14.07%	16.49%	28.40%	-8.20%	23.07%	8.15%	-0.32%	5.50%	27.37%	16.54%	-5.01%	12.34%	30.79%	-40.33%	9.57%	20.65%	10.02%	15.25%	33.76%	-17.29%
S&P 500 Index	12.15%	18.40%	31.49%	-4.39%	21.83%	11.96%	1.38%	13.69%	32.38%	16.00%	2.11%	15.07%	26.46%	-36.99%	5.50%	15.80%	4.91%	10.88%	28.68%	-16.69%

Long/Short Historical Equity Exposure

Date	Long	Short
6/30/02	51.3	-22.0
7/31/02	18.7	-16.7
8/31/02	10.4	-10.8
9/30/02	4.1	-10.8
10/31/02	28.6	0.0
11/30/02	32.9	-10.0
12/31/02	26.5	-24.0
1/31/03	24.1	0.0
2/28/03	34.3	0.0
3/31/03	28.5	-2.2
4/30/03	40.4	0.0
5/31/03	41.1	-30.3
6/30/03	46.1	-40.1
7/31/03	64.2	-30.3
8/31/03	62.7	-29.7
9/30/03	46.5	-35.0
10/31/03	45.0	-35.9
11/30/03	63.3	-41.3
12/31/03	70.4	-49.6
1/31/04	50.5	-43.7
2/29/04	46.9	-32.7
3/31/04	52.1	-34.0
4/30/04	44.5	-32.5
5/31/04	42.6	-25.3
6/30/04	43.2	-17.9
7/31/04	25.7	-1.0
8/31/04	40.5	-7.5
9/30/04	44.7	-19.8
10/31/04	55.0	-19.0
11/30/04	50.3	-31.3
12/31/04	53.4	-55.9
1/31/05	41.9	-26.7
2/28/05	59.0	-24.2
3/31/05	51.1	-17.9
4/30/05	60.1	-12.0
5/31/05	56.6	-18.5
6/30/05	54.7	-20.5
7/31/05	47.5	-33.4
8/31/05	54.3	-25.9
9/30/05	61.5	-36.3
10/31/05	53.4	-44.8
11/30/05	52.3	-46.3
12/31/05	48.9	-40.0
1/31/06	68.6	-45.6
2/28/06	58.4	-58.6
3/31/06	67.5	-64.1
4/30/06	50.2	-45.0
5/31/06	71.2	-40.5
6/30/06	92.1	-45.9
7/31/06	93.8	-37.3
8/31/06	82.1	-42.3
9/30/06	67.6	-58.3
10/31/06	66.2	-56.9
11/30/06	70.7	-74.9
12/31/06	78.8	-87.7
1/31/07	47.8	-53.3
2/28/07	49.4	-35.0
3/31/07	62.5	-57.2
4/30/07	77.6	-66.0
5/31/07	92.2	-94.7
6/30/07	99.6	-98.8
7/31/07	94.6	-91.9
8/31/07	101.6	-71.7
9/30/07	94.2	-69.6
10/31/07	70.3	-83.8
11/30/07	43.3	-31.1
12/31/07	39.6	-33.3
1/31/08	46.5	-20.5
2/29/08	49.7	-18.4
3/31/08	45.1	-22.7
4/30/08	73.2	-25.0
5/31/08	74.0	-28.0
6/30/08	57.2	-25.8
7/31/08	58.6	-25.5
8/31/08	59.3	-24.0
9/30/08	71.0	-34.0
10/31/08	70.7	-26.6
11/30/08	101.0	-18.6
12/31/08	96.1	-16.0
1/31/09	101.4	-20.4
2/28/09	102.2	-20.5
3/31/09	111.7	-17.4
4/30/09	109.0	-19.1
5/31/09	119.6	-13.0
6/30/09	82.8	-11.1
7/31/09	83.5	-11.8
8/31/09	68.8	-14.1
9/30/09	54.4	-28.9
10/31/09	59.1	-46.7
11/30/09	76.7	-45.4
12/31/09	69.1	-33.4
1/31/10	75.8	-26.2
2/28/10	65.7	-18.6
3/31/10	76.3	-18.6
4/30/10	80.6	-13.6
5/31/10	60.1	-12.4
6/30/10	58.8	-14.7
7/31/10	70.4	-14.7
8/31/10	75.2	-37.0
9/30/10	81.3	-23.1
10/31/10	71.3	-23.3
11/30/10	78.7	-30.9
12/31/10	79.3	-30.9
1/31/11	83.6	-32.3
2/28/11	73.9	-70.4
3/31/11	66.8	-72.0
4/30/11	73.7	-77.1
5/31/11	85.9	-66.6
6/30/11	82.6	-70.9
7/31/11	81.3	-53.4
8/31/11	77.8	-62.4
9/30/11	70.2	-39.4
10/31/11	70.1	-41.6
11/30/11	79.2	-37.2
12/31/11	90.2	-62.8
1/31/12	66.1	-47.1
2/29/12	80.6	-82.3
3/31/12	93.4	-62.2
4/30/12	79.7	-73.4
5/31/12	71.6	-119.1
6/30/12	77.4	-92.3
7/31/12	80.7	-82.1
8/31/12	94.7	-87.7
9/30/12	98.3	-106.5
10/31/12	98.1	-85.7
11/30/12	95.8	-69.6
12/31/12	70.5	-74.3
1/31/13	75.2	-8.9
2/28/13	76.7	-121.3
3/31/13	74.2	-78.5
4/30/13	64.3	-78.6
5/31/13	76.7	-8.6
6/30/13	36.9	-17.7
7/31/13	45.0	-112.4
8/31/13	40.6	-129.5
9/30/13	56.6	-99.3
10/31/13	50.3	-42.3
11/30/13	56.6	-34.2
12/31/13	57.2	-61.9
1/31/14	43.6	-62.4
2/28/14	56.3	-66.7
3/31/14	71.5	-66.1
4/30/14	55.8	-70.6
5/31/14	56.5	-62.4
6/30/14	64.9	-43.4
7/31/14	57.1	-51.3
8/31/14	62.7	-79.1
9/30/14	62.2	-59.5
10/31/14	98.0	-31.7
11/30/14	122.8	-30.6
12/31/14	110.3	-42.8
1/31/15	146.1	-94.5
2/28/15	107.0	-69.6
3/31/15	100.2	-31.1
4/30/15	81.4	-30.9
5/31/15	74.8	-120.2
6/30/15	96.3	-70.2
7/31/15	103.8	-87.5
8/31/15	92.5	-70.8
9/30/15	114.2	-73.2
10/31/15	81.6	-50.5
11/30/15	81.3	-59.7
12/31/15	94.8	-41.4
1/31/16	96.2	-88.4
2/29/16	101.7	-40.4
3/31/16	98.9	-56.1
4/30/16	82.5	-46.6
5/31/16	86.2	-43.5
6/30/16	85.3	-51.4
7/31/16	96.0	-65.6
8/31/16	96.9	-59.9
9/30/16	93.3	-40.4
10/31/16	89.8	-43.0
11/30/16	94.0	-46.7
12/31/16	94.8	-52.8
1/31/17	93.1	-61.0
2/28/17	92.5	-49.1
3/31/17	93.0	-48.9
4/30/17	87.8	-42.7
5/31/17	101.5	-50.5
6/30/17	88.9	-52.7
7/31/17	93.2	-71.9
8/31/17	100.5	-59.2
9/30/17	95.6	-64.1
10/31/17	90.8	-62.7
11/30/17	90.6	-64.2
12/31/17	84.4	-62.5
1/31/18	89.5	-57.6
2/28/18	87.1	-52.9
3/31/18	81.1	-49.1
4/30/18	85.2	-54.4
5/31/18	82.9	-36.7
6/30/18	84.5	-35.9
7/31/18	87.7	-44.2
8/31/18	86.7	-42.7
9/30/18	91.3	-43.5
10/31/18	92.9	-33.8
11/30/18	91.5	-32.7
12/31/18	96.3	-47.9
1/31/19	92.9	-51.1
2/28/19	95.0	-95.3
3/31/19	88.8	-84.6
4/30/19	91.9	-90.3
5/31/19	93.0	-84.0
6/30/19	96.9	-90.3
7/31/19	97.4	-93.0
8/31/19	101.1	-97.6
9/30/19	97.7	-89.2
10/31/19	93.7	-89.3
11/30/19	102.1	-57.7
12/31/19	97.8	-63.0
1/31/20	83.9	-94.1
2/29/20	102.1	-103.6
3/31/20	107.4	-81.5
4/30/20	102.3	-72.5
5/31/20	103.2	-60.8
6/30/20	102.0	-56.7
7/31/20	100.9	-66.0
8/31/20	102.8	-62.2
9/30/20	100.8	-59.4
10/31/20	105.8	-43.7
11/30/20	100.1	-36.2
12/31/20	99.5	-33.8

Gross/Net Historical Equity Exposure

Date	Net	Gross
6/30/02	29.3	73.2
7/31/02	2.0	35.3
8/31/02	-0.4	21.1
9/30/02	-6.7	14.8
10/31/02	28.6	28.6
11/30/02	22.9	42.9
12/31/02	2.5	50.5
1/31/03	24.1	24.1
2/28/03	34.3	34.3
3/31/03	26.4	30.7
4/30/03	40.4	40.4
5/31/03	10.8	71.4
6/30/03	6.0	86.2
7/31/03	33.9	94.5
8/31/03	32.9	92.4
9/30/03	11.5	81.5
10/31/03	9.1	80.9
11/30/03	22.0	104.5
12/31/03	20.8	120.0
1/31/04	6.9	94.2
2/29/04	14.2	79.7
3/31/04	18.1	86.0
4/30/04	12.0	76.9
5/31/04	17.3	68.0
6/30/04	25.3	61.1
7/31/04	24.7	26.8
8/31/04	33.0	48.0
9/30/04	24.9	64.5
10/31/04	36.0	74.0
11/30/04	19.0	81.7
12/31/04	-2.4	109.3
1/31/05	15.2	68.6
2/28/05	34.8	83.2
3/31/05	33.2	69.1
4/30/05	48.0	72.1
5/31/05	38.1	75.1
6/30/05	34.2	75.2
7/31/05	14.2	80.9
8/31/05	28.4	80.2
9/30/05	25.2	97.8
10/31/05	8.6	98.1
11/30/05	6.1	98.6
12/31/05	8.9	88.9
1/31/06	23.0	114.2
2/28/06	-0.2	117.1
3/31/06	3.4	131.6
4/30/06	5.1	95.2
5/31/06	30.6	111.7
6/30/06	46.2	138.0
7/31/06	56.6	131.1
8/31/06	39.8	124.4
9/30/06	9.3	126.0
10/31/06	9.3	123.1
11/30/06	-4.2	145.6
12/31/06	-8.9	166.5
1/31/07	-5.4	101.1
2/28/07	14.4	84.3
3/31/07	5.3	119.6
4/30/07	11.6	143.6
5/31/07	-2.5	186.9
6/30/07	0.8	198.4
7/31/07	2.7	186.5
8/31/07	29.9	173.4
9/30/07	24.5	163.8
10/31/07	-13.5	154.2
11/30/07	12.2	74.4
12/31/07	6.3	72.8
1/31/08	26.1	67.0
2/29/08	31.3	68.1
3/31/08	22.4	67.8
4/30/08	48.1	98.2
5/31/08	46.0	102.1
6/30/08	31.4	83.0
7/31/08	33.1	84.2
8/31/08	35.3	83.4
9/30/08	37.0	105.0
10/31/08	44.1	97.3
11/30/08	82.5	119.6
12/31/08	80.1	112.2
1/31/09	81.0	121.8
2/28/09	81.7	122.7
3/31/09	94.3	129.1
4/30/09	89.9	128.1
5/31/09	106.6	132.7
6/30/09	71.6	93.9
7/31/09	71.7	95.3
8/31/09	54.7	82.9
9/30/09	25.5	83.3
10/31/09	12.4	105.8
11/30/09	31.3	122.1
12/31/09	35.7	102.4
1/31/10	49.6	102.0
2/28/10	47.1	84.3
3/31/10	57.7	94.9
4/30/10	67.0	94.3
5/31/10	47.8	72.5
6/30/10	44.1	73.5
7/31/10	55.7	85.0
8/31/10	38.2	112.2
9/30/10	58.3	104.4
10/31/10	48.0	94.7
11/30/10	47.8	109.6
12/31/10	48.4	110.2
1/31/11	51.3	115.9
2/28/11	3.4	144.3
3/31/11	-5.3	138.8
4/30/11	-3.4	150.9
5/31/11	19.3	152.5
6/30/11	11.7	153.5
7/31/11	27.8	134.7
8/31/11	15.4	140.3
9/30/11	30.8	109.6
10/31/11	28.6	111.7
11/30/11	42.0	116.4
12/31/11	27.4	152.9
1/31/12	18.9	113.2
2/29/12	-1.7	162.9
3/31/12	31.2	155.6
4/30/12	6.3	153.0
5/31/12	-47.6	190.7
6/30/12	-15.0	169.7
7/31/12	-1.4	162.8
8/31/12	7.0	182.4
9/30/12	-8.2	204.8
10/31/12	12.4	183.8
11/30/12	26.2	165.4
12/31/12	-3.8	144.8
1/31/13	66.3	84.0
2/28/13	-44.6	198.1
3/31/13	-4.3	152.7
4/30/13	-14.3	142.9
5/31/13	68.1	85.3
6/30/13	19.1	54.6
7/31/13	-67.4	157.3
8/31/13	-88.9	170.1
9/30/13	-42.7	155.9
10/31/13	8.0	92.6
11/30/13	22.4	90.8
12/31/13	-4.7	119.1
1/31/14	-18.8	106.0
2/28/14	-10.3	123.0
3/31/14	5.4	137.7
4/30/14	-14.9	126.4
5/31/14	-5.9	119.0
6/30/14	21.5	108.4
7/31/14	5.8	108.3
8/31/14	-16.4	141.7
9/30/14	2.7	121.6
10/31/14	66.3	129.7
11/30/14	92.2	153.4
12/31/14	67.5	153.1
1/31/15	51.6	240.6
2/28/15	37.4	176.6
3/31/15	69.1	131.3
4/30/15	50.5	112.3
5/31/15	-45.4	195.0
6/30/15	26.2	166.5
7/31/15	16.3	191.3
8/31/15	21.8	163.3
9/30/15	41.0	187.4
10/31/15	31.1	132.0
11/30/15	21.6	141.0
12/31/15	53.4	136.1
1/31/16	7.8	184.6
2/29/16	61.3	142.0
3/31/16	42.7	155.0
4/30/16	35.9	129.1
5/31/16	42.7	129.7
6/30/16	33.9	136.7
7/31/16	30.5	161.6
8/31/16	37.0	156.8
9/30/16	52.9	133.8
10/31/16	46.9	132.8
11/30/16	47.3	140.7
12/31/16	42.1	147.6
1/31/17	32.1	154.0
2/28/17	43.4	141.5
3/31/17	44.1	141.8
4/30/17	45.1	130.5
5/31/17	51.0	152.0
6/30/17	36.2	141.5
7/31/17	21.3	165.2
8/31/17	41.3	159.6
9/30/17	31.5	159.7
10/31/17	28.1	153.4
11/30/17	26.4	154.8
12/31/17	21.9	147.0
1/31/18	32.0	147.1
2/28/18	34.2	140.0
3/31/18	31.9	130.2
4/30/18	30.8	139.6
5/31/18	46.2	119.6
6/30/18	48.6	120.4
7/31/18	43.5	131.9
8/31/18	44.0	129.4
9/30/18	47.8	134.8
10/31/18	59.2	126.7
11/30/18	58.8	124.2
12/31/18	48.4	144.2
1/31/19	41.8	144.0
2/28/19	-0.3	190.3
3/31/19	4.2	173.4
4/30/19	1.6	182.2
5/31/19	9.0	177.0
6/30/19	6.6	187.3
7/31/19	4.4	190.4
8/31/19	3.5	198.8
9/30/19	8.4	186.9
10/31/19	4.4	182.9
11/30/19	44.3	159.8
12/31/19	34.8	160.8
1/31/20	-10.2	178.1
2/29/20	-1.5	205.7
3/31/20	25.9	188.8
4/30/20	29.8	174.8
5/31/20	42.4	164.0
6/30/20	45.2	158.7
7/31/20	34.9	166.9
8/31/20	40.7	165.0
9/30/20	41.4	160.2
10/31/20	62.1	149.6
11/30/20	63.9	136.3
12/31/20	65.7	133.3

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

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

S&P 500 Index-Is generally considered representative of the U.S. stock market.

HFRI Equity Hedge Index consists of funds where portfolio managers maintain long and short positions in primarily equity and derivative securities.

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.

Risk/Reward Since Inception

As of 12/31/20

Name	Calamos Phineus Long/Short Composite	MSCI World Index
Alpha	7.24%	N/A
Beta	0.70	1.00
Annualized Standard Deviation	16.53%	15.53%
Upside Semivariance	17.81%	11.11%
Downside Semivariance	6.12%	9.48%
Sharpe Ratio	0.70	0.45
Information Ratio	0.35	N/A
Sortino Ratio	1.34	0.65

Since Inception Up/Down Capture Vs. MSCI World Index

As of 12/31/20

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

S&P 500 Index-Is generally considered representative of the U.S. stock market.

HFRI Equity Hedge Index consists of funds where portfolio managers maintain long and short positions in primarily equity and derivative securities.

Vehicles and Minimums

Vehicle	Minimum	Availability
Separately Managed Accounts	$10 million	Available to new investors
Institutional Mutual Fund (CPLIX)	$1 million	These investment offerings are intended for investors inside the United States.

Fact Sheet

The Phineus Long Short Strategy fact sheet provides a snapshot of the investment team, strategy, performance, composition, ratings and returns.

Performance Review

A discussion of the Calamos Phineus Long Short Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.

Phineus Long/Short Strategy

Strategy Objective

Key Differentiators

Strategy Details

Resources

Characteristics

Portfolio Composition

Sector Weightings

Regional Weightings

Market Capitalization

Annualized Total Returns

Calendar Year Returns

Long/Short Historical Equity Exposure

Gross/Net Historical Equity Exposure

Risk/Reward Since Inception

Since Inception Up/Down Capture Vs. MSCI World Index

Vehicles and Minimums

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