Calamos Wealth Management LLC

Calamos Wealth Management LLC (“CWM”) is an investment adviser registered with the U.S. Securities and Exchange Commission (the “SEC”) and a wholly owned subsidiary of Calamos Investments LLC (“CILLC”). Calamos Asset Management, Inc. (“CAM”) is the sole manager of CILLC, which owns and manages our operating companies. Unless the context otherwise requires, references to “we,” “us,” “our,” “the firm,” “our company” and “Calamos” refer to Calamos Wealth Management LLC. As it relates to this brochure, our affiliate, Calamos Advisors LLC (“CAL”), is an investment adviser that provides investment advisory services to investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”), Undertakings for Collective Investment in Transferable Securities (“UCITS”), institutional and managed accounts and also serves as sub‐investment adviser to several registered investment companies. References to the “Calamos Family of Funds” or the “Calamos Funds” refers to those investment companies registered under the 1940 Act managed by CAL. Our founder, John P. Calamos, Sr., began investing for his clients in the difficult markets of the 1970s. John developed pioneering strategies that sought to maximize the potential of convertible securities. Convertibles were little known at the time, but John recognized the potential of these securities to enhance returns and manage risk. Because Mr. Calamos recognized that successful wealth management is about more than asset management, our firm was founded in 2007 to offer clients a suite of wealth planning services, including, to the extent requested, financial planning and related consulting services. Our firm is headquartered in Naperville, Illinois, and has offices based in New York, San Francisco, Portland, Milwaukee, Chicago and Coral Gables. As of December 31, 2025, 77.718% of CILLC was owned by Calamos Partners LLC (“CPL”), 22.2402% by CAM, and .0418% by Calamos Equity Partners LLC (“CEP”). CPL was owned by John S. Koudounis and Calamos Family Partners, Inc. (“CFP”) with CFP beneficially owned by members of the Calamos family, including John P. Calamos, Sr. CAM was owned by John P. Calamos, Sr. and John S. Koudounis. CEP was owned by John S. Koudounis and Daniel L. Dufresne. SERVICES PROVIDED We provide discretionary wealth management services, which include asset allocation planning, proprietary investment offerings, external manager selection, and general wealth consulting, to high-networth individuals and organizations. We offer customized asset allocation advice and individualized services such as the following:  Asset allocation services that take into account investment objectives, risk tolerance, and investment time horizon;  Oversight of Separately Managed Account (“SMAs”) portfolios managed by sub‐advisers or us that are allocated to mutual funds. We also recommend or use a combination of subadvisers and mutual funds in both taxable and tax‐deferred accounts;  Development and execution of multi‐generational investment policies, asset management, and income distribution plans; and

 Management of retirement and deferred compensation plans. PRIVATE WEALTH ADVISORY SERVICES As part of its services, CWM manages client investment assets in either of its two investment programs, which are described in greater detail below. CWM, through its relationship team members, will recommend a program to each client based on the client's investment objectives, risk tolerance, financial circumstances, and other relevant factors. Clients are encouraged to review this brochure carefully and to discuss any questions about the programs with their relationship team. While CWM bears responsibility for making suitable program recommendations consistent with its fiduciary obligations, clients retain the right to select either program and should satisfy themselves that their chosen program remains appropriate for their needs on an ongoing basis. WEALTH ADVISORY PROGRAM CWM will manage a portfolio typically consisting of one or more of the following types of securities: individual equity and fixed-income securities, Calamos Funds, non-Calamos Funds, private funds, interval funds, tender offer funds, exchange traded funds (“ETFs”), and limited partnerships. CWM will also recommend or select sub-advisers to manage a portfolio of individual equity and fixed-income securities. CWM generally recommends CAL to serve as a sub-adviser for a portfolio, subject to the client’s consent in their investment advisory agreement or the investment policy statement. All securities used will be evaluated based on the desired impact in a portfolio, which includes performance, overall volatility, downside risk, yield, as well as other general strategy level factors, such as manager tenure, active or passive approach, etc. Any use of Calamos Funds will be subject to the same process as non-Calamos Funds. Clients and prospective Wealth Advisory Program clients should consider the following:  CWM’s advisory fee is higher in the Wealth Advisory Program than in the Calamos Managed Mutual Fund Program, and our affiliate receives management fees from the Calamos Funds in both programs. More information about the fees and expenses of each program is described in Item 5 below. Clients and prospective clients should also review Item 4 under the heading “Calamos Funds and The Use of Affiliated Sub-Adviser”, and Item 8 under the heading “Investment Strategies” to more fully understand the total cost of each program.  CWM generally charges its advisory fee on all assets purchased in the Wealth Advisory Program, except that CWM provides a waiver on its advisory fee with respect to investments in the Calamos Funds. CALAMOS MANAGED MUTUAL FUND PROGRAM CWM will manage a mutual fund portfolio comprised of Calamos Funds that are open-end mutual funds. CWM will only use non-Calamos Funds when and if, in CWM’s sole discretion, the desired asset class or strategy is not available in an existing Calamos Fund. At most times, CWM expects that portfolios in the Calamos Managed Mutual Fund Program will be invested entirely in Calamos Funds. Given the structure of this program, a current or prospective Calamos Managed Mutual Fund Program client should review the disclosure below under the heading “Calamos Funds and The Use of Affiliated Sub-Adviser”.

Clients and prospective clients should consider the following:  The advisory fee charged by CWM for the Calamos Managed Mutual Fund Program is lower than that charged for the Wealth Advisory Program, but our affiliate receives fees from the Calamos Funds in both programs. More information about the fees and expenses of each program is described in Item 5 below. Clients and prospective clients should also review Item 4 under the heading “Calamos Funds and The Use of Affiliated Sub-Adviser”, and Item 8 under the heading “Investment Strategies” to understand the total cost of each program more fully.  In the Calamos Managed Mutual Fund Program, CWM provides a waiver of its advisory fee on any investment in the Calamos Funds held in an individual retirement account (“IRA”) or a portfolio that is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). CALAMOS FUNDS AND THE USE OF AFFILIATED SUB-ADVISER As described above, both the Wealth Advisory Program and the Calamos Managed Mutual Fund Program invest in Calamos Funds. Calamos Funds include open end funds and ETFs, closed end funds, and interval funds. In addition, in the Wealth Advisory Program, we will recommend the use of CAL as a sub-adviser, subject to the client’s consent in their investment advisory agreement or the investment policy statement. In the Wealth Advisory Program, the selection of securities and sub-advisers, including the Calamos Funds and CAL, is subject to the selection process described in Item 8 below. The amount of Calamos Funds included in a portfolio in the Wealth Advisory Program is determined by CWM in accordance with its security selection process described in Item 8 below. Both the allocation and the specific investments used for the Wealth Advisory Program are subject to change. Your account statements will reflect the current composition of your account, including any Calamos Funds. We have a conflict of interest in selecting Calamos Funds for portfolios in both the Wealth Advisory Program and the Calamos Managed Mutual Fund Program, because our affiliates earn compensation for managing and operating the Calamos Funds, which are described in greater detail in each fund prospectus. In the Calamos Managed Mutual Fund Program, the fees payable to CAL as investment adviser to the Calamos Funds are in addition to the fee that you pay to CWM for participation in this program and results in CWM and its affiliates receiving “two levels of fees”. In the Wealth Advisory Program, you will also be responsible for the fees payable to CAL as investment adviser to the Calamos Funds, but as described below, we provide a waiver of our advisory fee for all investments in the Calamos Funds. We also have a conflict of interest in recommending the use or continued use of CAL as a sub-adviser in the Wealth Advisory Program and the continued use of CAL in the Calamos Managed Mutual Fund Program, because we avoid paying other unaffiliated sub-advisers. We seek to mitigate these conflicts of interest in the Wealth Advisory Program in several ways, including disclosing the conflicts of interest in this brochure, by subjecting the Calamos Funds and the initial recommendation of CAL as sub-adviser to the investment selection process described in Item 8 below, and by providing a waiver of our advisory fee for all investments in the Calamos Funds. Even though we provide a waiver, the compensation that CAL receives from the Calamos Funds may be greater (or less) than your advisory fee that we waive. Clients may also direct us not to recommend or use the Calamos

Funds, may direct us at any time to discontinue use of CAL as a sub-adviser, or may withhold their consent to using CAL in the first instance. For the Calamos Managed Mutual Fund Program, we seek to mitigate these conflicts of interest in several ways, including disclosing the conflicts of interest in this brochure, and by providing a waiver of our advisory fee on any Calamos Funds held in an IRA or a portfolio that is subject to ERISA. Clients may also direct us at any time to discontinue the use of CAL as a sub-adviser. Clients and prospective clients should consider these conflicts of interest and our additional sources of compensation when evaluating the amount and appropriateness of the fees we earn in connection with their selection of either program. In addition to the conflicts described above, CWM may invest client assets in newly launched or small Calamos Funds. Investing in funds with limited track records or small asset bases creates additional conflicts because CWM has a financial interest in helping CAL successfully launch and scale new products. Early investors bear greater risks and may experience concentration issues if CWM's aggregate client investments represent a significant portion of a fund's total assets. Please see Item 11 for a complete description of this conflict and our mitigation procedures. TRUST SERVICES CWM recommends the services of several trust companies, chartered nationally and in different states, that can assist clients with their unique planning trust service needs. These trust companies and their services are made available under the name Calamos Trust Services. The client is under no obligation to engage the services of any recommended trust company. The client retains absolute discretion over all implementation decisions and is free to accept or reject any recommendation from CWM and its representatives. CWM does not receive any compensation (direct or indirect) from any trust company for these referrals. The terms and conditions of a client’s engagement with the trust company, including the fee payable by the client, are outlined in a separate agreement between the client and the trust company. Additionally, CWM can provide trust services to its clients through an affiliation with National Advisors Trust Company, FSB (“NATC”). NATC is a federally chartered trust company regulated by the Office of the Comptroller of the Currency (“OCC”) and is a member of the Federal Deposit Insurance Corporation (“FDIC”). In connection with NATC and as an accommodation to addressing the needs of certain clients, CWM offers trust services through a private label trade name, Calamos Private Trust (“CPT”), a Trust Representative Office of NATC. By law, CWM’s client assets are segregated from the capital assets of NATC and are not subject to potential NATC creditor claims. CWM and NATC are not related entities. The terms and conditions of a client’s engagement of NATC, including the fee payable by the client to NATC, are outlined in a separate agreement between the client and NATC. The fee charged by the trust company is generally based on a percentage of the market value of the assets in the trust, subject to annual fee minimums. CWM does not receive any portion of NATC’s fees. Regardless, CWM has a conflict of interest in recommending NATC, because CWM is a shareholder of National Advisors Holding, Inc. (NAH), the parent company of NATC. No client is under any obligation to use NATC’s trust services. CWM, as a matter of policy, regardless of the type of client engagement or service, does not provide tax, accounting, regulatory or legal advice. Rules in the areas of law, tax, and accounting are subject to change and open to varying interpretations. Before implementation, clients should consult with professionals on

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CWM shall have overall responsibility for the general supervision and management of accounts and shall oversee any sub‐advisers. CWM will charge the following annual fees for accounts participating in the Wealth Advisory Program: Up to $2,000,000 in assets under management Next $3,000,000 in assets under management Next $5,000,000 in assets under management Over $10,000,000 in assets under management

1.25% 1.00% 0.75% 0.50%

As described more fully above in Item 4 under the heading “Calamos Funds and The Use of Affiliated SubAdviser”, CWM will waive its advisory fee with respect to any client assets invested in Calamos Funds. Fees are based upon a percentage of assets under management, typically calculated at the end of each calendar quarter and are normally payable quarterly in advance, based upon the market value of the assets on the last business day of the previous quarter. We generally do not make any adjustments for contributions or withdrawals from your account that occur during a quarter. Generally, some portion of your account balance will be held in cash (i.e., money market funds), and that cash balance is included in your fee calculation. At times, in a low yield environment, your fee will exceed your money market yield. In addition, for clients utilizing margin or pledging assets for collateralized loans, CWM will include the entire market value of the margined/pledged assets when computing its advisory fee. Fees will be automatically deducted from your account, or you will be invoiced, depending upon your election. For accounts that are billed in advance, upon termination any unearned fees for the quarter will be refunded by CWM. For invoiced clients, a failure to remit payment within 90 days will result in an automatic deduction from your account. We utilize vendor supplied pricing that will, at times, differ from custodial pricing. You should review your CWM statements and valuations and compare them to your custodian statements and call us with any concerns. Please review the disclosures below under the heading “Other Fees and Expenses Relating to Investing with CWM” for more information about other fees and expenses that you may incur.

Please review Item 8 below for more information about our security selection practices as it relates to transaction fees. CALAMOS MANAGED MUTUAL FUND PROGRAM CWM shall have overall responsibility for the general supervision and management of accounts and shall oversee any sub‐advisers (sub-advisers applies only to CAL) for clients who, as of April 30, 2015, maintain a sub-advised account. CWM will charge the following annual fees for accounts participating in the Calamos Managed Mutual Fund Program: Up to $2,000,000 in assets under management Next $3,000,000 in assets under management Next $5,000,000 in assets under management Over $10,000,000 in assets under management

0.50% 0.35% 0.25% 0.20%

Certain legacy clients who engaged CWM’s services are grandfathered under a prior fee schedule. Fees are based upon a percentage of assets under management, typically calculated at the end of each calendar quarter and are normally payable quarterly in advance, based upon the market value of the assets on the last business day of the previous quarter. We generally do not make any adjustments for contributions or withdrawals from your account that occur during a quarter. Generally, some portion of your account balance will be held in cash (i.e., money market funds), and that cash balance is included in your fee calculation. At times, in a low yield environment, your fee will exceed your money market yield. In addition, for clients utilizing margin or pledging assets for collateralized loans, CWM will include the entire market value of the margined/pledged assets when computing its advisory fee. Fees will be automatically deducted from your account, or you will be invoiced, depending upon your election. For accounts that are billed in advance, upon termination any unearned fees for the quarter shall be refunded by CWM. For invoiced clients, a failure to remit payment within 90 days will result in an automatic deduction from your account. We utilize vendor supplied pricing that will, at times, differ from custodial pricing. You should review your CWM statements and valuations compared to your custodian statements and call us with any concerns. Please review the disclosures below under the heading “Other Fees and Expenses Relating to Investing with CWM” for more information about other fees and expenses that you may incur. Please review Item 8 below for more information about our security selection practices as it relates to transaction fees. CWM has set the pricing for the Calamos Managed Mutual Fund Program based partially on its affiliates receipt of management fees from managing the Calamos Funds, which currently ranges from 0.30% to 1.25%. These are outlined in the prospectus that you receive, and are subject to change. As described more fully above in Item 4 under the heading “Calamos Funds and The Use of Affiliated Sub-Adviser”, CWM provides a waiver of its advisory fee on any Calamos Funds held in an IRA or a portfolio that is subject to ERISA.

INSTITUTIONAL ADVISORY SERVICES CWM shall have overall responsibility for the general supervision and management of accounts and oversee any sub‐advisers. The advisory fees associated with these sub‐advisers will be based on the type of strategies in which the assets are invested and the amount of assets under management and will generally range between 0.30 – 1.00% as specified in the Investment Advisory Agreement. Fees may be lower based upon the individual relationship. These fees are described in any sub‐adviser’s Form ADV Part 2A, a copy of which we will provide to all clients who maintain an account with a sub-adviser. We have a conflict of interest in recommending the use or continued use of CAL as a sub-adviser, because we avoid paying other unaffiliated sub-advisers. We also provide a waiver of our advisory fee on any Calamos Funds held in an IRA or a portfolio that is subject to ERISA. For more information about our selection of CAL and our waiver of our advisory fee on investments in Calamos Funds held in an IRA or a portfolio that is subject to ERISA, you should review Item 4 under the heading “Calamos Funds and The Use of Affiliated Sub-Adviser”. Other Fees and Expenses for Private Wealth Advisory Services and Institutional Advisory Services CWM’s advisory fees described above do not include charges resulting from trades executed with or through broker‐dealers, markups or markdowns by such other broker‐dealers, electronic fund and wire transfer fees, custodial fees, and any other charges imposed by the client’s account custodian. All these additional fees are the responsibility of the client. See Item 12 for a discussion of our brokerage practices. In addition, clients will incur additional fees and expenses of their underlying investments made or recommended by CWM, which include fees incurred as shareholders of mutual funds and ETFs, including the Calamos Funds. Clients and prospective clients should also review the disclosures in Item 4 under the heading “Calamos Funds and The Use of Affiliated Sub-Adviser”, for more information about the conflict of interests associated with investing in Calamos Funds and how we seek to mitigate those conflicts. CWM will generally be responsible for paying the advisory fees charged by sub-advisers engaged by CWM. However, there are situations when the client will either partially or totally bear the cost of the subadviser’s fee. In these situations, CWM will obtain the client’s consent prior to allocating any of the client’s assets to a sub-adviser where they will incur additional fees, which will be granted in the client’s investment advisory agreement or investment policy statement. CWM’s Chief Compliance Officer remains available to address any questions that a client or prospective client may have regarding the potential for incurring additional fees. LIMITED NEGOTIABILITY OF ADVISORY FEES Although we have established the fee structure above for each program that we offer, we retain the discretion to negotiate alternative fees on a client‐by‐client basis. Pre‐existing advisory clients are subject to Calamos’ minimum account requirements and advisory fees in effect at the time the client entered the advisory relationship. Therefore, our firm’s minimum account requirements will differ among clients. The nature of our proposed relationship with you is considered in determining the fee structure for your account. This includes assets to be placed under management, anticipated future additional assets, services provided, related accounts, portfolio style, account composition (asset type/strategy) and competitive pricing in the local market.

Your specific annual fee structure is identified in your Investment Advisory Agreement. We group certain related accounts for the purposes of determining the annualized fee or for achieving the minimum account size requirements described in more detail in Item 7. Discounts are offered to family members and friends of associated persons of our firm. It should be noted that while we believe our fees are reasonable, similar advisory services are likely available from other registered (or unregistered) investment advisers for similar or lower fees. A client may pay higher fees than another client in the same strategy. Also, clients with larger assets under management generate more revenue for CWM than smaller accounts. These differences give rise to a conflict that a wealth advisor or portfolio manager may favor the higher fee-paying account over the other or allocate more time to the management of one account over another. Fee Dispersion. CWM, in its discretion, may charge a lesser or higher investment advisory fee, charge a flat fee, waive applicable minimum asset level, waive its fee entirely, or charge fees on a different interval, based upon certain criteria (i.e. anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to be managed, related accounts, account composition, complexity of the engagement, anticipated services to be rendered, grandfathered fee schedules, employees and family members, WAS program referrals, courtesy accounts, referrals from existing clients, competition, negotiations with client, etc.). Please Note: As result of the above, similarly situated clients could pay different fees. In addition, similar advisory services could be available from other investment advisers for similar or lower fees. Important: If you are considering engaging CWM's services and fee negotiations are important to you, we encourage you to discuss fee structures openly with your Relationship Team. CWM's willingness to negotiate fees is not limited to clients from any particular referral source. TRUST SERVICES FEES As indicated above at Item 4, CWM can provide trust services to its clients through an affiliation with various trust companies. If a client determines to use the services of a third-party trust company, the trust company will serve as the administrative trustee and CWM will serve as the client’s investment adviser. Clients will be charged both an administrative trustee fee by the trust company, and an investment advisory fee by CWM in accordance with the fees outlined above in this Item 5. The fee charged by the trust company is generally based on a percentage of the market value of the assets in trust, subject to annual fee minimums. The fee charged by the trust company is dictated in a separate agreement between the client and the trust company. CWM does not share fees with any third-party trust companies. No client is under any obligation to use the services of any third-party trust company. CWM’s Chief Compliance Officer remains available to address any questions that a client or prospective client may have regarding our relationship with any trust company, this offering, or the fees imposed by a thirdparty trust company or CWM. TERMINATION OF THE ADVISORY RELATIONSHIP Your Investment Advisory Agreement may be canceled at any time, by either party, for any reason upon written notice. Please refer to your Investment Advisory Agreement. Whether the management fee is billed in advance or arrears, upon termination of your account, any prepaid or unearned fees will be promptly refunded. Immediate payment of unpaid fees will be requested. In calculating your remaining

fee or reimbursement, we will pro rate the fee or reimbursement according to the number of days remaining in the billing period.

Our team typically meets with you to determine your investment objectives, risk tolerance, and financial situation. The team will ask a series of questions about your priorities and concerns. Based upon these consultations, we will then work to create an investment policy statement to serve as a primary point of reference to ensure that your objectives are clearly defined. We remain available to review the policy statement with you on an ongoing basis, modifying it as necessary to accommodate changes to your long‐ term goals and objectives. Your account plan includes an asset allocation which is based on your investment policy statement. Your account will then be managed according to your investment policy statement and account plan subject to the supervision of the Investment Committee in conjunction with the investment professional or professionals that service your relationship. In the Wealth Advisory Program, CWM creates and continuously manages portfolios by typically using the following types of securities: individual equity and fixed-income securities, Calamos Funds, nonCalamos Funds, Private Funds, Interval Funds, Tender Offer Funds, ETFs, and limited partnerships. Calamos Funds include open end funds and ETFs, closed end funds, interval funds, and private funds. CWM also recommends or selects sub-advisers to manage a portfolio of individual equities or fixedincome securities for your account. In the Calamos Managed Mutual Fund Program, CWM will manage a mutual fund portfolio comprised of Calamos Funds that are open-ended mutual funds. CWM will only use non-Calamos Funds when, and if, in its sole discretion, the desired asset class or strategy is not available in an existing Calamos Fund. At most times, CWM expects that portfolios in the Calamos Managed Mutual Fund Program will be invested entirely in Calamos Funds. Given the structure of this program, a current or prospective Calamos Managed Mutual Fund Program client should review the disclosure in Item 4 under the heading “Calamos Funds and The Use of Affiliated Sub-Adviser”. You could own mutual funds that perform better (or worse) or have more favorable (or less favorable) investment metrics outside of the Calamos Managed Mutual Fund Program. A client and/or prospective client can direct us, in writing, not to utilize the services of CAL or purchase any affiliated investment products for the client’s account(s). To create desired behaviors in portfolios, CWM’s process starts with the sourcing of ideas, which is then followed by a quantitative and qualitative evaluation. The byproduct of these two steps is followed by vehicle selection and portfolio construction. The fourth step involves ongoing monitoring. Each of these steps is described in more detail below. When selecting the universe of sub-advisers for an investment strategy, CWM will only consider CAL, unless CAL does not currently offer the strategy being sought by CWM. As a result, our universe will cause us to select CAL even if an unaffiliated sub-adviser exists with more favorable performance or other investment metrics. A client and/or prospective client can direct us, in writing, not to utilize the services of CAL or purchase any affiliated investment products for the client’s account(s). Sourcing of Opportunities: CWM uses its extensive network, research partners and databases to identify investment strategies that it believes are worth further review. This process is encompassing as it does not rely on any specific database or other limiting factors. While CWM uses database screens, it believes

that these screens are limited based on the type of investment vehicle being evaluated and based on the methodologies used by the screens themselves. For example, an investment manager may have a longerterm successful track record, yet a particular vehicle being considered that is managed by that manager may have a relatively limited track record. Similarly, strategies with attractive long-term characteristics may have changed over time that raises questions about their future performance. Many of these limitations can be addressed through the quantitative and qualitative evaluation process. Quantitative & Qualitative Evaluation: After the sourcing of ideas, the investment (or group of investments) or sub-adviser under consideration is evaluated by CWM, a research vendor or partner, or a combination of these parties. For strategies where CAL serves as the sub-adviser, CWM monitors – for example – performance, risk, and peer group rankings. The quantitative process includes performance behavior analysis including reviews of performance relative to appropriate benchmarks, level of risk taken, risk-adjusted returns, yield levels, benchmark tracking error, management fees, etc. The qualitative process includes factors such as the underlying manager’s track record and tenure, philosophy and process employed, desired behavior, such as higher risk or lower risk, higher or lower yield generated, etc. CWM will generally select the least expensive share class available at the client’s account’s custodian in an effort to maximize returns. However, CWM may determine to select a share class that is more expensive when a less expensive share class is available to reduce transaction costs. CWM analyzes mutual fund and ETF transaction fees at the strategy level and does not typically consider the impact of transaction fees at the individual client level. Clients with unique situations, such as higher rates of withdrawals and contributions or frequent changes in their investment policy statement, investment objectives or financial situation are not specifically considered when CWM makes share class determinations. Those clients may incur more transaction costs because of their unique situation and they may impose restrictions on CWM to not purchase mutual funds or ETFs that incur transaction fees. The availability of share classes at a client’s custodian may have an impact on the overall performance of the account. Clients who have questions about the differences in available mutual funds and ETFs at their account’s custodian are invited to discuss these matters with their Relationship Team CWM and its affiliates do not receive any portion of the 12b-1 fees paid by any mutual fund in the Wealth Advisory Program and none of the Calamos Funds used in the Calamos Managed Mutual Fund Program pay rule 12b-1 fees to CWM. In the Wealth Advisory Program, CWM prefers mutual fund share classes that do not pay these fees. Notwithstanding, CWM may select a mutual fund or share class that pays rule 12b-1 fees when it believes doing so is justified. Security Selection and Portfolio Construction: After completing its evaluation, CWM selects its investment or group of investments for inclusion in a portfolio. CWM has already analyzed each security on a stand-alone basis, and they then seek to determine how each investment will complement other portfolio holdings to create the desired behavior. Assuming that CWM is satisfied with the security selection and portfolio construction, it will implement those selections in relevant client portfolios subject to any client-imposed restrictions. Ongoing Monitoring: CWM monitors the portfolios that it constructs on an ongoing basis. CWM regularly conducts reviews, which are designed to ensure that a portfolio and its underlying investments are

performing as intended. If CWM determines that an investment is not performing as intended, it will consider removing that investment from a portfolio. Any replacement security would be identified using the process described above. Our Investment Committee oversees our investment policies and strategies. The Investment Committee reviews the specific investments, investment allocations, and asset class weightings held in our firm’s accounts while also considering the current economic and investment environment and asset class performance. While we maintain a long‐term investing strategy, your individual needs and situation may influence a short‐term strategy. We recommend sub‐advisers, mutual funds, or consulting services depending upon your objectives and investable assets. In some circumstances, CWM will invest in new funds (including Calamos Funds) that have a limited or no fund level track record. This tends to be more prevalent in the private investment space, where new capabilities are introduced based on market opportunities and circumstances (i.e., an Opportunistic Private Credit Strategy). In some cases, it may be an advantage to allocate fresh capital to a new strategy (i.e., Distressed Investing). The Investment Committee conducts due diligence on all funds on its platform and monitors performance consistent with its policies and procedures mentioned above. This includes new fund offerings. For our Institutional Advisory Services clients, we generally provide consultative services in conjunction with sub‐advisers’ investment management teams. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy recommended or taken by CWM will be profitable or equal any specific performance levels. OPTION STRATEGIES As discussed above, and if suitable for the client, CWM engages in options transactions seeking to:    

Hedge the risk of a concentrated listed equity holding Enhance the cashflow of a listed equity holding Enhance the cashflow of broad equity market liquid index securities (ETFs) Enhance the yield of large cash positions

Note: CWM will only utilize these strategies with client consent and execution of a separate options document. The use of options transactions as an investment strategy can involve an elevated level of inherent risk. Option transactions establish a contract between two parties concerning the buying or selling of an asset at a predetermined price during a specific period. During the term of the option contract, the buyer of the option gains the right to demand fulfillment by the seller. Fulfillment may take the form of either selling or purchasing a security, depending upon the nature of the option contract. Generally, the purchase or sale of an option contract shall be with the intent of “hedging” a potential market risk in a client’s portfolio and/or generating income for a client’s portfolio. Please Note: Certain options-related strategies (i.e., straddles, short positions, etc.), may, in and of themselves, produce principal volatility and/or risk. Thus, a client must be willing to accept these enhanced volatility and principal risks associated

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We provide wealth management services, including asset allocation, to high-net-worth individuals, family offices, private foundations, guardians of persons and estates, custodians for individuals, retirement plans for self‐employed persons and institutional plans such as defined benefit plans and those of corporations. The minimum account sizes for our Private Wealth Advisory and Institutional Services Programs are typically $1 million and $5 million, respectively, subject to our discretion to group certain related accounts as described in Item 5. CWM, in its sole discretion, reserves the right to reduce or waive its minimum account size.

We are not compensated through performance-based fees. Performance based fees are fees that can be charged based upon a share of capital gains on or capital appreciation of the assets of a client. As stated in Item 5 above, our fees are based on your account’s market value and are not dependent upon whether your account gains value. CAL and other affiliates accept performance-based fees. CWM’s personnel that are responsible for managing client accounts do not manage any accounts for which CWM charges performance-based fees. For more information about CAL’s acceptance of performance-based fees, allocation policies and how CAL mitigates these conflicts of interest, clients should review CAL’s Form ADV Part 2A. A client may pay higher fees than another client in the same strategy. Also, clients with larger assets under management generate more revenue for CWM than smaller accounts. These differences give rise to a conflict that a wealth advisor or portfolio manager may favor the higher fee-paying account over the other or allocate more time to the management of one account over another. In Item 10 below we provide information about certain of our affiliates. These affiliates and their employees invest in products managed by CAL to support the continued growth of our investment products and strategies, including investments to seed new products. Notwithstanding any provision to the contrary in the Calamos Code of Ethics, investments made by CAL, Calamos Financial Services LLC, CAM, CILLC, CPL, CFP and the Calamos family in products managed by CAL are not subject to restrictions of the Code of Ethics regarding short term or speculative trading. As a result, these entities or individuals may hedge corporate or personal investments in such products. However, these hedging transactions are subject to pre-clearance by CAL’s Corporate Investment Committee. The Chief Compliance Officer and the Calamos Funds’ Chief Compliance Officer are copied in the approval process. In addition, these entities do not receive preferential treatment over clients. They may, however, be traded together with discretionary client transactions. All other provisions of the Calamos Code of Ethics are otherwise applicable. Employees of CWM also purchase certain non-discretionary private funds/alternative investments that are also offered to clients of CWM. Approval is required from CWM's Chief Investment Officer (CIO) and Compliance after considerations of conflicts. Transactions are reviewed to ensure no clients are disadvantaged and employee transactions are continually monitored by the firm, per its Code of Ethics & Insider Trading Policy.

As noted in Item 4, we are an investment adviser registered with the SEC and a wholly owned subsidiary of CILLC. The following is a list of other related parties of the firm:

Calamos Advisors LLC is a registered investment adviser that provides investment advisory services to institutional and individual clients. CAL also serves as investment adviser to the Calamos Family of Mutual Funds, the Calamos Closed‐End Funds, ETFs and an Interval Fund. In addition, CAL serves as investment manager and/or sub-investment manager to UCITS and serves as sub‐investment adviser to several registered investment companies. Calamos Advisors Trust is a Massachusetts business trust registered under the 1940 Act. Calamos Aksia Alternative Credit and Income Fund is a closed-end company, operated as an interval fund, registered under the 1940 Act. Calamos Aksia Alternative Credit & Income Fund (Offshore), Ltd. is a Cayman Islands exempted company whereby Calamos Advisors LLC serves as the sub-adviser. Calamos Aksia Alternative Credit & Income Fund (Offshore) I, Ltd. is a Cayman Islands exempted company whereby Calamos Advisors LLC serves as the Investment Manager. Calamos Aksia Hedge Fund Access Enhanced Alpha LP is a Delaware limited partnership whereby Calamos Advisors LLC serves as the Investment Manager and General Partner. Calamos Aksia Hedged Strategies Fund is a closed-end company, operated as an interval fund, registered under the 1940 Act. Calamos Aksia Private Equity LP is a Delaware limited partnership whereby Calamos Advisors LLC serves as the Investment Manager and General Partner. Calamos Aksia Private Equity and Alternatives Fund is a closed-end company, operated as an interval fund, registered under the 1940 Act. Calamos Aksia Private Equity (Offshore), Ltd. is a Cayman Islands exempted company whereby Calamos Advisors LLC serves as the sub-adviser. Calamos Aksia Private Equity (Offshore) I, Ltd. is a Cayman Islands exempted company whereby Calamos Advisors LLC serves as the Investment Manager. Calamos Antetokounmpo Asset Management LLC is a joint venture entity, is an investment adviser registered with the SEC. Calamos Advisors is a joint venture partner. Calamos Antetokounmpo Sustainable Equities Trust is a Delaware statutory trust registered under the 1940 Act. Calamos Ares Quant Fund I, LP is a Delaware limited partnership whereby CAL serves as the Investment Manager and General Partner. Calamos Asset Management, Inc. is the sole manager of Calamos Investments LLC. Calamos Convertible and High-Income Fund is a closed‐end investment company registered under the 1940 Act. Calamos Convertible Opportunities and Income Fund is a closed‐end investment company registered under the 1940 Act. Calamos Dynamic Convertible and Income Fund is a closed‐end investment company registered under the 1940 Act. Calamos Equity Partners LLC is a Delaware limited liability company owned by John S. Koudounis and Daniel L. Dufresne. Calamos ETF Trust is a Delaware statutory trust registered under the 1940 Act. Calamos Family Partners, Inc. is a private firm in which John P. Calamos, Sr. owns a controlling interest.

Calamos Financial Services LLC is registered under the Securities Exchange Act of 1934 as amended, as a limited purpose broker‐dealer. Its operations consist primarily of the distribution and sale of the Calamos Family of Mutual Funds and ETFs. Certain members of our management team are registered representatives of Calamos Financial Services LLC. Calamos Global Dynamic Income Fund is a closed‐end investment company registered under the 1940 Act. Calamos Global Opportunities Fund LP is a Delaware limited partnership whereby CAL serves as the Investment Manager and General Partner. Calamos Global Total Return Fund is a closed‐end investment company registered under the 1940 Act. Calamos Investment Trust is a Massachusetts business trust registered under 1940 Act. Calamos Investments LLC is a holding company. Through its subsidiaries, the firm provides investment management and distribution-related services to its clients. Calamos Long/Short Equity & Dynamic Income Trust is a closed-end investment company registered under the 1940 Act. Calamos Opis LLC is a Delaware limited liability company formed to manage proprietary investments. Calamos Partners LLC is a Delaware limited liability company owned by Calamos Family Partners, Inc. and John S. Koudounis. Calamos Private Equity LLC is a Delaware limited liability company wholly owned by Calamos Investments LLC and is a sister company to Calamos Advisors LLC. Calamos Strategic Total Return Fund is a closed‐end investment company registered under the 1940 Act. CKPE Fund I, LLC, is a private equity fund, owned by Calamos Private Equity LLC, John P. Calamos, Sr., and John Koudounis, with a focus on real estate asset investments. Primacy Business Center LLC is a Delaware limited liability company wholly owned by Calamos Family Partners, Inc.

REFERRAL FEES We periodically enter into agreements to directly compensate another person or firm for client promotion and servicing, commonly referred to as “Referral Agreements.” These Referral Agreements are governed under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The fees paid by the customer to us will not increase because of any Referral Agreement. These rates are negotiable depending upon the client’s account size and investment strategy but are normally a percentage of the net fee negotiated between the client and us or a stated rate. Payments under a Referral Agreement continue for a stated period or until the customer relationship is terminated. Referral Agreements are more specifically discussed in Item 14. CONFLICTS OF INTEREST As indicated in Item 4, clients in the Wealth Advisory Program, the Calamos Managed Mutual Fund Program, Institutional Advisory and the Premier Program invest in Calamos Funds. In addition, in the Wealth Advisory Program, we will recommend the use of CAL as a sub-adviser, subject to the client’s consent in their investment advisory agreement or the investment policy statement. Clients and prospective clients should review Item 4 under the heading “Calamos Funds and The Use of Affiliated Sub-Adviser”, and Item 8 under the heading “Investment Strategies” for more information

about these conflicts of interest. ADVISORY BOARD SERVICE CONFLICT Our Chief Investment Officer (“CIO”) serves without compensation on the Ares Management RIA Advisory Board. This creates conflicts of interest because CWM offers Ares investment products on our platform, and he holds personal investments in Ares Management. This relationship may influence our evaluation and recommendation of Ares products to clients. When CWM recommends Ares products, it has incentives beyond clients' best interests, including our CIO’s personal financial interests and potential business relationship benefits. We address these conflicts through enhanced due diligence procedures, information barriers to prevent misuse of confidential information, enhanced monitoring of personal investments, and full disclosure to clients. Specific written disclosure will be provided before clients invest in any Ares products. Clients are never obligated to invest in Ares products and may decline any such recommendations.

Transactions and Personal Trading CODE OF ETHICS & PERSONAL TRADING Our firm has adopted a Code of Ethics and Insider Trading Policy (the “Code”) which sets forth high ethical standards of business conduct that we require of our employees, including compliance with applicable federal securities laws. The firm and our personnel have a duty of loyalty, fairness and good faith towards our clients, and have an obligation to adhere not only to the specific provisions of the Code, but to the general principles that guide the Code. Our Code includes policies and procedures for the review of quarterly securities transactions reports as well as initial and annual securities holdings reports that must be submitted by the firm’s access persons. Among other things, our Code also requires the prior approval of any acquisition of securities in a limited offering (e.g., private placement) and prohibits participation in an initial public offering. Our Code also provides for oversight, enforcement and recordkeeping provisions. Our Code further includes the firm’s policy prohibiting the use of Material Non‐Public Information. While we do not believe that we have any access to non‐public information, all employees are reminded that such information may not be used to trade or tip others in trading in a personal or professional capacity. A copy of our Code is available to our advisory clients and prospective clients by contacting us at cwm@calamos.com, or by calling us at 888.857.7604. PARTICIPATING IN CLIENT TRANSACTIONS Our affiliates have investments in certain of the Calamos affiliated products including open-end mutual funds, closed‐end funds, ETFs, interval funds and pooled investment vehicles, though typically our firm does not. From time to time, an affiliate or related party may, for tax purposes, redeem a portion of its Calamos Fund holdings, reinvesting in shares of the same Calamos Fund shortly thereafter. These transactions are subject to the Calamos Funds’ Excessive or Disruptive Trading Monitoring Procedures and will not be consummated if they are disruptive to the management of the Calamos Fund under those procedures. In addition, these transactions may not be made if our firm or the related party is aware of any Material Non-Public Information with respect to the Calamos Fund. In determining whether trading is disruptive, consideration is given to the purpose of the trades, the

effects on the portfolio or shareholders, and whether the portfolio or shareholders will be made whole for any costs or administrative charges they may incur. Officers and employees of our firm are encouraged to invest in Calamos affiliated products including open-end mutual funds, closed‐end funds, ETFs, interval funds and pooled investment vehicles, and a significant portion of the assets of our retirement savings plan for officers and employees are invested in the Calamos Funds. The Calamos Funds are sold to the public on a “load” basis involving the payment of a commission to a broker. However, the sales load for Calamos Funds is waived for investment advisory clients of our firm as well as for officers and employees of our firm. In addition to the potential conflict described above, our affiliated adviser serves as an adviser to both long‐only accounts and accounts that execute short sales. This means an affiliate could sell short securities in a long‐short account while causing long‐only accounts to hold the same security long. This type of situation could harm the performance of the long‐only accounts for the benefit of accounts that execute short sales, which may include performance‐based fee accounts. For example, continually selling a position short may depress the stock price which could harm a long‐only account if it holds the same security. We describe the conflicts of interests relating to our recommendation and selection of the Calamos Funds and CAL as a sub-adviser and how we address those conflicts in Item 4 under the heading “Calamos Funds and The Use of Affiliated Sub-Adviser”, and in Item 8 under the heading “Investment Strategies”. INVESTMENT IN NEWLY LAUNCHED OR SMALL AFFILIATED FUNDS CWM may invest client assets in newly launched or small Calamos Funds managed by our affiliate CAL, including funds with limited or no track record. This practice creates several conflicts of interest: Nature of the Conflicts:

CWM and its affiliates benefit financially from the growth and success of newly launched CAL funds through enterprise value CWM has an incentive to use client assets to help CAL establish track records and scale new investment strategies Early investors in new funds bear greater risks (unproven strategy, limited performance history, and potential operational issues) compared to investors who enter after a track record has been established Large client investments in small or newly launched funds may concentrate client holdings, reduce liquidity, and potentially trigger regulatory reporting requirements under Sections 13(d) or 13(g) of the Securities Exchange Act of 1934 when CWM's aggregate client ownership exceeds 5% of a fund's outstanding shares The potential for market impact and exit difficulties increases when client assets represent a significant portion of a fund's total assets

To address these conflicts, CWM has implemented the following controls:

Investment Committee review and approval is required before investing client assets in any

newly launched CAL fund with limited or no track record Enhanced suitability analysis documenting why the investment is appropriate for each affected client based on their individual investment objectives, risk tolerance, and financial circumstances Aggregate monitoring to track total client assets invested in each CAL fund to identify potential concentration risks and regulatory filing obligations Regular performance monitoring comparing newly launched CAL funds to relevant nonaffiliated alternatives Enhanced client disclosure when investments in newly launched or small CAL funds are recommended A client and/or prospective client can direct us, in writing, not to utilize the services of CAL or purchase any affiliated investment products for the client’s account.

As disclosed in Items 4 and 5, CWM waives its advisory fee on client assets invested in Calamos Funds. While this waiver eliminates CWM's direct advisory fee revenue from these investments and reduces the total cost to clients, it does not eliminate the conflicts of interest described above. CWM and its affiliates continue to receive indirect benefits from client investments in Calamos Funds through CAL's management fees, increased enterprise value of the Calamos organization, and potential impact on employee compensation tied to firm-wide performance. FAMILY MEMBER ACCOUNTS CWM manages investment accounts for immediate family members (including spouses, domestic partners, children, parents, siblings, and other dependents) of our advisory personnel. These relationships create potential conflicts of interest, as personal relationships could influence professional judgment or create the appearance of preferential treatment in trade allocation, pricing, or service quality. To address these conflicts, we have implemented the following: (1) All CWM associates have a fiduciary responsibility to act in the best interest of our clients and to put our clients’ interests in front of Calamos’ interests; (2) Our affiliated advisor, CAL hasTrade Order Aggregation and Allocation Policy and procedures reasonably designed to ensure that clients are treated fairly and equitably over time among client accounts participating in each transaction. Where permitted by its clients, Calamos generally seeks to aggregate (“bunch”) client orders for all accounts under management - including Calamos’ proprietary accounts or accounts in which Calamos, its affiliates, or their employees are beneficiaries. Aggregating or bunching orders for the same investments may be advantageous to clients because larger orders can have lowerexecution costs and reduce market impact. Calamos is not required to aggregate or bunch orders. All accounts participating in a bunched order trade will typically receive the average price for all transactions executed for that order (see also Calamos Advisors LLC Form ADV Part 2a for additional information on Trade Aggregation and Allocation and (3) supervisory review of all family account activities by personnel who are not related to the family members. Family accounts generally receive the same investment advice, and account management services as other similarly situated clients. Investment decisions for family accounts are, like other CWM clients, based on the client's stated investment objectives, risk tolerance, and financial circumstances. The firm may, in its discretion, reduce or waive advisory fees for family members of firm personnel. Fees for such accounts may therefore be lower than those described in the fee schedule disclosed in Item 5.

Item 12: Brokerage Practices RESEARCH & SOFT DOLLAR BENEFITS We do not receive any soft dollar-related research, products or services from any broker‐dealer. However, CAL, our affiliated Sub‐Adviser that we can engage to assist us with the management of client accounts, does maintain soft dollar arrangements. A description of those arrangements is set forth at

If the client requests that CWM recommend a broker-dealer/custodian for execution and/or custodial services (exclusive of those clients that direct CWM to use a specific broker-dealer/custodian-please see below), CWM will do so based on a number of factors described below. Prior to engaging CWM to provide investment management services, the client will be required to enter into a formal Investment Advisory Agreement with CWM setting forth the terms and conditions under which CWM shall manage the client's assets, and a separate custodial/clearing agreement with the designated account custodian. Factors that CWM considers in recommending a broker-dealer/custodian to clients include historical relationship with CWM, financial strength, reputation, execution capabilities, pricing, research, and service. Although the commissions and/or transaction fees paid by CWM's clients shall comply with CWM's duty to obtain best execution, a client may pay a commission that is higher than another qualified broker-dealer might charge to affect the same transaction where CWM determines, in good faith, that the commission/transaction fee is reasonable. In seeking best execution, the determinative factor is not the lowest possible cost, but whether the transaction represents the best qualitative execution, taking into consideration the full range of broker-dealer services, including the value of research provided, execution capability, commission rates, and responsiveness. Accordingly, although CWM will seek competitive rates, it may not necessarily obtain the lowest possible commission rates for client account transactions. The brokerage commissions or transaction fees charged by the designated brokerdealer/custodian are exclusive of, and in addition to, CWM's investment management fee. When CAL trades for our clients as a sub-adviser, transactions in those client accounts will generally be traded where the client’s account is held (subject to CAL’s obligation to seek best execution). In addition, those trades will generally be executed following trades for the Calamos Funds and institutional clients, which are generally held at different custodians than accounts where CAL serves as sub-adviser. CWM believes that transactions effected through the broker-dealer where the client’s account is held provides CWM's clients with best execution. However, there can be no assurance that any specific transaction effected through that broker-dealer will receive the most favorable price execution. Research and Additional Benefits CWM may receive from a broker-dealer, custodian, investment manager, platform or fund sponsor free or discounted support services and products. Certain of these products and services assist CWM to better monitor and service client accounts maintained at these institutions. The support services that CWM obtains can include investment-related research; pricing information and market data; compliance or practice management-related publications; discounted or free attendance at conferences, educational or social events; or other products used by CWM to further its investment management business operations.

Certain of the support services or products received assist CWM in managing and administering client accounts. Others do not directly provide this assistance, but rather assist CWM to manage and further develop its business enterprise. CWM’s clients do not pay more for investment transactions effected or assets maintained at these custodians because of these arrangements. There is no commitment made by CWM to any broker-dealer or custodian or any other entity to invest any specific amount or percentage of client assets in any specific mutual fund, security or other investment product because of this arrangement. CWM’s Chief Compliance Officer remains available to address any questions regarding the above arrangements and the conflicts of interest presented by this arrangement. Directed Brokerage CWM does not generally accept directed brokerage arrangements (when a client requires that account transactions be affected through a specific broker-dealer). In such client directed arrangements, the client will negotiate terms and arrangements for their account with that broker-dealer, and CWM will not seek better execution services or prices from other broker-dealers or be able to "batch" the client’s transactions for execution through other broker-dealers with orders for other accounts managed by CWM. As a result, a client may pay higher commissions or other transaction costs or greater spreads, or receive less favorable net prices, on transactions for the account than would otherwise be the case. In the event that the client directs CWM to effect security transactions for the client’s accounts through a specific broker-dealer, the client acknowledges and accepts that their direction may cause the accounts to incur higher commissions or transaction costs than the accounts would otherwise incur had the client determined to effect account transactions through alternative clearing arrangements that may be available through CWM. Higher transaction costs adversely impact account performance. Transactions for directed accounts will generally be executed following the execution of portfolio transactions for nondirected accounts. Trade Away and Prime Brokerage Arrangements Sub‐Advisers, including CAL, may execute transactions through broker‐dealers other than through the broker-dealer where the client’s account is held, subject to their obligation to seek best execution. In that event, the client generally will incur both the fee (commission, mark‐up/markdown) charged by the executing broker‐dealer and a separate “trade away” or prime broker fee charged by the account custodian. Higher transaction costs can adversely impact account performance. CWM’s Chief Compliance Officer remains available to address any questions that a client or prospective client may have regarding trade away fees and prime brokerage arrangements. Certain broker‐dealers that CAL may use to execute client trades refer clients to CWM or its affiliates, which creates a conflict of interest. We have controls in place for monitoring execution in our client's portfolio transactions, including reviewing trades for best execution. Transactions for each client account that are executed because of client needs, requests or restrictions (e.g., requests to raise cash for withdrawal or contribution of additional capital) generally will be affected independently, unless CWM decides to purchase or sell the same securities for several clients at approximately the same time. CAL also may aggregate orders to seek best execution. For example, when CAL determines to add or replace a security to a strategy, it will typically (but is not obligated to) aggregate client orders to reduce transaction fees and more equitably allocate prices for purchased and sold

securities. CWM does not receive any additional compensation when it aggregates client transactions. CWM’s Chief Compliance Officer remains available to address any questions regarding the trading practices of sub-advisers, our relationship with broker-dealers and the conflicts of interest these arrangements create.

Referral Agreements As described in Item 10 above, we periodically enter into Referral Agreements. These Referral Agreements are governed under the Advisers Act. The fees paid by the customer to us will not increase as a result of any Referral Agreement. These rates are negotiable depending upon the client’s account size and

investment strategy, but are normally a percentage of the net fee negotiated between the client and us or a stated rate. We pay unaffiliated promoters up to twenty-five percent of CWM’s advisory fee. Payments under a Referral Agreement continue for a stated period or until the customer relationship is terminated. For Referral Agreements with an unaffiliated promoter (i.e., one that is not employed by or supervised by CWM), that person or entity will disclose the nature of their relationship with CWM and will provide the prospective client with a copy of this brochure and a separate disclosure document that addresses the terms of the agreement between CWM and the referring party. Recommendation of Unaffiliated Professionals We may refer clients to unaffiliated professionals for a variety of services such as tax preparation and planning, insurance, mortgage brokerage, real estate sales, legal, and/or accounting services. In turn, these professionals may refer clients to CWM for investment management/financial planning needs. CWM has partnered with a top four national accounting firm along with several regional firms to offer clients tax preparation services through referrals. We do not receive any direct compensation for these referrals. However, it could be concluded that CWM is receiving an indirect economic benefit from this practice, as the relationships are mutually beneficial. Please Note: Potential Conflict of Interest. CWM does not receive any portion of the fees paid by a CWM client to any accounting firm to which CWM makes a referral. While there is no formal arrangement obligating any accounting firm to introduce prospective clients to CWM, a referred firm may, as a result of receiving CWM introductions, choose to introduce prospective investment advisory clients to CWM. If such introductions were to occur, a potential conflict of interest arises because CWM could have an economic incentive to continue directing referrals to firms from which it receives client introductions. Clients should consider this potential conflict of interest prior to engaging any firm referred by CWM. No CWM client is under any obligation to engage any referred professional, and CWM will work with the tax or accounting professional of the client's choosing. Clients are under no obligation to purchase any products or services through these professionals, and CWM has no control over the services provided by another firm. Clients who choose to engage these professionals will sign a separate agreement with the other firm. Fees charged by the other firm are separate from and in addition to fees charged by CWM. If the client desires, CWM will work with these professionals or the client's other advisers (such as an accountant, attorney, or other investment adviser) to help ensure that the provider understands the client's financial plan/investments and to coordinate services for the client. CWM does not share information with an unaffiliated professional unless first authorized by the client. External Investment Manager Entertainment and Conflicts: External investment managers whose products may be recommended for client portfolios occasionally provide business entertainment to CWM personnel, including investment team members who make product selection decisions. Such external managers may include private equity firms, hedge funds, alternative credit managers, and other investment sponsors who seek to have their products included in client portfolios. External manager

entertainment may include sponsored conferences, golf outings, meals, due diligence events, and other business-related activities. While CWM maintains policies requiring internal disclosure and pre-approval of such entertainment from external managers and conducts ongoing monitoring to ensure entertainment is appropriate and not excessive, clients should understand that external managers may view entertainment as an investment in business relationships that could lead to product recommendations. CWM addresses these external manager conflicts through enhanced due diligence procedures, Investment Committee oversight requiring specific consideration of entertainment relationships, and documentation of investment merit independent of entertainment relationships. However, the potential for external manager entertainment to create conflicts of interest cannot be eliminated entirely. Clients may direct CWM, in writing, to exclude products from any external managers who have provided entertainment to CWM personnel. Participation in Fidelity Wealth Advisor Solutions® Program CWM participates in the Fidelity Wealth Advisor Solutions® Program (the “WAS Program”), through which CWM receives referrals from Strategic Advisers LLC (Strategic Advisers), a registered investment adviser and Fidelity Investments company. CWM is independent and not affiliated with Strategic Advisers or any Fidelity Investments company. Strategic Advisers does not supervise or control CWM, and Strategic Advisers has no responsibility or oversight for CWM’s provision of investment management or other advisory services. Under the WAS Program, Strategic Advisers acts as a promoter/solicitor for CWM, and CWM pays referral fees to Strategic Advisers for each referral received based on CWM’s assets under management attributable to each client referred by Strategic Advisers or members of each client’s household. The WAS Program is designed to help investors find an independent investment advisor, and any referral from Strategic Advisers to CWM does not constitute a recommendation by Strategic Advisers of CWM’s particular investment management services or strategies. More specifically, CWM pays the following amounts to Strategic Advisers for referrals: the sum of (i) an annual percentage of 0.10% of any and all assets in client accounts where such assets are identified as “fixed income” assets by Strategic Advisers and (ii) an annual percentage of 0.25% of all other assets held in client accounts. In addition, CWM has agreed to pay Strategic Advisers an annual program fee of $50,000 to participate in the WAS Program. These referral fees are paid by CWM and not the client. To receive referrals from the WAS Program, CWM must meet certain minimum participation criteria, but CWM has been selected for participation in the WAS Program as a result of its other business relationships with Strategic Advisers and its affiliates, including Fidelity Brokerage Services, LLC (“FBS”). As a result of its participation in the WAS Program, CWM has a conflict of interest with respect to its decision to use certain affiliates of Strategic Advisers, including FBS, for execution, custody and clearing for certain client accounts, and CWM could have an incentive to suggest the use of FBS and its affiliates to its advisory clients, whether or not those clients were referred to CWM as part of the WAS Program. Under an agreement with Strategic Advisers, CWM has agreed that it will not charge clients more than the standard range of advisory fees disclosed in its Form ADV 2A Brochure to cover solicitation fees paid to Strategic Advisers as part of the WAS Program. Pursuant to these arrangements, CWM has agreed not to solicit clients to transfer their brokerage accounts from affiliates of Strategic Advisers or establish brokerage accounts at other custodians for referred clients other than when CWM’s fiduciary duties would so require, and CWM has agreed to pay Strategic Advisers a one-time fee equal to 0.75% of the

assets in a client account that is transferred from Strategic Advisers’ affiliates to another custodian; therefore, CWM has an incentive to suggest that referred clients and their household members maintain custody of their accounts with affiliates of Strategic Advisers. However, participation in the WAS Program does not limit CWM’s duty to select brokers on the basis of best execution. Please also see disclosure in Item 12 above regarding Research and Additional Benefits.

We are required to disclose any legal or disciplinary events that are material to a client's or prospective client's evaluation of our advisory business or the integrity of our management. Our firm and our

management personnel have no reportable disciplinary events to disclose.

The frequency of reviews of accounts, as well as the nature of the review, can vary widely among the accounts we advise. Considerations such as investment objectives and circumstances, complexity of the relationship, and size and structure of the portfolio are all triggering events. For our clients receiving discretionary advisory services, we monitor their portfolios as a part of an ongoing process, with regular account reviews occurring no less frequently than annually. During the annual review, we look at their investment objectives and guidelines, their portfolio, and our perspectives on the current investment environment. Reviews provide an opportunity for an open dialogue between clients and our relationship team, enabling us to maintain a current understanding of our clients’ needs. For those clients receiving non‐discretionary services, reviews are conducted “as needed”. Such reviews are conducted by a Team member. All advisory clients are encouraged to discuss their needs, goals, and objectives with us and to keep us informed of any changes to the Investment Policy Statement. In addition, our Calamos Managed Mutual Fund, Wealth Advisory Program, and Institutional Advisory Services clients receive detailed quarterly performance reports from us and monthly statements from the account custodian. The quarterly reports generally contain a list of assets, investment results, and statistical data related to the client’s account. We urge clients to carefully review these reports and compare the statements that they receive from their custodian to the reports that we provide. The information in our reports may vary from custodial statements based on accounting procedures, reporting dates, or valuation methodologies of certain securities. Aggregate Reporting CWM also provides account aggregation reporting services that can incorporate investment assets that are not part of the assets that CWM manages for the client (the “Excluded Assets”). The client and/or his/her/its other advisors that maintain trading authority, and not CWM, shall be exclusively responsible for the investment performance of the Excluded Assets. CWM does not provide investment management, monitoring or implementation services for the Excluded Assets. If CWM is asked to make a recommendation as to any Excluded Assets, the client is under absolutely no obligation to accept the recommendation, and CWM shall not be responsible for any implementation error (timing, trading, etc.) relative to the Excluded Assets. The client may engage CWM to provide investment management services for the Excluded Assets pursuant to the terms and conditions of the Investment Advisory Agreement between CWM and the client.

We do not maintain physical custody of any client funds or securities. Generally, our clients hold their accounts and assets with unaffiliated qualified custodians. As part of the billing process described in Item 5: Fees and Compensation, the client’s custodian is advised of the amount of the fee to be deducted from that client’s account. On at least a quarterly basis, the custodian is required to send to the client a statement showing all transactions within the account during the reporting period. Because the custodian does not calculate the amount of the fee to be deducted, it is important for clients to carefully review their custodial statements to verify the accuracy of the calculation, among other things. Clients should contact us directly if they believe that there may be an error in their statement. In addition to the periodic statements that clients receive directly from their custodians, we also send account statements directly to Calamos Managed Mutual Fund Program, Wealth Advisory Program, and Institutional Advisory Services clients on a quarterly basis. We urge our clients to carefully compare the information provided on these statements to ensure that all account transactions, holdings and values are correct and current. The account custodian does not verify the accuracy of CWM’s advisory fee calculation.

Whether an account is discretionary or non‐discretionary, we enter into an advisory agreement with our clients which outlines our responsibilities. We will endeavor to follow reasonable directions, investment guidelines and limitations. This discretionary authority will remain in full force and effect until we receive written notice from a client of its termination or until we receive actual notice of an individual client’s death or adjudged incompetency. Clients should understand that the purchases and sales of the securities, including those resulting from reallocation or rebalancing of your account, may be taxable events.

Apart from sub-advised accounts, unless otherwise agreed to, in writing, we will not vote proxies for our clients, including proxies issued by affiliated or non-Calamos Funds. For clients whose assets are allocated to sub-advisers (including our affiliated sub-adviser, CAL), the sub-adviser will generally vote proxies on the client’s behalf (exception: CAL does not vote any proxies for any Calamos Funds subject to its discretionary authority under a Sub-Advisory Agreement). Rather, those proxies are voted by an unaffiliated third-party proxy voting service engaged by us for this purpose, which proxy voting provider shall make its proxy voting decision independent of us and CAL. However, given that we compensate the proxy voting provider for its services, a conflict arises. Therefore, any client can direct us, in writing, to advise the proxy voting provider not to vote for the proxies received for their account. If the client requests us to vote for proxies, in writing, we will delegate our proxy voting responsibility to CAL, except

the above referenced unaffiliated third-party proxy voting service will vote the proxies of any Calamos Funds. In very limited circumstances, CWM has accepted the authority to vote proxies for client securities. Ultimately, all such votes are cast on a case-by-case basis, considering the client's investment horizon, the contractual obligations under the Advisory Agreement, and all other facts and circumstances at the time of the vote. Clients may not direct proxy voting for solicitations where the firm has discretionary authority to decide how to vote. Although not anticipated, if a material conflict of interest exists, the firm will determine whether voting in accordance with the guidelines set forth in written policies and procedures is in the best interest of the client, or take some other appropriate action (e.g., retain an independent third-party to vote). Additionally, we will neither advise nor act on behalf of the client in legal proceedings involving companies whose securities are held in the client’s account(s), including, but not limited to, the filing of “Proofs of Claim” in class action settlements. CWM entered into an agreement with a new sub-adviser, Quantinno Capital Management LP in August 2024. For reasons indicated in Item 17 of its Disclosure Brochure, Quantinno’s policy is to generally abstain from voting all proxies on behalf of its clients. As such, CWM requires client acknowledgment for assets sub-advised to this manager. Clients acknowledge receipt of Quantinno’s Disclosure Brochure and can separately elect to vote those proxies by advising CWM, in writing, of their decision to do so.

In certain circumstances, registered investment advisers are required to provide you with financial information or disclosures about their financial condition in this Item. We have no financial commitment that impairs our ability to meet contractual and fiduciary commitments to clients, and we have never been the subject of bankruptcy proceedings.