1. calamos.com
CALAMOS DISCOVERY GROWTH FUND
2Q 2013
Emerging Growth Opportunities

2. AGENDA
» Calamos Overview
» Investment Opportunity
» Investment Solution
» Appendix
2Q12

3. CALAMOS OVERVIEW
3
FIRM OVERVIEW
» AUM of $33.4 billion
» 20+ Strategies
» Global offices in Naperville
(IL), New York and London
» 342 employees
» 51 investment professionals
» Clients in over 50 countries
Driven By Independent Thinking
» A global investment firm committed to excellence in
investment management and client service
» Serving the needs of institutional and individual
investors for over 30 years
» Offering a range of global investment solutions to
work with a client’s asset allocation framework
• Equity
• Fixed Income
• Convertibles
• Alternatives
2Q12
calamos.com
calamos.comCALAMOS DISCOVERY GROWTH FUND

4. calamos.comCALAMOS DISCOVERY GROWTH FUND
FIRM & INVESTMENT MANAGEMENT EVOLUTION
Corporate Milestones Investment Strategy Launches
4
2Q12
John P.
Calamos, Sr.
establishes
an investment
firm
Nick
Calamos
joins firm
Began
investing
overseas
Funds
available on
major 401k
platforms
Calamos
offers first
of five
closed-
end funds
Launch
of UCITS
for non-
U.S.
investors
Calamos
adds
value
equity
team
Calamos
becomes a
public company
(NASDAQ: CLMS)
Calamos
opens
London
office
Convertible
U.S.Opportunities
U.S.Growth
GlobalOpportunities
HighIncome
GlobalConvertible
U.S.MidCapGrowth
U.S.LargeCapGrowth
InternationalGrowth
GlobalGrowth
EmergingEconomies
U.S.SmidCapGrowth
First
institutional
client
GlobalHighIncome

5. CALAMOS PRODUCT OFFERINGS
5
Flexible, Opportunistic and Risk-managed Portfolios for
Global Asset Allocation
2Q12
calamos.comCALAMOS DISCOVERY GROWTH FUND
ˆInstitutional Separate Account
† Mutual Fund
º UCITS Fund
‡ Closed-End Fund
ASSET CLASS AUM STRATEGIES
U.S. Equity $17.26 B All Cap Growthˆ†º
Large Cap Growthˆ†
Mid Cap Growthˆº
SMID Cap Growthº‡
Value†
U.S. Opportunities†º
Global Equity $5.69 B Global Growthˆ†º
International Growthˆº
Emerging Economies†
Global Opportunitiesº‡
ASSET CLASS AUM STRATEGIES
Convertible $5.07 B Convertibleˆ†
Global Convertibleº‡
Fixed Income $2.95 B High Incomeˆ†º
Fixed Incomeˆº
Alternative $2.42 B Market Neutralº‡

6. INVESTMENT PHILOSOPHY
6
Global Views Inform Fundamental Research:
Our Beliefs
» Entrepreneurial innovation and the transformative
powers of global markets determine trends and provide
investment opportunities.
» Global trends and economic forces impact discount
rates, future growth and overall risk; global
macroeconomic analysis is therefore essential.
» Capitalism and economic freedoms are correlated to
the standard of living within a country.
» We conduct capital structure research because events
impact at the company level and not only at the
security level.
» We attempt to manage risks, not performance.
2Q12
calamos.comCALAMOS DISCOVERY GROWTH FUND

7. calamos.comCALAMOS DISCOVERY GROWTH FUND
INVESTMENT PROCESS
Evaluating the Source and Sustainability of Growth
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2Q12
TOP-DOWN CONSIDERATIONS
» Global macro analysis
» Industry and sector
» Thematic
» Risk posture
BOTTOM-UP CONSIDERATIONS
» Credit analysis
» Fundamental analysis
» Quantitative analysis
» Risk/reward
INVESTMENT
CANDIDATES
PORTFOLIO CONSTRUCTION
CONSIDERATIONS
» Consistency with top-
down perspective
» Diversification
• Themes
• Sectors
• Countries
• Numbers of Holdings
• Position size
PORTFOLIO ONGOING MANAGEMENT/
RISK MONITORING
» Scenario analysis
» Risk/reward
» Attribution analysis
» Liquidity analysis
» Portfolio characteristics
» Guideline compliance

8. calamos.comCALAMOS DISCOVERY GROWTH FUND
INVESTMENT OPPORTUNITY

9. calamos.comCALAMOS DISCOVERY GROWTH FUND
CALAMOS OUTLOOK:
TRENDS DRIVING GROWTH IN 2013
Valuations of Quality, Well-managed Growth Companies are Deeply
Discounted
» Growth is undervalued relative to value and corporate bonds. Growth companies have better
earnings projections and stronger fundamentals.
» The value placed on future cash flows has trended lower, and today is among the lowest in the
past 30 years. Previous troughs in the value of future growth have often coincided with high 12-
month forward returns for stocks.
» There is an investor “no growth” mindset embedded in equity valuations. This presents an
opportunity for investor that stay the course or buy-in now to participate as growth stocks
benefit from economic recovery.
» We believe the increase in global trade provides an opportunity for multinational companies to
benefit from growing GDP coming from outside the U.S. We invest in global growth, not just in
U.S. GDP.
» Global reflation, increased consumption for the emerging markets’ growing middle class, and
enhanced U.S. productivity will likely benefit sectors like information technology, consumer
cyclicals and materials.
» We believe that coordinated reflation efforts (i.e. ECB easing and expanding balance sheets,
fed swap loans and emerging economies lowering rates and credit standards) will spur global
liquidity and economic growth.
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2Q12

10. GROWTH IS UNDERVALUED
RELATIVE TO HISTORICAL LEVELS
10
2Q12
calamos.comCALAMOS DISCOVERY GROWTH FUND
GROWTH COMPANY VALUATIONS, % OF MARKET VALUE BASED ON FUTURE CASH FLOWS
Russell 1000 Growth Index, Quarterly From 12/31/80 to 6/30/12
» The chart shows the value
of future growth, as
represented by future cash
flows, for the Russell 1000
universe of growth
companies.
» The value placed on future
cash flows has trended
lower for much of the last
decade and today is near
its low for the past 30 years
(green line, right axis)
» Previous troughs in the
value of future growth
have often coincided with
high 12-month forward
returns for stocks (blue
bars, left axis).
MEDIAN%OFMARKETVALUEBASEDONFCF
0%
20%
40%
60%
80%
100%
S&P50012MONTHFORWARDRETURN
-40%
-20%
0%
20%
40%
60%
80%
12/31/80 12/31/85 12/31/90 12/31/95 12/31/00 12/31/05 12/31/10
Median % of Mkt. Value based on FCF (right axis) S&P 500 12 Mnth Fwd. Return (left axis) -1 Std. Dev. +1 Std. Dev.
Mean of Market Value/FCF
Negative correlation
A simple mean reversion
may provide upside
EQUITIES UNDERVALUED

11. EQUITY VALUATIONS ARE COMPELLING
11
The “No-Growth” Mindset is Embedded in Equity Valuations
2Q12
calamos.comCALAMOS DISCOVERY GROWTH FUND
PRICE TO “NO-GROWTH” VALUATION
Russrel 1000 Growth Index, Quarterly from 3/31/82 to 6/30/12
» The chart depicts the value of Russell 1000
growth companies relative to their market
value if we remove all future growth
assumptions.
» The end result is an estimate of the fair
value of a company with no growth in the
business, ever. For example, a price to no-
growth ratio of 1.0 means the market is
pricing no future growth into the current
market value.
MEDIANPRICETONOGROWTH
(PERSHARE)
0.5
1.5
2.5
3.5
4.5
5.5
3/31/82 6/30/85 9/30/88 12/31/91 3/31/95 6/30/98 9/30/01 12/31/04 3/31/08 12/31/10
Price/No Growth (per share) Average -1 Std. Dev. +1 Std. Dev.
Unprecedented levels of
no-growth valuations
during this period
1.57
A simple mean reversion may
provide upside
EQUITIES UNDERVALUED

12. calamos.comCALAMOS DISCOVERY GROWTH FUND
INVESTMENT SOLUTION

13. calamos.comCALAMOS DISCOVERY GROWTH FUND
CALAMOS DISCOVERY FUND
Distinguishing Characteristics
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2Q12
ROIC
Weighted average of
holdings in fund or indices
0%
5%
11%
16%
21%
16%
21%
Cakamos Discovery Growth Fund Russell 2500 Growth Index
DEBT-TO-CAPITAL
Weighted average of
holdings in fund or indices
0%
9%
17%
26%
34% 33%
15%
EPS GROWTH
5-Year
0%
6%
11%
17%
22%
16%
22%
Sources: Calamos, Mellon Analytical Services LLC

14. calamos.comCALAMOS DISCOVERY GROWTH FUND
Portfolio Characteristics
CALAMOS DISCOVERY FUND
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2Q12
* Ten largest holdings exclude cash or cash equivalents, any government / sovereign bonds or instruments on broad based indexes the portfolio
may hold (calculated as a percentage of net assets). The information regarding holdings is presented to illustrate securities that the Fund holds as
of a particular date. It may not be representative of the Fund's current or future investments and should not be construed as a recommendation
to purchase or sell a particular security. Portfolio holdings are subject to change daily. Please see additional disclosures. You can obtain a
complete listing of holdings by visiting www.calamos.com
SECTOR WEIGHTINGS*
% of
Net
Assets
Russell
2500 Growth
Index
Information Technology 33.6 21.2
Health Care 18.4 17.5
Industrials 11.7 16.1
Consumer Discretionary 9.9 18.0
Materials 7.3 6.7
Energy 6.4 4.7
Financials 4.8 9.7
Consumer Staples 1.9 3.9
Telecommunication
Services
0.0 1.6
Utilities 0.0 0.6
TOP 10 HOLDINGS
Industry
% of
Net
Assets
HealthStream Inc. Health Care 3.2
NetSuite, Inc. Systems Software 2.9
Advisory Board Company Research Services 2.8
LinkedIn Corp. Internet Services 2.7
Ultimate Sosware Group, Inc. Iinfo Technology 2.7
Westport Innovations, Inc. Construction 2.6
Immunogen, Inc. Biotechnology 2.6
Liquidity Services, Inc. Internet Services 2.5
3D Systems Corp. Info Technology 2.5
Cyberonics, Inc. Health Care 2.5

15. calamos.comCALAMOS DISCOVERY GROWTH FUND
CALAMOS DISCOVERY FUND
Performance
15
2Q12
ANNUALIZED RETURNS
-30%
-23%
-15%
-8%
0%
8%
15%
23%
1-YEAR SINCE INCEPTION
15.3%
-3.2%
9.1%
-17.2%
6.3%
-21.4%
8.2%
-17.5%
Calamos Discovery Growth Fund: A shares at NAV Calamos Discovery Growth Fund: A shares Load Adjusted
Calamos Discovery Growth Fund: I shares Russell 2500 Growth Index
Sources: State Street Corporation
CALENDAR RETURNS
-18%
-11%
-3%
5%
12%
YTD SINCE INCEPTION
-1.6%
8.4%
11.2%
5.3%
-15.6%
8.0%
-11.4%
5.1%

16. calamos.comCALAMOS DISCOVERY GROWTH FUND
Important Risk Information
An investment in the Discovery Growth Fund is subject to risks, and you could lose money on your investment in the fund(s). There can be no
assurance that the fund(s) will achieve their investment objectives. Your investment in the fund(s) is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corpora9on (FDIC) or any other government agency. The risks associated with an investment in the
fund(s) can increase during times of significant market volatility. The fund(s) also have specific principal risks, which are described below. More
detailed information regarding these risks can be found in the fund(s)’ prospectus.
The principal risks of investing in the Calamos Discovery Growth Fund include: equity securities risk, small and mid--sized company stock risk,
growth stock risk, foreign securities risk and portfolio selection risk.
As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including
fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present
additional risk due to potential for greater economic and political instability in less developed countries.
Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable.
Performance may reflect the waiver of a portion of the Fund’s advisory or administrative fees for certain periods since the inception date. If fees
had not been waived, performance would have been less favorable.
Before investing, carefully consider the fund’s investment objectives, risks, charges and expenses. Contact 800.582.6959 for a prospectus
containing this and other informacon. Read it carefully.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Calamos Financial Services LLC, Distributor 2020 Calamos Ct | Naperville, IL 60563 800.582.6959 | calamos.com | caminfo@calamos.com
© 2012 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
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2Q12