Calamos Growth Fund (CVGRX) Active Growth Investing for Over 20 Years 2Q 2015 The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice.
Important Risk Information The principal risks of investing in the Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, mid-sized company 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. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing. Not FDIC Insured May Lose Value No Bank Guarantee Calamos Financial Services LLC, Distributor 2020 Calamos Court Naperville, IL 60563-2787 800.582.6959 www.calamos.com caminfo@calamos.com 2015 Calamos Investments LLC. All Rights Reserved. Calamos and Calamos Investments are registered trademarks of Calamos Investments LLC. 2
Investment Opportunity
The Case for Growth: Attractive Valuations ONE-YEAR FORWARD P/E: RUSSELL 1000 GROWTH INDEX RELATIVE TO RUSSELL 1000 VALUE INDEX December 31, 1989 to June 30, 2015 3.0x Tech Bubble Peak: 2.96x Relative P/E Average excluding Jan 1999 - Mar 2001 tech bubble 1.6 1.37x: Long-Term Average 1.3 1.20x: Current 1.0 1989 1993 1997 2000 2004 2007 2011 2015 Source: FactSet (1989-6/2012) and CapIQ (7/2012-present) Past performance is no guarantee of future results. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. stock market, and the Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. stock market. Indexes are unmanaged, do not include fees or expenses and are not available for direct investment. Price-to-earnings ratio (P/E) is a valuation ratio of a company s current share price compared to its per-share earnings.
Growth Has Typically Outperformed Mid-to-Late Cycle In our view, the current economic cycle may extend for several more years, and growth has historically outperformed in mid-to-late-cycle periods. Source: Empirical Research Partners Analysis. Equally weighted data used for the lowest two quintiles of price-to-book ratios compared to growth stocks. The Price-To-Book Ratio is used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share. 5
Product Profile
Fund Overview Growth Fund INVESTMENT OBJECTIVE BENCHMARKS STYLE/POSITIONING PRIMARY SECURITIES USED SECTOR ALLOCATIONS Long-term capital growth Russell 3000 Growth Index S&P 500 Index Russell Midcap Growth Index All-cap growth U.S. equity Well-diversified across sectors Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing. Not FDIC Insured May Lose Value No Bank Guarantee An investment in the Fund(s) 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 Corporation (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 Growth Fund include: equity securities risk, growth stock risk, mid-sized company risk, foreign securities risk and portfolio selection risk. 7
Portfolio Characteristics Growth Fund SECTOR WEIGHTINGS* % of NET ASSETS RUSSELL 3000 GROWTH INDEX Information Technology 31.7% 27.0% Consumer Discretionary 20.4 20.8 Health Care 16.9 19.0 Industrials 12.1 11.3 Financials 6.2 5.4 Consumer Staples 3.4 9.9 Energy 3.0 1.0 Telecommunication Services 1.2 1.7 Materials 0.0 3.9 Utilities 0.0 0.0 TEN LARGEST HOLDINGS* COMPANY INDUSTRY % of NET ASSETS Apple, Inc. Technology Hardware, Storage & Peripherals 9.1% Facebook, Inc. - Class A Internet Software & Services 4.0 Cerner Corp. Health Care Technology 3.1 Google, Inc. - Class A Internet Software & Services 2.7 Microsoft Corp. Systems Software 2.5 MasterCard, Inc. - Class A Data Processing & Outsourced Services 2.5 Starbucks Corp. Restaurants 2.3 Priceline Group, Inc. Internet Retail 2.2 Home Depot, Inc. Home Improvement Retail 1.7 Celgene Corp. Biotechnology 1.6 PORTFOLIO STATISTICS GROWTH FUND RUSSELL 3000 GROWTH INDEX # of Holdings 78 1775 Price to Earnings Ratio 21.68x 20.42x EPS Growth (5 Years) 16.87% 15.02% ROIC 20.58% 20.69% Debt to Capital 31.23% 40.58% Portfolio Turnover (12 months) 54.54% N/A MARKET CAPITALIZATION GROWTH FUND RUSSELL 3000 GROWTH INDEX >$94bil 35.2% 36.9% >$26bil<=$94bil 25.5% 28.0% >$9bil<=$26bil 18.2% 17.4% >$3bil<=$9bil 18.8% 11.2% <=$3bil 2.3% 6.5% Median Market Capitalization (mil) $25,454 $1,930 *Sector weightings and Ten Largest Holdings exclude cash or cash equivalents, any government/sovereign bonds or instruments on broad indexes the portfolio may hold. Holdings and weightings are subject to change daily. Portfolio Turnover is the percentage of assets in a portfolio that changed or were reinvested into other holdings over a certain period, often a year; higher turnover indicates greater buying and selling activity. Price/earnings ratio is the current stock price over trailing 12-month earnings per share. Price/sales ratio is a stock s capitalization divided by its sales over the trailing 12 months. Debt/Capital Ratio is a measure of a company s financial leverage, calculated as the company s debt divided by its total capital. ROIC (return on invested capital) measures how effectively a company uses the money invested in its operations, calculated as a company s net income minus any dividends divided by the company s total capital. EPS growth (5 years) represents the historical weighted earnings per share growth of holdings. See Appendix for index definitions. 8
Performance Growth Fund ANNUALIZED RETURNS Calamos Growth Fund - A Shares at NAV (9/4/90) Calamos Growth Fund - A Shares Load-Adjusted Calamos Growth Fund - I Shares (9/18/97) S&P 500 Index Russell 3000 Growth Index 20% 18% 16% 14% 12% 10% 8% 6% 11.33% 11.62% 6.04% 7.42% 10.69% 16.01% 18.15% 18.64% 17.31% 17.34% 16.30% 14.34% 14.15% 14.05% 12.94% 6.91% 7.18% 6.39% 7.89% 9.17% 4% 2% 0% 1- YEAR 3- YEAR 5- YEAR 10-YEAR 16% 14% 12% 10% 8% 6% 4% 2% 0% 5.33% 13.91% 13.64% 13.46% 13.24% 11.46% 11.46% 10.04% 8.91% 9.48% 8.15% 6.42% 5.76% 5.75% 4.99% 4.36% 2.39% 15-YEAR 20-YEAR SINCE A SHARE INCEPTION SINCE I SHARE INCEPTION Gross expense ratios are 1.29% for A shares and 1.04% for I shares as of the prospectus dated 3/1/15. Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. A Shares at NAV returns do not include the fund's maximum 4.75% front-end sales load, had it been included returns would have been lower. You can obtain performance data current to the most recent month end by visiting www.calamos.com. In calculating net investment income, all applicable fees and expenses are deducted from the returns. Class I shares are offered primarily for direct investment by investors through certain taxexempt retirement plans and by institutional clients, provided such plans or clients have assets of at least $1 million. For eligibility requirements and other available share classes see the prospectus and other Fund documents as Calamos.com. Returns greater than 12 months are annualized. Annualized total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. 1 The Russell 3000 Growth Index data is shown from 8/31/90, since comparative data is only available for full monthly periods. Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown. Please see Appendix for index definitions. Source: State Street Corporation and Mellon Analytical Solutions, LLC. Please see Important Risk Information section of this presentation for additional risk disclosures. 9
Performance Growth Fund CALENDAR RETURNS Calamos Growth Fund - A Shares at NAV Calamos Growth Fund- A Shares Load Adjusted Calamos Growth Fund - I Shares S&P 500 Index Russell 3000 Growth Index 60% 50% 40% 30% 20% 10% 0% -10% -20% 33.14% 33.47% 32.39% 34.23% 26.81% 16.00% 15.21% 8.44% 8.71% 13.69% 12.44% 9.62% 5.61% 5.75% 9.33% 4.15% 0.61% 1.23% 4.33% 3.29% 20.06% 20.37% 17.64% 14.35% 15.06% 2.11% 2.18% -9.07% -8.84% -13.38% 52.47% 52.85% 45.25% 37.01% 26.46% YTD 2015 2014 2013 2012 2011 2010 2009 60% 40% 20% 0% -20% 52.47% 52.85% 45.25% 37.01% 26.46% 23.26% 17.40% 23.57% 15.79% 5.49% 11.40% 9.46% 1.45% 1.71% -3.38% 8.47% 3.32% 8.73% 18.65% 18.95% 13.02% 4.91% 10.88% 6.93% 5.17% -40% -60% -37.00% -38.44% -50.28%-52.64%-50.16% 2008 2007 2006 2005 2004 2003 Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. A Shares at NAV returns do not include the fund's maximum 4.75% front-end sales load, had it been included returns would have been lower. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans and by institutional clients, provided such plans or clients have assets of at least $1 million. For eligibility requirements and other available share classes see the prospectus and other Fund documents as Calamos.com. Returns greater than 12 months are annualized. Annualized total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. 1 The Russell 3000 Growth Index data is shown from 8/31/90, since comparative data is only available for full monthly periods. Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown. Please see Appendix for index definitions. Source: State Street Corporation and Mellon Analytical Solutions, LLC. Please see Important Risk Information section of this presentation for additional risk disclosures. 10
Portfolio Statistics Rolling Five-Year Returns CALAMOS GROWTH FUND VERSUS THE RUSSELL 3000 GROWTH INDEX, SINCE INCEPTION 1 A Shares at NAV Calamos Growth Fund Rolling 5-Year Returns (%) 45 30 15 0 Outperformance Underperformance Calamos Growth Fund has demonstrated consistency over the long term» Outperformance averaged 14.03%» Underperformance averaged just -2.42% -15-15 0 15 30 45 Russell 3000 Growth Index Rolling 5-Year Returns (%) Sources: Morningstar, State Street Corporation, and Lipper, Inc. Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. 1 Performance shown since 10/1/1990, the first full month since the inception of the Calamos Growth Fund (A shares at NAV) on 9/04/1990, since comparative index data is only available for full monthly periods. Returns are calculated from monthly returns and shown for every three-month interval. 11
Calamos Growth Fund Results Over Two Decades GROWTH OF $10,000 (logarithmic scale) $256,000 $128,000 $64,000 Calamos Growth Fund (A shares at NAV) S&P 500 Index Russell 3000 Growth Index $229,857 $107,612 $94,811 $32,000 $16,000 $8,000 $4,000 1990 1993 1995 1997 2000 2002 2004 2007 2009 2011 2014 The Growth of $10,000 graph compares a $10,000 investment in the Calamos Growth Fund with a similar investment in the S&P 500 Index and the Russell 3000 Growth Index. It is based on a cumulative and average annual total return basis. Returns do not reflect the reinvestment of income dividends and capital gains, if any, as well as none of the fees and expenses. Past performance is no guarantee of future results. Performance is for the Fund s Class A shares at net asset value from the inception date of 9/4/90 and does not include the Fund s maximum front-end sales charge of 4.75% had it been included, the Fund s return would have been lower. Index data shown is from 8/31/90, since comparative index data is available only for full monthly periods. See Appendix for additional disclosures. Sources: State Street Corporation, Lipper, Inc. and Mellon Analytical Solutions, LLC. 12
Appendix
Definitions The Russell Mid Cap Growth Index measures the performance of the midcap growth segment of the U.S. equity universe and includes companies with higher price-to-book ratios and higher forecasted growth values. The S&P 500 Index is generally considered representative of the U.S. stock market. The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe and includes those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000 Value Index measures the performance of the broad value segment of U.S. equity value universe and includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher priceto-book ratios and higher forecasted growth values. The S&P 500 12-Month Forward Return is the total return of the index from the end of the quarter looking out 12 months. The return plotted therefore is lagging by 12 months. The Morningstar Large Growth Category consists of largegrowth portfolios that invest in big U.S. companies projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large-cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on companies in rapidly expanding industries. Alpha is the measurement of performance on a risk adjusted basis. A positive alpha shows that performance of a portfolio was higher than expected given the risk. A negative alpha shows that the performance was less than expected given the risk. Information ratio is the measurement of the performance returns of a portfolio against the performance volatility of an index or benchmark. The information ratio is generally used as a gauge to measure the ability of a portfolio to generate excess returns of the index or benchmark. Sharpe ratio is a calculation that reflects the reward per each unit of risk in a portfolio. The higher the ratio, the better the portfolio s risk-adjusted return is. Upside capture ratio measures a manager s performance in up markets relative to the named index itself. It is calculated by taking the security s upside capture return and dividing it by the benchmark s upside capture return. Downside capture ratio measures manager s performance in down markets as defined by the named index. A down-market is defined as those periods (months or quarters) in which named index return is less than 0. In essence, it tells you what percentage of the down-market was captures by the manager. For example, if the ratio is 110%, the manager has captured 110% of the down-market and therefore underperformed the market on the downside. Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. Securities and sectors mentioned are presented to illustrate securities and sectors in which the Fund may invest. Portfolio holdings are subject to change daily. The Fund is actively managed. Past performance is no guarantee of future results. 14