August 2007
International Growth Equities: A Compelling Opportunity

We believe the global economy is in the midst of an ongoing and exciting transformation. Globalization is permeating the financial markets, making overseas allocations more and more critical for investors seeking a broad universe of growth opportunities. Furthermore, investing in international companies provides diversification benefits absent in domestic-only portfolios.

Calamos International Growth Fund is a growth-oriented, non-U.S. portfolio. The Fund is managed according to Calamos Investments' risk-managed approach to growth investing, which combines top-down global macroeconomic analysis with rigorous bottom-up security research.

For more information about this Fund, read our Special Report.

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Read it carefully.

NOT FDIC INSURED    NO BANK GUARANTEE    MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

Important Fund Information

The Fund may invest in mid-size and small companies which present greater risk and higher volatility than investments in larger companies.

You should also know that the Fund may invest up to 100% of its assets in the securities of foreign issuers. 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.

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