Calamos International Growth Fund

Class A Shares (CIGRX)

Objective

Fund Objective

Long-term capital growth

Investment Strategy

Applies bottom-up research and top-down analysis to target securities of non-U.S. companies that demonstrate acceleration in revenue growth, earnings growth and return on capital
Conducts extensive balance sheet and income statement analysis to determine the intrinsic value of companies under consideration
Seeks to eliminate disparities in accounting practices by conducting a cash-based analysis of each company's financial statements
Emphasizes countries espousing free-market principles
Seeks to outperform the MSCI EAFE® Growth Index over the long term with less volatility

Investor Profile

This Fund may be suitable for investors who seek:

To diversify beyond the domestic market by investing in overseas growth stocks, potentially increasing long-term capital growth
An equity portfolio representing companies of all sizes and industries that offer high relative and sustainable growth potential

Investment Management Team

The long-standing team has a proven track record of risk-managed portfolio construction; John P. Calamos, Sr. and Nick P. Calamos, who have managed the Fund since inception, have experience in the investment industry dating back to 1970 and 1983, respectively.

Calamos Investments Approach to Growth

Quantitative Screening—Employ quantitative screens to identify companies based outside the United States with above-average acceleration in revenue growth, earnings growth and return on capital.

Qualitative Analysis—Perform a qualitative screen to determine a company's growth prospects based on its balance sheet metrics, company management, strategy and competitive position.

Valuation Analysis—Gauge the stock's return potential by assigning an intrinsic valuation; setting high and low price targets; and establishing risk and reward parameters.

Portfolio Construction & Position Fit Analysis—Construct the portfolio to meet risk guidelines, diversifying by industry, sector, and country; weighting assets based on macroeconomic themes; and conducting scenario analysis and stress testing.

The best-performing developed markets change frequently

As the chart shows, the top-performing developed markets change frequently. By diversifying your investments across different countries, we believe you increase your chances of gaining exposure to the best investment opportunities.

Year	2007	2006	2005	2004	2003
Country	Finland	Spain	Canada	Austria	Greece
Annual Return	45%	45%	27%	69%	63%
Year	2002	2001	2000	1999	1998
Country	New Zealand	New Zealand	Switzerland	Finland	Finland
Annual Return	20%	6%	5%	151%	119%
Year	1997
Country	Portugal
Annual Return	44%

Source: MSCI. Developed markets based on price in U.S. dollars.

Performance

YTD Return as of 7/23/08 -10.88%

Month–End Performance as of 6/30/08
	Annualized Total Return
	1-Year	3-Year	5-Year	10-Year	Since Inception
NAV	-0.97%	17.32%	--	--	15.73%
Load-Adjusted	-5.70%	15.43%	--	--	14.03%

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 and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Class A shares load-adjusted returns are adjusted for the maximum front-end sales load of 4.75%. The Funds also offer Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results.

The Fund's gross expense ratio is 1.49% as of 10/31/07.

How $10,000 Grew March 16, 2005 - June 30, 2008

The chart below shows how a hypothetical $10,000 investment in the Fund performed versus the indices since the Fund's inception.

Performance is for the Fund's Class A shares at net asset value 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. Source: State Street Corporation and Lipper, Inc. Index data shown is from 3/31/05, since comparative index data is only available for full monthly periods.

See Notes

Calendar Year Returns - A Shares at NAV
CALENDAR 2007	CALENDAR 2006
22.22%	21.55%

Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified.

DISTRIBUTIONS PREVIOUS 4 YEARS - A SHARES
2005	Income Cap Gains	0.05707 0.00000
2006	Income Cap Gains	0.05060 0.04322
2007	Income Cap Gains	0.07539 0.60782

View all Funds' Quarterly Distributions

Composition as of 6/30/08

Fund Composition View All Holdings
Number of Holdings	59
Total Net Assets	$469,328,724
Turnover (12 mos.)	71.3%
Annualized Standard Deviation (3/31/05)	15.32%
Beta (3/31/05) vs. S&P 500	1.19
Net Expense Ratio as of 10/31/07	1.49%

See Notes

Top 10 Country Allocation*
Switzerland	18.3%
United Kingdom	13.4%
Japan	10.3%
Norway	5.9%
France	5.7%
Germany	5.6%
Canada	5.5%
Australia	5.3%
Mexico	4.1%
India	3.2%

Regional Allocation*,^†
Europe	61.4%
Asia/Pacific	24.3%
Latin America	7.1%
Caribbean	5.8%
North America	5.5%
Middle East/Africa	1.4%

Sector Weightings*
Information Technology	37.4%
Industrials	16.8%
Health Care	11.6%
Financials	10.5%
Energy	7.7%
Materials	7.0%
Consumer Discretionary	5.8%
Consumer Staples	5.1%
Telecommunication Services	3.6%
Utilities	0.0%

Top 10 Holdings*
Nintendo Company, Ltd.	5.2%
Alcon, Inc.	4.9%
Temenos Group, AG	4.3%
Autonomy Corp. PLC	4.0%
CSL, Ltd.	3.6%
Novo Nordisk, AS - B Shares	3.2%
Ubisoft Entertainment SA	3.2%
ABB, Ltd.	3.0%
Yara International ASA	3.0%
NDS Group, PLC	2.8%
Total	37.2%

Market Capitalization of Equities*
Small Cap (2 & Below)	8.2%
Medium/Small Cap (2 - 5)	16.6%
Medium Cap (5 - 17)	24.5%
Medium/Large Cap (17 - 55)	35.1%
Large Cap (55 & Above)	15.6%
Median Market Cap	$12,809,605,013
Weighted Average Market Cap	$31,093,616,925

* The portfolio is actively managed. Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. Fund composition weightings are based on net assets.

^† Companies are classified geographically according to their country of incorporation.

Fund Snapshot

Class A Shares
Inception Date	3/16/05
Ticker Symbol	CIGRX
CUSIP	128119575
Daily Prices as of 7/23/08
NAV	14.99
NAV Change	0.03
See Notes

Distributions
Dividends	Annual
Capital Gains	Annual
Literature

Fact Sheet

Fund Highlights

Full Prospectus

International Growth Equities: A Compelling Opportunity

Addressing Domestic Growth Concerns

Proxy Voting

Fund Applications

Fund Governance

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.

NOTES

Annualized Standard Deviation—A statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns. More generally, a measure of the extent to which numbers are spread around their average.

Beta—Is a historic measure of a fund's relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market's volatility as represented by the S&P 500 Index, while a beta of 2.0 reflects twice the market's volatility.

MSCI EAFE® Growth Index—Measures developed market growth equity performance (excluding the U.S. and Canada).

MSCI EAFE® Index—Measures developed market equity performance (excluding the U.S. and Canada).

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

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

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