NOT FDIC INSURED | MAY LOSE VALUENO BANK GUARANTEE

GLOBAL/INTERNATIONAL DATA AS OF 3/31/20

The fund offers a dynamic approach to accessing international growth opportunities. We apply our active investment approach to build a portfolio of companies with superior growth and quality attributes across developed and emerging markets.

KEY FEATURES» Identifies companies with compelling

growth, competitive advantages andfinancial strength.

» Identifies durable secular themes thatprovide a tailwind for sustainablegrowth and a franchise premium.

» Investment universe spansgeographies and market caps,providing a wide breadth ofopportunities.

» Takes environmental, social andgovernance (ESG) factors intoaccount, evaluating the effects on acompany’s risk profile, cash flow andlong-term returns.

PORTFOLIO FITAs an active, true growth offering witha differentiated return profile, the fundcan potentially help investors optimizecapital appreciation within theirinternational allocation.

FUND TICKER SYMBOLSA Shares C Shares I SharesCIGRX CIGCX CIGIX

CALENDAR YEAR RETURNS (%)

Calamos International Growth Fund I Shares - at NAV

Calamos International Growth Fund A Shares - at NAV

Calamos International Growth Fund R6 Shares - at NAV

MSCI EAFE Growth Index

-17.82 29.31 -21.07 39.19 -6.17 2.79 -6.39 14.13 13.24 -5.65

AVERAGE ANNUAL RETURNS (%)

Calamos International Growth Fund

I Shares - at NAV (Inception–3/15/05)

A Shares - at NAV (Inception–3/15/05)

A Shares - Load adjusted

R6 Shares - at NAV (Inception–9/7/18)

MSCI EAFE Growth Index

MSCI ACWI Ex US IndexMorningstar Foreign Large Growth Category

1-YEAR

-6.33

-6.58

-11.00

-6.23

-5.44

-15.14

3-YEAR

2.48

2.23

0.59

N/A

3.39

-1.48

5-YEAR

1.27

1.02

0.03

N/A

2.87

-0.17

10-YEAR

4.40

4.13

3.63

N/A

5.09

2.52

SINCE ASHARE

INCEPTION

N/A

5.47

5.13

N/A

4.70

3.64

SINCE ISHARE

INCEPTION

5.73

N/A

N/A

N/A

4.70

3.64

SINCE R6SHARE

INCEPTION

N/A

N/A

N/A

-7.27

-6.78

-15.23

Calamos International Growth Fund has delivered top-quartile risk-adjusted performance for more than a decade.Active, High-Quality Growth Investing Over Multiple Market Cycles

MORNINGSTAR FOREIGN LARGE GROWTH CATEGORY RANKINGS

Since Class A shares since inception (3/16/05) peer rankings among 144 Foreign Large Growth funds as of 3/31/20

Data as of March 31, 2020Sources: MorningstarPast Performance is no guarantee of future re-sults. The fund’s class A share percentiles for 3,5 and 10 years out of 409, 340 and 251 fundsranked: 40, 56 and 55 for excess returns; 36,55 and 48 for alpha; 36, 53 and 55 for infor-mation ratio; and 42, 56 and 55 for Sharpe ra-tio, respectively. Rankings represent percentilewithin peer group.

100

75

Median

25

0

1211PERCENTILE RANKING

12 17

EXCESS RETURNS

ANNUALIZEDALPHA

INFORMATION RATIO

SHARPE RATIO

PERCENTILE RANKING PERCENTILE RANKING PERCENTILE RANKING

GROWTH OF $10K: OUTPERFORMANCE SINCE INCEPTION

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may belower or higher than the performance quoted. The principal value and return of an investment will fluctuate so thatyour shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does notinclude the Fund’s maximum front-end sales load of 4.75%. Had it been included, the Fund’s return would have beenlower. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified.Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualizedaverage. All performance shown assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class C shares,the performance of which may vary. In calculating net investment income, all applicable fees and expenses are deducted from returns.

Calamos International Growth Fund

-8.32 2.03 1.79 4.46 4.18 4.18

There can be no assurance that the Fund willachieve its investment objective.

0

10,000

20,000

30,000

3-16

-05

2-28

-07

2-28

-09

2-28

-11

2-28

-13

2-28

-15

2-28

-17

2-28

-19

g Calamos International Growth Fund (A Shares at NAV)

g MSCI EAFE Growth Index

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. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown isfrom 3/31/05, since comparative index data is available only for full monthly periods. Source: State Street Corporation and Lipper, Inc.

Class I shares are offered primarily for directinvestment by investors through certain tax-exempt retirement plans (including 401(k)plans, 457 plans, employer-sponsored 403(b)plans, profit sharing and money purchasepension plans, defined benefit plans and non-qualified deferred compensation plans) and byinstitutional clients, provided such plans orclients have assets of at least $1 million. Class Ishares may also be offered to certain otherentities or programs, including, but not limitedto, investment companies, under certaincircumstances.

YTD 2020

-17.79

2019

29.69

2018

-20.88

2017

39.57

2016

-5.95

2015

2.99

2014

-6.12

2013

14.43

2012

13.54

2011

-5.42

-17.70 29.73

-17.41 28.43 -12.48 29.34 -2.66 4.47 -4.06 22.94 17.28 -11.82

N/A N/A N/A N/A N/A N/A N/A N/A

$22,287

$20,584

N/A

OVERVIEW

R6 SharesCIGOX

GLOBAL/INTERNATIONAL DATA AS OF 3/31/20

Calamos Financial Services LLC, Distributor2020 Calamos Court | Naperville, IL 60563-2787800.582.6959 | www.calamos.com | caminfo@calamos.com© 2020 Calamos Investments LLC. All Rights Reserved.Calamos® and Calamos Investments® are registered trademarks ofCalamos Investments LLC.

IGFCT 2094 0320Q R

FUND FACTS FUNDMSCI EAFE

GROWTH INDEX

Number of Holdings 79 518

Total Net Assets $168.3 M N/A

Portfolio Turnover(12 months)

76.1% N/A

EPS Growth(5 Yr Forward)

16.2% 10.1%

ROIC 18.7% 14.2%

Debt to Capital 24.2% 30.3%

PEG Ratio 2.03x 2.32x

Median MarketCapitilization (mil)

$25,413 $8,888

Weighted AverageMarket Capitilization (mil)

$110,286 $67,374

FUND INFORMATION A SHARES C SHARES I SHARES R6 SHARES§

Inception Date 3/16/05 3/16/05 3/16/05 9/17/18Ticker Symbol CIGRX CIGCX CIGIX CIGOXCUSIP Number 128119575 128119559 128119542 128120425

Minimum Initial/Subsequent Investment

$2,500/$50 $2,500/$50 $1,000,000/$0 None

IRA Initial Investment $500 $500 N/A N/ASales Load/MaximumSales Charge

Front-End/4.75% Level-Load/1.00% None None

Gross Expense Ratio‡ 1.48% 2.26% 1.23% 1.15%Net Expense Ratio §‡ 1.10% 1.85% 0.85% 0.77%Distribution Annual dividends; annual capital gainsObjective Long-term capital growth

SECTOR WEIGHTINGS†FUND

%MSCI EAFE GROWTH

INDEX %

Information Technology 21.4Consumer Discretionary 17.0Health Care 16.0Industrials 15.4Financials 10.0Communication Services 7.7Consumer Staples 4.6Materials 3.7Energy 1.8Utilities 0.8Real Estate 0.0

TOP COUNTRYALLOCATION^

FUND%

MSCI EAFE GROWTHINDEX %

China 15.6Japan 9.3Switzerland 9.1Canada 8.0France 6.6Ireland 6.4Taiwan 5.7Netherlands 5.2Sweden 4.7Australia 4.2

^Companies are classified geographically according to their countryof domicile.

TOP 10 HOLDINGS† INDUSTRY COUNTRY %

Tencent Holdings, Ltd. Interactive Media & Services China 5.7Alibaba Group Holding, Ltd. Internet & Direct Marketing Retail China 4.5ASML Holding, NV Semiconductor Equipment Netherlands 3.4CSL, Ltd. Biotechnology Australia 3.3Alcon, Inc. Health Care Supplies Switzerland 3.2Novo Nordisk, A/S Pharmaceuticals Denmark 3.0Lululemon Athletica, Inc. Apparel, Accessories & Luxury Goods Canada 2.8Keyence Corp. Electronic Equipment & Instruments Japan 2.8Taiwan Semiconductor Manufacturing Co. Semiconductors Taiwan 2.5Nestlé, SA Packaged Foods & Meats Switzerland 2.3TOTAL 33.5

Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemedas a recommendation to buy or sell the securities mentioned.†Top 10 Holdings and Sector Weightings are calculated as a percentage of net assets. The tables exclude cash or cash equivalents, anygovernment / sovereign bonds or broad-based index hedging securities the portfolio may hold. You can obtain a complete listing ofholdings by visiting www.calamos.com.

Portfolios are managed according to their respectivestrategies which may differ significantly in terms of securityholdings, industry weightings, and asset allocation fromthose of the benchmark(s). Portfolio performance,characteristics and volatility may differ from the benchmark(s)shown. Please refer to Important Risk Information.NOTESAlpha is the measurement of performance in a risk-adjustedbasis. A positive alpha shows that the performance of aportfolio was higher than expected given the risk. A negativealpha shows that the performance was less than expected giventhe risk. Debt/capital ratio is a measure of a company’sfinancial leverage, calculated as the company’s debt divided byits total capital. Excess returns are the performance returns of aportfolio that is in excess of an index or benchmark.Information ratio is the measurement of the performancereturns of a portfolio against the performance volatility of anindex or benchmark. The information ratio is generally used as agauge to measure the ability of a portfolio to generate excessreturns of the index or benchmark. PEG ratio is a stock’s price/earnings ratio divided by estimated earnings growth rate in thenext year; a lower PEG indicates that less is being paid for eachunit of earnings growth. Portfolio turnover is the percentage ofassets in a portfolio that changed over a certain period, often ayear; higher turnover indicates greater buying and sellingactivity. ROIC (return on invested capital) measures howeffectively a company uses the money investing in its operations,calculated as a company’s net income minus any dividendsdived by the company’s total capital. Sharpe ratio is risk-adjusted measure calculated using standard deviation andexcess return to determine reward per unit of risk. The higherthe Sharpe ratio, the better the historical risk-adjustedperformance.The Morningstar Foreign Large Growth Category is comprisedof funds that seek capital appreciation by investing in largeinternational stocks that are growth-oriented. Large-cap foreignstocks have market capitalizations greater than 5 billion.Growth is defined based on high price/book and price/cash flowratios, relative to the MSCI EAFE Index. These funds typically willhave less than 20% of assets invested in U.S. stocks. The MSCIACWI ex US Index captures large and mid cap representationacross 22 of 23 Developed Markets (DM) countries (excludingthe US) and 26 Emerging Markets (EM) countries. The MSCIEAFE Growth Index measures developed market growth equityperformance (excluding the U.S. and Canada). CUSIP identifiershave been provided by CUSIP Global Services, managed onbehalf of the American Bankers Association by S&P GlobalMarket Intelligence LLC, and are not for use or dissemination ina manner that would serve as a substitute for any CUSIP service.The CUSIP Database, © 2011 American Bankers Association.“CUSIP” is a registered trademark of the American BankersAssociation. Unmanaged index returns assume reinvestment ofany and all distributions and, unlike fund returns, do not reflectfees, expenses or sales charges. Investors cannot invest directlyin an index.Important Risk Information. An investment in the Fund(s) issubject to risks, and you could lose money on your investment inthe Fund(s). There can be no assurance that the Fund(s) willachieve its investment objective. Your investment in the Fund(s)is not a deposit in a bank and is not insured or guaranteed bythe Federal Deposit Insurance Corporation (FDIC) or any othergovernment agency. The risks associated with an investment inthe Fund(s) can increase during times of significant marketvolatility. The Fund(s) also has specific principal risks, which aredescribed below. More detailed information regarding theserisks can be found in the Fund’s prospectus.The principal risks of investing in the Calamos International

§‡The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2022 to the extent nec-essary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokeragecommissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, and Class I are limited to1.10%, 1.85%, and 0.85% of average net assets, respectively. The Fund’s investment adviser has contractually agreed to limitthe Fund’s annual ordinary operating expenses for Class R6 shares (as a percentage of average net assets) to 0.85% less the an-nual sub-transfer agency ratio for the Fund. The annual sub-transfer agency ratio is equal to the aggregate sub-transfer agencyexpenses common to the other share classes of the Fund divided by the aggregate average annual net assets of the Fund’s othershare classes. For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, shortdividend expenses, all commissions and other normal charges incident to the purchase and sale of portfolio securities, and extra-ordinary expenses, if any. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year forany day where the respective Fund’s expense ratio falls below the contractual expense limit up to the expense limit for that day.This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by eitherparty.‡As of prospectus dated 2/28/20.

Calamos International Growth Fund

Growth Fund include: equity securities risk consisting of marketprices declining in general, growth stock risk consisting ofpotential increased volatility due to securities trading at highermultiples, foreign securities risk, emerging markets risk, small andmid-sized company 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 foreignsecurities, including fluctuations in currency exchange rates,increased price volatility and difficulty obtaining information. Inaddition, emerging markets may present additional risk due topotential for greater economic and political instability in lessdeveloped countries.Before investing carefully consider the fund’sinvestment objectives, risks, charges and expenses.Please see the prospectus and summary prospectuscontaining this and other information which can beobtained by calling 1-800-582-6959. Read it carefullybefore investing.

0.125.614.9

0.010.7

1.40.05.43.25.8

12.711.719.516.17.33.3

20.05.30.61.02.5

GEOGRAPHIC BREAKDOWN

FUND %MSCI EAFE

GROWTH INDEX %

Developed 69.8 99.9Emerging 28.8 0.1