Calamos Investments' Capabilities in Non-U.S. Markets Illustrated by Calamos International Growth Fund's Record of Success

- Calamos International Growth Fund (CIGRX) has received a four-star overall Morningstar Rating(TM) and solid performance rankings within its Morningstar peer group for the period ended April 30, 2008. Past performance is no guarantee of future results.





NAPERVILLE, Ill., May 28  /PRNewswire-FirstCall/ -- Calamos Investments' international growth equity fund, Calamos International Growth Fund reached its three-year anniversary on March 16, 2008.  The Fund has received compelling rankings within its Morningstar peer group and outperformed broad market indexes since the Fund's inception on March 16, 2005.

For the period ended April 30,2008, Calamos International Growth Fund (Class A shares) received a four-star overall Morningstar Rating(TM) within the Foreign Large Growth category, and a four-star Morningstar Rating(TM) for the three-year period. For each of these time periods, there were 184 funds in the category.

The Fund (Class A shares) received strong category rankings, again within the Morningstar Foreign Large Growth category. For the one-year period ended April 30, 2008, the Fund was ranked in the 12th percentile (23 of 225 funds). For the three-year period ended April 30, 2008, the Fund was ranked in the 8th percentile (13 of 184 funds).

Since its inception through April 30, 2008, the Fund's Class A shares have returned 18.85% at net asset value and 17.01% when adjusted for the maximum sales charge of 4.75%. For the same period, the MSCI EAFE Index returned 14.05% and the MSCI EAFE Growth Index returned 14.78%. (Returns are annualized.)

As of April 30, 2008, the Fund's Class A shares returned, at NAV, 9.43% for the one-year period and 21.95% for the three-year period. Adjusted for sales charges, the Fund returned 4.25% and 20.00% for the one- and three-year periods, respectively. By comparison, the MSCI EAFE Index returned -1.31% and 16.74% for the one- and three-year periods, respectively. The MSCI EAFE Growth Index returned 2.95% and 17.34% for the one- and three-year periods, respectively. Returns of more than one year are annualized. (See below for performance information through the most recent calendar quarter.)

"During the past three years, market participants have been confronted by myriad challenges, including geopolitical tension, rising commodity prices, credit concerns and surging volatility. Against this backdrop, we're particularly pleased that the Fund has provided investors with such solid performance," said John P. Calamos, Sr., chairman, chief executive officer and co-chief investment officer of Calamos Investments.

Calamos Investments believes that overseas markets will be the source of considerable potential in the years to come. "In our view, the global marketplace offers tremendous long-term opportunity potential, even as nearer- term U.S. economic conditions remain less robust," John P. Calamos, Sr. said.

The historical success of Calamos International Growth Fund represents a continuation of Calamos Investments' long history of investing in non-U.S. securities. The firm has been investing overseas for two decades and launched its first global mutual fund, Calamos Global Growth and Income Fund (CVLOX), a portfolio of global convertibles and equities, in 1996. Today, the firm also offers a dedicated global equity fund, Calamos Global Equity Fund (CAGEX), as well as two global closed-end funds (Calamos Global Total Return Fund, NYSE: CGO; and Calamos Global Dynamic Income Fund, NYSE: CHW).

Calamos International Growth Fund draws upon a growth-stock discipline and securities valuation approach honed over the firm's three decades of experience. Unlike many international equity funds which follow a value or blend approach, this fund is differentiated by its focus on true growth companies -- more specifically, companies which Calamos Investments believes are well positioned to capitalize on long-term societal, or secular, growth trends.

The investment management team seeks to manage risk on multiple levels. First, the team's investment process is guided by top-down thematic considerations. Examples of global secular trends include globalization itself, changing demographics, the expansion of emerging markets and the technology revolution. Companies that are positioned to capitalize on these trends may be better able to withstand less-hospitable economic environments. Second, the team relies on proprietary bottom-up security research to identify companies with quality growth fundamentals (such as high return on invested capital, good free cash flow, and low debt). Third, the investment team favors countries that embrace economic freedoms, such as private property rights, well-regulated securities markets and a credible rule of law.

  For more information about the fund, visit http://www.calamos.com/3year.



  Calamos International Growth Fund, Class A shares
  Average Annual Total Returns as of 3/31/08

                                   1-Year          3-Year    Since Inception
                                                               (3/16/05)
  at NAV                            7.34%          18.30%        17.07%
  with maximum sales load of 4.75%  2.26%          16.38%        15.21%
  MSCI(R) EAFE Growth Index         2.27%          14.72%        13.36%
  MSCI(R) EAFE Index               -2.27%          13.79%        12.44%

      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. You can obtain performance data current to the
  most recent month end by visiting http://www.calamos.com/. All performance
  shown assumes reinvestment of dividends and capital gains distributions.
  Performance shown reflects an expense reimbursement that improved results.
  As of 10/31/07, the Fund's gross expense ratio was (Class A shares) 1.49%.



  About Calamos Investments


Calamos Investments is a diversified investment firm offering equity, fixed-income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals via separately managed accounts and a family of open-end and closed-end funds, providing a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit http://www.calamos.com/

Important Information

The Fund may invest in mid-size and small companies which present greater risk and higher volatility than investments in larger companies. The Fund may also invest up to 100% of its assets in the securities of foreign issuers; there can be special risks associated with investing in foreign securities.

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.

Sources: State Street Corporation, Lipper, Inc., Morningstar, Inc.

Morningstar Ratings are based on risk-adjusted returns. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund's 3-, 5-, and 10-year Morningstar Rating metrics. For each U.S.-domiciled fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk- Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

Morningstar category ranking through 4/30/08 is for Class A shares at NAV and will differ for other share classes. Morningstar data: (C) 2008 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The MSCI EAFE(R) Growth Index measures developed market growth equity performance (excluding the U.S. and Canada). The MSCI EAFE(R) Index measures developed market equity performance (excluding the U.S. and Canada). 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.

   Contact:
   Ken Fincher, Vice President
   Calamos Advisors LLC
   630.245.1076
   

DATASOURCE: Calamos Investments



CONTACT:  Ken Fincher, Vice President of Calamos Advisors LLC,

[phone], 



Web site:  http://www.calamos.com/ 

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