<PAGE>
THE PRESIDENT'S LETTER
DEAR FELLOW SHAREHOLDER:
We are pleased to present the semiannual report of the CALAMOS FAMILY OF
FUNDS(TM) for the six-month period ended September 30, 1996.
We are excited about the newest addition to our fund family, the Calamos
Global Growth and Income Fund(TM). The Calamos Family of Funds(TM) now
includes:
Calamos Convertible Fund(TM)
Calamos Growth Fund(TM)
Calamos Strategic Income Fund(TM)
Calamos Growth and Income Fund(TM)
Calamos Global Growth and Income Fund(TM)
In light of a difficult bond market we are pleased with the performance of the
Funds over the past six months. The poor bond market is in direct contrast to
an exciting but volatile stock market. The factors dominating the financial
markets for the period covered in this report were a combination of economic,
industry and company earnings, and concern over a change in government
policies as a result of the November election. The financial markets' concern
with inflation was especially acute earlier this year as interest rates rose,
taking their toll on all bonds. The stock market dipped severely in July but
the ensuing summer rally has continued into the fall. The equity
characteristics of the convertible bonds have made a strong contribution to
performance.
Our view on the financial markets remains constructive but defensive. We
believe we are in a stock market environment that is characterized by swift
sector/industry rotation. This is fueled by a concern that earnings this year
will not be at the levels of last year. The debate centers around whether the
economy is slowing to the point of a recession, thus negatively affecting
earnings. Therefore, we have concentrated our holdings on companies we believe
can continue to produce an acceptable earnings growth rate in a difficult
period.
Another worry earlier in the year was the uncertainty of the direction of
government policy. Now that the election is over, the concern has been
transformed into a celebration. Both the President and the new Congress seem
committed to a pro-growth agenda. We go along with the consensus and believe
that this is positive for the financial markets.
On the monetary front, evidence that the economy is no longer as robust as was
perceived earlier in the year has caused the pressure on an increase in
interest rates to subside considerably. In fact, the next move in interest
rates may be down.
With all the uncertainty and talk of stretched valuations, the stock market
keeps plugging along. Even the bond market in recent months, beginning in late
August, began a recovery. The one factor that still remains is that the
financial markets will continue to be volatile.
<PAGE>
We believe that the defensive characteristics of our Funds that utilize
convertibles as their core holdings can dampen stock and bond market
volatility. The defensive nature of convertibles is well suited for the
present uncertain markets. The main advantage is being able to remain fully
invested for the long term without the difficulty of trying to time short-term
market swings.
We appreciate the continuing confidence you and your fellow investors have
shown in the Calamos Family of Funds. We believe that the Funds are well
positioned for the coming months. In this investment climate, we find it
especially important to adhere to our risk/reward disciplines and to select
those investments that we believe offer long-term value.
Sincerely,
LOGO
John P. Calamos
President
November 27, 1996
Naperville, Illinois
2
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Convertible Fund
<TABLE>
<CAPTION>
Principal
Amount Value
---------- ----------
<C> <S> <C>
CONVERTIBLE BONDS (45.0%)
BASIC INDUSTRIES (1.8%)
$ 180,000 Renong Berhad $ 202,500
2.500% Conv. Notes
01/15/2005
475,000 RPM, Inc. 209,594
0.000% Liquid Yield Option Notes
09/30/2012
125,000 TriMas Corporation 141,250
5.000% Conv. Sub. Deb.
08/01/2003
----------
553,344
CAPITAL GOODS--INDUSTRIAL (6.1%)
154,000 Cooper Industries, Inc. 168,245
7.050% Conv. Sub. Deb.
01/01/2015
380,000 Robbins and Myers, Inc. 395,200
6.500% Conv. Sub. Notes
09/01/2003
475,000 Thermo Electron Corporation 572,375
4.250% Conv. Sub. Deb.
01/01/2003
740,000 WMX Technologies, Inc. 675,250
2.000% Conv. Sub. Notes
01/24/2005
----------
1,811,070
CAPITAL GOODS--TECHNOLOGY (7.1%)
1,220,000 Automatic Data Processing, Inc. 701,500
0.000% Liquid Yield Option Notes
02/20/2012
225,000 Compania de Telefonos de Chile S.A. 269,719
4.500% Conv. Sub. Deb.
01/15/2003
195,000 Data General 194,025
7.750% Conv. Sub. Deb.
06/01/2001
510,000 Motorola, Inc. 368,475
0.000% Liquid Yield Option Notes
09/27/2013
175,000 Systems & Computer Technology Corp. 178,500
6.250% Conv. Sub. Deb.
09/01/2003
225,000 Telekom Malaysia Berhad 233,156
4.000% Convertible Bonds
10/03/2004
500,000 United States Cellular Corporation 166,250
0.000% Liquid Yield Option Notes
06/15/2015
----------
2,111,625
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
---------- ----------
<C> <S> <C>
CONSUMER CYCLICAL (8.3%)
$ 650,000 ADT Operations, Inc. $ 373,750
0.000% Liquid Yield Option Notes
07/06/2010
240,000 Carnival Cruise Lines, Inc. 428,400
4.500% Conv. Sub. Notes
07/01/1997
395,000 The Interpublic Group of Companies, Inc. 414,750
3.750% Conv. Sub. Euro. Deb.
04/01/2002
1,025,000 Marriott International, Inc. 571,437
0.000% Liquid Yield Option Notes
03/25/2011
190,000 McKesson Corporation 168,150
4.500% Exch. Sub. Deb.
03/01/2004
1,300,000 Whirlpool Corporation 526,500
0.000% Liquid Yield Option Notes
05/14/2011
----------
2,482,987
CONSUMER GROWTH STAPLES (9.5%)
305,000 Alberto-Culver Company 378,200
5.500% Conv. Sub. Deb.
06/30/2005
700,000 Alza Corporation 682,500
5.000% Conv. Sub. Deb.
05/01/2006
625,000 Elan International Finance, Ltd. 406,250
0.000% Liquid Yield Option Notes
10/16/2012
160,000 Hasbro, Inc. 202,400
6.000% Conv. Sub. Notes
11/15/1998
355,000 The Home Depot, Inc. 362,100
3.250% Conv. Sub. Deb.
10/01/2001
1,215,000 News America Holdings Incorporated 552,825
0.000% Liquid Yield Option Notes
03/11/2013
255,000 Proffitt's, Inc. 264,563
4.750% Conv. Sub. Deb.
11/01/2003
----------
2,848,838
</TABLE>
See accompanying Note to Schedule of Investments.
3
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Convertible Fund
<TABLE>
<CAPTION>
Principal
Amount Value
---------- -----------
<C> <S> <C>
CONSUMER STAPLES (1.8%)
$ 150,000 Allied Domecq plc $ 228,060
BPS 6.750% Conv. Bonds
07/07/2008
270,000 Grand Metropolitan Public Ltd. Co. 312,525
6.500% Conv. Notes
01/31/2000
-----------
540,585
ENERGY (4.4%)
1,100,000 Baker Hughes, Inc. 761,750
0.000% Liquid Yield Option Notes
05/05/2008
500,000 Pennzoil Company (Chevron) 558,125
4.750% Exch. Senior Deb.
10/01/2003
-----------
1,319,875
FINANCIAL (6.0%)
145,000 Cincinnati Financial Corporation 188,138
5.500% Conv. Senior Deb.
05/01/2002
165,000 Developers Diversified Realty Corp. 166,650
7.000% Conv. Sub. Deb.
08/15/1999
100,000 Hysan Development Finance Ltd. 115,125
6.750% Conv. Guaranteed Notes
06/01/2000
260,000 Leucadia National Corporation 262,600
5.250% Conv. Sub. Deb.
02/01/2003
435,000 Rouse Company 436,087
5.750% Conv. Bonds
07/23/2002
800,000 USF&G Corporation 508,000
0.000% Conv. Sub. Notes
08/15/1999
100,000 The Wharf Holdings Limited 126,000
5.000% Conv. Sub. Guaranteed Notes 07/15/2000
-----------
1,802,600
-----------
TOTAL CONVERTIBLE BONDS 13,470,924
(Cost $12,401,601)
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value
--------- -----------
<C> <S> <C>
CONVERTIBLE PREFERRED STOCKS (15.2%)
BASIC INDUSTRIES (2.0%)
7,000 International Paper Company $ 337,750
5.250% Conv. Pref. Securities
5,550 James River Corporation of Virginia 264,318
Dep. Shares, 1/100 Share Series P
9.000% Cum. Conv. Pref. Stock
-----------
602,068
CAPITAL GOODS--TECHNOLOGY (0.8%)
4,000 Philippine Long Distance Telephone Co. 232,500
$4.117 Global Dep. Shares,
One Share Series III Conv. Pref. Stock
CONSUMER CYCLICAL (0.8%)
5,200 Kmart Financing I 254,150
7.750% Trust Conv. Pref. Securities
CONSUMER GROWTH STAPLES (0.9%)
3,000 FHP International Corp. 93,375
Series A Cum. Conv. Pref. Stock
3,300 Wendy's International (a) 169,950
-----------
263,325
CONSUMER STAPLES (2.6%)
145,600 RJR Nabisco Holding Corp. 782,600
Series C Dep. Shares,
1/10 Series C Conv. Pref. Stock
CREDIT CYCLICALS (2.6%)
5,000 H.F. Ahmanson & Company 307,500
Dep. Shares, 1/10 Share Series D
6.000% Cum. Conv. Pref. Stock
10,000 Southdown, Inc. 467,500
Series D Cum. Conv. Pref. Stock
-----------
775,000
FINANCIAL (3.9%)
10,180 First Chicago Corporation 773,843
Dep. Shares, 1/100 Share 5.750%
Cum. Conv. Pref. Stock, Series B
145 Jardine Strategic Holdings Limited 158,413
7.500% Conv. Cum. Pref. Shares
6,000 Public Storage, Inc. 223,500
Series X 8.250% Conv. Pref. Stock
-----------
1,155,756
</TABLE>
See accompanying Note to Schedule of Investments.
4
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Convertible Fund
<TABLE>
<CAPTION>
Number of
Shares Value
--------- -----------
<C> <S> <C>
UTILITIES (1.6%)
9,600 Citizens Utilities Trust $ 477,600
5.000% Equity Providing
Pref. Inc. Conv. Securities
-----------
TOTAL CONVERTIBLE 4,542,999
PREFERRED STOCKS
(Cost $4,529,386)
COMMON STOCKS (16.3%)
CAPITAL GOODS--INDUSTRIAL (4.0%)
8,400 Chrysler Corporation 240,450
16,800 Fuji Photo Film ADR 514,500
4,700 Hitachi Ltd.-Sponsored ADR 452,375
-----------
1,207,325
CAPITAL GOODS--TECHNOLOGY (1.5%)
14,531 Alcatel Alsthom ADR 245,211
8,983 Worldcom, Inc. (a) 192,012
-----------
437,223
CONSUMER CYCLICAL (2.5%)
2,383 AMR Corporation (a) 189,746
3,600 Marriott International, Inc. 198,450
5,800 Sony Corporation ADR 369,025
-----------
757,221
CONSUMER GROWTH STAPLES (4.0%)
7,000 Gannett Co., Inc. 492,625
11,000 Reebok International Ltd. 382,250
900 Washington Post Company--Class B 301,725
-----------
1,176,600
CREDIT CYCLICALS (2.3%)
7,000 Federal Home Loan Mortgage Corp. 685,125
FINANCIAL (2.0%)
10,373 Fifth Third Bancorp 602,930
-----------
TOTAL COMMON STOCKS 4,866,424
(Cost $3,931,837)
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value
--------- -----------
<C> <S> <C>
CALL OPTIONS (1.7%)
CAPITAL GOODS--INDUSTRIAL (0.4%)
80 Eastman Kodak Co. (a) $ 124,000
Long Term Equity Anticipation Securities
Expiring 01/16/1999 Strike Price 75
CONSUMER CYCLICAL (0.3%)
130 International Game Technology (a) 76,375
Long Term Equity Anticipation Securities Expiring
01/16/1999 Strike Price 20
CONSUMER GROWTH STAPLES (0.3%)
50 Bristol Myers Squibb (a) 99,375
Long Term Equity Anticipation Securities
Expiring 01/17/1998 Strike Price 80
CREDIT CYCLICALS (0.4%)
120 Federal National Mortgage Assn. (a) Long Term Equity 115,500
Anticipation Securities Expiring 01/17/1998
Strike Price 27.50
FINANCIAL (0.3%)
100 SunAmerica, Inc. (a) 90,000
Long Term Equity Anticipation Securities Expiring
01/16/1999 Strike Price 32.50
-----------
TOTAL CALL OPTIONS 505,250
(Cost $379,940)
WARRANTS (0.8%)
29,300 Bear Stearns 249,050
Japanese Yen Put Warrants (a)
Expiring 08/21/97
-----------
TOTAL WARRANTS 249,050
(Cost $175,433)
</TABLE>
See accompanying Note to Schedule of Investments.
5
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Convertible Fund
<TABLE>
<CAPTION>
Principal
Amount Value
---------- -----------
<C> <S> <C>
U.S. GOVERNMENT SECURITIES (14.2%)
$ 850,000 United States Treasury Notes $ 865,802
7.000% 04/15/1999
100,000 United States Treasury Notes 100,750
8.000% 01/15/1997
300,000 United States Treasury Notes 302,110
7.500% 01/31/1997
200,000 United States Treasury Notes 199,156
5.625% 01/31/1998
2,750,000 United States Treasury Notes 2,781,790
6.875% 05/15/2006
-----------
TOTAL U.S. GOVERNMENT SECURITIES 4,249,608
(Cost $4,208,430)
-----------
TOTAL INVESTMENTS (93.2%) 27,884,255
(Cost $25,626,627)
CASH DEPOSIT WITH CUSTODIAN 2,681,008
(INTEREST BEARING) (8.9%)
LIABILITIES, LESS OTHER ASSETS
(-2.1%) (639,350)
-----------
NET ASSETS (100%) $29,925,913
===========
NET ASSET VALUE PER SHARE--CLASS A
(2,034,110 shares outstanding) $ 14.00
===========
NET ASSET VALUE PER SHARE--CLASS C
(103,598 shares outstanding) $ 13.97
===========
</TABLE>
NOTE TO SCHEDULE OF INVESTMENTS
(a) Non-income producing security
See accompanying Notes to Financial Statements.
6
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Growth and Income Fund
<TABLE>
<CAPTION>
Principal
Amount Value
--------- ----------
<C> <S> <C>
CONVERTIBLE BONDS (38.1%)
CAPITAL GOODS--INDUSTRIAL (6.9%)
$140,000 Robbins and Myers, Inc. $ 145,600
6.500% Conv. Sub. Notes
09/01/2003
75,000 Sanifill, Inc. 94,125
5.000% Conv. Sub. Deb.
03/01/2006
70,000 Thermo Instrument Systems, Inc. 151,375
3.750% Senior Conv. Euro. Deb. Guaranteed
09/15/2000
40,000 United States Filter Corporation 99,276
5.000% Conv. Sub. Deb.
10/15/2000
----------
490,376
CAPITAL GOODS--TECHNOLOGY (3.7%)
280,000 Automatic Data Processing, Inc 161,000
0.000% Liquid Yield Option Notes 02/20/2012
30,000 MacNeal-Schwendler Corporation 27,300
7.875% Conv. Sub. Deb.
08/18/2004
220,000 United States Cellular Corporation 73,150
0.000% Liquid Yield Option Notes 06/15/2015
----------
261,450
CONSUMER CYCLICAL (5.5%)
30,000 Alaska Air Group, Inc. 29,700
7.750% Conv. Notes
06/15/2010
120,000 Hilton Hotels Corp. 127,800
5.000% Conv. Sub Notes
05/15/2006
50,000 The Interpublic Group of Companies, Inc. 3.750% Conv. 52,500
Sub. Euro. Deb. 04/01/2002
120,000 Prime Hospitality Corp. 180,600
7.000% Conv. Sub. Notes
04/15/2002
----------
390,600
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
--------- ----------
<C> <S> <C>
CONSUMER GROWTH STAPLES (11.4%)
$ 50,000 All American Communications, Inc. $ 51,000
6.500% Conv. Sub. Notes
10/01/2003
120,000 Alberto-Culver Company 148,800
5.500% Conv. Sub. Deb.
06/30/2005
175,000 Alza Corporation 170,625
5.000% Conv. Sub. Deb.
05/01/2006
300,000 Boston Chicken, Inc. 93,750
0.000% Liquid Yield Option Notes 06/01/2015
105,000 The Home Depot, Inc. 107,100
3.250% Conv Sub. Deb.
10/01/2001
95,000 ICN Pharmaceuticals, Inc. 106,400
8.500% Conv. Sub. Notes
11/15/1999
265,000 Jacor Communications, Inc. 130,844
0.000% Liquid Yield Option Notes 06/12/2001
----------
808,519
CREDIT CYCLICALS (0.4%)
30,000 Medusa Corporation 31,350
6.000% Conv. Sub. Notes
11/15/2003
ENERGY (5.4%)
250,000 Baker Hughes, Inc. 173,125
0.000% Liquid Yield Option Notes
05/05/2008
80,000 Cross Timbers Oil Company 88,200
5.250% Conv. Sub. Notes
11/01/2003
120,000 Nabors Industries, Inc. 122,400
5.000% Conv. Sub. Notes
05/15/2006
----------
383,725
FINANCIAL (4.8%)
200,000 USF&G Corporation 127,000
0.000% Conv. Sub. Notes
03/03/2009
230,000 Fremont General Corp. 133,400
0.000% Liquid Yield Option Notes
10/12/2013
80,000 LTC Properties, Inc. 84,800
8.500% Conv. Sub. Deb.
01/01/2001
----------
345,200
----------
TOTAL CONVERTIBLE BONDS 2,711,220
(Cost $2,457,883)
</TABLE>
See accompanying Note to Schedule of Investments.
7
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Growth and Income Fund
<TABLE>
<CAPTION>
Number of
Shares Value
--------- ----------
<C> <S> <C>
CONVERTIBLE PREFERRED STOCKS (13.8%)
BASIC INDUSTRIES (1.6%)
4,000 Freeport McMoran Copper and Gold, Inc. Dep. Shares, 1/2 $ 111,000
Share Conv. Pref. Stock
CAPITAL GOODS--INDUSTRIAL (0.7%)
2,500 Cooper Industries, Inc. 51,250
6.000% Exchangeable Notes
2,700 US West, Inc. 83,700
7.625% Exchangeable Notes
CREDIT CYCLICALS (1.5%)
2,200 Southdown, Inc. 102,850
Series D Cum. Conv. Pref. Stock
ENERGY (3.1%)
1,500 Ashland Oil, Inc. 94,312
$3.125 Cum. Conv. Pref. Stock
3,000 Lomak Petroleum, Inc. 114,000
$2.03 Conv. Exch. Pref. Stock Series C
300 Tejas Gas Corporation 14,550
Dep. Shares, 1/5 Share 5.250% Cum. Conv. Pref. Stock
----------
222,862
FINANCIAL (5.7%)
3,000 Community First Bankshares, Inc. 110,250
Dep. Shares, 1/4 Share
1,000 Conseco, Inc. 88,750
7.000% Pref. Redeemable Inc. Divd. Equity Secs.
1,500 First Chicago NBD Corp. 114,024
Dep. Shares, 1/5 Share
5.750% Cum. Conv. Pref. Stock
500 Jefferson-Pilot 42,125
(Nationsbank Corp.)
$7.250 01/21/00 Series
675 Penncorp Financial Group, Inc. 52,313
Conv. Pref. Stock
----------
407,462
----------
TOTAL CONVERTIBLE PREFERRED STOCKS 979,124
(Cost $925,094)
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value
--------- ----------
<C> <S> <C>
COMMON STOCKS (17.5%)
CAPITAL GOODS--TECHNOLOGY (4.8%)
4,210 LCI International, Inc. (a) $ 132,615
800 Microsoft Corporation (a) 105,500
4,728 Worldcom, Inc. (a) 101,061
----------
339,176
CONSUMER CYCLICAL (8.0%)
1,037 AMR Corporation (a) 82,571
3,000 Liz Claiborne, Inc. 111,750
4,500 Maytag Corp. 87,750
5,500 SPX Corp. 164,313
3,469 TJX Companies, Inc. 124,450
----------
570,834
CONSUMER STAPLES (1.5%)
3,000 Kimball International, Inc. 109,875
ENERGY (1.2%)
3,188 Reading and Bates Corporation (a) 86,488
FINANCIAL (2.0%)
2,451 Fifth Third Bancorp 142,464
----------
TOTAL COMMON STOCKS 1,248,837
(Cost $983,291)
CALL OPTIONS (2.8%)
CAPITAL GOODS--INDUSTRIAL (0.4%)
18 Eastman Kodak Co. (a) 27,900
Long Term Equity Anticipation Securities Expiring
01/16/1999 Strike Price 75
CONSUMER CYCLICAL (0.2%)
30 International Game Technology (a) 17,625
Long Term Equity Anticipation Securities Expiring
01/16/1999 Strike Price 20
CONSUMER GROWTH STAPLES (1.7%)
40 American Home Products Corp. (a) 89,500
Long Term Equity Anticipation Securities Expiring
01/17/1998 Strike Price 42.5
50 Federated Department Stores, Inc. (a) Long Term Equity 32,500
Anticipation Securities Expiring 01/16/1999 Strike
Price 35
----------
122,000
</TABLE>
See accompanying Note to Schedule of Investments.
8
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Growth and Income Fund
<TABLE>
<CAPTION>
Number of
Shares/Principal
Amount Value
---------------- ----------
<C> <S> <C>
ENERGY (0.2%)
55 Occidental Petroleum Corp. (a) $ 14,438
Long Term Equity Anticipation Securities
Expiring 01/16/1999 Strike Price 25
FINANCIAL (0.3%)
20 SunAmerica, Inc. (a) 18,000
Long Term Equity Anticipation Securities
Expiring 01/16/1999 Strike Price 32.50
----------
TOTAL CALL OPTIONS 199,963
(Cost $143,292)
</TABLE>
<TABLE>
<C> <S> <C>
U.S. GOVERNMENT SECURITIES (23.6%)
$230,000 United States Treasury Notes 7.000% 04/15/1999 234,276
800,000 United States Treasury Notes 6.875% 03/31/1997 805,752
635,000 United States Treasury Notes 6.875% 05/15/2006 642,340
----------
TOTAL U.S. GOVERNMENT SECURITIES 1,682,368
(Cost $1,672,181)
----------
TOTAL INVESTMENTS (95.8%) 6,821,512
(Cost $6,181,741)
CASH DEPOSITS WITH CUSTODIAN (INTEREST BEARING) (4.4%) 312,215
LIABILITIES, LESS OTHER ASSETS
(-0.2%) (14,692)
----------
NET ASSETS (100%) $7,119,035
==========
NET ASSET VALUE PER SHARE--CLASS A (474,459 shares out-
standing) $ 14.94
==========
NET ASSET VALUE PER SHARE-- CLASS C (2,177 shares out-
standing) $ 14.93
==========
</TABLE>
NOTE TO SCHEDULE OF INVESTMENTS
(a) Non-income producing security
See accompanying Notes to Financial Statements.
9
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Strategic Income Fund
<TABLE>
<CAPTION>
Principal
Amount Value
--------- ----------
<C> <S> <C>
CONVERTIBLE BONDS (87.9%)
BASIC INDUSTRIES (2.8%)
$35,000 Inco Limited $ 42,175
5.750% Conv. Deb.
07/01/2004
CAPITAL GOODS--INDUSTRIAL (11.5%)
30,000 Sanifill, Inc. 37,650
5.000% Conv. Sub. Deb.
03/01/2006
70,000 Thermo Electron Corporation 84,350
4.250% Conv. Sub. Deb.
01/01/2003
21,000 United States Filter Corporation 52,120
5.000% Conv. Sub. Deb.
10/15/2000
----------
174,120
CAPITAL GOODS--TECHNOLOGY (9.8%)
25,000 Checkpoint Systems, Inc. 38,750
5.250% Conv. Sub. Deb.
11/01/2005
50,000 Data General Corporation 49,750
7.750% Conv. Sub. Deb.
06/01/2001
40,000 Dovatron International, Inc. 35,400
6.000% Conv. Sub. Notes
10/15/2002
22,000 General Instrument Corporation 24,640
5.000% Conv. Junior. Sub. Notes 06/15/2000
----------
148,540
CONSUMER CYCLICAL (11.2%)
50,000 ADT Operations, Inc. 28,750
0.000% Liquid Yield Option Notes 07/06/2010
30,000 Alaska Air Group, Inc. 27,675
6.875% Conv. Sub. Deb.
06/15/2014
30,000 Continental Airlines 26,250
6.750% Conv. Sub. Notes
04/15/2006
40,000 Hilton Hotels Corp. 42,600
5.000% Conv. Sub. Notes
05/15/2006
80,000 Marriott International, Inc. 44,600
0.000% Liquid Yield Option Notes 03/25/2011
----------
169,875
CONSUMER GROWTH STAPLES (32.8%)
50,000 Alza Corporation 48,750
5.000% Conv. Sub. Deb.
05/01/2006
40,000 Careline, Inc. 44,000
8.000% Conv. Sub. Senior Notes 05/01/2001
30,000 Eagle Hardware & Garden, Inc. 45,937
6.250% Conv. Sub. Deb.
03/15/2001
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
--------- ----------
<C> <S> <C>
$25,000 Federated Department Stores, Inc. $ 28,375
5.000% Conv. Sub. Notes
10/01/2003
50,000 IVAX Corporation 44,750
6.500% Conv. Sub. Notes
11/15/2001
70,000 Jacor Communications, Inc. 34,562
0.000% Liquid Yield Option Notes 06/12/2011
30,000 National Education Corporation 28,388
6.500% Conv. Sub. Deb.
06/12/2011
30,000 PhyCor, Inc. 33,975
4.500% Conv. Sub. Deb.
02/15/2003
40,000 Pier 1 Imports, Inc. 42,800
5.750% Conv. Sub. Notes
10/01/2003
60,000 Proffitt's, Inc. 62,250
4.750% Conv. Sub. Deb.
11/01/2003
45,000 Scholastic Corporation 50,906
5.000% Conv. Sub. Deb.
08/15/2005
30,000 Tenet Healthcare Corporation 31,275
6.000% Exch. Sub. Notes
12/01/2005
----------
495,968
CREDIT CYCLICALS (4.3%)
30,000 BankAtlantic Bancorp, Inc. 32,063
6.750% Conv. Sub. Deb.
07/01/2006
35,000 Toll Brothers, Inc. 33,425
4.750% Conv. Senior Sub. Notes 01/15/2004
----------
65,488
ENERGY (11.0%)
30,000 Enserch Corp. 29,625
6.375% Conv. Sub. Deb.
04/01/2020
50,000 Nabors Industries, Inc. 51,000
5.000% Conv. Sub. Notes
05/15/2006
50,000 Oryx Energy Company 46,500
7.500% Conv. Sub. Deb.
05/15/2014
30,000 Pride Petroleum Services, Inc. 39,450
6.250% Conv. Sub. Notes
02/15/2006
----------
166,575
FINANCIAL (4.5%)
35,000 Advest Group Incorporated 36,488
9.000% Conv. Sub. Deb.
03/15/2008
50,000 USF&G Corporation 31,750
0.000% Conv. Sub. Notes
03/03/2009
----------
68,238
----------
TOTAL CONVERTIBLE BONDS 1,330,979
(Cost $1,241,344)
</TABLE>
See accompanying Note to Schedule of Investments.
10
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Strategic Income Fund
<TABLE>
<CAPTION>
Number of
Shares Value
--------- ----------
<C> <S> <C>
CONVERTIBLE PREFERRED STOCKS (10.0%)
CONSUMER CYCLICAL (3.9%)
600 Kmart Financing I $ 29,325
7.750% Trust Conv. Pref. Securities
600 USAir Group, Inc. (a) 30,450
Depository Shares
----------
59,775
FINANCIAL (6.1%)
850 American General Corporation 44,944
Conv. Monthly Income Pref. Sec.
900 Criimi Mae, Inc. 23,850
10.875% Series B Conv. Pref. Stock
300 Penncorp Financial Group, Inc. 23,250
$3.375 Conv. Pref. Stock
----------
92,044
----------
TOTAL CONVERTIBLE PREFERRED STOCKS 151,819
(Cost $148,322)
----------
TOTAL INVESTMENTS (97.9%) 1,482,798
(Cost $1,396,724)
COMMON STOCKS SOLD SHORT (-25.3%)
BASIC INDUSTRIES (-1.0%)
500 Inco Limited (15,375)
CAPITAL GOODS--INDUSTRIAL (-6.0%)
1,100 Laidlaw, Inc. (12,100)
600 Thermo Electron Corporation (24,300)
1,350 United States Filter Corporation (a) (46,069)
255 USA Waste Services, Inc. (a) (8,032)
----------
(90,501)
CAPITAL GOODS--TECHNOLOGY (-1.8%)
800 Checkpoint Systems, Inc. (a) (21,200)
232 General Instrument Corporation (a) (5,742)
----------
(26,942)
CONSUMER CYCLICAL (-4.2%)
600 ADT Operations, Inc. (a) (11,475)
300 Continental Airlines, Inc.--Class B (a) (6,713)
400 Hilton Hotels Corp. (11,350)
600 Kmart Corporation (6,150)
140 Marriott International, Inc. (7,718)
1,200 USAir Group, Inc. (a) (19,800)
----------
(63,206)
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value
--------- ----------
<C> <S> <C>
CONSUMER GROWTH STAPLES (-7.3%)
250 Alza Corporation (a) $ (6,719)
850 Eagle Hardware & Garden, Inc. (a) (22,950)
225 Federated Department Stores, Inc. (a) (7,538)
200 Jacor Communications, Inc. (a) (6,900)
250 National Education Corporation (a) (4,781)
300 PhyCor Inc. (a) (11,419)
1,760 Pier 1 Imports, Inc. (28,380)
175 Scholastic Corporation (a) (12,688)
300 Vencor, Incorporated (a) (9,675)
----------
(111,050)
CREDIT CYCLICALS (-1.2%)
600 BankAtlantic Bancorp, Inc.--Class A (8,100)
150 BankAtlantic Bancorp, Inc.--Class B (1,969)
500 Toll Brothers, Inc. (a) (8,312)
----------
(18,381)
ENERGY (-1.9%)
60 Enserch Corp. (1,252)
800 Nabors Industries, Inc. (a) (10,900)
1,235 Pride Petroleum Services, Inc. (a) (17,444)
----------
(29,596)
FINANCIAL (-1.9%)
600 USF&G Corporation (11,100)
530 Penncorp Financial Group, Inc. (17,092)
----------
(28,192)
----------
TOTAL COMMON STOCKS SOLD SHORT (383,243)
(Proceeds $326,078)
OPTIONS SOLD SHORT (-0.1%)
7 American General Corporation (a) (2,362)
Long Term Equity Anticipation Securities Expiring
01/18/1997 Strike Price 35
----------
TOTAL OPTIONS SOLD SHORT (2,362)
(Proceeds $1,584)
----------
CASH DEPOSITS WITH CUSTODIAN 369,861
(INTEREST BEARING) (24.4%)
OTHER ASSETS, LESS LIABILITIES (3.1%) 47,334
----------
NET ASSETS (100%) $1,514,388
==========
NET ASSET VALUE PER SHARE $ 11.07
==========
(136,843 shares outstanding)
</TABLE>
NOTE TO SCHEDULE OF INVESTMENTS
(a) Non-income producing security
See accompanying Notes to Financial Statements.
11
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Growth Fund
<TABLE>
<CAPTION>
Number of
Shares Value
--------- ----------
<C> <S> <C>
COMMON STOCKS (98.6%)
BASIC INDUSTRIES (6.8%)
1,400 Mosinee Paper Corporation $ 38,850
2,500 Oregon Metallurgical Corp. (a) 81,250
3,800 Shaw Group, Inc. (a) 132,050
1,800 Spectran Corporation (a) 28,575
----------
280,725
CAPITAL GOODS--INDUSTRIAL (12.2%)
4,400 Coachman Industries Incorporated 113,300
2,900 Dynatech Corporation (a) 132,675
2,700 Galileo Electro Optics Corporation (a) 66,825
2,000 Gardner Denver Machinery, Inc. (a) 61,000
1,200 Memtec Limited Sponsored ADR 33,600
3,000 Manitowoc Company, Inc. 96,375
----------
503,775
CAPITAL GOODS--TECHNOLOGY (13.0%)
1,200 Brooktrout Technology, Inc. (a) 43,800
1,100 Davox Corporation (a) 41,525
1,100 HBO & CO. 73,425
2,100 Proxim, Inc. (a) 60,375
3,000 Qlogic Corp. (a) 38,625
5,000 SBS Technologies, Inc. (a) 98,750
2,600 Vitesse Semiconductor Corporation (a) 100,425
2,000 Western Digital Corporation (a) 80,250
----------
537,175
CONSUMER CYCLICAL (13.7%)
2,500 Callaway Golf Co. 85,312
5,000 Central Garden and Pet Co. (a) 100,625
1,500 Diebold, Inc. 87,562
1,700 Scotsman Industries Incorporated 38,888
3,200 SPX Corporation 95,600
2,500 TJX Companies, Inc. 89,687
2,000 Wet Seal Incorporated--Class A (a) 72,000
----------
569,674
CONSUMER GROWTH STAPLES (20.9%)
700 ABR Information Services, Inc. (a) 50,400
3,700 CKE Restaurants, Inc. 113,775
3,500 Damark International, Inc.--Class A (a) 45,062
1,800 DeVry, Inc. (a) 81,900
600 Fila Holding SPA, ADR 57,675
1,200 Greenwich Air Services, Inc.--Class A 33,600
1,200 Hologic, Inc. (a) 33,600
2,700 Jones Medical Industries, Inc. 130,950
800 Nike, Inc.--Class B 97,200
3,000 PCI Services Incorporated (a) 81,750
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value
--------- ----------
<C> <S> <C>
3,000 Showbiz Pizza Time, Inc. (a) $ 54,375
1,900 Times Mirror Co.--Class A 84,550
----------
864,837
CONSUMER STAPLES (5.1%)
2,500 Stanley Furniture, Inc. (a) 42,188
2,200 Safeway, Inc. (a) 93,775
1,800 Vons Companies, Inc. (a) 77,175
----------
213,138
CREDIT CYCLICALS (3.6%)
2,000 Champion Enterprises, Inc. (a) 45,250
2,000 Interwest Bancorp, Inc. 59,000
800 Leader Financial Corp. 43,200
----------
147,450
ENERGY (10.5%)
1,700 Baker Hughes, Inc. 51,638
2,100 Barrett Resources Corp. (a) 74,025
3,700 Williams Clayton Energy 37,462
Incorporated (a)
4,000 Global Marine, Inc. (a) 63,000
7,000 Marine Drilling (a) 67,375
2,200 United Meridian Corp. (a) 100,100
2,300 Veritas DGC, Inc. (a) 41,400
----------
435,000
FINANCIAL (11.5%)
2,250 Aames Financial Corporation 113,344
2,100 Community First Bankshares, Inc. 49,350
1,500 Delphi Financial Group, Inc.-- 42,000
Class A (a)
200 First Empire State Corporation 49,800
2,000 Imperial Credit Industries 73,250
Incorporated (a)
2,000 Life Re Corporation 72,000
900 Star Banc Corporation 76,612
----------
476,356
TRANSPORTATION (1.3%)
1,100 Seacor Holdings, Inc. (a) 55,825
----------
TOTAL COMMON STOCKS 4,083,955
(Cost $3,216,645)
----------
TOTAL INVESTMENTS (98.6%) 4,083,955
</TABLE>
See accompanying Note to Schedule of Investments.
12
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Growth Fund
<TABLE>
<S> <C> <C>
CASH DEPOSITS 54,007
WITH CUSTO-
DIAN
(INTEREST
BEARING)
(1.3%)
OTHER ASSETS,
LESS LIABIL-
ITIES (0.1%) 5,675
----------
NET ASSETS $4,143,637
(100%)
==========
NET ASSET
VALUE PER
SHARE--CLASS
A (220,940
shares out-
standing) $ 18.71
==========
NET ASSET
VALUE PER
SHARE--CLASS
C (568
shares out-
standing) $ 18.70
==========
</TABLE>
NOTE TO SCHEDULE OF INVESTMENTS
(a) Non-income producing security
See accompanying Notes to Financial Statements.
13
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Global Growth and Income Fund
<TABLE>
<CAPTION>
Principal
Amount/
Number of
Shares Value
--------- ----------
<C> <S> <C>
CONVERTIBLE BONDS (9.7%)
BASIC INDUSTRIES (2.5%)
$20,000 New World Infrastructure $ 20,775
5.000% Conv. Deb.
07/14/2001
20,000 Renong Berhad 22,500
2.500% Conv. Notes
01/15/2005
----------
43,275
CONSUMER CYCLICAL (1.4%)
30,000 Shangrila Asian Capital 25,275
2.875% Conv. Deb.
12/16/2000
CONSUMER GROWTH STAPLES (3.2%)
36,000 Lindt & Sprungli Finance 33,529
CHF 3.250% Conv. Deb.
10/18/2001
50,000 News America Holdings Incorporated 0.000% Liquid Yield 22,750
Option Notes 03/11/2013
----------
56,279
CONSUMER STAPLES (2.0%)
30,000 Grand Metropolitan Public Ltd. Co. 6.500% Conv. Notes 34,725
01/31/2000
FINANCIAL (0.6%)
10,000 Republic of Italy 10,075
5.000% Conv. Deb.
06/28/2001
----------
TOTAL CONVERTIBLE BONDS (Cost $170,457) 169,629
CONVERTIBLE PREFERRED STOCKS (2.6%)
FINANCIAL (1.3%)
300 First Chicago NBD 22,805
Corp. Dep. Shares, 1/5 Share 5.750% Cum. Conv. Pref.
Stock
TECHNOLOGY (1.3%)
400 Philippine Long Distance Telephone Co. $4.117 Global 23,250
Dep. Shares, One Share Series III Conv. Pref. Stock
----------
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $45,250) 46,055
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value
--------- -------
<C> <S> <C>
COMMON STOCKS (28.5%)
CAPITAL GOODS--INDUSTRIAL (4.7%)
1,100 Fuji Photo Film ADR 33,688
500 Hitachi Ltd.--Sponsored ADR 48,125
-------
81,813
CAPITAL GOODS--TECHNOLOGY (2.7%)
275 Matsushita Electric Industrial Ltd. ADR 46,613
CONSUMER CYCLICAL (8.7%)
350 Canon Incorporated ADR 34,475
900 Carnival Corp. 27,900
425 Havas Advertising 44,795
FRS
700 Sony Corporation ADR 44,537
-------
151,707
CONSUMER GROWTH STAPLES (1.4%)
350 Gannett Co., Inc. 24,631
CONSUMER STAPLES (3.5%)
2,800 BAT Industries PLC--Sponsored ADR 37,800
800 Groupe Danone--Sponsored ADR 23,400
-------
61,200
ENERGY (0.6%)
300 Unocal Corp. 10,800
FINANCIAL (4.2%)
325 MBIA, Inc. 27,868
7,400 Peregrine Investments Holdings Ltd. ADR 23,125
1,000 Societe Generale France--Sponsored ADR 22,125
-------
73,118
TECHNOLOGY (2.7%)
1,000 Philips Electronics Co. 35,875
350 Stet Societa Fianziaria Telephone--ADR 12,119
-------
47,994
-------
TOTAL COMMON STOCKS (Cost $491,757) 497,876
</TABLE>
See accompanying Note to Schedule of Investments.
14
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996
Calamos Global Growth and Income Fund
<TABLE>
<CAPTION>
Value
----------
<C> <S> <C>
TOTAL INVESTMENTS 713,560
(40.8%)
(Cost $707,464)
CASH DEPOSITS 984,866
WITH CUSTODIAN
(INTEREST BEAR-
ING) (56.5%)
OTHER ASSETS LESS 48,255
LIABILITIES
(2.7%)
----------
NET ASSETS (100%) $1,746,681
==========
NET ASSET VALUE
PER SHARE--CLASS
A (343,655
shares outstand-
ing) $ 5.04
==========
NET ASSET VALUE
PER SHARE--CLASS
C (3,000 shares
outstanding) $ 5.04
==========
</TABLE>
NOTE TO SCHEDULE OF INVESTMENTS
(a) Non-income producing security
See accompanying Notes to Financial Statements.
15
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1996
<TABLE>
<CAPTION>
GLOBAL
GROWTH AND STRATEGIC GROWTH AND
CONVERTIBLE INCOME INCOME GROWTH INCOME
ASSETS FUND FUND FUND FUND FUND
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investments, at value
(cost $25,626,627,
$6,181,741, $1,396,724,
$3,216,645 and $707,464
respectively) $27,884,255 6,821,512 1,482,798 4,083,955 713,560
Cash with custodian
(interest bearing) 2,681,008 312,215 369,861 54,007 984,866
Net unrealized
appreciation on forward
foreign currency
contracts - - - - 4,004
Accrued interest and
dividends receivable 239,996 55,781 20,230 892 5,082
Receivable for
investments sold - 72,078 73,947 - -
Receivable for Fund
shares sold 122,606 39 - 30 98,470
Prepaid expenses 15,310 15,199 8,772 13,318 -
Due from Advisor - - 2,447 494 1,352
------------------------------------------------
Total Assets 30,943,175 7,276,824 1,958,055 4,152,696 1,807,334
------------------------------------------------
LIABILITIES AND NET
ASSETS
Common stocks sold
short, at value
(proceeds $326,078) - - 383,243 - -
Call options sold short
(proceeds 1,584) - - 2,362 - -
Payable for investments
purchased 924,554 105,884 42,851 - 58,187
Payable for Fund shares
redeemed 46,415 39,753 10,000 250 0
Payable to investment
adviser 23,300 8,248 4,533 6,989 609
Accounts payable and
accrued liabilities 10,039 916 20 107 1,577
Payable to distributor 12,954 2,988 658 1,713 280
------------------------------------------------
Total Liabilities 1,017,262 157,789 443,667 9,059 60,653
------------------------------------------------
NET ASSETS $29,925,913 7,119,035 1,514,388 4,143,637 1,746,681
------------------------------------------------
------------------------------------------------
ANALYSIS OF NET ASSETS
Excess of amounts
received from issuance
of shares over amounts
paid on redemptions of
shares on account of
capital $26,564,409 6,326,082 1,476,946 3,061,293 1,734,702
Undistributed net
investment income
(loss) 205,469 35,693 4,960 (54,751) 1,879
Accumulated net realized
gain on investments 898,407 117,489 4,351 269,785 -
Unrealized appreciation
of investments 2,257,628 639,771 28,131 867,310 10,100
------------------------------------------------
NET ASSETS $29,925,913 7,119,035 1,514,388 4,143,637 1,746,681
------------------------------------------------
------------------------------------------------
CLASS A SHARES
Net Assets Applicable to
Shares Outstanding $28,478,544 7,086,537 1,514,388 4,133,016 1,731,566
Shares Outstanding 2,034,110 474,459 136,843 220,940 343,655
Net Asset Value and
Redemption Price Per
Share at September 30,
1996 $14.00 14.94 11.07 18.71 5.04
------------------------------------------------
------------------------------------------------
Maximum Offering Price
Per Share at September
30, 1996 (Net asset
value, plus 4.99% of
net asset value or
4.75% of offering
price) $14.70 15.68 11.62 19.64 5.29
------------------------------------------------
------------------------------------------------
CLASS C SHARES
Net Assets Applicable to
Shares Outstanding $ 1,447,369 32,498 NA 10,621 15,115
Shares Outstanding 103,598 2,177 NA 568 3,000
Net Asset Value and
Redemption Price Per
Share at September 30,
1996 $13.97 14.93 NA 18.70 5.04
------------------------------------------------
------------------------------------------------
</TABLE>
16
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended September 30, 1996
<TABLE>
<CAPTION>
GLOBAL
GROWTH AND STRATEGIC GROWTH AND
CONVERTIBLE INCOME INCOME GROWTH INCOME
FUND FUND FUND FUND FUND*
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $ 388,134 109,997 44,787 3,241 2,473
Dividends 141,541 28,987 3,350 6,411 660
------------------------------------------
Total Investment Income 529,675 138,984 48,137 9,652 3,133
------------------------------------------
EXPENSES
Investment advisory fees 100,449 24,498 5,886 19,382 557
Distribution fees 67,950 16,348 3,924 9,695 280
Transfer agent fees 4,949 1,270 541 629 52
Custodian fees 1,504 1,073 1,185 2,745 0
Trustees' fees 1,800 1,800 1,800 1,800 300
Registration fees 3,510 3,761 3,259 3,259 392
Audit and legal fees 14,590 10,003 13,061 8,524 1,025
Dividends paid on short
sales - - 816 - -
Other 600 667 590 595 -
------------------------------------------
Total Expenses 195,352 59,420 31,062 46,629 2,606
Less expense
reimbursement - - 14,550 7,861 1,352
------------------------------------------
Net Expenses 195,352 59,420 16,512 38,768 1,254
------------------------------------------
NET INVESTMENT INCOME 334,323 79,564 31,625 (29,116) 1,879
------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON
INVESTMENTS
Net realized gain on
investments (including
options) 844,097 122,238 65,235 254,628 -
Change in net unrealized
appreciation or
depreciation of
investments (407,077) 127,277 (47,460) 397,151 10,100
------------------------------------------
NET GAIN ON INVESTMENTS 437,020 249,515 17,775 651,779 10,100
------------------------------------------
NET INCREASE IN NET
ASSETS RESULTING FROM
OPERATIONS $ 771,343 329,079 49,400 622,663 11,979
------------------------------------------
------------------------------------------
</TABLE>
- ------------------------------
*The Calamos Global Growth and Income Fund commencement of operations was on
September 9, 1996.
17
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended September 30, 1996 and Year Ended March 31, 1996
<TABLE>
<CAPTION>
Convertible Growth and Income Strategic Income Growth
Fund Fund Fund Fund
---------------------------------------------------------------------------------------------------
Six Six Six Six
Months Year Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended Ended Ended
Sept. 30, Mar. 31, Sept. 30, Mar. 31, Sept. 30, Mar. 31, Sept. 30, Mar. 31,
1996 1996 1996 1996 1996 1996 1996 1996
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment
income $ 334,323 601,361 79,564 114,496 31,625 85,214 (29,116) (19,022)
Net realized gain
on investments
(including
options) 844,097 2,911,070 122,238 783,008 65,235 86,175 254,628 465,330
Change in net
unrealized
appreciation or
depreciation of
investments (407,077) 1,352,830 127,277 342,618 (47,460) 77,845 397,151 227,320
---------------------------------------------------------------------------------------------------
Increase in net
assets resulting
from operations 771,343 4,865,261 329,079 1,240,122 49,400 249,234 622,663 673,628
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment income (Class A) (519,411) (428,439) (50,692) (128,998) (48,758) (72,037) - (9,427)
Net investment
income (Class C) (9,188) - (195) - - - - -
Net realized gains (1,084,412) (1,522,911) (539,731) (202,909) - - (22,344) (438,209)
---------------------------------------------------------------------------------------------------
Total
distributions (1,613,011) (1,951,350) (590,618) (331,907) (48,758) (72,037) (22,344) (447,636)
---------------------------------------------------------------------------------------------------
INCREASE
(DECREASE) IN NET
ASSETS FROM
CAPITAL SHARE
TRANSACTIONS 6,307,529 4,900,118 1,567,709 1,052,091 (106,160) (768,146) 677,644 849,072
---------------------------------------------------------------------------------------------------
TOTAL INCREASE
(DECREASE) IN NET
ASSETS 5,465,861 7,814,029 1,306,170 1,960,306 (105,518) (590,949) 1,277,963 1,075,064
NET ASSETS
Beginning of
period 24,460,052 16,646,023 5,812,865 3,852,559 1,619,906 2,210,855 2,865,674 1,790,610
---------------------------------------------------------------------------------------------------
End of period $29,925,913 $24,460,052 $7,119,035 $5,812,865 $1,514,388 $1,619,906 $4,143,637 $2,865,674
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Undistributed net
investment income 205,469 399,745 35,693 7,016 4,960 8,916 - -
<CAPTION>
Global
Growth and
Income
Fund
---------------------------------------------------------------------------------------------------
Sept. 9,
1996
through
Sept. 30,
1996
---------------------------------------------------------------------------------------------------
<S> <C>
OPERATIONS
Net investment
income 1,879
Net realized gain
on investments
(including
options) -
Change in net
unrealized
appreciation or
depreciation of
investments 10,100
---------------------------------------------------------------------------------------------------
Increase in net
assets resulting
from operations 11,979
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment income (Class A) -
Net investment
income (Class C) -
Net realized gains -
---------------------------------------------------------------------------------------------------
Total
distributions -
---------------------------------------------------------------------------------------------------
INCREASE
(DECREASE) IN NET
ASSETS FROM
CAPITAL SHARE
TRANSACTIONS 1,734,702
---------------------------------------------------------------------------------------------------
TOTAL INCREASE
(DECREASE) IN NET
ASSETS 1,746,681
NET ASSETS
Beginning of
period -
---------------------------------------------------------------------------------------------------
End of period $1,746,681
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Undistributed net
investment income 1,879
</TABLE>
18
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Organization - CFS Investment Trust, a Massachusetts business trust organized
December 21, 1987 (the "Trust"), consists of five series, Calamos Convertible
Fund, Calamos Growth and Income Fund, Calamos Strategic Income Fund, Calamos
Growth Fund and Calamos Global Growth and Income Fund. In 1995, the Trust
changed its fiscal year end for financial reporting and income tax purposes
from April 30 to March 31. In June 1996, the Trust began offering both Class A
and Class C shares for all five series of the Trust.
Portfolio Valuation - Investments are stated at value. Securities for which
quotations are readily available are valued at the last available sales price
on the exchange market on which they are principally traded, or lacking any
sales, at the mean of the most recently quoted bid and asked prices.
Securities and other assets for which market quotations are not readily
available are valued at fair value as determined in good faith by or under the
direction of the Trust's Board of Trustees. Forward currency contracts are
valued using forward currency exchange rates available from a quotation
service.
Investment Transactions and Investment Income - Investment transactions are
recorded on a trade date basis. Realized gains and losses from investment
transactions are reported on an identified cost basis. Interest income is
recognized using the accrual method and include amortization of original issue
discount. Dividend income is recognized on the ex-dividend date.
Foreign Currency Translation - Values of investments denominated in foreign
currencies are converted into U.S. dollars using the spot market rate of
exchange at the time of valuation. Purchases and sales of investments and
dividend and interest income are translated into U.S. dollars using the spot
market rate of exchange prevailing on the respective dates of such
transactions. A realized foreign exchange gain of $6,566 and an unrealized
foreign exchange gain of $5,127 incurred by the Convertible Fund and
unrealized foreign exchange gains of $38 incurred by the Global Growth and
Income Fund are included as a component of net realized gains and losses on
investments and in net unrealized appreciation and depreciation in
investments, respectively.
Federal Income Taxes - No provision has been made for Federal income taxes
since the Funds each elect to be taxed as a "regulated investment company" and
have made such distributions to shareholders as to be relieved of all Federal
income taxes.
Dividends - Dividends payable to its shareholders are recorded by the Funds on
the ex-dividend date. Income and capital gain dividends are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments for foreign currency transactions.
Allocation of Expenses Between Classes - Expenses arising in connection with a
specific class of shares are allocated directly. All other expense are
allocated pro rata based on relative net assets.
Use of Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the amounts reported in the financial statements
and accompanying notes. Actual results may differ from those estimates.
19
<PAGE>
NOTE 2 -- INVESTMENT ADVISER AND TRANSACTIONS WITH AFFILIATES
Pursuant to an investment advisory agreement with Calamos Asset Management,
Inc. ("CAM"), the Funds pay a monthly investment advisory fee based on the
average daily net assets of the Funds, computed as follows: The Convertible
Fund, Growth and Income Fund, and Strategic Income Fund fees are based on
0.75% of the first $150 million of each Fund's average daily net assets and
0.50% of each Fund's average daily net assets in excess of $150 million. The
Growth Fund and Global Growth and Income Fund fees are based on 1.00% of the
first $150 million of average daily net assets and 0.75% of average daily net
assets in excess of $150 million.
CAM has voluntarily undertaken to limit normal operating expenses of the
Strategic Income Fund, Growth Fund and Global Growth & Income Fund to 2% of
average daily net assets for Class A shares and to 2.5% of average daily net
assets for Class C shares through August 31, 1997. For the six months ended
September 30, 1996, CAM waived or absorbed expenses of $14,550, $7,857 and
$1,345, respectively, for Class A shares of those Funds and $4 and $7,
respectively, for the Growth Fund and the Global Growth and Income Fund Class
C shares.
While serving as Transfer Agent of the Funds, CAM assumed all expenses of
personnel, office space, office facilities and equipment incidental to such
service.
While serving as Distributor, Calamos Financial Services, Inc. ("CFS") assumed
all expenses of personnel, office space, office facilities and equipment
incidental to such service. Each Fund has adopted a Distribution Plan pursuant
to Rule 12b-1 under the Investment Company Act of 1940 whereby CFS is paid an
annual service fee of 0.25% and an annual distribution fee of 0.25% of the
Fund's average daily net assets on Class A shares and an annual service fee of
0.25% and an annual distribution fee of 0.75% of the Fund's average daily net
assets on Class C shares. In return, CFS bears all expenses incurred in the
distribution and promotion of each Fund's shares.
During the six months ended September 30, 1996, CFS received commissions of
$22,518, $3,724 and $25 from the sale of Convertible Fund, Growth and Income
Fund and Growth Fund shares, respectively.
Portfolio transactions for the Fund have been executed through CFS, consistent
with the Fund's policy of obtaining best price and execution. During the six
months ended September 30, 1996, the Convertible Fund, Growth and Income Fund,
Strategic Income Fund, Growth Fund and Global Growth & Income Fund paid
brokerage commissions to CFS on purchases and sales of securities in the
amount of $12,790, $4,607, $1,852, $17,600 and $529, respectively. It is
management's opinion that commission rates charged to the Funds by CFS are
consistent with those charged to comparable unaffiliated customers in similar
transactions.
Certain officers of the Funds are also officers and directors of CFS and CAM.
All officers serve without direct compensation from the Funds.
NOTE 3 -- INVESTMENTS
Purchases and sales of investments other than short-term obligations in the
Funds for the six months ended September 30, 1996, are as follow:
<TABLE>
<CAPTION>
Global
Convertible Growth and Income Strategic Income Growth Growth and Income
Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Purchases $9,453,313 3,523,781 881,689 3,986,270 707,464
Proceeds from sales $5,119,416 1,845,999 974,108 3,268,100 -
</TABLE>
20
<PAGE>
NOTE 3 -- INVESTMENTS--(CONTINUED)
The following information is based on the cost basis of investments for
Federal income tax purposes at September 30, 1996:
<TABLE>
<CAPTION>
Global
Convertible Growth and Income Strategic Income Growth Growth and Income
Fund Fund Fund Fund Fund
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Cost basis of invest-
ments $25,626,627 6,181,741 1,396,724 3,216,645 707,464
Gross unrealized appre-
ciation $ 2,539,878 734,200 124,521 953,960 10,486
Gross unrealized depre-
ciation $ (282,250) (94,429) (38,447) (86,650) (4,390)
Net unrealized apprecia-
tion $ 2,257,628 639,771 86,074 867,310 6,096
</TABLE>
NOTE 4 -- SHORT SALES
Securities sold short represent obligations to purchase the securities at a
future date at then prevailing prices. These transactions result in off-
balance-sheet risk, i.e., the risk that the ultimate obligation may exceed the
amount shown in the accompanying statement of assets and liabilities. To the
extent a Fund owns equivalent securities, the off-balance-sheet risk is
offset. During the six months ended September 30, 1996, the Strategic Income
Fund incurred losses of $54,629 on short sales that are classified with net
realized loss on investments. No other fund engaged in short sales during the
six months ended September 30, 1996.
NOTE 5 -- FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may engage in portfolio hedging with respect to changes in currency
exchange rates by entering into foreign currency contracts to purchase or sell
currencies. A forward foreign currency contract is a commitment to purchase or
sell a foreign currency at a future date at a negotiated forward rate. Risks
associated with such contracts include movement in the value if the foreign
currency relative to the U.S. dollar and the ability of the counterparty to
perform. The net unrealized gain, if any, represents the credit risk to the
Fund on a forward foreign currency contract. The contracts are valued daily at
forward exchange rates and an unrealized gain or loss is recorded. The Funds
realize a gain or loss upon settlement of the contracts. The statement of
operations reflects net unrealized gains and losses on these contracts. The
counterparty to all forward foreign currency contracts, at September 30, 1996,
was a multinational bank.
As of September 30, 1996, the Global Growth and Income Fund had the following
open forward foreign currency contracts:
<TABLE>
<CAPTION>
Unrealized
Settlement Local Current Gain
Date Currency Value (Loss)
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Swiss Francs........................... 12/12/96 45,000 $36,496 $ 311
Japanese Yen........................... 12/12/96 22,000,000 203,327 3,522
British Pounds Sterling................ 12/12/96 28,000 43,694 (87)
French Francs.......................... 12/12/96 230,000 48,900 258
------
$4,004
======
</TABLE>
NOTE 6 -- INTEREST BEARING CASH DEPOSIT WITH CUSTODIAN
The Funds have entered into an arrangement with the custodian, Prudential
Securities, Inc., whereby each Fund is entitled to the current broker call
rate minus one percent on the average daily cash balances on deposit with the
custodian. During the six months ended September 30, 1996, the Convertible
Fund, Growth and Income Fund, Strategic Income Fund, Growth Fund and Global
Growth And Income Fund earned $37,434, $16,576, $7,954, $3,241 and 2,358,
respectively, in interest income under this arrangement.
21
<PAGE>
NOTE 7 -- CAPITAL SHARE TRANSACTIONS
The following table summarizes the activity in capital shares of the Funds:
<TABLE>
<CAPTION>
Convertible Growth and Income Strategic Income Growth Global Growth and
A Shares Fund Fund Fund Fund Income Fund
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Six months ended Shares Dollars Shares Dollars Shares Dollars Shares Dollars Shares Dollars
September 30, 1996
Shares sold 329,039 $4,649,629 90,739 $1,383,881 661 $ 7,342 60,206 $1,045,795 343,655 $1,719,702
Shares issued in
reinvestment of
distributions 86,692 1,205,404 35,401 519,541 2,720 30,051 1,279 22,144 - -
Less shares
redeemed (69,216) (971,267) (23,779) (367,480) (12,926) (143,946) (22,607) (400,309) - -
---------------------------------------------------------------------------------------------------------------
Increase (decrease) 346,515 $4,883,766 102,361 $1,535,942 (9,545) $(106,160) 38,878 $ 667,630 343,655 $1,719,702
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Global Growth
Growth and Strategic and Income
C Shares Convertible Fund Income Fund Income Fund Growth Fund Fund
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Six months ended Shares Dollars Shares Dollars Shares Dollars Shares Dollars Shares Dollars
September 30, 1996
Shares sold 103,633 $1,424,243 2,173 $31,706 - - 568 $10,014 3,000 $15,000
Shares issued in rein-
vestment of distribu-
tions - - 4 61 - - - - - -
Less shares redeemed (35) (480) - - - - - - - -
------------------------------------------------------------------------------------
Increase (decrease) 103,598 $1,423,763 2,177 $31,767 - - 568 $10,014 3,000 $15,000
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Convertible Growth and Income Strategic Income Growth
A Shares Fund Fund Fund Fund
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Year ended March 31,
1996 Shares Dollars Shares Dollars Shares Dollars Shares Dollars
Shares sold 384,827 $5,437,155 100,923 $1,501,956 5,423 $ 58,500 35,197 $571,748
shares issued in rein-
vestment of
distributions 121,084 1,654,810 19,957 288,695 4,385 47,093 29,036 408,816
Less shares redeemed (159,648) (2,191,847) (52,698) (738,560) (81,600) (873,739) (8,485) (131,492)
--------------------------------------------------------------------------------
Increase (decrease) 346,263 $4,900,118 68,182 $1,052,091 (71,792) $(768,146) 55,748 $849,072
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
</TABLE>
ABBREVIATIONS
ADRS:American Depository CUM.: Cumulative EXCH.: Exchangeable
Receipts DEB.: Debenture NONCUM.: Noncumulative
ADSS:American Depository DEP.: Depository PREF.: Preferred
Shares EURO.: Eurobond SUB.: Subordinated
CONV.:
Convertible
FOREIGN CURRENCY ABBREVIATIONS
BPS: British Pound Sterling ECS: European Currency Unit
SKS: Swedish Krona
DMS: Deutsche Mark FRS: French Franc CHF: Swiss Franc
22
<PAGE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD IS AS FOLLOWS:
CALAMOS CONVERTIBLE FUND
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------------------------------------------------
Six Eleven
Months Year Months
Ended Ended Ended
September 30, March 31, March 31, Year Ended April 30,
-----------------------------------------------------------------------------------------------
1996 1996 1995 1994 1993 1992 1991 1990 1989 1988(b)
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 14.49 $ 12.41 $ 13.04 $ 13.96 $ 12.72 $ 11.39 $ 10.29 $ 10.73 $ 10.56 $ 11.94
Income from investment
operations:
Net investment income .15 .40 .38 .40 .42 .41 .49 .60 .59 .62
Net realized and
unrealized gain (loss)
on investments .25 3.06 (.01) .53 1.32 1.43 1.25 (.32) .14 (1.24)
-----------------------------------------------------------------------------------------------
Total from investment
operations .40 3.46 .37 .93 1.74 1.84 1.74 .28 .73 (.62)
-----------------------------------------------------------------------------------------------
Less distributions:
Dividends from net in-
vestment income (.28) (.31) (.32) (.39) (.40) (.45) (.52) (.63) (.56) (.66)
Dividends from net re-
alized
capital gains (.61) (1.07) (.56) (1.46) (.10) - - - - (.10)
Dividends in excess of
net
realized capital gains - - (.12) - - - - - - -
Distributions from paid
in capital - - - - - (.06) (.12) (.09) - -
-----------------------------------------------------------------------------------------------
Total distributions (.89) (1.38) (1.00) (1.85) (.50) (.51) (.64) (.72) (.56) (.76)
-----------------------------------------------------------------------------------------------
Net asset value, end of
period $ 14.00 $ 14.49 $ 12.41 $ 13.04 $ 13.96 $ 12.72 $ 11.39 $ 10.29 $ 10.73 $ 10.56
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Total return (a) 2.8% 28.8% 3.2% 6.5% 14.0% 16.5% 17.7% 2.4% 7.2% (5.1%)
Ratios and supplemental
data:
Net assets, end of pe-
riod (000) $28,479 $24,460 $16,646 $17,023 $17,213 $16,940 $13,953 $18,664 $21,270 $23,194
Ratio of expenses to
average net assets 1.4%* 1.5% 1.6%* 1.6% 1.7% 1.2% 1.2% 1.1% 1.1% 1.2%
Ratio of net investment
income to average net
assets 1.0%* 3.0% 3.3% 2.8% 3.2% 3.4% 4.3% 5.5% 5.6% 5.6%
</TABLE>
<TABLE>
<CAPTION>
Class C
--------------------------------
July 5, 1996 through
September 30, 1996
- ----------------------------------------------------
<S> <C>
Net asset value, beginning of
period $13.87
Income from investment opera-
tions:
Net investment income .03
Net realized and unrealized
gain (loss) on investments .16
------
Total from investment opera-
tions .19
Less distributions:
Dividends from net investment
income (.09)
------
Net asset value, end of period $13.97
======
Total return (a) 1.37%
Ratios and supplemental data:
Net assets, end of period
(000) $1,447
Ratio of expenses to average
net assets 1.9%*
Ratio of net investment in-
come to average net assets 1.6%*
- ----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Eleven
Six Months Year Months
Ended Ended Ended
September 30, March 31, March 31, Year Ended April 30,
----------------------------------------------------------------------------------
1996 1996 1995 1994 1993 1992 1991 1990 1989 1988(b)
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio turnover rate 40.8%* 65.2% 42.1% 73.1% 73.1% 83.8% 63.2% 93.4% 84.7% 55.5%
Average commission rate
paid .0566 .0633 .0936 .0952 .1000 .0966 N/A N/A N/A N/A
</TABLE>
- -----------------------------
(a) Total return is not annualized for periods that are less than a full year
and does not reflect the effect of sales charges.
(b) Calamos Asset Management, Inc. became the Fund's investment adviser on
September 1, 1987.
* Annualized.
23
<PAGE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD IS AS FOLLOWS:
CALAMOS GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
Class A
---------------------------------------------------------------------------------------
Eleven
Six Months Year Months Sept. 22,
Ended Ended Ended 1988 to
September 30, March 31, March 31, Year Ended April 30, April 30,
- ------------------------------------------------------------------------------------------------------------
1996 1996 1995 1994 1993 1992 1991 1990 1989
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $15.62 $12.68 $12.97 $13.90 $13.57 $11.54 $10.46 $10.49 $10.00
Income from investment
operations:
Net investment income .17 .37 .35 .31 .35 .29 .31 .33 .38
Net realized and
unrealized gain on
investments .61 3.70 (.02) .34 1.97 2.02 1.09 .09 .49
---------------------------------------------------------------------------------------
Total from investment
operations .78 4.07 .33 .65 2.32 2.31 1.40 .42 .87
---------------------------------------------------------------------------------------
Less distributions:
Dividends from net
investment income (.11) (.42) (.32) (.29) (.36) (.28) (.32) (.28) (.38)
Dividends from net
realized capital gains (1.29) (.71) (.30) (1.29) (1.63) - - (.17) -
---------------------------------------------------------------------------------------
Total distributions (1.46) (1.13) (.62) (1.58) (1.99) (0.28) (0.32) (0.45) (0.38)
---------------------------------------------------------------------------------------
Net asset value, end of
period $14.94 $15.62 $12.68 $12.97 $13.90 $13.57 $11.54 $10.46 $10.49
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Total return (b) 5.22% 33.0% 2.8% 4.5% 18.8% 20.2% 13.4% 3.8% 9.0%
Ratios and supplemental
data:
Net assets, end of
period (000) $7,087 $5,813 $3,853 $4,663 $3,655 $2,694 $1,821 $1,345 $ 732
Ratio of expenses to
average net assets (a) 1.8%* 2.0% 2.0%* 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%*
Ratio of net investment
income to average net
assets (a) 2.2%* 2.6% 3.0%* 2.3% 2.6% 2.3% 2.9% 3.0% 4.8%*
</TABLE>
<TABLE>
<CAPTION>
Class C
------------------
August 5, 1996
through
September 30, 1996
- ----------------------------------------------------
<S> <C>
Net asset value, beginning of
period $14.52
Income from investment opera-
tions:
Net investment income .01
Net realized and unrealized
gain (loss) on investments .49
------
Total from investment operations .50
Less distributions:
Dividends from net investment
income (.09)
------
Net asset value, end of period $14.93
======
Total return (b) 3.5%
Ratios and supplemental data:
Net assets, end of period (000) $ 32
Ratio of expenses to average
net assets 2.3%*
Ratio of net investment income
to average net assets .6%*
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------------------------------
<CAPTION>
Eleven
Six Months Year Months Sept. 22,
Ended Ended Ended 1988 to
September 30, March 31, March 31, Year Ended April 30, April 30,
- -------------------------------------------------------------------------------------------------------
1996 1996 1995 1994 1993 1992 1991 1990 1989
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio turnover rate 63.3%* 86.4% 84.7% 155.2% 132.3% 111.6% 103.6% 103.0% 85.0%*
Average commission rate
paid .0616 .0604 .0924 .1002 .1010 .1004 N/A N/A N/A
</TABLE>
- ------------------------------
(a) After the reimbursement and waiver of expenses by the Adviser equivalent to
0.1%, 0.2%*, 0.1%, 0.5%, 0.5%, 1.7%, 2.3% and 8.4%* of average net assets
for 1996, 1995, 1994, 1993, 1992, 1991, 1990 and 1989 respectively.
(b) Total return is not annualized for periods that are less than a full year
and does not reflect the effect of sales charges.
* Annualized.
24
<PAGE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD IS AS FOLLOWS:
CALAMOS STRATEGIC INCOME FUND
<TABLE>
<CAPTION>
Eleven Sept. 4,
Six Months Year Months 1990
Ended Ended Ended to
September 30, March 31, March 31, Year Ended April 30, April 30,
-----------------------------------------------------------
1996 1996 1995 1994 1993 1992 1991
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $11.07 $10.13 $10.71 $10.96 $10.58 $10.60 $10.00
Income from investment
operations:
Net investment income .35 .53 .40 .36 .39 .59 .40
Net realized and
unrealized gain (loss)
on investments - .83 (.43) .11 .79 .46 .61
----------------------------------------------------------
Total from investment
operations .35 1.36 (.03) .47 1.18 1.05 1.01
----------------------------------------------------------
Less distributions:
Dividends from net in-
vestment income (.35) (.42) (.36) (.41) (.41) (.51) (.40)
Dividends from net re-
alized capital gains - - (.19) (.31) (.39) (.56) (.01)
----------------------------------------------------------
Total distributions (.35) (.42) (.55) (.72) (.80) (1.07) (.41)
----------------------------------------------------------
Net asset value, end of
period $11.07 $11.07 $10.13 $10.71 $10.96 $10.58 $10.60
----------------------------------------------------------
----------------------------------------------------------
Total return (c) 3.19% 13.6% (0.2%) 4.2% 11.5% 10.5% 10.2%
Ratios and supplemental
data:
Net assets, end of pe-
riod (000) $1,514 $1,620 $2,211 $3,004 $2,522 $1,410 $595
Ratio of expenses to
average net assets
(a)(b) 2.1%* 2.2% 2.4%* 2.2% 2.3% 2.5% 2.6%*
Ratio of net investment
income to average net
assets (a) 4.0%* 4.6% 4.0%* 3.2% 3.9% 5.3% 6.6%*
Portfolio turnover rate 118.7%* 81.1% 59.9% 79.4% 73.8% 97.0% 108.9%*
Average commission rate
paid .0708 .0636 .0966 .0997 .1056 .1200 N/A
</TABLE>
- ------------------------------
(a) After the reimbursement and waiver of expenses by the Adviser equivalent to
1.9%*, 1.6%, 1.1%*, 1.0%, 0.7%, 1.25% and 4.8%* of average net assets,
respectively.
(b) Includes 0.1%*, 0.2%, 0.4%*, 0.2%, 0.3%, 0.5% and 0.6%*, respectively,
related to dividend expenses on short positions.
(c) Total return is not annualized for periods that are less than a full year
and does not reflect the effect of sales charges.
* Annualized.
25
<PAGE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD IS AS FOLLOWS:
CALAMOS GROWTH FUND
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------------
Eleven
Six Months Year Months Sept. 4,
Ended Ended Ended 1990 to
September 30, March 31, March 31, Year Ended April 30, April 30,
------------------------------------------------------------
1996 1996 1995 1994 1993 1992 1991
------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 15.74 $14.18 $14.57 $13.95 $14.04 $12.48 $10.00
Income from investment
operations:
Net investment income
(loss) (.11) (.09) .02 .01 (.02) (.01) .07
Net realized and
unrealized gain (loss) 3.18 4.69 (.28) 1.21 .20 1.60 2.50
------------------------------------------------------------
Total from investment
operations 3.07 4.60 (.26) 1.22 .18 1.59 2.57
------------------------------------------------------------
Less distributions:
Dividends from net in-
vestment income - (.07) - (.01) - - (0.08)
Dividends from net re-
alized capital gains (.10) (2.97) (.13) (.59) (.27) (.03) (0.01)
------------------------------------------------------------
Total distributions (.10) (3.04) (.13) (.60) (.27) (.03) (0.09)
------------------------------------------------------------
Net asset value, end of
period $ 18.71 $15.74 $14.18 $14.57 $13.95 $14.04 $12.48
------------------------------------------------------------
------------------------------------------------------------
Total return (b) 19.6% 35.2% (1.8%) 8.9% 1.4% 12.7% 25.8%
Ratios and supplemental
data:
Net assets, end of pe-
riod (000) $ 4,144 $2,866 $1,791 $2,089 $1,861 $1,802 $ 862
Ratio of expenses to
average net assets (a) 2.0%* 2.0% 2.0%* 2.0% 2.0% 2.0% 2.0%*
Ratio of net investment
income to average net
assets (a) (1.4)%* (0.8)% 0.2%* 0.1% (0.1)% (0.1)% 0.8%*
</TABLE>
<TABLE>
<CAPTION>
Class C
---------------------
September 3, 1996 through
September 30, 1996
- ----------------------------------------------------
<S> <C>
Net asset value, begin-
ning of period $ 17.63
Income from investment
operations:
Net investment income (.03)
Net realized and
unrealized gain (loss)
on
investments 1.10
-------
Total from investment op-
erations 1.07
-------
Less distributions:
Dividends from net in-
vestment income -
-------
Net asset value, end of
period $ 18.70
=======
Total return (b) 6.1%
Ratios and supplemental
data:
Net assets, end of pe-
riod (000) $ 11
Ratio of expenses to av-
erage net assets (c) 2.5%*
Ratio of net investment
income to average
net assets (c) (1.9)%*
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------------
<CAPTION>
Eleven
Six Months Year Months Sept. 4,
Ended Ended Ended Year Ended 1990 to
September 30, March 31, March 31, April 30, April 30,
-----------------------------------------------------
1996 1996 1995 1994 1993 1992 1991
-----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Portfolio turnover rate 177.1%* 252.4% 104.3% 87.3% 56.8% 47.3% 15.8%*
Average Commission rate
paid .0603 .0608 .0910 .0996 .1011 .1098 N/A
</TABLE>
- ------------------------------
(a) After the reimbursement and waiver of expenses by the Adviser equivalent to
0.4%*, 1.2%, 1.6%*, 1.1%, 0.7%, 0.8%, and 4.5%* of average net assets
respectively.
(b) Total return is not annualized for periods that are less than a full year
and does not reflect the effect of sales charges.
(c) After the reimbursement and waiver of expenses by the Adviser equivalent to
0.4%* of average net assets respectively.
* Annualized.
26
<PAGE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD IS AS FOLLOWS:
CALAMOS GLOBAL GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
Class A
---------------
September 9, 1996 through
September 30, 1996
- -------------------------------------------------------------------------------
<S> <C>
Net asset value, beginning of period $ 5.00
Income from investment operations:
Net investment income .01
Net realized and unrealized gain (loss) on invest-
ments .03
------
Total from investment operations .04
------
Less distributions:
Dividends from net investment income -
------
Net asset value, end of period $ 5.04
======
Total return (b) .8%
Ratios and supplemental data:
Net assets, end of period (000) $1,732
Ratio of expenses to average net assets (a) 2.0%*
Ratio of net investment income to average net assets
(a) 1.7%*
</TABLE>
<TABLE>
<CAPTION>
Class C
---------------
September 24, 1996 through
September 30, 1996
- ------------------------------------------------------------------------------
<S> <C>
Net asset value, beginning of period $5.00
Income from investment operations:
Net investment income .01
Net realized and unrealized gain (loss) on invest-
ments .03
-----
Total from investment operations .04
-----
Less distributions:
Dividends from net investment income -
-----
Net asset value, end of period $5.04
=====
Total return (b) .8%
Ratios and supplemental data:
Net assets, end of period (000) $ 11
Ratio of expenses to average net assets (a) 2.5%*
Ratio of net investment income to average net as-
sets (a) .3%*
- ------------------------------------------------------------------------------
<CAPTION>
September 9, 1996 through
September 30, 1996
- ------------------------------------------------------------------------------
<S> <C>
Portfolio turnover rate -
Average Commission .0770
</TABLE>
- ------------------------------
(a) After the reimbursement and waiver of expenses by the Adviser equivalent to
2.2% * of average net assets respectively.
(b) Total return is not annualized for periods that are less than a full year
and does not reflect the effect of sales charges.
* Annualized.
27
<PAGE>
n Investment Adviser and Transfer Agent
Calamos Asset Management, Inc.(TM)
1111 East Warrenville Road
Naperville, IL 60563-1493
n Distributor
Calamos Financial Services, Inc.(TM)
1111 East Warrenville Road
Naperville, IL 60563-1493
n Counsel
Bell, Boyd & Lloyd
Chicago, Illinois
The Net Asset Values for the Calamos Family
of Funds(TM) may be obtained daily by calling
1.800.823.7386 after 5:00 P.M. Central Time.
This report, including the unaudited
financial statements contained
herein, is submitted for the general
information of the shareholders of
the Funds. The report is not
authorized for distribution to
prospective investors in the Funds
unless it is accompanied by a
currently effective prospectus of
the Funds.
LOGO
CALAMOS
CONVERTIBLE FUND
GROWTH AND INCOME FUND
STRATEGIC INCOME FUND
GROWTH FUND
GLOBAL GROWTH AND INCOME FUND
Each a Series of CFS Investment Trust
SEMI-ANNUAL REPORT
SEPTEMBER 30, 1996
(UNAUDITED)
LOGO
CFS INVESTMENT TRUST
1111 East Warrenville Road
Naperville, IL 60563-1493 . 800.823.7386
