<PAGE>
DEAR FELLOW SHAREHOLDERS:
We are pleased to present the semiannual report of the Calamos Family of
Funds(R) for the six-month period ended September 30, 1997.
NEW TRANSFER AGENT
In an effort to provide you with the highest level of service possible,
Calamos Investment Trust(R) has selected FPS Services, Inc. to be the new
transfer agent for the Funds. We expect this to result in significantly
enhanced service to shareholders. One of the service enhancements provided by
FPS is an Automated Voice Response System, which will provide you with
extended hours of service and allow you to access general fund information as
well as your account information 24 hours a day via a touch-tone telephone. To
use the Calamos Funds' Automated Voice Response System, simply call our
shareholder services number 800.823.7386 and a prompt system will guide you
through the menu options.
MARKET COMMENT
During the past six months, performance of the Funds has been strong,
reflecting increasing equity prices and a stable bond market. The convertible
securities market continues to benefit from the strong performance of the
underlying common stock. The strength of the U.S. economy and recently enacted
Tax Reform Act of 1997 has provided an impetus to the financial markets.
Our view now, as well as in the beginning of the year, remains constructive
but defensive on the financial markets. With the favorable statistics being
reported on the economic front, the stock market has priced into common stocks
a great deal of optimism. For the most part, we share the optimistic outlook;
however, it leaves little room for negative surprises. Therefore, we feel that
it is prudent to remain invested but cautious. The Chairman of the Federal
Reserve Board, Alan Greenspan, made a statement on the stock market about
exhibiting "irrational exuberance," which reflects the extended valuation of
some sectors of the stock market. We expect both the stock and bond markets to
be more volatile in the coming months.
We believe the defensive characteristics of our Funds that utilize convertible
securities as their core holdings can dampen stock and bond market volatility.
The convertible's hybrid characteristics act like the stock in which it can be
converted into during rising markets, as well as a bond with its cushioning
effect in declining markets. We believe this strategy is well suited for what
we expect will be a volatile market in the coming months.
We appreciate the continuing confidence you and your fellow investors have
shown in the Calamos Family of Funds(R). We welcome any comments or questions
you may have.
Sincerely,
/s/ John P. Calamos
John P. Calamos
President
November 28, 1997
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Convertible Fund
<TABLE>
<CAPTION>
Principal
Amount Value
----------- -----------
<C> <S> <C>
CONVERTIBLE BONDS (53.8%)
BASIC INDUSTRIES (0.3%)
$ 475,000 RPM, Inc. $ 241,575
0.000% Liquid Yield Option Notes
09/30/2012
CAPITAL GOODS--INDUSTRIAL (1.8%)
550,000 Credence Systems Corporation 556,875
5.250% Conv. Sub. Notes
09/15/2002
775,000 Thermo Electron Corporation 908,687
4.250% Conv. Euro. Sub. Deb.
01/01/2003
-----------
1,465,562
CAPITAL GOODS--TECHNOLOGY (11.7%)
6,596,000 Alcatel Alsthom 1,416,579
FRF 6.500% Conv. Deb.
01/01/2000
225,000 CIA de Telefonos de Chile 382,421
4.500% Conv. Sub. Deb.
01/15/2003
800,000 Cyrix Corporation 873,264
5.500% Conv. Sub. Notes
06/01/2001
1,700,000 Kent Electronics 1,717,000
4.500% Conv. Sub. Notes
09/01/2004
715,000 Lam Research Corporation 660,616
5.000% Conv. Sub. Notes
09/01/2002
208,000 Photronics, Inc. 269,859
6.000% Conv. Sub. Notes
06/01/2004
1,100,000 Quantum Corporation 1,239,843
7.000% Conv. Sub. Notes
08/01/2004
700,000 Tecnomatix Technologies Ltd. 771,750
5.250% Conv. Sub. Notes
08/15/2004
1,500,000 Telefonica Europe B.V. 1,613,438
2.000% Conv. Notes
07/15/2002
800,000 World Access, Inc. 858,000
4.500% Conv. Sub. Notes
10/01/2002
-----------
9,802,770
CONSUMER CYCLICALS (13.7%)
1,715,000 Hilton Hotels Corporation 2,034,419
5.000% Conv. Sub. Notes
05/15/2006
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
---------- -----------
<C> <S> <C>
$1,900,000 The Interpublic Group Of Companies, Inc. $ 1,579,375
1.800% Conv. Sub. Deb.
09/16/2004
3,175,000 Marriott International, Inc. 2,092,230
0.000% Liquid Yield Option Notes
03/25/2011
1,025,000 Marriott International, Inc. 675,444
0.000% Euro. Liquid Yield Option Notes
03/25/2011
1,575,000 MascoTech, Inc. 1,428,005
4.500% Conv. Sub. Deb.
12/15/2003
1,200,000 Michaels Stores, Inc. 1,215,000
6.750% Conv. Sub. Notes
01/15/2003
1,300,000 Office Depot, Inc. 828,485
0.000% Liquid Yield Option Notes
12/11/2007
1,210,000 Omnicom Group Inc. 1,574,500
4.250% Conv. Sub. Deb.
01/03/2007
-----------
11,427,458
CONSUMER GROWTH STAPLES (8.7%)
2,135,000 Alza Corporation 2,156,350
5.000% Conv. Sub. Deb.
05/01/2006
2,300,000 Costco Companies, Inc. 1,244,231
0.000% Conv. Sub. Notes
08/19/2017
575,000 Integrated Health Services, Inc. 634,340
5.750% Conv. Sub. Deb.
01/01/2001
550,000 Integrated Health Services, Inc. 613,712
6.000% Conv. Sub. Deb.
01/01/2003
3,915,000 The News Corporation Limited 1,803,562
0.000% Liquid Yield Option Notes
03/11/2013
800,000 Rite Aid Corporation 817,000
5.250% Conv. Sub. Notes
09/15/2002
-----------
7,269,195
CONSUMER STAPLES (3.1%)
700,000 Allied Domecq PLC 1,151,092
GBP 6.750% Conv. Bond
07/07/2008
520,000 Grand Metropolitan PLC 722,150
6.500% Conv. Notes
01/31/2000
</TABLE>
See accompanying Note to Schedule of Investments.
2
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Convertible Fund
<TABLE>
<CAPTION>
Principal
Amount Value
----------- -----------
<C> <S> <C>
$ 725,000 RFM Capital LTD $ 730,438
2.750% Conv. Euro. Bond
05/30/2006
-----------
2,603,680
CREDIT CYCLICALS (2.2%)
1,000,000 Hysan Development Company Ltd. 1,143,750
6.750% Conv. Guaranteed Notes
06/01/2000
600,000 Masco Corporation 672,234
5.250% Conv. Sub. Deb.
02/15/2012
-----------
1,815,984
ENERGY (4.4%)
1,100,000 Baker Hughes, Incorporated 952,446
0.000% Liquid Yield Option Notes
05/05/2008
800,000 Key Energy Group, Inc. 816,000
5.000% Conv. Sub. Notes
09/15/2004
1,150,000 Loews Corporation (Diamond Offshore Drilling) 1,184,500
3.125% Conv. Sub. Notes
09/15/2007
500,000 Pennzoil Company (Chevron) 713,510
4.750% Exch. Senior Deb.
10/01/2003
-----------
3,666,456
FINANCIAL (5.6%)
165,000 Developers Diversified Realty Corporation 199,817
7.000% Conv. Sub. Deb.
08/15/1999
2,000,000 Peregrine Investments Holdings Limited 1,760,000
4.500% Conv. Bonds
12/01/2000
1,400,000 Republic of Italy 1,470,000
Instituto Nazionale delle Assicurazioni (INA)
5.000% Conv. Bonds
06/28/2001
585,000 The Rouse Company 656,663
5.750% Conv. Euro. Bonds
07/23/2002
800,000 USF&G Corporation 570,752
0.000% Conv. Sub. Notes
03/03/2009
-----------
4,657,232
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
----------- -----------
<C> <S> <C>
TRANSPORTATION (2.3%)
$ 570,000 BAA plc $ 1,068,750
GBP 5.750% Conv. Bonds
03/29/2006
750,000 Halter Marine Group, Inc. 885,000
4.500% Conv. Sub. Notes
09/15/2004
-----------
1,953,750
-----------
TOTAL CONVERTIBLE BONDS 44,903,662
(Cost $42,773,101)
<CAPTION>
Number of
Shares Value
----------- -----------
<C> <S> <C>
CONVERTIBLE PREFERRED STOCKS (16.7%)
BASIC INDUSTRIES (2.3%)
10,550 Fort James Corporation 664,650
Dep. Shares, 1/4 Share Series L
$14.00 Cum. Conv. Exch. Pref. Stock
21,500 International Paper Company 1,233,563
5.250% Conv. Pref. Securities
-----------
1,898,213
CAPITAL GOODS--INDUSTRIAL (1.8%)
27,000 McDermott International, Inc. 1,520,934
$2.875 Series C Conv. Pref. Stock
CONSUMER CYCLICALS (2.7%)
30,400 Royal Carribean Cruises Ltd. 2,211,600
7.250% Series A Conv. Pref. Stock
CONSUMER GROWTH STAPLES (1.6%)
9,300 GS Financial Products U.S., L.P. 735,862
7.000% Conv. Pref. Stock
11,400 US West, Inc. 604,200
4.500% Conv. Pref. Stock
Series D
-----------
1,340,062
CREDIT CYCLICALS (0.7%)
5,000 H. F. Ahmanson & Company 586,250
Dep. Shares, 1/10 Share Series D
6.000% Cum. Conv. Pref. Stock
FINANCIAL (6.3%)
12,000 American Bankers Insurance Group, Inc. 972,000
$3.125 Conv. Pref. Series B
64,500 National Australia Bank 1,894,688
7.875% Perpetual Capital Sec.
</TABLE>
See accompanying Notes to Financial Statements.
3
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Convertible Fund
<TABLE>
<CAPTION>
Number of
Shares Value
--------- -----------
<C> <S> <C>
3,900 The Rouse Company $ 194,025
$3.000 Series B Conv. Pref. Stock
12,000 Security Capital Industrial Trust 363,756
$1.750 Cum. Conv. Redeemable Pref. Series B
25,100 St. Paul Companies, Inc. 1,800,925
6.000% Conc. Pref. Stock
-----------
5,225,394
TRANSPORTATION (0.4%)
6,200 CNF Transportation Inc. 392,150
5.000 Conv. Pref. Stock Series A
UTILITIES (0.9%)
11,500 AES Corporation 778,412
$2.6875 Term Conv. Sec. Series A
-----------
TOTAL CONVERTIBLE
PREFERRED STOCKS 13,953,015
(Cost $11,946,501)
COMMON STOCKS (13.2%)
CAPITAL GOODS--TECHNOLOGY (2.6%)
12,000 Sony Corporation ADRs 1,127,256
21,300 Stratus Computer, Inc. (a) 1,030,387
-----------
2,157,643
CONSUMER GROWTH STAPLES (4.6%)
60,000 American Safety Razor Company (a) 1,102,500
52,500 Brinker International, Inc. (a) 935,183
17,000 Gannett Company, Inc. 1,834,946
-----------
3,872,629
CONSUMER STAPLES (1.3%)
22,600 Dean Foods Company 1,045,250
CREDIT CYCLICALS (1.2%)
28,000 Freddie Mac 987,000
FINANCIAL (2.8%)
15,559 Fifth Third Bancorp 1,017,170
24,600 Lehman Brothers Holdings, Inc. 1,319,175
-----------
2,336,345
TRANSPORTATION (0.7%)
13,812 Carnival Corporation 638,805
-----------
TOTAL COMMON STOCKS 11,037,672
(Cost $7,198,783)
</TABLE>
<TABLE>
<CAPTION>
Number of
Contracts Value
--------- -----------
<C> <S> <C>
CALL OPTIONS (2.4%)
BASIC INDUSTRIES (0.3%)
150 Conseco, Inc. (a) $ 256,875
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 40
CAPITAL GOODS--INDUSTRIAL (0.2%)
120 Caterpillar Inc. (a) 129,000
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 55
CAPITAL GOODS--TECHNOLOGY (0.7%)
60 America Online, Inc. (a) 139,500
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 80
150 EMC Corporation (a) 285,000
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 55
75 Lucent Technologies, Inc. (a) 146,250
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 85
-----------
570,750
CONSUMER CYCLICALS (0.5%)
200 Best Buy Co., Inc. (a) 160,000
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 25
125 CompUSA, Inc. (a) 153,125
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 35
50 UAL Corporation (a) 132,500
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 75
-----------
445,625
ENERGY (0.2%)
175 YPF Sociedad Anonima ADRs (a) 188,125
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 30
FINANCIAL (0.5%)
75 Allstate Corporation (a) 162,187
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 70
</TABLE>
See accompanying Note to Schedule of Investments.
4
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Convertible Fund
<TABLE>
<CAPTION>
Number of
Contracts Value
---------- -----------
<C> <S> <C> <C>
150 Sunamerica, Inc. (a) $ 239,063
Long Term Equity Anticipation
Securities Expiring 01/16/1999
Strike Price 33.375
-----------
401,250
-----------
TOTAL CALL OPTIONS 1,991,625
(Cost $1,671,435)
<CAPTION>
Principal
Amount Value
---------- -----------
<C> <S> <C> <C>
U.S. GOVERNMENT SECURITIES (11.1%)
13,000,000 United States National Strips Interest Coupon 3,315,000
0.000% 11/15/2018
850,000 United States Treasury Notes 865,708
7.000% 04/15/1999
200,000 United States Treasury Notes 200,186
5.625% 01/31/1998
2,750,000 United States Treasury Notes 2,876,032
6.875% 05/15/2006
2,000,000 United States Treasury Notes 2,043,380
6.500% 10/15/2006
-----------
TOTAL U.S. GOVERNMENT SECURITIES 9,300,306
(Cost $9,158,382)
-----------
TOTAL INVESTMENTS (97.2%) 81,186,280
<CAPTION>
(Cost $72,748,202)
<C> <S> <C> <C>
CASH DEPOSITS WITH CUSTODIAN 470,074
<CAPTION>
(INTEREST BEARING) (0.6%)
<C> <S> <C> <C>
OTHER ASSETS, LESS LIABILITIES (2.2%) 1,795,709
-----------
NET ASSETS (100%) $83,452,063
===========
NET ASSET VALUE PER SHARE--CLASS A $ 16.73
===========
<CAPTION>
(2,879,231.603 shares outstanding)
<C> <S> <C> <C>
NET ASSET VALUE PER SHARE--CLASS C $ 16.69
===========
<CAPTION>
(355,630.171 shares outstanding)
<C> <S> <C> <C>
NET ASSET VALUE PER SHARE--CLASS I $ 16.75
===========
<CAPTION>
(1,752,895.484 shares outstanding)
</TABLE>
NOTE TO SCHEDULE OF INVESTMENTS
(a) Non-income producing security
See accompanying Notes to Financial Statements.
5
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Growth & Income Fund
<TABLE>
<CAPTION>
Principal
Amount Value
--------- -----------
<C> <S> <C>
CONVERTIBLE BONDS (46.5%)
CAPITAL GOODS--INDUSTRIAL (3.2%)
$200,000 Credence Systems Corporation $ 202,500
5.250% Conv. Sub. Notes
09/15/2002
140,000 Robbins & Myers, Inc. 212,859
6.500% Conv. Sub. Notes
09/01/2003
-----------
415,359
CAPITAL GOODS--TECHNOLOGY (9.6%)
250,000 Kent Electronics 252,500
4.500% Conv. Sub. Notes
09/01/2004
115,000 Lam Research Corporation 106,253
5.000% Conv. Sub. Notes
09/01/2002
120,000 Photronics, Inc. 155,688
6.000% Conv. Sub. Notes
06/01/2004
180,000 Quantum Corporation 202,883
7.000% Conv. Sub. Notes
08/01/2004
225,000 Tecnomatix Technologies Ltd. 248,062
5.250% Conv. Sub. Notes
08/15/2004
250,000 World Access, Inc. 268,125
4.500% Conv. Sub. Notes
10/01/2002
-----------
1,233,511
CONSUMER CYCLICALS (12.1%)
190,000 Hilton Hotels Corporation 225,387
5.000% Conv. Sub. Notes
05/15/2006
300,000 The Interpublic Group Of Companies, Inc. 249,375
1.800% Conv. Sub. Deb.
09/16/2004
550,000 Marriott International, Inc. 362,434
0.000% Liquid Yield Option Notes
03/25/2011
235,000 MascoTech, Inc. 213,067
4.500% Conv. Sub. Deb.
12/15/2003
250,000 Michaels Stores, Inc. 253,125
6.750% Conv. Sub. Notes
01/15/2003
195,000 Omnicom Group Inc. 253,742
4.250% Conv. Sub. Deb.
01/03/2007
-----------
1,557,130
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
--------- -----------
<C> <S> <C>
CONSUMER GROWTH STAPLES (9.3%)
$700,000 Costco Companies, Inc. $ 378,679
0.000% Conv. Sub. Notes
08/19/2017
175,000 Integrated Health Services, Inc. 195,272
6.000% Conv. Sub. Deb.
01/01/2003
265,000 Jacor Communications, Inc. 168,975
0.000% Liquid Yield Option Notes
06/12/2011
275,000 Pharmaceutical Marketing Services, Inc. 238,304
6.250% Conv. Euro. Sub. Deb.
02/01/2003
130,000 Pier 1 Imports, Inc. 218,456
5.750% Conv. Sub. Notes
10/01/2003
-----------
1,199,686
CREDIT CYCLICALS (3.9%)
250,000 Engle Homes, Inc. 275,410
7.000% Conv. Sub. Notes
03/01/2003
200,000 Masco Corporation 224,078
5.250% Conv. Sub. Deb.
02/15/2012
-----------
499,488
ENERGY (4.3%)
250,000 Baker Hughes, Incorporated 216,465
0.000% Liquid Yield Option Notes
05/05/2008
150,000 Key Energy Group, Inc. 153,000
5.000% Conv. Sub. Notes
09/15/2004
180,000 Loews Corporation (Diamond Offshore Drilling) 185,400
3.125% Conv. Sub. Notes
09/15/2007
-----------
554,865
FINANCIAL (2.0%)
460,000 Mutual Risk Management Ltd. 258,977
0.000% Conv. Sub. Deb.
10/30/2015
TRANSPORTATION (2.1%)
230,000 Halter Marine Group, Inc. 271,400
4.500% Conv. Sub. Notes
09/15/2004
-----------
TOTAL CONVERTIBLE BONDS 5,990,416
(Cost $5,478,881)
</TABLE>
See accompanying Note to Schedule of Investments.
6
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Growth & Income Fund
<TABLE>
<CAPTION>
Number of
Shares Value
--------- ----------
<C> <S> <C>
CONVERTIBLE PREFERRED STOCKS (18.3%)
BASIC INDUSTRIES (0.5%)
2,500 Cooper Industries, Inc. (Wyman-Gordon) $ 58,750
6.000% Exch. Notes
CAPITAL GOODS--INDUSTRIAL (1.8%)
4,000 McDermott International, Inc. 225,324
$2.875 Series C Conv. Pref. Stock
CAPITAL GOODS--TECHNOLOGY (1.0%)
2,700 U S WEST, Inc. (EFS) 129,484
7.625% Exch. Notes
CONSUMER CYCLICALS (3.0%)
5,300 Royal Caribbean Cruises Ltd. 385,575
7.250% Series A Conv. Pref. Stock
CONSUMER GROWTH STAPLES (1.8%)
3,000 GS Financial Products U.S., L.P. 237,375
7.000% Conv. Pref. Stock
FINANCIAL (7.8%)
2,600 American Bankers Insurance Group, Inc. 210,600
$3.125 Conv. Pref. Series B
1,000 First Union Real Estate Investments 45,250
$2.100 Conv. Pref. Series A
9,700 National Australia Bank 284,937
7.875% Perpetual Capital Sec.
7,700 Security Capital Industrial Trust 233,410
$1.750 Cum. Conv. Redeemable Pref. Series B
3,200 St. Paul Compaines, Inc. 229,600
6.000% Conv. Pref. Stock
----------
1,003,797
TRANSPORTATION (0.3%)
700 CNF Transportation Inc. 44,275
5.000% Conv. Pref. Stock Series A
UTILITIES (2.1%)
4,000 AES Corporation 270,752
$2.6875 Term Conv. Sec. Series A
----------
TOTAL CONVERTIBLE PREFERRED STOCKS 2,355,332
(Cost $2,001,150)
COMMON STOCKS (18.6%)
BASIC INDUSTRIES (1.6%)
8,000 The Scotts Company--Class A (a) 210,000
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value
--------- ----------
<C> <S> <C>
CAPITAL GOODS--TECHNOLOGY (3.4%)
1,600 Microsoft Corporation (a) $ 211,701
4,700 Stratus Computer, Inc. (a) 227,362
----------
439,063
CONSUMER GROWTH STAPLES (4.4%)
16,400 Brinker International, Inc. (a) 292,133
12,000 Fingerhut Companies, Inc. 270,000
----------
562,133
CONSUMER STAPLES (1.8%)
5,100 Dean Foods Company 235,875
CREDIT CYCLICALS (1.4%)
3,324 Southdown, Inc. 181,574
FINANCIAL (6.0%)
4,707 Community First Bankshares, Inc. 228,289
3,676 Fifth Third Bancorp 240,319
5,550 Lehman Brothers Holdings, Inc. 297,619
----------
766,227
----------
TOTAL COMMON STOCKS 2,394,872
(Cost $1,573,154)
<CAPTION>
Number of Value
Contracts ----------
---------
<C> <S> <C>
CALL OPTIONS (4.0%)
BASIC INDUSTRIES (0.4%)
30 Conseco, Inc. (a) 51,375
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 40
CAPITAL GOODS--INDUSTRIAL (0.3%)
30 Caterpillar Inc. (a) 32,250
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 55
CAPITAL GOODS--TECHNOLOGY (1.2%)
10 America Online, Inc. (a) 23,250
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 80
55 EMC Corporation (a) 104,500
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 55
</TABLE>
See accompanying Notes to Financial Statements.
7
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Growth & Income Fund
<TABLE>
<CAPTION>
Number of
Contracts Value
--------- --------
<C> <S> <C>
15 Lucent Technologies, Inc. (a) $ 29,250
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 85
--------
157,000
CONSUMER CYCLICALS (0.9%)
40 Best Buy Co., Inc. (a) 32,000
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 25
25 CompUSA, Inc. (a) 30,625
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 35
20 UAL Corporation (a) 53,000
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 75
--------
115,625
ENERGY (0.4%)
50 YPF Sociedad Anonima (a) 53,750
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 30
FINANCIAL (0.8%)
30 Allstate Corporation (a) 64,875
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 70
25 Sunamerica, Inc. (a) 39,844
Long Term Equity Anticipation
Securities Expiring 01/16/1999
Strike Price 33.375
--------
104,719
--------
TOTAL CALL OPTIONS 514,719
(Cost $434,430)
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
--------- -----------
<C> <S> <C>
U.S. GOVERNMENT SECURITIES (11.6%)
$230,000 United States Treasury Notes $ 234,250
7.000% 04/15/1999
635,000 United States Treasury Notes 664,102
6.875% 05/15/2006
600,000 United States Treasury Notes 600,540
5.875% 02/15/2000
-----------
TOTAL U.S. GOVERNMENT SECURITIES 1,498,892
(Cost $1,465,108)
-----------
TOTAL INVESTMENTS (99.0%) 12,754,231
(Cost $10,952,723)
CASH DEPOSITS WITH CUSTODIAN 248,371
(INTEREST BEARING) (1.9%)
OTHER ASSETS, LESS LIABILITIES
(-0.9%) (122,569)
-----------
NET ASSETS (100%) $12,880,033
===========
NET ASSET VALUE PER SHARE--CLASS A
(571,822.006 shares outstanding) $ 18.02
===========
NET ASSET VALUE PER SHARE--CLASS C
(45,130.948 shares outstanding) $ 17.94
===========
NET ASSET VALUE PER SHARE--CLASS I
(98,090.446 shares outstanding) $ 18.02
===========
</TABLE>
NOTE TO SCHEDULE OF INVESTMENTS
(a) Non-income producing security
See accompanying Note to Schedule of Investments.
8
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Strategic Income Fund
<TABLE>
<CAPTION>
Principal
Amount Value
--------- ----------
<C> <S> <C>
CONVERTIBLE BONDS (75.3%)
CAPITAL GOODS--INDUSTRIAL (9.6%)
$ 55,000 Imax Corporation $ 74,113
5.750% Conv. Deb.
04/01/2003
25,000 Robbins & Myers, Inc. 38,010
6.500% Conv. Sub. Notes
09/01/2003
----------
112,123
CAPITAL GOODS--TECHNOLOGY (16.5%)
65,000 C-Cube Microsystems, Inc. 78,979
5.875% Conv. Sub. Notes
11/01/2005
50,000 Simula, Inc. 61,875
8.000% Conv. Sub. Notes
05/01/2004
50,000 Telxon Corporation 52,750
5.750% Conv. Sub. Notes
01/01/2003
----------
193,604
CONSUMER CYCLICALS (9.3%)
50,000 Atlantic Coast Airlines, Inc. 65,125
7.000% Conv. Sub. Notes
07/01/2004
30,000 Continental Airlines, Inc. 43,238
6.750% Conv. Sub. Notes
04/15/2006
----------
108,363
CONSUMER GROWTH STAPLES (23.7%)
50,000 American Retirement Corporation 50,250
5.750% Conv. Sub. Deb.
10/01/2002
40,000 Home Depot, Inc. 49,509
3.250% Conv. Sub. Notes
10/01/2001
70,000 Jacor Communications, Inc. 44,635
0.000% Liquid Yield Option Notes
06/12/2011
40,000 Pier 1 Imports, Inc. 67,217
5.750% Conv. Sub. Notes
10/01/2003
25,000 Quintiles Transnational Corp. 29,444
4.250% Conv. Euro. Sub. Notes
05/31/2000
30,000 Tenet Healthcare Corporation 36,394
6.000% Exch. Sub. Notes
12/01/2005
----------
277,449
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount/
Number
of Shares Value
--------- ----------
<C> <S> <C>
CREDIT CYCLICALS (4.9%)
$ 30,000 BankAtlantic Bancorp, Inc. $ 57,150
6.750% Conv. Sub. Notes
07/01/2006
ENERGY (11.3%)
50,000 Key Energy Group, Inc. 51,000
5.000% Conv. Sub. Notes
09/15/2004
55,000 Loews Corporation (Diamond Offshore Drilling) 80,654
3.750% Conv. Sub. Notes
02/15/2007
----------
131,654
----------
TOTAL CONVERTIBLE BONDS 880,343
(Cost $696,772)
CONVERTIBLE PREFERRED STOCKS (25.9%)
CONSUMER CYCLICALS (6.8%)
800 Royal Caribbean Cruises Ltd. 58,200
7.250% Series A Conv. Pref. Stock
800 Trans World Airlines, Inc. 20,960
8.000% Conv. Pref. Exch. Stock
----------
79,160
CONSUMER STAPLES (2.3%)
400 Ralston-Ralston Purina Group (IBC) 27,075
7.000% Conv. Exch. Notes
FINANCIAL (9.9%)
850 American General Corporation (a) 57,056
6.000% Conv. Monthly Income Pref. Series A
2,000 National Australia Bank 58,750
7.875% Conv. Pref. Sec.
----------
115,806
UTILITIES (6.9%)
1,200 AES Corporation 81,226
5.375% Conv. Pref. Stock Series A
----------
TOTAL CONVERTIBLE PREFERRED STOCKS 303,267
(Cost $249,818)
TOTAL INVESTMENTS (101.2%) 1,183,610
(Cost $946,590)
</TABLE>
See accompanying Notes to Financial Statements.
9
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Strategic Income Fund
<TABLE>
<CAPTION>
Number of
Shares Value
--------- -----------
<C> <S> <C>
COMMON STOCKS SOLD SHORT (-38.4%)
CAPITAL GOODS--INDUSTRIAL (-5.5%)
1,300 Imax Corporation $ (33,963)
775 Robbins & Myers, Inc. (29,838)
-----------
(63,801)
CAPITAL GOODS--TECHNOLOGY (-6.8%)
670 C-Cube Microsystems, Inc. (22,780)
2,000 Simula, Inc. (38,750)
750 Telxon Corporation (18,375)
-----------
(79,905)
CONSUMER CYCLICALS (-6.2%)
1,500 Atlantic Coast Airlines, Inc. (32,250)
300 Continental Airlines, Inc. Class B (11,812)
480 Royal Caribbean Cruises Ltd. (21,000)
1,000 Trans World Airlines, Inc. (7,875)
-----------
(72,937)
CONSUMER GROWTH STAPLES (-11.0%)
1,000 American Retirement Corporation (20,250)
180 Home Depot, Inc. (9,383)
650 Jacor Communications, Inc. Class A (28,722)
2,640 Pier 1 Imports, Inc. (47,356)
125 Quintiles Transnational Corp. (10,531)
300 Vencor, Inc. (12,375)
-----------
(128,617)
CREDIT CYCLICALS (-1.6%)
571 BankAtlantic Bancorp, Inc. Class A (8,850)
600 BankAtlantic Bankcorp, Inc. Class B (9,450)
-----------
(18,300)
ENERGY (-3.7%)
600 Key Energy Group, Inc. (19,538)
440 Loews Corporation (Diamond Offshore Drilling) (24,283)
-----------
(43,821)
UTILITIES (-3.6%)
960 AES Corporation (42,000)
-----------
TOTAL COMMON STOCKS SOLD SHORT (449,381)
(Proceeds -$331,448)
</TABLE>
<TABLE>
<CAPTION>
Number of
Contracts Value
--------- -----------
<C> <S> <C>
COVERED CALL OPTIONS WRITTEN (-0.1%)
FINANCIAL (-0.1%)
9 American General Corporation $ (956)
Long Term Equity Anticipation
Securities Expiring 10/18/1997
Strike Price 50
-----------
TOTAL COVERED CALL (956)
OPTIONS WRITTEN
(Proceeds -$2,880)
-----------
CASH DEPOSITS WITH CUSTODIAN 391,994
(INTEREST BEARING) (33.5%)
OTHER ASSETS, LESS LIABILITIES (3.8%) 44,050
-----------
NET ASSETS (100%) $ 1,169,317
===========
NET ASSET VALUE PER SHARE--CLASS A $ 11.76
===========
(99,410.200 shares outstanding)
</TABLE>
NOTE TO SCHEDULE OF INVESTMENTS
(a) Non-income producing security
See accompanying Note to Schedule of Investments.
10
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Growth Fund
<TABLE>
<CAPTION>
Number of
Shares Value
--------- -----------
<C> <S> <C>
COMMON STOCKS (97.4%)
BASIC INDUSTRIES (9.6%)
4,000 Continental Can Company, Inc. (a) $ 106,000
8,100 FiberMark, Inc. (a) 168,585
4,200 The Lubrizol Corporation 176,400
9,000 National Steel Corporation Class B (a) 160,875
3,000 Owens-Illinois, Inc. (a) 101,814
1,300 Tredegar Industries, Inc. 91,325
6,500 Yellow Corporation (a) 211,660
-----------
1,016,659
CAPITAL GOODS--INDUSTRIAL (7.2%)
7,500 The Manitowoc Company, Inc. 267,660
4,500 Navistar International Corporation (a) 124,313
3,300 Orbotech, Ltd. (a) 190,575
9,000 Terex Corporation (a) 186,750
-----------
769,298
CAPITAL GOODS--TECHNOLOGY (29.1%)
3,200 Cellstar Corporation (a) 148,800
3,255 Compaq Computer Corporation (a) 243,311
3,800 Computer Learning Centers, Inc. (a) 148,200
3,400 Compuware Corporation (a) 205,700
2,000 Dell Computer Corporation (a) 193,750
9,000 Encore Wire Corporation (a) 289,125
4,000 Jabil Circuit, Inc. (a) 262,000
6,000 Keane, Inc. (a) 190,500
4,700 Kellstrom Industries, Inc. (a) 96,937
2,200 Lucent Technologies, Inc. 179,025
11,000 MTI Technology Corp. (a) 154,000
4,500 NICE-Systems Ltd. ADRs 253,125
2,700 Precision Castparts Corp. (a) 175,500
7,000 RF Monolithics, Inc. (a) 176,750
2,300 Thiokol Corporation 197,800
2,500 Unitrode Corporation (a) 185,313
-----------
3,099,836
CONSUMER CYCLICALS (7.9%)
8,400 Aviall, Inc. (a) 128,629
2,800 CORT Business Services 111,826
Corporation (a)
4,000 Jones Apparel Group, Inc. (a) 216,000
2,500 Kellwood Company 88,595
2,600 New England Business Service, Inc. 83,200
6,800 Valassis Communications, Inc. (a) 216,750
-----------
845,000
CONSUMER GROWTH STAPLES (15.8%)
2,600 Caribiner International, Inc. (a) 105,950
2,800 Central Newspapers, Inc. Class A 207,900
2,000 Consolidated Graphics, Inc. (a) 99,500
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value
--------- -----------
<C> <S> <C>
5,200 Cooper Companies, Inc. (a) $ 191,100
3,000 Fred Meyer, Inc. (a) 159,750
12,000 Helen of Troy Ltd. (a) 237,000
8,200 Hooper Holmes, Inc. 99,942
4,000 Morton's Restaurant Group, Inc. (a) 98,000
5,300 Osteotech, Inc. (a) 106,662
7,200 ServiceMaster L.P. 205,654
6,400 ShopKo Stores, Inc. (a) 166,400
-----------
1,677,858
CONSUMER STAPLES (9.1%)
3,600 Dean Foods Company 166,500
3,800 The Earthgrains Company 163,400
3,000 Ethan Allen Interiors Inc. 93,000
3,000 Interstate Bakeries Corporation 205,689
4,200 Herman Miller, Inc. 224,700
2,800 Morningstar Group, Inc. (a) 120,400
-----------
973,689
CREDIT CYCLICALS (1.7%)
5,866 New York Bancorp, Inc. (a) 175,616
ENERGY (15.1%)
4,400 Cooper Cameron Corporation (a) 315,977
5,000 EVI, Inc. (a) 320,000
6,300 Pool Energy Services Co. (a) 213,413
1,400 Smith International, Inc. (a) 108,763
4,000 Stolt Comex Seaway, S.A. (a) 250,252
9,600 UTI Energy Corp. (a) 396,605
-----------
1,605,010
FINANCIAL (1.9%)
7,000 North Fork Bancorporation, Inc. 203,000
-----------
TOTAL COMMON STOCKS 10,365,966
(Cost $7,628,757)
-----------
TOTAL INVESTMENTS (97.4%) 10,365,966
(Cost $7,628,757)
CASH DEPOSITS WITH CUSTODIAN 205,542
(INTEREST BEARING) (1.9%)
OTHER ASSETS, LESS LIABILITIES (0.7%) 75,449
-----------
NET ASSETS (100%) $10,646,957
===========
NET ASSET VALUE PER SHARE--CLASS A $ 24.66
===========
(359,742.833 shares outstanding)
</TABLE>
See accompanying Notes to Financial Statements.
11
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Growth Fund
<TABLE>
<S> <C>
NET ASSET VALUE PER SHARE--CLASS C
(1,183.000 shares outstanding) $24.52
======
NET ASSET VALUE PER SHARE--CLASS I
(70,823.626 shares outstanding) $24.68
======
</TABLE>
NOTE TO SCHEDULE OF INVESTMENTS
(a) Non-income producing security
See accompanying Note to Schedule of Investments.
12
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Global Growth and Income Fund
<TABLE>
<CAPTION>
Principal
Amount Value
--------- ----------
<C> <S> <C>
CONVERTIBLE BONDS (32.0%)
CAPITAL GOODS--INDUSTRIAL (6.3%)
$ 55,000 New World Infrastructure Ltd. $ 62,081
5.000% Conv. Euro. Deb.
07/15/2001
100,000 Shanghai Investments Holdings, Ltd. 109,500
1.000% Conv. Exch. Bond
06/12/2002
110,000 Volkswagen International Finance 146,918
3.000% Conv. Bond
01/24/2002
----------
318,499
CAPITAL GOODS--TECHNOLOGY (1.4%)
65,000 Cyrix Corporation 70,953
5.500% Conv. Sub. Notes
06/01/2001
CONSUMER CYCLICALS (3.7%)
70,000 Hilton Hotels Corporation 83,038
5.000% Conv. Sub. Notes
05/15/2006
155,000 Marriott International, Inc. 102,140
0.000% Liquid Yield Option Notes
03/25/2011
----------
185,178
CONSUMER GROWTH STAPLES (5.3%)
200,000 Costco Companies, Inc. 108,194
0.000% Conv. Sub. Notes
08/19/2017
70,000 Integrated Health Services, Inc. 77,224
5.750% Conv. Sub. Deb.
01/01/2001
170,000 The News Corporation Limited 78,316
0.000% Liquid Yield Option Notes
03/11/2013
----------
263,734
CONSUMER STAPLES (6.2%)
70,000 Grand Metropolitan PLC 97,213
6.500% Conv. Notes
01/31/2000
168,000 Lindt & Spruengli AG 161,628
CHF 3.250% Conv. Bond
10/18/2001
50,000 RFM Capital LTD 50,375
2.750% Conv. Euro. Bond
05/30/2006
----------
309,216
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount/
Number of
Shares Value
--------- ----------
<C> <S> <C>
CREDIT CYCLICALS (1.8%)
$ 80,000 Masco Corporation $ 89,631
5.250% Conv. Sub. Deb.
02/15/2012
ENERGY (1.4%)
70,000 Loews Corporation (Diamond Offshore Drilling) 72,100
3.125% Conv. Sub. Notes
09/15/2007
FINANCIAL (5.9%)
90,000 Hon Kwok Land Investment Limited 100,350
5.300% Conv. Bonds
07/05/2001
10,000 Republic of Italy 105,000
Instituto Nazionale delle Assicurazioni (INA)
5.000% Conv. Bonds
06/28/2001
125,000 USF&G Corporation 89,180
0.000% Conv. Sub. Notes
03/03/2009
----------
294,530
----------
TOTAL CONVERTIBLE BONDS 1,603,841
(Cost $1,529,628)
CONVERTIBLE PREFERRED STOCKS (7.5%)
CAPITAL GOODS--TECHNOLOGY (1.7%)
1,685 Philippine Long Distance Telephone Company 85,908
$3.500 Global Dep. Series III
Conv. Pref. Stock
CONSUMER CYCLICALS (2.2%)
1,500 Royal Caribbean Cruises Ltd. 109,125
7.250% Series A. Conv. Pref. Stock
FINANCIAL (3.6%)
6.150 National Australia Bank 180,656
7.875% Perpetual Capital Sec.
----------
TOTAL CONVERTIBLE PREFERRED STOCKS 375,689
(Cost $335,759)
</TABLE>
See accompanying Notes to Financial Statements.
13
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Global Growth and Income Fund
<TABLE>
<CAPTION>
Number of
Shares/
Contracts Value
--------- ----------
<C> <S> <C>
COMMON STOCKS (47.3%)
CAPITAL GOODS--TECHNOLOGY (16.7%)
5,000 Alcatel Alsthom ADRs $ 132,815
1,150 Hitachi Ltd. ADRs 101,416
600 Matsushita Electric Industrial Company, Ltd ADRs 107,700
2,100 Philips Electronics N.V. ADRs 176,400
1,750 Sony Corporatioin ADRs 164,392
2,300 Telecom Italia SpA ADRs 154,388
----------
837,111
CONSUMER CYCLICALS (2.5%)
685 Havas Advertising Sa 83,402
FRF
900 WPP Group plc ADRs 41,288
----------
124,690
CONSUMER GROWTH STAPLES (9.3%)
1,000 Canon, Inc. ADRs 146,000
4,800 Fingerhut Companies, Inc. 108,000
3,050 Fuji Photo Film ADRs 126,194
800 Gannett Company, Inc. 86,350
----------
466,544
CONSUMER STAPLES (4.0%)
1,950 Dean Foods Company 90,187
3,480 Groupe Danone ADRs 110,055
----------
200,242
FINANCIAL (14.8%)
10,000 B.A.T. Industries plc ADRs 178,130
2,100 Lehman Brothers Holdings, Inc. 112,613
635 MBIA, Inc. 79,653
4,600 National Bank of Canada 64,610
CAD
60,500 Peregine Investment Holdings Limited ADRs 205,700
3,600 Societe Generale ADRs 104,400
----------
745,106
----------
TOTAL COMMON STOCKS 2,373,693
(Cost $1,866,449)
CALL OPTIONS (2.5%)
BASIC INDUSTRIES (0.3%)
10 Conseco, Inc. (a) 17,125
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 40
</TABLE>
<TABLE>
<CAPTION>
Number of
Contracts Value
--------- ----------
<C> <S> <C>
CAPITAL GOODS--INDUSTRIAL (0.2%)
10 Caterpillar Inc. (a) $ 10,750
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 55
CAPITAL GOODS--TECHNOLOGY (0.8%)
5 America Online, Inc. (a) 11,625
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 80
10 EMC Corporation (a) 19,000
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 55
5 Lucent Technologies, Inc. (a) 9,750
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 85
----------
40,375
CONSUMER CYCLICALS (0.7%)
10 Best Buy Co., Inc. (a) 8,000
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 25
10 CompUSA, Inc. (a) 12,250
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 35
5 UAL Corporation (a) 13,250
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 75
----------
33,500
ENERGY (0.3%)
15 YPF Sociedad Anonima ADRs (a) 16,125
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 30
FINANCIAL (0.2%)
5 Allstate Corporation (a) 10,812
Long Term Equity Anticipation
Securities Expiring 01/22/2000
Strike Price 70
----------
TOTAL CALL OPTIONS 128,687
(Cost $111,775)
</TABLE>
See accompanying Note to Schedule of Investments.
14
<PAGE>
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Calamos Global Growth and Income Fund
<TABLE>
<CAPTION>
Principal
Amount Value
--------- -----------
<C> <S> <C>
U.S. GOVERNMENT SECURITIES (5.5%)
$200,000 United States Treasury Notes $ 198,118
5.000% 02/15/1999
75,000 United States Treasury Notes 76,626
6.500% 10/15/2006
-----------
TOTAL U.S. GOVERNMENT SECURITIES 274,744
(Cost $272,259)
-----------
TOTAL INVESTMENTS (94.8%) 4,756,654
(Cost $4,115,870)
CASH DEPOSITS WITH CUSTODIAN 131,222
(INTEREST BEARING) (2.6%)
OTHER ASSETS, LESS LIABILITIES (2.6%) 129,136
-----------
NET ASSETS (100%) $ 5,017,012
===========
NET ASSET VALUE PER SHARE--CLASS A
(645,924.203 shares outstanding) $ 6.25
===========
NET ASSET VALUE PER SHARE--CLASS C
(88,178.939 shares outstanding) $ 6.23
===========
NET ASSET VALUE PER SHARE--CLASS I
(68,516.105 shares outstanding) $ 6.25
===========
</TABLE>
NOTE TO SCHEDULE OF INVESTMENTS
(a) Non-income producing security
See accompanying Notes to Financial Statements.
15
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
September 30, 1997
<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
$72,748,202, $10,952,723,
$946,590, $7,628,757 and
$4,115,870, respectively) $81,186,280 12,754,231 1,183,610 10,365,966 4,756,654
Cash with custodian
(interest bearing) 470,074 248,371 391,994 205,542 131,222
Net unrealized
appreciation/(depreciation)
in forward foreign currency
contracts 29,881 - - - (13,735)
Accrued interest and
dividends receivable 568,838 62,733 9,647 2,730 28,669
Receivable for investments
sold 1,457,790 76,573 91,228 98,703 117,483
Receivable for Fund shares
sold 716,845 12,018 - - 67,070
Prepaid expenses - - - - 17,760
Due from Advisor - - 3,684 - 111
------------------------------------------------------
Total Assets $84,429,708 13,153,926 1,680,163 10,672,941 5,105,234
------------------------------------------------------
LIABILITIES AND NET ASSETS
Investments sold short, at
value (proceeds $331,448) - - 449,381 - -
Covered call options
written, at value (proceeds
$2,880) 956
Payable for investments
purchased 813,604 254,251 51,056 - 65,801
Payable for Fund shares
redeemed 69,609 824 - 8,942 -
Payable to investment
adviser 56,339 10,035 2,200 10,628 5,814
Accounts payable and accrued
liabilities 12,554 3,261 6,742 2,194 14,334
Payable to distributor 25,539 5,522 511 4,220 2,273
------------------------------------------------------
Total Liabilities 977,645 273,893 510,846 25,984 88,222
------------------------------------------------------
NET ASSETS $83,452,063 12,880,033 1,169,317 10,646,957 5,017,012
------------------------------------------------------
------------------------------------------------------
ANALYSIS OF NET ASSETS
Excess of amounts received
from issuance of shares
over amounts paid on
redemptions of shares on
account of capital $71,182,869 10,225,367 1,057,106 6,969,739 4,238,642
Undistributed net investment
income 362,308 47,733 9,811 (57,570) 31,429
Accumulated net realized
gain (loss) on investments 3,438,927 805,425 (18,611) 997,579 119,892
Unrealized appreciation
(depreciation) of
investments 8,467,959 1,801,508 121,011 2,737,209 627,049
------------------------------------------------------
NET ASSETS $83,452,063 12,880,033 1,169,317 10,646,957 5,017,012
------------------------------------------------------
------------------------------------------------------
CLASS A SHARES
Net Assets Applicable to
Shares Outstanding $48,158,568 10,302,630 1,169,317 8,869,951 4,039,594
Shares Outstanding 2,879,232 571,822 99,410 359,743 645,924
Net Asset Value and
Redemption Price Per Share $ 16.73 18.02 11.76 24.66 6.25
------------------------------------------------------
------------------------------------------------------
Maximum Offering Price Per
Share (Net asset value,
plus 4.99% of net asset
value or 4.75% of offering
price) $ 17.56 18.92 12.35 25.89 6.57
------------------------------------------------------
------------------------------------------------------
CLASS C SHARES
Net Assets Applicable to
Shares Outstanding $ 5,934,300 809,549 N/A 29,013 549,223
Shares Outstanding 355,630 45,131 N/A 1,183 88,179
Net Asset Value and
Redemption Price Per Share $ 16.69 17.94 N/A 24.52 6.23
------------------------------------------------------
------------------------------------------------------
CLASS I SHARES
Net Assets Applicable to
Shares Outstanding $29,359,195 1,767,854 N/A 1,747,993 428,195
Shares Outstanding 1,752,895 98,090 N/A 70,824 68,516
Net Asset Value and
Redemption Price Per Share $ 16.75 18.02 N/A 24.68 6.25
------------------------------------------------------
------------------------------------------------------
</TABLE>
16
<PAGE>
STATEMENT OF OPERATIONS (UNAUDITED)
Six Months Ended September 30, 1997
<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 $1,044,028 190,907 38,538 7,068 47,320
Dividends 224,174 43,928 - 19,953 26,786
---------------------------------------------------
Total Investment Income 1,268,202 234,835 38,538 27,021 74,106
---------------------------------------------------
EXPENSES
Investment advisory fees 231,443 41,676 4,759 42,434 21,630
Distribution fees 130,581 28,820 3,173 20,940 11,956
Transfer agent fees 8,497 1,975 427 1,121 1,204
Custodian fees 1,862 1,282 1,665 2,640 1,050
Trustees' fees 2,256 2,256 1,800 1,800 1,800
Registration fees 11,928 9,717 8,664 8,790 1,545
Audit and legal fees 15,374 14,304 14,097 13,829 9,685
Dividends paid on short
sales - - 8 - -
Other 1,641 948 476 476 470
---------------------------------------------------
Total Expenses 403,582 100,978 35,069 92,030 49,340
Less expense reimburse-
ment 22,370 7,439 4,939
---------------------------------------------------
Net Expenses 403,582 100,978 12,699 84,591 44,401
---------------------------------------------------
NET INVESTMENT INCOME
(LOSS) 864,620 133,857 25,839 (57,570) 29,705
---------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVEST-
MENTS
Net realized gain (loss)
on investments
and foreign currency
contracts (including
options) 3,396,557 822,778 (7,888) 1,001,211 119,490
Change in unrealized ap-
preciation (deprecia-
tion) of investments and
foreign currency con-
tracts 4,989,575 1,201,126 110,506 2,338,094 572,900
---------------------------------------------------
NET GAIN (LOSS) ON IN-
VESTMENTS 8,386,132 2,023,904 102,618 3,339,305 692,390
---------------------------------------------------
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS $9,250,752 2,157,761 128,457 3,281,735 722,095
===================================================
</TABLE>
17
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
Six Months Ended September 30, 1997 and Year Ended March 31, 1997
<TABLE>
<CAPTION>
Convertible Growth and Income Strategic Income Growth
Fund Fund Fund Fund
------------------------------------------------------------------------------------------------
Six Six
Months Six Months Year Months Year Six Months Year
Ended Year Ended Ended Ended Ended Ended Ended Ended
Sept. 30, Mar. 31, Sept. 30, Mar. 31, Sept. 30, Mar. 31, Sept. 30, Mar. 31,
1997 1997 1997 1997 1997 1997 1997 1997
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment
income (loss) $ 864,620 867,441 133,857 176,746 25,839 64,043 (57,570) (63,863)
Net realized
gain (loss) on
investments and
foreign cur-
rency contracts
(including op-
tions) 3,396,557 2,052,088 822,778 575,881 (7,888) 108,232 1,001,211 609,730
Change in
unrealized ap-
preciation or
depreciation of
investments and
foreign cur-
rency contracts 4,989,575 813,678 1,201,126 87,888 110,506 (65,087) 2,338,094 (71,043)
------------------------------------------------------------------------------------------------
Increase in net
assets result-
ing from opera-
tions 9,250,752 3,733,207 2,157,761 840,515 128,457 107,188 3,281,735 474,824
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment
income (869,520) (906,544) (129,521) (140,367) (20,197) (90,304) - -
Net realized
gains (942,162) (2,199,711) (423,501) (704,715) - (49,735) (142,009) (425,142)
------------------------------------------------------------------------------------------------
Total distribu-
tions (1,811,682) (3,106,255) (553,022) (845,082) (20,197) (140,039) (142,009) (425,142)
------------------------------------------------------------------------------------------------
INCREASE (DE-
CREASE) IN NET
ASSETS FROM
CAPITAL SHARE
TRANSACTIONS 36,968,366 13,957,623 2,536,718 2,930,278 (255,922) (270,076) 863,400 3,728,475
------------------------------------------------------------------------------------------------
TOTAL INCREASE
(DECREASE) IN
NET ASSETS 44,407,436 14,584,575 4,141,457 2,925,711 (147,662) (302,927) 4,003,126 3,778,157
NET ASSETS
Beginning of
period 39,044,627 24,460,052 8,738,576 5,812,865 1,316,979 1,619,906 6,643,831 2,865,674
------------------------------------------------------------------------------------------------
End of period $83,452,063 39,044,627 12,880,033 8,738,576 1,169,317 1,316,979 10,646,957 6,643,831
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Undistributed
net investment
income $ 362,308 367,208 47,733 43,395 9,811 4,168 - -
<CAPTION>
Global Growth and
Income Fund
------------------------------------------------------------------------------------------------
Six
Months Year
Ended Ended
Sept. 30, Mar. 31,
1997 1997/1/
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS
Net investment
income (loss) 29,705 24,139
Net realized
gain (loss) on
investments and
foreign cur-
rency contracts
(including op-
tions) 119,490 95,919
Change in
unrealized ap-
preciation or
depreciation of
investments and
foreign cur-
rency contracts 572,900 54,147
------------------------------------------------------------------------------------------------
Increase in net
assets result-
ing from opera-
tions 722,095 174,205
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment
income (91,139) (5,573)
Net realized
gains (21,219) -
------------------------------------------------------------------------------------------------
Total distribu-
tions (112,358) (5,573)
------------------------------------------------------------------------------------------------
INCREASE (DE-
CREASE) IN NET
ASSETS FROM
CAPITAL SHARE
TRANSACTIONS 1,091,454 3,147,189
------------------------------------------------------------------------------------------------
TOTAL INCREASE
(DECREASE) IN
NET ASSETS 1,701,191 3,315,821
NET ASSETS
Beginning of
period 3,315,821 -
------------------------------------------------------------------------------------------------
End of period 5,017,012 3,315,821
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Undistributed
net investment
income 31,429 92,862
</TABLE>
/1/For the period September 9, 1996 through March 31, 1997
18
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Organization - Calamos Investment Trust (formerly known as 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. Pursuant to a resolution of the Board
of Trustees, the name of CFS Investment Trust was changed to Calamos
Investment Trust on June 23, 1997. 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 and June 1997, the Trust began offering Class C and Class I
shares, respectively for all five series of the Trust, in addition to the
original (Class A) shares of each series.
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 includes amortization of original
issue discount and market 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. Unrealized foreign exchange gains of $29,881 incurred by the
Convertible Fund, and realized foreign exchange gain of $24,770 and unrealized
foreign exchange loss of $13,735 incurred by the Global Growth and Income Fund
are included as a component of net realized gains (losses) on investments and
forward foreign currency contracts and in unrealized appreciation and
depreciation in investments and forward foreign currency contracts,
respectively.
Federal Income Taxes - No provision has been made for Federal income taxes
since each Fund elected to be taxed as a "regulated investment company" and
has made such distributions to shareholders as to be relieved of all Federal
income taxes.
Dividends - Dividends payable to 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 expenses are
allocated pro rata based on relative net assets.
19
<PAGE>
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.
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 each Fund, computed as follows: The Convertible
Fund, Growth and Income Fund, and Strategic Income Fund fees are at the annual
rate of 0.75% of the first $150 million of the Fund's average daily net assets
and 0.50% of the Fund's average daily net assets in excess of $150 million.
The Growth Fund fees are at the annual rate of 1.00% of the first $150 million
of average daily net assets and 0.75% of the Fund's average daily net assets
in excess of $150 million. The Global Growth and Income Fund fees are at the
annual rate of 1.00% of the Fund's average daily net assets.
CAM has voluntarily undertaken to limit normal operating expenses of each Fund
to 2% of average daily net assets for Class A shares, 2.5% of average daily
net assets for Class C shares, and 1.5% of average daily net assets for Class
I shares through August 31, 1998. For the six months ended September 30, 1997,
CAM waived or absorbed expenses of $22,370, $7,345, and $4,500, respectively,
for Class A shares of the Strategic Income Fund, Growth Fund and the Global
Growth and Income Fund; $479 and $11, respectively, for Class C shares of the
Global Growth and Income Fund and Growth Fund; and $83 and $39 for Class I
shares of the Growth Fund and Global Growth and Income Fund, respectively.
As Transfer Agent of the Funds, CAM assumed all expenses of personnel, office
space, office facilities, and equipment incidental to such service.
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 the Fund pays to CFS an
annual service fee of 0.25% and an annual distribution fee of 0.25% of the
average daily net assets of the Fund's Class A shares and an annual service
fee of 0.25% and an annual distribution fee of 0.75% of the average daily net
assets of the Fund's Class C shares.
CFS also receives a sales commission on certain sales of Fund shares. During
the six months ended September 30, 1997, CFS received commissions of $20,996,
$905, $78 and $122 from the sale of shares of the Convertible Fund, Growth and
Income Fund, Growth Fund, and Global Growth and Income Fund, respectively.
Certain portfolio transactions for the Funds have been executed through CFS as
broker, consistent with the Fund's policy of obtaining best price and
execution. During the six months ended September 30, 1997, the Convertible
Fund, Growth and Income Fund, Strategic Income Fund, Growth Fund and Global
Growth and Income Fund paid brokerage commissions to CFS on purchases and
sales of portfolio securities in the amount of $27,017, $8,605, $2,408,
$14,444 and $2,019, 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 Trust are also officers and directors of CFS and CAM.
All officers serve without direct compensation from the Trust.
20
<PAGE>
NOTE 3 -- INVESTMENTS
Purchases and sales of investments other than short-term obligations by the
Funds for the six months ended September 30, 1997, are as follows:
<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 $60,556,800 7,995,465 2,172,503 8,103,209 1,877,756
Proceeds from sales $26,100,039 5,587,282 2,487,765 7,483,688 1,070,017
</TABLE>
The following information is based on the cost basis of investments for
Federal income tax purposes at September 30, 1997:
<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 $72,748,202 10,952,723 946,590 7,628,757 4,115,870
Gross unrealized appre-
ciation $ 8,869,267 1,845,494 237,687 2,840,308 677,616
Gross unrealized depre-
ciation $ (431,189) (43,986) (667) (103,099) (36,832)
Net unrealized apprecia-
tion $ 8,438,078 1,801,508 237,020 2,737,209 640,784
</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, 1997, the Strategic Income
Fund incurred net losses of $23,057 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, 1997.
NOTE 5 -- COVERED CALL OPTIONS WRITTEN
Transactions in covered call options written by the Strategic Income Fund for
the six months ended September 30, 1997, were as follows:
<TABLE>
<CAPTION>
Number of Premiums
Contracts Received
--------- --------
<S> <C> <C>
Outstanding at beginning of period 16 $ 5,619
Written 34 11,367
Closed or assigned (41) (17,670)
--- --------
Outstanding at end of period 9 $ (684)
</TABLE>
NOTE 6 -- FORWARD FOREIGN CURRENCY CONTRACTS
Each Fund 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 of 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 Fund
realizes a gain or loss upon settlement of the contracts. The statement of
operations
21
<PAGE>
reflects net unrealized gains and losses on these contracts. The counterparty
to all forward foreign currency contracts at September 30, 1997, was a
multinational bank.
As of September 30, 1997, the Global Growth and Income Fund had the following
open forward foreign currency contracts:
<TABLE>
<CAPTION>
Settlement Unrealized
Date Local Currency Current Value Gain (Loss)
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Swiss Francs 12/12/97 140,000 97,436 (1,742)
12/12/97 80,000 55,677 (928)
Deutsche Mark 12/12/97 240,000 137,026 (2,542)
Japanese Yen 12/12/97 76,000,000 638,052 6,564
12/12/97 (1,000,000) (8,395) 27
British Pounds Sterling 12/12/97 180,000 290,274 (6,181)
French Francs 12/12/97 2,300,000 390,881 (8,934)
---------
$(13,735)
=========
</TABLE>
As of September 30, 1997, the Convertible Fund had the following open forward
foreign currency contracts:
<TABLE>
<CAPTION>
Settlement Unrealized
Date Local Currency Current Value Gain (Loss)
- -----------------------------------------------------------------
<S> <C> <C> <C> <C>
Japanese Yen 12/12/97 130,000,000 1,091,405 29,766
12/12/97 (3,000,000) (25,186) 115
-------
$29,881
=======
</TABLE>
NOTE 7 -- 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, 1997, the Convertible
Fund, Growth and Income Fund, Strategic Income Fund, Growth Fund and Global
Growth and Income Fund earned $66,614, $7,741, $7,129, $7,027 and $2,168,
respectively, in interest income under this arrangement.
22
<PAGE>
NOTE 8 -- 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
- ------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED SEPTEMBER 30, 1997
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Shares Dollars Shares Dollars Shares Dollars Shares Dollars Shares Dollars
Shares sold 634,286 $10,028,966 114,387 $1,897,600 2,034 $ 22,621 69,930 $ 1,417,441 161,559 $ 944,273
Shares issued in
reinvestment of
distributions 58,418 934,025 26,580 445,779 1,503 17,470 6,420 127,949 16,990 99,391
Less shares
redeemed (262,325) (4,260,578) (110,751) (1,970,186) (25,991) (296,015) (106,059) (2,420,420) (75,658) (462,226)
------------------------------------------------------------------------------------------------------
Increase
(decrease) 430,379 $ 6,702,413 30,216 $ 373,193 (22,454) $(255,924) (29,709) $ (875,030) 102,891 $ 581,438
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
<CAPTION>
C Shares
- ------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED SEPTEMBER 30, 1997
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Shares Dollars Shares Dollars Shares Dollars Shares Dollars Shares Dollars
Shares sold 171,075 $ 2,739,452 24,791 $ 421,001 - - 691 $ 15,999 15,785 $ 91,262
Shares issued in
reinvestment of
distributions 856 13,636 684 11,406 - - - - 779 4,540
Less shares
redeemed (27,813) (454,368) (1,652) (28,586) - - - - (951) (5,791)
------------------------------------------------------------------------------------------------------
Increase
(decrease) 144,118 $ 2,298,720 23,823 $ 403,821 - - 691 $ 15,999 15,613 $ 90,011
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
<CAPTION>
I Shares
- ------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED SEPTEMBER 30, 1997
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Shares Dollars Shares Dollars Shares Dollars Shares Dollars Shares Dollars
Shares sold 1,779,564 $28,408,307 97,437 $1,748,011 - - 70,824 $ 1,722,431 68,516 $ 420,004
Shares issued in
reinvestment of
distributions 670 11,162 653 11,692 - - - - - -
Less shares re-
deemed (27,339) (452,236) - - - - - - - -
------------------------------------------------------------------------------------------------------
Increase (de-
crease) 1,752,895 $27,967,233 98,090 $1,759,703 - - 70,824 $ 1,722,431 68,516 $ 420,004
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Convertible Growth and Income Growth Global Growth and
A Shares Fund Fund Strategic Fund Fund Income Fund
- ---------------------------------------------------------------------------------------------------------------------------
FOR THE YEAR ENDED MARCH 31, 1997
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Shares Dollars Shares Dollars Shares Dollars Shares Dollars Shares Dollars
Shares sold 824,228 $11,931,314 176,257 $2,735,811 1,500 $ 16,566 217,109 $3,905,631 575,477 $2,944,288
Shares issued in
reinvestment of
distributions 157,231 2,204,225 49,163 731,921 9,775 105,551 23,916 421,022 983 5,101
Less shares
redeemed (220,201) (3,186,620) (55,912) (869,237) (35,798) (392,193) (33,635) (606,145) (33,427) (181,272)
-------------------------------------------------------------------------------------------------------
Increase
(decrease) 761,258 $10,948,919 169,508 $2,598,495 (24,523) $(270,076) 207,390 $3,720,508 543,033 $2,768,117
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Convertible Growth and Growth Global Growth
C Shares Fund Income Fund Fund and Income Fund
- ----------------------------------------------------------------------------------------------------------------------------
FOR THE PERIOD
(INCEPTION) TO
MARCH 31,
1997/1/
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Shares Dollars Shares Dollars Shares Dollars Shares Dollars
Shares sold 219,119 $3,118,628 22,630 $351,959 1,060 $18,759 74,840 $ 391,294
Shares issued in
reinvestment of
distributions 33 464 88 1,360 -- -- 23 117
Less shares
redeemed (7,640) (10,388) (1,410) (21,536) (568) (10,792) (2,297) (12,339)
----------------------------------------------------------------------------
Increase
(decrease) 211,512 $3,008,704 21,308 $331,783 492 $ 7,967 72,566 $ 379,070
----------------------------------------------------------------------------
----------------------------------------------------------------------------
</TABLE>
/1/The inception dates for the Class C shares of the Convertible Fund, Growth
and Income Fund, Growth Fund and Global Growth and Income Fund are July 5,
1996, August 5, 1996, September 3, 1996, and September 24, 1996, respectively.
23
<PAGE>
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
GBP: British Pound Sterling CAD: Canadian Dollar
FRF: French Franc CHF: Swiss Franc
24
<PAGE>
CALAMOS FAMILY OF FUNDS
STANDARDIZED PERFORMANCE
<TABLE>
<CAPTION>
Total Return Average Annual Total Return
------------- --------------------------------------------
Since
1 Year 5 Years 10 Years Inception
------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Convertible Fund
A Shares--
Inception: 6/21/85 29.41% 23.24% 15.84% 14.72% 11.29% 10.75% 12.18% 11.73%
C Shares--
Inception: 7/5/96 28.83% NA NA NA NA NA 24.05% NA
I Shares--
Inception: 6/25/97 NA NA NA NA NA NA 6.24%/1/ NA
Growth and Income Fund
A Shares--
Inception: 9/22/88 30.96% 24.70% 17.44% 16.30% NA NA 15.32% 14.70%
C Shares--
Inception: 8/5/96 30.41% NA NA NA NA NA 29.64% NA
I Shares--
Inception: 9/18/97 NA NA NA NA NA NA 1.01%/1/ NA
Strategic Income Fund
A Shares--
Inception: 9/4/90 15.20% 9.75% 8.49% 7.44% NA NA 9.52% 8.76%
Growth Fund
A Shares--
Inception: 9/4/90 46.60% 39.66% 20.53% 19.37% NA NA 20.04% 19.21%
C Shares--
Inception: 9/3/96 45.88% NA NA NA NA NA 50.15% NA
I Shares--
Inception: 9/18/97 NA NA NA NA NA NA 1.44%/1/ NA
Global Growth and
Income Fund
A Shares--
Inception: 9/9/96 27.89% 21.84% NA NA NA NA 27.14%/1/ 21.41%
C Shares--
Inception: 9/24/96 27.07% NA NA NA NA NA 27.58% NA
I Shares--
Inception: 9/18/97 NA NA NA NA NA NA 1.13%/1/ NA
</TABLE>
This chart provides performance return numbers for the five Funds and shows
both non-load-adjusted and load-adjusted returns, taking into consideration the
maximum 4.75% sales charge on A shares. Total return and average annual total
return performance measure net investment income and capital gain or loss from
portfolio investments and reflect changes in share price, reinvestment of
income and capital gain distributions. Returns for periods of less than one
year are not annualized.
Performance has not been adjusted for the sales charge in the UNSHADED area of
the chart.
Performance has been adjusted for the 4.75% sales charge in the SHADED area of
the chart.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that an investor's shares when redeemed may
be worth more or less than their original cost.
/1/Total return is not annualized.
25
<PAGE>
FINANCIAL HIGHLIGHTS (UNAUDITED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD IS AS FOLLOWS:
CALAMOS CONVERTIBLE FUND
<TABLE>
<CAPTION>
Class A
- --------------------------------------------------------------------------------------------------------------------------------
Six Months Year Year Eleven
Ended Ended Ended Months Ended
September 30, March 31, March 31, March 31, Year Ended April 30,
------------------------------------------------------------------------------------------------------------
1997 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988(b)
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of pe-
riod $ 14.68 $ 14.49 $ 12.41 $ 13.04 $ 13.96 $ 12.72 $ 11.39 $ 10.29 $ 10.73 $ 10.56 $ 11.94
<CAPTION>
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Income from in-
vestment opera-
tions:
Net investment
income .19 .36 .40 .38 .40 .42 .41 .49 .60 .59 .62
Net realized and
unrealized gain
(loss) on in-
vestments 2.40 1.39 3.06 (.01) .53 1.32 1.43 1.25 (.32) .14 (1.24)
<CAPTION>
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total from in-
vestment oper-
ations 2.59 1.75 3.46 .37 .93 1.74 1.84 1.74 .28 .73 (.62)
<CAPTION>
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Less distribu-
tions:
Dividends from
net investment
income (.22) (.45) (.31) (.32) (.39) (.40) (.45) (.52) (.63) (.56) (.66)
Dividends from
net realized
capital gains (.32) (1.11) (1.07) (.56) (1.46) (.10) - - - - (.10)
Dividends in ex-
cess of net
realized capi-
tal gains - - - (.12) - - - - - - -
Distributions
from paid in
capital - - - - - - (.06) (.12) (.09) - -
<CAPTION>
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total distribu-
tions (.54) (1.56) (1.38) (1.00) (1.85) (.50) (.51) (.64) (.72) (.56) (.76)
<CAPTION>
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
end of period $ 16.73 $ 14.68 $ 14.49 $ 12.41 $ 13.04 $ 13.96 $ 12.72 $ 11.39 $ 10.29 $ 10.73 $ 10.56
<CAPTION>
============================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total return (a) 17.8% 12.9% 28.8% 3.2% 6.5% 14.0% 16.5% 17.7% 2.4% 7.2% (5.1%)
Ratios and sup-
plemental data:
Net assets, end
of period (000) $48,159 $35,950 $24,460 $16,646 $17,023 $17,213 $16,940 $13,953 $18,664 $21,270 $23,194
Ratio of ex-
penses to aver-
age
net assets 1.4%* 1.5% 1.5% 1.6%* 1.6% 1.7% 1.2% 1.2% 1.1% 1.1% 1.2%
Ratio of net in-
vestment income
to average net
assets 1.7%* 2.8% 3.0% 3.3%* 2.8% 3.2% 3.4% 4.3% 5.5% 5.6% 5.6%
</TABLE>
<TABLE>
<CAPTION>
Class C Class I
- --------------------------------------------------------------------------------------
Six Months Ended July 5, 1996 through June 25, 1997 through
September 30, 1997 March 31, 1997 September 30, 1997
------------------ -------------------- ---------------------
<S> <C> <C> <C>
Net asset value, begin-
ning of period $14.63 $13.87 $ 15.88
Income from investment
operations:
Net investment income .13 .30 .13
Net realized and
unrealized gain (loss)
on investments 2.41 1.21 .86
------ ------ -------
Total from investment
operations 2.54 1.51 .99
Less distributions:
Dividends from net in-
vestment income (.16) (.25) (.12)
Dividends from net re-
alized capital gains (.32) (.50)
====== ====== =======
Total distribution (.48) (.75) (.12)
------ ------ -------
Net asset value, end of
period $16.69 $14.63 $ 16.75
====== ====== =======
Total return (a) 17.5% 11.1% 6.2%
Ratios and supplemental
data:
Net assets, end of pe-
riod (000) $5,934 $3,094 $29,359
Ratio of expenses to
average net assets 1.9%* 2.0%* 0.4%*
Ratio of net investment
income to average net
assets 2.2%* 2.7%* 1.8%*
- --------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Six Months Year Year Eleven
Ended Ended Ended Months Ended
September 30, March 31, March 31, March 31, Year Ended April 30,
---------------------------------------------------------------------------------------------
1997 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988(b)
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio turnover rate 90.6%* 52.3% 65.2% 42.1% 73.1% 73.1% 83.8% 63.2% 93.4% 84.7% 55.5%
Average commission per
share $.0609 $.0610 $.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.
26
<PAGE>
FINANCIAL HIGHLIGHTS (UNAUDITED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD IS AS FOLLOWS:
CALAMOS GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
Class A
- ----------------------------------------------------------------------------------------------------------------------
Eleven Sept. 22,
Six Months Year Year Months 1988
Ended Ended Ended Ended to
September 30, March 31, March 31, March 31, Year Ended April 30, April 30,
---------------------------------------------------------------------------------------------
1997 1997 1996 1995 1994 1993 1992 1991 1990 1989
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 15.52 $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 .21 .34 .37 .35 .31 .35 .29 .31 .33 .38
Net realized and
unrealized gain (loss)
on investments 3.15 1.52 3.70 (.02) .34 1.97 2.02 1.09 .09 .49
<CAPTION>
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total from investment
operations 3.36 1.86 4.07 .33 .65 2.32 2.31 1.40 .42 .87
<CAPTION>
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Less distributions:
Dividends from net
investment income (.19) (.28) (.42) (.32) (.29) (.36) (.28) (.32) (.28) (.38)
Dividends from net
realized capital gains (.67) (1.68) (.71) (.30) (1.29) (1.63) - - (.17) -
<CAPTION>
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total distributions (.86) (1.96) (1.13) (.62) (1.58) (1.99) (.28) (.32) (.45) (.38)
<CAPTION>
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, end of
period $ 18.02 $15.52 $15.62 $12.68 $12.97 $13.90 $13.57 $11.54 $10.46 $10.49
<CAPTION>
=============================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total return (b) 22.1% 12.9% 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) $10,303 $8,408 $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% 2.0%*
Ratio of net investment
income to average net
assets (a) 2.4%* 2.4% 2.6% 3.0%* 2.3% 2.6% 2.3% 2.9% 3.0% 4.8%*
</TABLE>
<TABLE>
<CAPTION>
Class C Class I
- ---------------------------------------------------------------------------------------------
Six Months Ended August 5, 1996 through September 18, 1997 through
September 30, 1997 March 31, 1997 September 30, 1997
------------------ ---------------------- --------------------------
<S> <C> <C> <C>
Net asset value, begin-
ning of period $15.50 $14.52 $17.96
<CAPTION>
----------------------------------------- --------------------------
<S> <C> <C> <C>
Income from investment
operations:
Net investment income .14 .26 .03
Net realized and
unrealized gain (loss)
on
investments 3.16 1.30 .15
<CAPTION>
----------------------------------------- --------------------------
<S> <C> <C> <C>
Total from investment
operations 3.30 1.56 .18
<CAPTION>
----------------------------------------- --------------------------
<S> <C> <C> <C>
Less distributions:
Dividends from net in-
vestment income (.19) (.25) (.12)
Dividends from net re-
alized capital gains (.67) (.33) -
<CAPTION>
----------------------------------------- --------------------------
<S> <C> <C> <C>
Total distributions (.86) (.58) (.12)
Net asset value, end of
period $17.94 $15.50 $18.02
<CAPTION>
========================================= ==========================
<S> <C> <C> <C>
Total return (b) 21.7% 10.8% 1.0%
Ratios and supplemental
data:
Net assets, end of
period (000) $ 810 $ 330 $1,768
Ratio of expenses to
average net assets (c) 2.3%* 2.5%* 1.1%*
Ratio of net investment
income to average
net assets (c) 2.1%* 2.4%* 4.3%*
</TABLE>
27
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Eleven Sept. 22,
Six Months Year Year Months 1988
Ended Ended Ended Ended to
September 30, March 31, March 31, March 31, Year Ended April 30, April 30,
-----------------------------------------------------------------------------------------------------
1997 1997 1996 1995 1994 1993 1992 1991 1990 1989
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio turnover rate 105.1%* 91.5% 86.4% 84.7% 155.2% 132.3% 111.6% 103.6% 103.0% 85.0%*
Average commission per
share $.0602 $.0609 $.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 0.0%, 0.1%, 0.1%, 0.2%*, 0.1%, 0.5%, 0.5%, 1.7%, 2.3% and 8.4%* 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 0.0% and 0.6%* of average net assets, respectively.
* Annualized.
28
<PAGE>
FINANCIAL HIGHLIGHTS (UNAUDITED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD IS AS FOLLOWS:
CALAMOS STRATEGIC INCOME FUND
<TABLE>
<CAPTION>
Class A Shares
- ------------------------------------------------------------------------------------------------------
Eleven Sept. 4,
Six Months Year Year Months 1990
Ended Ended Ended Ended to
September 30, March 31 March 31, March 31, Year Ended April 30, April 30,
-----------------------------------------------------------------------------
1997 1997 1996 1995 1994 1993 1992 1991
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $10.81 $11.07 $10.13 $10.71 $10.96 $10.58 $10.60 $10.00
Income from investment
operations:
Net investment income .26 .50 .53 .40 .36 .39 .59 .40
Net realized and
unrealized gain (loss)
on investments .89 .29 .83 (.43) .11 .79 .46 .61
-----------------------------------------------------------------------------
Total from investment
operations 1.15 .79 1.36 (.03) .47 1.18 1.05 1.01
-----------------------------------------------------------------------------
Less distributions:
Dividends from net in-
vestment income (.20) (.68) (.42) (.36) (.41) (.41) (.51) (.40)
Dividends from net re-
alized capital gains - (.37) - (.19) (.31) (.39) (.56) (.01)
-----------------------------------------------------------------------------
Total distributions (.20) (1.05) (.42) (.55) (.72) (.80) (1.07) (.41)
-----------------------------------------------------------------------------
Net asset value, end of
period $11.76 $10.81 $11.07 $10.13 $10.71 $10.96 $10.58 $10.60
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Total return (c) 10.7% 7.4% 13.60% (0.2%) 4.2% 11.5% 10.5% 10.2%
Ratios and supplemental
data:
Net assets, end of pe-
riod (000) $1,169 $1,317 $1,620 $2,211 $3,004 $2,522 $1,410 $595
Ratio of expenses to
average net assets
(a)(b) 2.0%* 2.1% 2.2% 2.4%* 2.2% 2.3% 2.5% 2.6%*
Ratio of net investment
income to average net
assets (a) 4.1%* 4.3% 4.6% 4.0%* 3.2% 3.9% 5.3% 6.6%*
Portfolio turnover rate 384.5%* 152.5% 81.1% 59.9% 79.4% 73.8% 97.0% 108.9%*
Average commission per
share $.0745 $.0711 $.0636 $.0966 $.0997 $.1056 $.1200 N/A
</TABLE>
- ------------------------------
(a) After the reimbursement and waiver of expenses by the Adviser equivalent to
3.5%*, 3.0%, 1.6%, 1.1%*, 1.0%, 0.7%,1.25% and 4.8%* of average net assets,
respectively.
(b) Includes 0.1%*, 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.
29
<PAGE>
FINANCIAL HIGHLIGHTS (UNAUDITED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD IS AS FOLLOWS:
CALAMOS Growth Fund
<TABLE>
<CAPTION>
Class A
- --------------------------------------------------------------------------------------------------------
Eleven
Six Months Year Year Months Sept. 4,
Ended Ended Ended Ended 1990 to
September 30, March 31, March 31, March 31, Year Ended April 30, April 30,
-------------------------------------------------------------------------------
1997 1997 1996 1995 1994 1993 1992 1991
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 17.04 $ 15.74 $ 14.18 $14.57 $13.95 $ 14.04 $ 12.48 $10.00
Income from investment
operations:
Net investment income
(loss) .07 (.09) (.09) .02 .01 (.02) (.01) .07
Net realized and
unrealized gain (loss)
on investments 7.89 3.14 4.69 (.28) 1.21 .20 1.60 2.50
<CAPTION>
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Total from investment
operations 7.96 3.05 4.60 (.26) 1.22 .18 1.59 2.57
----------------------------------------------------------------------------
Less distributions:
Dividends from net
investment income - - (.07) - (.01) - - (.08)
Dividends from net
realized capital gains (.34) (1.75) (2.97) (.13) (.59) (.27) (.03) (.01)
<CAPTION>
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Total distributions (.34) (1.75) (3.04) (.13) (.60) (.27) (.03) (.09)
<CAPTION>
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, end of
period $ 24.66 $ 17.04 $ 15.74 $14.18 $14.57 $ 13.95 $ 14.04 $12.48
<CAPTION>
===============================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Total return (b) 47.2% 19.1% 35.2% (1.8%) 8.9% 1.4% 12.7% 25.8%
Ratios and supplemental
data:
Net assets, end of
period (000) $ 8,871 $ 6,635 $ 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% 2.0%*
Ratio of net investment
income to
average net assets (a) (1.4)%* (1.3)% (0.8)% 0.2%* 0.1% (0.1)% (0.1)% 0.8%*
</TABLE>
<TABLE>
<CAPTION>
Class C Class I
- ------------------------------------------------------------------------------------------------
Six Months Ended September 3, 1996 through September 19, 1997 through
September 30, 1997 March 31, 1997 September 30, 1997
------------------ ------------------------- --------------------------
<S> <C> <C> <C>
Net asset value,
beginning of period $ 16.98 $ 17.63 $ 24.32
Income from investment
operations:
Net investment income (.03) (.07) (.01)
Net realized and
unrealized gain (loss)
on investments 7.91 1.07 .37
<CAPTION>
-------------------------------------------- --------------------------
<S> <C> <C> <C>
Total from investment
operations 7.88 1.00 .36
<CAPTION>
-------------------------------------------- --------------------------
<S> <C> <C> <C>
Less distributions:
Dividends from net
realized capital gains (.34) (1.65) -
<CAPTION>
-------------------------------------------- --------------------------
<S> <C> <C> <C>
Net asset value, end of
period $ 24.52 $ 16.98 $ 24.68
<CAPTION>
============================================ ==========================
<S> <C> <C> <C>
Total return (b) 46.9% 5.4% 1.4%
Ratios and supplemental
data:
Net assets, end of
period (000) $ 29 $ 8 $ 1,747
Ratio of expenses to
average net assets (c) 2.5%* 2.5%* 1.5%*
Ratio of net investment
income to average net
assets (c) (1.9)%* (1.9)%* (1.0)%*
- ------------------------------------------------------------------------------------------------
</TABLE>
30
<PAGE>
<TABLE>
<CAPTION>
Eleven
Six Months Year Year Months Sept. 4,
Ended Ended Ended Ended 1990 to
September 30, March 31, March 31, March 31, Year Ended April 30, April 30,
---------------------------------------------------------------------------
1997 1997 1996 1995 1994 1993 1992 1991
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio turnover rate 183.3%* 173.9% 252.4% 104.3% 87.3% 56.8% 47.3% 15.8%*
Average commission per
share $.0643 $.0614 $.0608 $.0910 $.0996 $.1011 $.1098 N/A
</TABLE>
- ------------------------------
(a) After the reimbursement and waiver of expenses by the Adviser equivalent
to 0.2%*, 0.7%, 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 0.2%* and 0.6%* of average net assets, respectively for Class C shares
and 0.1%* of the average net assets for Class I shares.
*Annualized.
31
<PAGE>
FINANCIAL HIGHLIGHTS (UNAUDITED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD IS AS FOLLOWS:
CALAMOS GLOBAL GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
Class A
- --------------------------------------------------------------------------------
Six Months Ended September 9, 1996 through
September 30, 1997 March 31, 1997
-----------------------------
<S> <C> <C>
Net asset value, beginning of pe-
riod $ 5.39 $ 5.00
Income from investment operations:
Net investment income .14 .04
Net realized and unrealized gain
(loss) on investments .88 .36
-----------------------------
Total from investment operations 1.02 .40
-----------------------------
Less distributions:
Dividends from net investment in-
come (.13) (.01)
Dividends from net realized capi-
tal gains (.03)
-----------------------------
Total distributions (.16) (.01)
Net asset value, end of period $ 6.25 $ 5.39
-----------------------------
-----------------------------
Total return (b) 19.3% 8.0%
Ratios and supplemental data:
Net assets, end of period (000) $4,040 $2,926
Ratio of expenses to average net
assets (a) 2.0%* 2.0%*
Ratio of net investment income to
average net assets (a) 1.4%* 1.8%*
</TABLE>
<TABLE>
<CAPTION>
Class C
- -------------------------------------------------------------------------------------------------
Six Months Ended September 24, 1996 through September 18, 1997 through
September 30, 1997 March 31, 1997 September 30, 1997
-----------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, begin-
ning of period $5.37 $5.00 $6.18
Income from investment
operations:
Net investment income .13 .03 .01
Net realized and
unrealized gain (loss)
on investments .88 .35 .06
-----------------------------------------------------------------
Total from investment
operations 1.01 .38 .07
-----------------------------------------------------------------
Less distributions:
Dividends from net in-
vestment income (.12) (.01) -
Dividends from net re-
alized capital gains (.03) -
-----------------------------------------------------------------
Total distributions (.15) (.01) -
-----------------------------------------------------------------
Net asset value, end of
period $6.23 $5.37 $6.25
-----------------------------------------------------------------
-----------------------------------------------------------------
Total return (b) 19.0% 7.6% 1.1%
Ratios and supplemental
data:
Net assets, end of pe-
riod (000) $ 549 $ 390 $ 428
Ratio of expenses to
average net assets (a) 2.5%* 2.5%* .1%*
Ratio of net investment
income to average net
assets (a) 0.2%* 1.6%* .3%*
- -------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended September 9, 1996 through
September 30, 1997 March 31, 1997
----------------------
<S> <C> <C>
Portfolio turnover rate 51.5%* 160.4%*
Average commission per share $.0600 $ .0758
</TABLE>
- ------------------------------
(a) After the reimbursement and waiver of expenses by the Adviser equivalent to
0.2%* and 1.8%* of average net assets, respectively for Class A and Class C
shares.
(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.
32
<PAGE>
[This Page Intentionally Left Blank]
<PAGE>
INVESTMENT ADVISER:
Calamos Asset Management, Inc.(R)
1111 East Warrenville Road
Naperville, Illinois 60563-1493
DISTRIBUTOR:
Calamos Financial Services, Inc.(R)
1111 East Warrenville Road
Naperville, Illinois 60563-1493
TRANSFER AGENT:
FPS Services, Inc.
P.O. Box 61503
King of Prussia, Pennsylvania 19406-0903
COUNSEL:
Bell, Boyd & Lloyd
Chicago, Illinois
INDEPENDENT AUDITORS:
Ernst & Young LLP
Chicago, Illinois
The Net Asset Values for the Calamos Family of Funds(R) may be obtained daily
by calling 800.823.7386 after 5:00 p.m. central time.
This report, including the
unaudited financial statements
contained herein, is submitted
for general information for 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
Convertible Fund(R)
Growth and Income Fund(R)
Strategic Income Fund(R)
Growth Fund(R)
Global Growth and Income Fund(R)
SEMI-ANNUAL REPORT
September 30, 1997
(Unaudited)
- --------------------------------------------------------------------------------
Calamos Investment Trust . 1111 East Warrenville Road
Naperville, Illinois 60563-1493
(630) 245-7200 . (800) 823-7386
LOGO
