<PAGE>
[Artwork Appears Here]
Calamos(R) Family of Funds
SEMI-ANNUAL REPORT
September 30, 1998
(Unaudited)
Convertible Fund
Growth and Income Fund
Strategic Income Fund [Logo]
Growth Fund
Global Growth and Income Fund
<PAGE>
Calamos Family of Funds(R)
Standardized performance as of 9/30/98
<TABLE>
<CAPTION>
Total Return/1/ Average Annual Total Return/2/
----------------------------------------------------------------------------------
1 Year 5 Years 10 Years Since Inception
----------------------------------------------------------------------------------
Load Load Load Load
Adjusted Adjusted Adjusted Adjusted
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Convertible Fund
A Shares 1.00% -3.77% 11.76% 10.68% 12.69% 12.14% 11.29% 10.89%
Inception: 6/21/85
C Shares 0.53% NA NA NA NA NA 12.93% NA
Inception: 7/5/96
I Shares 1.56% NA NA NA NA NA 6.19% NA
Inception: 6/25/97
Growth and Income Fund
A Shares 3.44% -1.48% 12.86% 11.77% 14.11% 13.55% 14.07% 13.52%
Inception: 9/22/88
C Shares 3.05% NA NA NA NA NA 16.53% NA
Inception: 8/5/96
I Shares 4.09% NA NA NA NA NA 4.97% NA
Inception: 9/18/97
Strategic Income Fund
A Shares 4.75% -0.25% 6.62% 5.59% NA NA 8.92% 8.26%
Inception: 9/4/90
Growth Fund
A Shares -12.92% -17.06% 15.36% 14.24% NA NA 15.36% 14.67%
Inception: 9/4/90
C Shares -13.41% NA NA NA NA NA 15.15% NA
Inception: 9/3/96
I Shares -12.61% NA NA NA NA NA -10.98% NA
Inception: 9/18/97
Global Growth and
Income Fund
A Shares -0.23% -4.95% NA NA NA NA 12.92% 10.27%
Inception: 9/9/96
C Shares -0.72% NA NA NA NA NA 12.66% NA
Inception: 9/24/96
I Shares 0.30 NA NA NA NA NA 1.39% NA
Inception: 9/18/97
</TABLE>
The performance data quoted represents past performance and is not a guarantee
of future results. Investment return and principal value of an investment in the
Calamos(R) Family of Funds shares will fluctuate so that when an investor's
shares are redeemed, they may be worth more or less than the original cost. For
more complete information, including management fees and expenses, please call
800-823-7386 to obtain a prospectus. Read the prospectus carefully before you
invest or send money. The Calamos(R) Family of Funds are distributed by
Calamos(R) Financial Services, Inc.
These performance numbers in the shaded area are adjusted for the 4.75% sales
charge for class A shares.
/1/This is total return for the period; it measures net investment income and
capital gain or loss from portfolio investments, assuming reinvestment of income
and capital gain distributions.
/2/This is average annual total return; it measures net investment income and
capital gain or loss from portfolio investments as an annualized average,
assuming reinvestment of income and capital gain distributions.
1
<PAGE>
Calamos Convertible Fund
Schedule of Investments September 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -----------------------------------------------------------------------
<S> <C>
Convertible Bonds (53.3%)
Basic Industries (0.5%)
$ 760,000 Mail-Well, Inc. $ 573,800
Capital Goods - Industrial (0.9%)
1,300,000 Thermo Instrument Systems, Inc. 1,040,000
4.000%, 01/15/2005
Capital Goods - Technology (9.3%)
2,100,000 Affiliated Computer Services 1,999,515
Corporation (b)
4.000%, 03/15/05
1,600,000 Bell Atlantic Corporation (Tel_Nz) (b) 1,626,704
5.750%, 04/01/03
1,200,000 Bell Atlantic Corporation 1,167,000
(Cable&Wireless) (b)
4.250%, 09/15/05
1,075,000 Converse Technology Corporation (b) 919,125
4.500%, 07/01/05
3,800,000 Hewlett-Packard Corporation (c) 2,023,500
0.000%, 10/14/17
575,000 Kellstrom Industries, Inc. 427,121
5.500%, 06/15/2003
2,400,000 Networks Associates, Inc. (b) 948,288
0.000%, 02/13/2018
1,065,000 Quadramed Corporation (b) 892,097
5.250%, 05/01/2005
1,175,000 Systems & Computer Technology 913,563
Corporation
5.000%, 10/15/2004
-----------
10,916,913
Consumer Cyclicals (11.4%)
2,500,000 Deutsche Lufthansa (b) 1,682,767
DEM 2.125%, 12/03/2002
2,005,000 Hilton Hotels Corporation 1,762,736
5.000%, 05/15/2006
2,100,000 The Interpublic Group of Companies, 1,881,159
Inc. (b)
1.800%, 09/16/2004
3,175,000 Marriott International, Inc. (c) 1,956,117
0.000%, 03/25/2011
1,025,000 Marriott International, Inc. (c) 631,502
0.000%, 03/25/2011 Euro
1,200,000 Michaels Stores, Inc. 1,102,212
6.750%, 01/15/2003
2,310,000 Office Depot, Inc. (c) 1,458,188
0.000%, 11/01/2008
1,715,000 Office Depot, Inc. (c) 1,184,653
0.000%, 12/11/2007
500,000 Omnicom Group, Inc. 570,625
2.250%, 01/06/2013
950,000 Omnicom Group, Inc. (b) 1,084,188
2.250%, 01/06/2013
-----------
13,314,147
Consumer Growth Staples (15.8%)
1,790,000 Athena Neurosciences (Elan) (b) 2,173,731
4.750%, 11/15/2004
3,300,000 Clear Channel Communications, Inc. 3,325,740
2.625%, 04/01/2003
1,100,000 Costco Companies, Inc. 689,403
0.000%, 08/19/2017
2,300,000 Costco Companies, Inc. (b) 1,441,479
0.000%, 08/19/2017
2,160,000 Genzyme Corporation (b) 2,374,661
5.250%, 06/01/2005
1,700,000 Healthsouth Corporation 1,300,500
3.250%, 04/01/2003
1,900,000 Rite Aid Corporation (b) 2,287,714
5.250%, 09/15/2002
760,000 Rite Aid Corporation 915,086
5.250%, 09/15/2002
3,200,000 Roche Holdings Company (b) (c) 1,660,000
0.000%, 05/06/2012
5,400,000 Times Mirror Company (c) 2,403,000
0.000%, 04/15/2017
-----------
18,571,314
Consumer Staples (5.3%)
2,650,000 Nestle Holdings, Inc. 3,534,438
3.000%, 06/17/2002 Euro
7,805,000 Whole Foods Market, Inc. 2,692,725
0.000%, 03/02/2018
-----------
6,227,163
Credit Cyclicals (1.0%)
1,350,000 BankAtlantic Bancorp, Inc. 1,221,750
5.625%, 12/01/2007
Energy (2.0%)
1,100,000 Baker Hughes, Inc. (c) 717,750
0.000%, 05/05/2008
2,150,000 Loews Corporation (Diamond
Offshore Drilling) 1,681,816
3.125%, 09/15/2007
-----------
2,399,566
</TABLE>
See accompanying Notes to Financial Statements.
2
<PAGE>
Calamos Convertible Fund - continued
Schedule of Investments September 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -----------------------------------------------------------------------
<C> <S> <C>
Financial (4.1%)
$ 1,750,000 Fidelity National Financial, Inc. (c) $ 1,500,625
0.000%, 02/15/2009
127,000,000 Mitsui Marine & Fire Insurance Company 921,805
JPY 0.700%, 03/31/2003
83,000,000 Sumitomo Marine & Fire Insurance Company 651,219
JPY 1.200%, 03/31/2004
2,930,000 USF&G Corporation (St. Paul Cos.) 1,772,591
0.000%, 03/03/2009
------------
4,846,240
Transportation (1.0%)
570,000 BAA plc 1,124,854
GBP 5.750%, 03/29/2006
Utilities (2.0%)
2,500,000 AES Corporation 2,323,949
4.500%, 08/15/2005
============
TOTAL CONVERTIBLE BONDS 62,559,696
(Cost $65,310,742)
<CAPTION>
Number
of Shares Value
- -----------------------------------------------------------------------
<C> <S> <C>
Convertible Preferred Stocks (16.8%)
Basic Industries (1.3%)
31,500 International Paper Company 1,565,770
5.250%
Capital Goods - Technology (3.1%)
22,000 Mediaone Group, Inc. 1,229,250
6.25%
57,300 Qualcomm Financial Trust, Inc. 2,431,669
5.75%
------------
3,660,919
Consumer Cyclicals (3.9%)
53,300 Newell Financial Trust 3,004,788
5.250%
17,700 Royal Caribbean Cruises Limited 1,505,606
7.250% Series A
------------
4,510,394
Consumer Growth Staples (1.8%)
54,200 Village Roadshow, Inc. (b) 2,059,599
3.250%
Consumer Staples (1.2%)
28,900 Suiza Foods Corporation (b) 955,506
5.500%
15,000 Suiza Foods Corporation 495,938
5.500%
------------
1,451,444
Credit Cyclicals (0.9%)
55,000 DECS Trust II (Royal Group Tech Limited) 1,031,250
6.875%
Financial (3.7%)
4,200 Equity Residential Properties Trust 95,813
7.250%
8,415 Glenborough Realty Trust, Inc. 171,456
7.750%
139,500 National Australia Bank 3,714,187
7.875%
9,200 The Rouse Company 414,000
6.000%
------------
4,395,456
Utilities (0.9%)
25,600 AES Corporation (b) 1,075,200
5.500%
============
TOTAL CONVERTIBLE PREFERRED STOCKS 19,750,032
(Cost $22,107,575)
Common Stocks (6.9%)
Capital Goods - Technology (0.0%)
1,235 Sensormatic Electronics Corporation 7,255
Consumer Cyclical (0.7%)
27,624 Carnival Corporation 878,789
Consumer Growth Staples (3.9%)
34,000 Gannett Company, Inc. 1,821,125
188,600 Hollinger International, Inc. (a) 2,711,125
------------
4,532,250
Credit Cyclicals (1.2%)
28,000 Federal Home Loan Mortgage Corporation 1,384,250
Financial (1.1%)
23,338 Fifth Third Bancorp 1,341,935
============
TOTAL COMMON STOCKS 8,144,479
(Cost $5,386,066)
</TABLE>
See accompanying Notes to Financial Statements.
3
<PAGE>
Calamos Convertible Fund - continued
Schedule of Investments September 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Number
of Contracts Value
- -----------------------------------------------------------------------
<C> <S> <C>
Call Options (1.4%)
Capital Goods - Technology (0.5%)
300 EMC Corporation (a) $ 618,750
LEAPS
Expiration 01/22/2000, Strike 45
Consumer Cyclicals (0.5%)
400 Best Buy Co., Inc. (a) 570,000
LEAPS
Expiration 01/22/2001, Strike 50
Consumer Growth Staples (0.1%)
150 Viacom Inc, Class B (a) 172,500
LEAPS
Expiration 01/22/2000, Strike 55
Consumer Staples (0.3%)
200 Safeway, Inc. (a) 316,250
LEAPS
Expiration 01/22/2000, Strike 35
============
TOTAL CALL OPTIONS 1,677,500
(Cost $1,325,025)
<CAPTION>
Number
of Shares Value
- -----------------------------------------------------------------------
<C> <S> <C>
Warrants (0.4%)
Consumer Growth Staples (0.4%)
65,527 News Corporation Ltd. 429,202
6/16/2003
============
TOTAL WARRANTS 429,202
(Cost $445,584)
Principal
Amount Value
- -----------------------------------------------------------------------
<S> <C>
U.S. Government Securities (9.7%)
$ 13,000,000 United States National Strips Interest
Coupon $ 4,422,210
0.000%, 11/15/2018
United States Treasury Notes
850,000 7.000%, 04/15/1999 861,271
500,000 5.875%, 02/15/2000 509,210
2,750,000 6.875%, 05/15/2006 3,182,988
2,000,000 6.500%, 10/15/2006 2,275,560
============
TOTAL U.S. GOVERNMENT SECURITIES 11,251,239
(Cost $9,686,385)
TOTAL INVESTMENTS (88.5%) 103,812,148
(Cost $104,261,377)
FOREIGN CURRENCY CASH DEPOSITS WITH CUSTODIAN (0.0%)
British Pounds 1,323
French Francs 435
============
TOTAL FOREIGN CURRENCY 1,758
(Cost $1,695)
CASH DEPOSITS WITH CUSTODIAN 11,668,118
(INTEREST BEARING) (10.0%)
LIABILITIES, LESS OTHER ASSETS (1.5%) 1,815,291
============
NET ASSETS (100%) $117,297,315
============
NET ASSET VALUE PER SHARE - CLASS A $ 15.57
(4,061,843 shares outstanding) ============
NET ASSET VALUE PER SHARE - CLASS C $ 15.51
(1,529,864 shares outstanding) ============
NET ASSET VALUE PER SHARE - CLASS I $ 15.62
(1,942,551 shares outstanding) ============
</TABLE>
Notes to Schedule of Investments
(a) Non-income producing security
(b) Rule 144A security - See Note 9 in Notes to Financial Statements
(c) LYON - Liquid Yield Option Note
See accompanying Notes to Financial Statements.
4
<PAGE>
[Calamos LOGO]Growth and Income Fund
Schedule of Investments September 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -----------------------------------------------------------------------
<S> <C> <C>
Convertible Bonds (42.6%)
Basic Industries (1.1%)
$ 240,000 Mail-Well, Inc. $ 181,200
5.000%, 11/01/2002
Capital Goods - Technology (8.0%)
485,000 Affiliated Computer Services.
Corporation (b) 461,793
4.000%, 03/15/2005
170,000 Converse Technology, Inc. (b) 145,350
4.500%, 07/01/2005
775,000 Networks Associates, Inc. 306,218
0.000%, 02/13/18
320,000 Quadramed Corporation (b) 268,048
5.250%, 05/01/2005
250,000 Systems & Computer Technology
Corporation 194,375
5.000%, 10/15/2004
------------
1,375,784
Consumer Cyclicals (8.7%)
250,000 Family Golf Centers, Inc. 235,000
5.750%, 10/15/2004
300,000 The Interpublic Group of Companies,
Inc. (b) 268,737
1.800%, 09/16/2004
550,000 Marriott International, Inc. (c) 338,855
0.000%, 03/25/2011
300,000 Office Depot Inc. (c) 207,228
0.000%, 12/11/2007
350,000 Office Depot, Inc. 220,938
0.000%, 11/01/2008
200,000 Omnicom Group, Inc. (b) 228,250
2.250%, 01/06/2013
------------
1,499,008
Consumer Growth Staples (17.1%)
225,000 Athena Neurosciences (Elan) (b) 273,235
4.750%, 11/15/2004
450,000 Clear Channel Communications, Inc. 453,510
2.625%, 04/01/2003
475,000 Costco Companies, Inc. (b) 297,697
0.00%, 08/19/2017
230,000 Genzyme Corporation (b) 252,857
5.250%, 06/01/2005
500,000 Jacor Communications, Inc. (c) 193,575
0.000%, 02/09/2018
330,000 Petsmart, Inc. 330,000
6.750%, 11/01/2004
100,000 Rite Aid Corporation 120,406
5.250%, 09/15/2002
300,000 Rite Aid Corporation (b) 361,218
5.250%, 09/15/2002
800,000 Times Mirror Company (c) 356,000
0.000%, 04/15/2017
350,000 Veterinary Centers of America, Inc. 295,141
5.250%, 05/01/2006
------------
2,933,639
Consumer Staples (2.7%)
1,360,000 Whole Foods Market, Inc. 469,200
0.000%, 03/02/2018
Credit Cyclicals (1.5%)
290,000 BankAtlantic Bancorp, Inc. 262,450
5.625%, 12/01/2007
Financial (2.7%)
360,000 Fidelity National Financial, Inc. (c) 308,700
0.000%, 02/15/2009
170,000 Financial Federal Corporation (b) 155,125
4.500%, 05/01/2005
------------
463,825
Utilities (0.8%)
140,000 AES Corporation 130,140
4.500%, 08/15/05
============
TOTAL CONVERTIBLE BONDS 7,315,246
(Cost $7,805,173)
Number of
Shares Value
- -----------------------------------------------------------------------
Convertible Preferred Stocks (19.5%)
Capital Goods - Technology (3.0%)
3,500 Mediaone Group, Inc. 195,562
6.25%
7,700 Qualcomm, Inc. 326,769
5.75%
------------
522,331
Consumer Cyclicals (3.9%)
7,000 Newell Financial Trust, Inc. 394,625
5.25%
3,300 Royal Caribbean Cruises Limited 280,706
7.250% Series A
------------
675,331
Consumer Growth Staples (2.0%)
4,500 Time Warner, Inc. (Houston Ind) 343,406
7.00%
Consumer Staples (0.8%)
4,250 Suiza Foods Corporation (b) 5.500% 140,516
</TABLE>
See accompanying Notes to Financial Statements.
5
<PAGE>
Calamos Growth and Income Fund - continued
Schedule of Investments September 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Number
of Shares Value
- -----------------------------------------------------------------------
<S> <C> <C>
Credit Cyclicals (5.4%)
10,650 Beazer Homes USA, Inc. 8.000% $ 303,525
35,000 Kaufman & Broad Homes, Inc. 8.25% 293,125
6,600 Owens Corning Mips 6.5% 322,575
------------
919,225
Financial (3.3%)
10,000 Lincoln National Corporation Feline
Prides 7.75% 246,250
12,200 National Australia Bank 7.875% 324,825
------------
571,075
Utilities (1.1%)
4,400 AES Corporation (b) 5.500% 184,800
============
TOTAL CONVERTIBLE 3,356,684
PREFERRED STOCKS
(Cost $3,680,568)
Common Stocks (8.8%)
Capital Goods - Technology (2.1%)
3,200 Microsoft Corporation (a) 352,200
Consumer Growth Staples (4.9%)
8,000 Biogen Inc (a) 526,500
22,000 Hollinger International, Inc (a) 316,250
------------
842,750
Financial (1.8%)
5,514 Fifth Third Bancorp 317,055
============
TOTAL COMMON STOCKS 1,512,005
(Cost $913,623)
Number of
Contracts Value
- -----------------------------------------------------------------------
Call Options (2.5%)
Capital Goods - Technology (1.3%)
110 EMC Corporation (a) 226,875
LEAPS
Expiration 01/22/2000, Strike 45
Consumer Cyclicals (0.7%)
80 Best Buy Co., Inc. (a) 114,000
LEAPS
Expiration 01/22/2001, Strike 50
Consumer Growth Staples (0.2%)
25 Viacom, Inc. Cl B 28,750
LEAPS
Expiration 01/22/2000, Strike 55
Consumer Staples (0.3%)
40 Safeway, Inc. (a) 63,250
LEAPS
Expiration 01/22/2000, Strike 35
============
TOTAL CALL OPTIONS 432,875
(Cost $314,827)
Principal
Amount Value
- -----------------------------------------------------------------------
U.S. Government Securities (17.3%)
$ 3,800,000 United States National Strips Interest
Coupon 1,386,126
0.000%, 08/15/2017
United States Treasury Notes
230,000 7.000%, 04/15/1999 233,050
600,000 5.875%, 02/15/2000 611,052
635,000 6.875%, 05/15/2000 734,981
============
TOTAL U.S GOVERNMENT 2,965,209
SECURITIES
(Cost $2,707,162)
------------
TOTAL INVESTMENTS (90.7%) 15,582,019
(Cost $15,421,353)
CASH DEPOSITS WITH CUSTODIAN 1,913,579
(INTEREST BEARING) (11.1%)
LIABILITIES, LESS OTHER ASSETS (-1.8%) (317,093)
============
NET ASSETS (100%) $ 17,178,505
============
NET ASSET VALUE PER SHARE - CLASS A $ 16.83
============
(816,473 shares outstanding)
NET ASSET VALUE PER SHARE - CLASS C $ 16.73
============
(104,760 shares outstanding)
NET ASSET VALUE PER SHARE - CLASS I $ 16.87
============
(100,128 shares outstanding)
Notes to Schedule of Investments
(a) Non-income producing security
(b) Rule 144A security - See Note 9 in Notes to Financial Statements
(c) LYON - Liquid Yield Option Note
</TABLE>
See accompanying Notes to Financial Statements.
6
<PAGE>
Calamos Strategic Income Fund
Schedule of Investments September 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal Value
Amount
- -----------------------------------------------------------------------
<S> <C> <C>
Convertible Bonds (68.3%)
Basic Industries (4.6%)
$ 100,000 Mail-Well Inc $ 75,500
5.000%, 11/01/2002
Capital Goods Technology (27.5%)
50,000 Apple Computer Corporation 69,953
6.000%, 06/01/2001
50,000 Kellstrom Industries, Inc 37,141
5.500%, 06/15/03
70,000 Level One Communications, Inc 67,906
4.000%, 09/01/2004
80,000 SCI Systems, Inc 95,792
5.000%, 05/01/2006
100,000 Systems & Computer Technology
Corporation 77,750
5.000%, 10/15/2004
100,000 Xerox Corporation 107,494
2.875%, 07/01/2002
------------
456,036
Consumer Cyclicals (4.6%)
120,000 Office Depot, Inc. (c) 75,750
0.000%, 11/01/2008
Consumer Growth Staples (18.3%)
75,000 Alza Corporation 44,437
0.000%, 07/14/2014
75,000 Clear Channel Communications, Inc 75,585
2.625%, 04/01/2003
190,000 Jacor Communications, Inc. (c) 73,388
0.000%, 02/19/2018
100,000 Omnicare, Inc. (c) 110,500
5.000%, 12/01/2007
------------
303,910
Energy (4.6%)
75,000 Nabors Industries, Inc 76,940
5.000%, 05/15/2006
Financial (3.1%)
60,000 Fidelity National Financial, Inc. (c) 51,450
0.000%, 02/15/2009
Utilities (5.6%)
100,000 AES Corporation 92,958
4.500%, 08/15/2005
------------
TOTAL CONVERTIBLE BONDS 1,132,544
(Cost $1,217,558)
</TABLE>
<TABLE>
<CAPTION>
Number of Value
Shares
- -----------------------------------------------------------------------
<S> <C> <C>
Convertible Preferred Stocks (16.7%)
Basic Industries (5.4%)
1,800 International Paper Company $ 89,472
5.25%
Capital Goods Technology (8.1%)
1,100 Case Corporation 62,562
4.5% Series A
1,700 Qualcomm, Inc 72,144
5.75%
------------
134,706
Financial (3.2%)
2,000 National Australia Bank 53,251
7.875%
------------
TOTAL CONVERTIBLE 277,429
PREFERRED STOCKS
(Cost $301,267)
------------
TOTAL INVESTMENTS (85.0%) 1,409,973
(Cost $1,518,826)
</TABLE>
<TABLE>
<CAPTION>
Number of Value
Shares
- -----------------------------------------------------------------------
<S> <C> <C>
Common Stocks Sold Short (-35.6%)
Basic Industries (-2.9%)
540 International Paper Company (25,177)
2,700 Mail-Well, Inc (23,119)
------------
(48,296)
Capital Goods - Technology (-17.7%)
1,025 Apple Computer Corporation (39,078)
2,200 Case Corporation (47,850)
700 Kellstrom Industries, Inc (9,712)
117 Leap Wireless International, Inc (548)
1,850 Level One Communications, Inc (37,231)
470 Qualcomm, Inc (22,531)
2,800 SCI Systems, Inc (75,425)
1,500 Systems & Computer Technology
Corporation (19,313)
500 Xerox Corporation (42,375)
------------
(294,063)
Consumer Cyclicals (-1.7%)
1,250 Office Depot, Inc (28,047)
</TABLE>
See accompanying Notes to Financial Statements.
7
<PAGE>
Calamos Strategic Income Fund - continued
Schedule of Investments September 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Number of
Shares Value
- ---------------------------------------------------------------------
<S> <C> <C>
Consumer Growth Staples (-6.6%)
450 Alza Corporation $ (19,519)
600 Clear Channel Communications, Inc. (28,500)
380 Jacor Communications, Inc. (19,237)
1,200 Omnicare, Inc. (42,300)
----------
(109,556)
Energy (-2.7%)
2,900 Nabors Industries, Inc. (44,044)
Financial (-2.0%)
1,000 Fidelity National Financial, Inc. (33,813)
Utilities (-2.0%)
900 AES Corporation (33,356)
----------
TOTAL COMMON STOCKS (591,175)
SOLD SHORT
(Proceeds $655,074)
</TABLE>
CASH DEPOSITS WITH CUSTODIAN 801,931
(INTEREST BEARING) (48.4%)
OTHER ASSETS, LESS LIABILITIES (2.2%) 36,614
----------
NET ASSETS (100%) $1,657,343
==========
NET ASSET VALUE PER SHARE - CLASS A $ 11.79
==========
(140,583 shares outstanding)
(a) Non-income producing security
(b) Rule 144A security - See Note 9 in Notes to
Financial Statements
(c) LYON - Liquid Yield Option Note
See accompanying Notes to Financial Statements.
8
<PAGE>
Calamos Growth Fund
Schedule of Investments September 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Number of
Shares Value
- -----------------------------------------------------------------------
<S> <C>
Common Stocks (86.8%)
Basic Industries (3.5%)
7,800 Mohawk Industries, Inc. (a) $ 213,525
6,300 Tarrant Apparel Corporation 152,775
------------
366,300
Capital Goods - Industrial (5.1%)
2,800 Eastman Kodak Company 216,475
4,200 Monaco Coach Corporation (a) 106,050
4,000 TYCO International Limited (a) 221,000
------------
543,525
Capital Goods - Technology (29.6%)
6,700 Apple Computer, Inc. (a) 255,437
5,100 Broadvision, Inc. (a) 53,869
4,700 Century Telephone Enterprise 222,075
4,600 Compuware Corporation (a) 270,825
4,500 EMC Corporation - MA. (a) 257,344
8,000 Excite, Inc. (a) 326,500
5,300 Gulfstream Aerospace Corporation (a) 213,325
4,200 Keane, Inc. (a) 147,525
4,000 Lexmark International Group Class A, Inc. (a) 277,250
5,400 Mindspring Enterprises, Inc. (a) 224,100
3,100 New Era Of Networks, Inc. (a) 126,325
8,000 Polycom, Inc. (a) 105,500
8,600 Sterling Software, Inc. (a) 237,038
12,000 THQ, Inc. (a) 210,000
9,000 UNISYS Corporation (a) 204,750
------------
3,131,863
Consumer Cyclicals (8.6%)
9,000 Advo, Inc. (a) 219,938
3,500 Advanced Marketing Services 61,031
3,500 GAP, Inc. (a) 184,625
3,500 Maytag Corporation 167,125
3,700 Midwest Express Holdings, Inc. (a) 123,950
9,450 Steiner Leisure Limited (a) 147,656
904,325
Consumer Growth Staples (17.5%) ------------
3,000 AMGEN, Inc. (a) 226,688
4,300 Abercrombie & Fitch Company,
Class A (a) 189,200
8,500 Buffets, Inc. (a) 91,906
6,000 Childtime Learning Centers (a) 99,750
6,800 Forest Laboratories, Inc. - Class A (a) 233,750
5,600 Kroll-O'Gara Company (a) 130,900
4,800 Laser Vision (a) 57,000
4,700 Lason, Inc. (a) 240,875
3,200 RESMED, Inc. (a) 166,400
10,000 Roberts Pharmaceutical Corporation (a) 191,250
3,900 VIACOM, Inc. - CL A (a) 224,250
------------
1,851,969
Consumer Staples (6.6%)
7,300 Earthgrains Company 225,843
20,000 Hansen Natural Corporation (a) 79,374
4,600 Safeway, Inc. (a) 213,325
10,200 Stanley Furniture Company (a) 177,225
------------
695,767
Credit Cyclicals (2.7%)
5,000 Beazer Homes USA, Inc. (a) 103,125
3,200 Centex Construction Products Company 109,200
4,600 Nobility Homes, Inc. (a) 68,425
------------
280,750
Financial (12.3%)
2,800 Capital One Financial Corporation 289,800
9,900 First American Financial Corporation 316,800
6,400 Fidelity National Financial Corporation 216,400
3,300 SEI Investments Company 229,350
4,300 Stewart Information Services, Inc 247,788
------------
1,300,138
Transportation (0.9%)
6,400 Johnstown America Industries, Inc. (a) 91,200
------------
TOTAL COMMON STOCKS 9,165,837
(Cost $9,333,016)
------------
TOTAL INVESTMENTS (86.8%) 9,165,837
(Cost $9,333,016)
CASH DEPOSITS WITH CUSTODIAN 1,413,858
(INTEREST BEARING) (13.4%)
OTHER ASSETS, LESS LIABILITIES (-0.2%) (14,263)
NET ASSETS (100%) $ 10,565,432
------------
NET ASSET VALUE PER SHARE - CLASS A $16.69
(554,852 shares outstanding) ------------
NET ASSET VALUE PER SHARE - CLASS C $ 16.47
(3,028 shares outstanding) ------------
NET ASSET VALUE PER SHARE - CLASS I $ 16.77
(74,969 shares outstanding) ------------
</TABLE>
Notes to Schedule of Investments
(a) Non-income producing security
(b) Rule 144A security - See Note 9 in Notes to
Financial Statements
(c) LYON - Liquid Yield Option Note
See accompanying Notes to Financial Statements.
9
<PAGE>
Calamos Global Growth and Income Fund
Schedule of Investments September 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -----------------------------------------------------------------------
<C> <S> <C>
Convertible Bonds (36.6%)
Basic Industries (0.7%)
$ 65,000 Mail-Well, Inc. $ 49,075
5.000%, 11/01/2002
Capital Goods - Industrial (0.8%)
70,000 Thermo Instrument Systems, Inc. 56,000
4.000%, 01/15/2005
Capital Goods - Technology (4.6%)
95,000 Affiliated Computer Services
Corporation (b) 90,454
4.000%, 03/15/05
75,000 Converse Technology Corporation (b) 64,125
4.500%, 07/01/05
50,000 Kellstrom Industries, Inc. 37,141
5.500%, 06/15/2003
150,000 Networks Associates, Inc. 59,268
0.000%, 02/13/2018
75,000 Quadramed Corporation (b) 62,824
5.250%, 05/01/2005
------------
313,812
Consumer Cyclicals (2.7%)
155,000 Marriott International, Inc. (c) 95,496
0.000%, 03/25/2011
145,000 Office Depot, Inc. (c) 91,531
0.000%, 11/01/2008
------------
187,027
Consumer Growth Staples (13.1%)
100,000 Athena Neurosciences (Elan) (b) 121,437
4.750%, 11/15/2004
125,000 Clear Channel Communications, Inc. 125,975
2.625%, 04/01/2003
200,000 Costco Companies, Inc. (b) 125,346
0.000%, 08/19/2017
110,000 Genzyme Corporation (b) 120,932
5.250%, 06/01/2005
95,000 Rite Aid Corporation (b) 114,386
5.250%, 09/15/2002
250,000 S.M.H. Finance LUX 204,975
CHF 2.000%, 10/23/2022
205,000 Times Mirror Company (c) 91,225
0.000%, 04/15/2017
------------
904,276
Consumer Staples (5.4%)
150,000 Nestle Holdings, Inc. 200,063
3.000%, 06/17/2002 Euro
490,000 Whole Foods Market, Inc. 169,050
0.000%, 03/02/2018
------------
369,113
Financial (7.3%)
140,000 Allianz Finance B.V. (b) 85,021
DEM 3.000%, 02/04/2003
60,000 Deutsche Bank Ag (Regs) 36,438
DEM 3.000%, 02/04/2003
70,000 Financial Federal Corporation 63,875
4.500%, 05/01/2005
115,000 Fidelity National Financial, Inc. (c) 98,613
0.000%, 02/15/2009
15,000,000 Mitsui Marine & Fire Insurance Company 108,874
JPY 0.700%, 03/31/2003
10,000,000 Nisshin Fire & Marine Insurance Company 66,632
JPY 0.650%, 03/31/2004
5,000,000 Sumitomo Marine & Fire Insurance Company 39,120
JPY 1.100%, 03/29/2002
------------
498,573
Utilities (2.0%)
150,000 AES Corporation 139,436
4.500%, 08/15/2005
============
TOTAL CONVERTIBLE BONDS 2,517,312
(Cost $2,587,523)
<CAPTION>
Number of
Shares Value
- -----------------------------------------------------------------------
<C> <S> <C>
Convertible Preferred Stocks (11.1%)
Capital Goods - Technology (2.9%)
1,300 Mediaone Group, Inc. 72,638
6.25%
3,000 Qualcomm Financial Trust, Inc. 127,312
5.75%
------------
199,950
Consumer Cyclicals (4.2%)
2,800 Newell Financial Trust 157,850
5.250%
1,500 Royal Caribbean Cruises Limited 127,594
7.250% Series A
------------
285,444
Consumer Staples (0.8%)
1,750 Suiza Foods Corporation (b) 57,859
5.500%
Financial (3.2%)
8,150 National Australia Bank 216,993
7.875%
============
TOTAL CONVERTIBLE PREFERRED STOCKS 760,246
(Cost $767,266)
</TABLE>
See accompanying Notes to Financial Statements.
10
<PAGE>
Calamos Global Growth and Income Fund - cont.
Schedule of Investments September 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Number of
Shares Value
- ------------------------------------------------------------
<S> <C>
Common Stocks (17.4%)
Capital Goods - Industrial (0.8%)
2,000 Hitachi Koki Co Ltd (a) $ 56,560
Capital Goods - Technology (3.9%)
2,100 Philips Electronics ADRs 112,088
2,300 Telecom Italia SpA ADRs 154,100
----------
266,188
Consumer Cyclicals (2.1%)
30,500 Cathay Pacific Airlines ADR (a) 143,655
Consumer Growth Staples (7.1%)
3,050 Fuji Photo Film ADRs 104,081
1,600 Gannett Company, Inc. 85,700
9,200 Hollinger International, Inc. (a) 132,250
125,000 Village Roadshow Ltd (a) 166,570
AUD
----------
488,601
Consumer Staples (2.5%)
6,125 BAT Industries plc ADRs 92,641
8,814 Diageo plc 81,183
GBP
----------
173,824
Financial (1.0%)
1,270 MBIA, Inc. 68,183
==========
TOTAL COMMON STOCKS 1,197,011
(Cost $1,087,551)
Number of
Contracts Value
- ------------------------------------------------------------
Call Options (1.2%)
Capital Goods - Technology (0.6%)
20 EMC Corporation (a) 41,250
LEAPS
Expiration 01/22/2000, Strike 45
Consumer Cyclicals (0.2%)
10 Best Buy Co., Inc. (a) 14,250
LEAPS
Expiration 01/22/2001, Strike 50
Consumer Growth Staples (0.2%)
10 Viacom Inc, Class B (a) 11,500
LEAPS
Expiration 01/22/2000, Strike 55
Consumer Staples (0.2%)
10 Safeway, Inc. (a) 15,813
LEAPS
Expiration 01/22/2000, Strike 35
==========
TOTAL CALL OPTIONS 82,813
(Cost $58,085)
Number of
Shares Value
- ------------------------------------------------------------
Warrants (0.3%)
Consumer Growth Staples (0.3%)
2,871 News Corporation Ltd. $ 18,806
06/16/2003
==========
TOTAL WARRANTS 18,806
(Cost $19,523)
Principal
Amount Value
- ------------------------------------------------------------
U.S. Government Securities (8.5%)
$ 575,000 United States National Strips Interest
Coupon 195,598
0.000%, 11/15/2018
United States Treasury Notes
200,000 5.000%, 02/15/1999 200,312
100,000 5.250%, 08/15/2003 104,531
75,000 6.500%, 10/15/2006 85,333
==========
TOTAL U.S. GOVERNMENT 585,774
SECURITIES
(Cost $533,797)
----------
TOTAL INVESTMENTS (75.1%) 5,161,962
(Cost $5,053,745)
FOREIGN CURRENCY CASH
DEPOSITS WITH CUSTODIAN(0.0%)
GBP British Pounds 119
CAD Canadian Dollars 35
FRF French Francs 49
DEM German Marks 128
CHF Swiss Francs 21
==========
TOTAL FOREIGN CURRENCY 352
(Cost $339)
U.S. DOLLAR CASH DEPOSITS 1,122,318
WITH CUSTODIAN
(INTEREST BEARING) (16.3%)
LIABILITIES, LESS OTHER ASSETS (8.6%) 592,047
==========
NET ASSETS (100%) $6,876,679
NET ASSET VALUE PER SHARE - CLASS A $ 5.86
==========
(990,339 shares outstanding)
NET ASSET VALUE PER SHARE - CLASS C $ 5.84
==========
(111,406 shares outstanding)
NET ASSET VALUE PER SHARE - CLASS I $ 5.87
==========
(71,388 shares outstanding)
</TABLE>
Notes to Schedule of Investments
(a) Non-income producing security
(b) 144A security - See Note 9 in Notes to Financial
Statements
(c) LYON - Liquid Yield Option Note
See accompanying Notes to Financial Statements.
11
<PAGE>
Statement of Assets and Liabilities
September 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Global
Growth and Strategic Growth and
Convertible Income Income Growth Income
Fund Fund Fund Fund Fund
=================================================================================================================================
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at value (cost $104,263,072, $15,421,353,
$1,518,826, $9,333,016 and $5,054,084 respectively) $103,813,906 15,582,019 1,409,973 9,165,837 5,162,314
Cash with custodian (interest bearing) 11,668,118 1,913,578 801,931 1,413,858 1,122,318
Net unrealized appreciation in forward
foreign currency contracts 40,889 - - - 8,539
Accrued interest and dividends receivable 854,233 123,656 16,009 8,581 39,963
Receivable for investments sold 2,668,191 438,411 78,579 - 584,837
Receivable for fund shares sold 167,948 16,950 268 81 -
Prepaid expenses 13,575 - 1,450 3,200 5,100
Due from adviser - - 11,139 9,142 12,688
--------------------------------------------------------------------
Total Assets $119,226,860 18,074,614 2,319,349 10,600,699 6,935,759
====================================================================
LIABILITIES AND NET ASSETS
Common stocks sold short, at value
(proceeds $655,074) - - 591,175 - -
Payable for investments purchased 1,596,936 862,800 53,010 - 30,948
Payable for fund shares redeemed 191,749 5,750 - 3,012 116
Payable to investment adviser 72,798 0 - - 5,713
Accounts payable and accrued liabilities 23,338 27,559 17,821 32,255 19,349
Payable to distributor 44,724 0 - - 2,954
--------------------------------------------------------------------
Total Liabilities 1,929,545 896,109 662,006 35,267 59,080
--------------------------------------------------------------------
NET ASSETS $117,297,315 17,178,505 1,657,343 10,565,432 6,876,679
====================================================================
ANALYSIS OF NET ASSETS
Excess of amounts received from issuance
of shares over amounts paid on redemptions
of shares on account of capital $113,413,550 15,743,155 1,556,810 10,730,202 6,584,748
Undistributed net investment income (38,216) (4,859) (490) (83,446) (59,602)
Accumulated net realized gain (loss) on investments 4,245,486 1,279,543 145,977 85,855 210,453
Net unrealized appreciation on investments
and other assets and liabilities (323,505) 160,666 (44,954) (167,179) 141,080
--------------------------------------------------------------------
NET ASSETS $117,297,315 17,178,505 1,657,343 10,565,432 6,876,679
====================================================================
CLASS A SHARES
Net Assets Applicable to Shares Outstanding $ 63,227,392 13,737,197 1,657,343 9,257,992 5,807,402
Shares Outstanding 4,061,843 816,473 140,583 554,852 990,338
Net Asset Value and Redemption Price Per Share $ 15.57 16.83 11.79 16.69 5.86
====================================================================
Maximum Offering Price Per Share (Net asset value,
plus 4.99% of net asset value or 4.75% of offering price) $ 16.35 17.67 12.38 17.52 6.15
====================================================================
CLASS C SHARES
Net Assets Applicable to Shares Outstanding $ 23,730,355 1,752,305 N/A 49,871 650,430
Shares Outstanding 1,529,864 104,760 N/A 3,028 111,406
Net Asset Value and Redemption Price Per Share $ 15.51 16.73 N/A 16.47 5.84
====================================================================
CLASS I SHARES
Net Assets Applicable to Shares Outstanding $ 30,339,568 1,689,003 N/A 1,257,569 418,847
Shares Outstanding 1,942,551 100,128 N/A 74,969 71,388
Net Asset Value and Redemption Price Per Share $ 15.62 16.87 N/A 16.77 5.87
====================================================================
</TABLE>
See accompanying Notes to Financial Statements.
12
<PAGE>
Statement of Operations
Six Months Ended September 30, 1998 (Unaudited)
<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 $ 1,694,956 252,006 26,157 23,559 63,373
Dividends 626,694 109,890 5,536 10,179 35,505
-------------------------------------------------------------------
Total Investment Income 2,321,650 361,896 31,693 33,738 98,878
-------------------------------------------------------------------
EXPENSES
Investment advisory fees 452,250 66,603 5,143 60,354 36,747
Distribution fees 260,594 43,870 3,430 26,653 18,943
Transfer agent fees 39,452 23,333 11,062 23,429 21,836
Custodian fees 12,706 3,767 1,602 4,429 7,474
Trustees' fees 2,700 2,700 2,700 2,700 2,700
Registration fees 14,884 1,584 7,517 8,744 10,117
Audit and legal fees 14,216 15,500 18,416 18,416 16,216
Other 7,204 (900) (13) 255 512
-------------------------------------------------------------------
Total expenses 804,006 156,457 49,857 144,980 114,545
Less expense reimbursement -- -- 34,981 27,796 40,483
-------------------------------------------------------------------
Net expenses 804,006 156,457 14,876 117,184 74,062
-------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 1,517,644 205,439 16,817 (83,446) 24,816
-------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments
and options, and forward foreign
currency contracts 5,625,385 909,896 100,747 279,431 453,873
Change in net unrealized appreciation
on investments, options and forward
foreign currency contracts (19,386,301) (2,704,652) (127,127) (2,348,519) (1,154,226)
-------------------------------------------------------------------
NET GAIN (LOSS) ON INVESTMENTS (13,760,916) (1,794,756) (26,380) (2,069,088) (700,353)
-------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $(12,243,272) (1,589,317) (9,563) (2,152,534) (675,537)
===================================================================
</TABLE>
See accompanying Notes to Financial Statements.
13
<PAGE>
Statement of Changes in Net Assets
Six Months Ended September 30, 1998 (Unaudited) and Year Ended March 31, 1998
<TABLE>
<CAPTION>
Convertible Growth and Income Strategic Income Growth
Fund Fund Fund Fund
----------------------------------------------------------------------------------------------
6 Months Year 6 Months Year 6 Months Year 6 Months Year
Ended Ended Ended Ended Ended Ended Ended Ended
Sept. 30, March 31, Sept. 30, March 31, Sept. 30, March 31, Sept. 30, March 31,
1998 1998 1998 1998 1998 1998 1998 1998
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss) $ 1,517,644 2,453,064 205,439 249,642 16,817 46,803 (83,446) (132,047)
Net realized gain (loss)
on investments (including
options), and forward
foreign contracts 5,625,385 2,560,225 909,896 1,385,182 100,747 60,889 279,431 2,128,477
Change in unrealized
appreciation or depreciation
on investments (including
options), and forward
foreign curency contracts (19,386,301) 15,584,412 (2,704,652) 2,264,937 (127,127) 71,669 (2,348,519) 1,782,223
-------------------------------------------------------------------------------------------------
Increase in net assets resulting
from operations (12,243,272) 20,597,701 (1,589,317) 3,899,761 (9,563) 179,361 (2,152,534) 3,778,653
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (1,642,899) (3,152,727) (210,298) (307,892) (17,307) (51,603) - -
Net realized gains - (4,381,803) - (1,406,829) - (4,304) - (2,332,954)
Return of capital - (521,015) - - - - - (80,888)
-------------------------------------------------------------------------------------------------
Total distributions (1,642,899) (8,055,545) (210,298) (1,714,721) (17,307) (55,907) - (2,413,842)
-------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS 18,717,198 60,879,505 2,642,613 5,411,891 560,976 (317,195) 794,610 3,914,714
-------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN
NET ASSETS 4,831,027 73,421,661 842,998 7,596,931 534,105 (193,741) (1,357,924) 5,279,525
NET ASSETS
Beginning of year 112,466,288 39,044,627 16,335,507 8,738,576 1,123,238 1,316,979 11,923,356 6,643,831
-------------------------------------------------------------------------------------------------
End of period,
September 30, 1998 $117,297,315 112,466,288 17,178,505 15,335,507 1,657,343 1,123,238 10,565,432 11,923,356
=================================================================================================
Undistributed Net
Investment Income $ - - - - - - - -
Global Growth
and Income
Fund
----------------------
6 Months Year
Ended Ended
Sept. 30, March 31,
1998 1998
- -----------------------------------------------------------
OPERATIONS
Net investment income (loss)
Net realized gain (loss) 24,816 68,142
on investments (including
options), and forward
foreign contracts 453,873 (9,692)
Change in unrealized
appreciation or depreciation
on investments (including
options), and forward
foreign curency contracts (1,154,226) 1,241,159
--------------------------
Increase in net assets resulting
from operations [675,537] 1,299,609
--------------------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (147,631) 1,299,609
Net realized gains - (111,771)
Return of capital - -
--------------------------
Total distributions (147,631) (353,143)
--------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS 892,312 2,545,247
--------------------------
TOTAL INCREASE (DECREASE) IN
NET ASSETS 69,145 3,491,713
--------------------------
NET ASSETS
Beginning of year 6,807,534 3,315,821)
--------------------------
End of period,
September 30, 1998 6,876,679 6,807,534
==========================
Undistributed Net
Investment Income - 68,156
</TABLE>
See accompanying Notes to Financial Statements.
14
<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. The Trust currently offers Class A, Class C and
Class I shares of each of the 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 includes amortization of original issue
discount and market discount. Dividend income is recognized on the ex-dividend
date, except that certain dividends from foreign securities are recorded as soon
as the information becomes available.
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.
Realized foreign exchange gains of $87,039 and unrealized foreign exchange gains
of $40,889 incurred by the Convertible Fund, and realized foreign exchange
losses of $4,944 and unrealized foreign exchange gains of $8,539 incurred by the
Global Growth and Income Fund are included as a component of net realized gains
(losses) on investments, options and forward foreign currency contracts and
change in net unrealized appreciation and depreciation on investments, options
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.
Capital Loss Carryforwards - As of March 31, 1998, Convertible Fund, Growth Fund
and Global Growth and Income Fund had capital loss carryforwards of $1,196,927,
$193,577, and $191,052, respectively.
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.
15
<PAGE>
Notes to Financial Statements (Unaudited) - continued
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.
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"), each Fund pays 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, 1999. For the six months ended September 30, 1998, CAM
waived or absorbed expenses of $34,981, $24,649, and $33,905 respectively, for
Class A shares of the Strategic Income Fund, Growth Fund and the Global Growth
and Income Fund; $4,696 and $116, respectively, for Class C shares of the Global
Growth and Income Fund and Growth Fund; and $2,532 and $1,882, respectively, for
Class I shares of the Global Growth and Income Fund and Growth Fund.
As Transfer Agent of the Funds through September 30, 1997, CAM assumed all
expenses of personnel, office space, office facilities, and equipment incidental
to such service. Commencing October 1, 1997, FPS Services, Inc. became the
transfer agent for the Funds. On February 23, 1998, FPS Services, Inc., merged
into First Data Corp., and is now reorganized as First Data Investor Services
Group.
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 Class A shares.
During the six months ended September 30, 1998, CFS received commissions of
$38,465, $5,366, $503, $593, and $180 from the sale of shares of Convertible
Fund, Growth and Income Fund, Strategic 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, 1998, the
16
<PAGE>
Notes to Financial Statements (Unaudited) - continued
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 $30,825, $6,085, $402, $13,912
and $3,104, respectively.
Certain officers and trustees of the Trust are also officers and directors of
CFS and CAM. All officers and affiliated trustees serve without direct
compensation from the Trust.
Note 3 - Investments
Purchases and sales of investments other than short-term obligations by the
Funds for the six months ended September 30, 1998, are as follows:
<TABLE>
<CAPTION>
Growth Strategic Global Growth
Convertible and Income Income Growth and Income
Fund Fund Fund Fund Fund
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Purchases $ 59,716,954 10,986,701 2,153,719 12,385,477 3,649,313
Proceeds from sales $ 50,697,144 9,458,633 1,653,212 12,314,574 4,513,124
</TABLE>
The following information is based on the cost basis of investments for Federal
income tax purposes at September 30, 1998:
<TABLE>
<CAPTION>
Growth Strategic Global Growth
Convertible and Income Income Growth and Income
Fund Fund Fund Fund Fund
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Cost basis of investments $104,263,072 15,421,353 1,518,826 9,333,016 5,054,084
Gross unrealized appreciation $ 7,850,271 1,334,416 30,801 784,611 414,005
Gross unrealized depreciation $ (8,299,437) (1,173,750) (139,654) (951,790) (305,775)
Net unrealized appreciation $ (449,166) 160,666 (108,853) 167,179 108,230
</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, 1998, the Strategic Income Fund incurred net
gains of $5,645 on short sales that are classified with net realized gains on
investments. No other Fund engaged in short sales during the six months ended
September 30, 1998.
Note 5 - Covered Call Options Written
There were no outstanding written covered call options or transactions in
covered call options written by the Strategic Income Fund for the six months
ended September 30, 1998.
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
opera-
17
<PAGE>
Notes to Financial Statements (Unaudited) - continued
tions reflects net unrealized gains and losses on these contracts. The
counterparty to all forward foreign currency contracts at September 30, 1998,
was a multinational bank.
As of September 30, 1998, 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 01/15/99 750,000 535,764 8,937
Swiss Francs 01/15/99 (250,000) (178,588) (3,085)
Deutsche Mark 01/15/99 190,000 114,266 (1,104)
Japanese Yen 01/15/99 63,000,000 462,755 12,071
Japanese Yen 01/15/99 (12,000,000) (88,144) (2,034)
British Pounds Sterling 01/15/99 180,000 307,633 (7,681)
British Pounds Sterling 01/15/99 (90,000) (153,816) 1,942
French Francs 01/15/99 700,000 125,535 (1,330)
French Francs 01/15/99 (700,000) (125,535) 823
-------
$ 8,539
=======
</TABLE>
As of September 30, 1998, 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 01/15/99 220,000,000 1,615,973 42,152
Japanese Yen 01/15/99 (10,000,000) (73,453) (1,263)
-------
$40,889
=======
</TABLE>
Note 7 - Interest Bearing Cash Deposit with Custodian
Effective November 1, 1997, Convertible Fund, Growth and Income Fund, Growth
Fund, and Global Growth and Income Fund entered into a custody agreement with
The Bank of New York, whereby each fund earns interest on its average daily
balance deposited with the custodian at a rate equal to the current Federal
Reserve federal funds rate. During the six months ended September 30, 1998, the
above mentioned funds, and Strategic Income Fund under its arrangement with its
custodian, Prudential Securities, Inc. (earning interest on the average daily
balance at a rate equal to the current broker rate minus one percent), earned
$117,126, $30,491, $23,559, $7,897 and $10,992, respectively, in interest income
under these arrangements with The Bank of New York and Prudential Securities,
Inc.
18
<PAGE>
Notes to Financial Statements (Unaudited) - continued
NOTE 8 -- CAPITAL SHARE TRANSACTIONS
The following table summarizes the activity in capital shares of the Funds:
<TABLE>
<CAPTION>
Convertible Growth and Income Strategic
Six Months ended September 30, 1998 Fund Fund Fund
- ---------------------------------------------------------------------------------------------------------------------------------
A Shares Shares Dollars Shares Dollars Shares Dollars
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 788,753 $13,450,443 146,232 $2,698,077 47,728 $579,250
Shares issued in reinvestment of
distributions 31,776 512,591 8,090 140,374 1,337 15,952
Less shares redeemed (323,925) (5,433,484) (43,391) (779,185) (2,820) (34,226)
-----------------------------------------------------------------------------------
Increase (Decrease) 496,604 $ 8,529,550 110,931 $2,059,266 46,245 $560,976
===================================================================================
C Shares Shares Dollars Shares Dollars Shares Dollars
-----------------------------------------------------------------------------------
Shares sold 735,537 $12,541,537 36,118 $ 667,765 N/A $ N/A
Shares issued in reinvestment of
distributions 1,877 29,972 227 3,905 N/A N/A
Less shares redeemed (33,899) (574,213) (6,201) (112,085) N/A N/A
-----------------------------------------------------------------------------------
Increase (Decrease) 703,515 $11,997,296 30,144 $ 559,585 -- --
===================================================================================
I Shares Shares Dollars Shares Dollars Shares Dollars
-----------------------------------------------------------------------------------
Shares sold 187,326 $ 3,253,026 -- $ -- N/A $ N/A
Shares issued in reinvestment of
distributions 1,539 24,920 1,367 23,761 N/A N/A
Less shares redeemed (304,342) (5,087,595) -- -- N/A N/A
-----------------------------------------------------------------------------------
Increase (Decrease) (115,477) $(1,809,649) 1,367 $ 23,761 -- --
===================================================================================
Growth Global Growth and
Six Months ended September 30, 1998 Fund Income Fund
- --------------------------------------------------------------------------------------------------------
A Shares Shares Dollars Shares Dollars
----------------------------------------------------------
Shares sold 59,389 $ 1,184,197 153,735 $ 1,012,600
Shares issued in reinvestment of
distributions -- -- 19,145 119,645
----------------------------------------------------------
Less shares redeemed (21,694) (406,848) (47,714) (305,175)
----------------------------------------------------------
Increase (Decrease) 37,695 $ 777,349 125,166 $ 827,070
==========================================================
C Shares Shares Dollars Shares Dollars
----------------------------------------------------------
Shares sold 1,885 $ 37,871 15,129 $ 99,518
Shares issued in reinvestment of
distributions -- -- 657 4,068
----------------------------------------------------------
Less shares redeemed (941) (20,288) (7,175) (48,168)
----------------------------------------------------------
Increase (Decrease) 944 $ 17,583 8,611 $ 55,418
==========================================================
I Shares Shares Dollars Shares Dollars
----------------------------------------------------------
Shares sold -- $ -- -- $ --
Shares issued in reinvestment of
distributions -- -- 1,578 9,824
----------------------------------------------------------
Less shares redeemed -- -- -- --
----------------------------------------------------------
Increase (Decrease) -- $ -- 1,578 $ 9,824
==========================================================
</TABLE>
19
<PAGE>
Notes to Financial Statements (Unaudited) - continued
<TABLE>
<CAPTION>
Convertible Growth and Income Strategic
Year ended March 31, 1998 Fund Fund Fund
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A Shares Shares Dollars Shares Dollars Shares Dollars
------------------------------------------------------------------------------------------
Shares sold 1,445,635 $23,333,724 228,052 $ 3,929,276 5,545 $ 63,776
Shares issued in reinvestment of
distributions 192,955 3,089,396 73,664 1,227,016 4,357 51,194
Less shares redeemed (522,203) 8,492,181 (137,781) (2,424,767) (37,430) (432,165)
------------------------------------------------------------------------------------------
Increase (Decrease) 1,116,387 $34,915,301 163,935 $ 2,731,525 (27,528) $(317,195)
==========================================================================================
C Shares Shares Dollars Shares Dollars Shares Dollars
------------------------------------------------------------------------------------------
Shares sold 685,295 $11,111,119 54,305 $ 927,804 N/A $ N/A
Shares issued in reinvestment of
distributions 3,754 60,070 2,337 38,655 N/A N/A
Less shares redeemed (74,212) (1,203,254) (3,334) (58,117) N/A N/A
------------------------------------------------------------------------------------------
Increase (Decrease) 614,837 $ 9,967,935 53,308 $ 908,342 - -
==========================================================================================
I Shares Shares Dollars Shares Dollars Shares Dollars
------------------------------------------------------------------------------------------
Shares sold 2,238,514 $35,901,127 97,346 $ 1,748,011 N/A $ N/A
Shares issued in reinvestment of
distributions 4,474 72,664 1,325 24,013 N/A N/A
Less shares redeemed (184,960) (2,993,160) - - N/A N/A
------------------------------------------------------------------------------------------
Increase (Decrease) 2,058,028 $32,980,631 98,671 $ 1,772,024 - -
==========================================================================================
</TABLE>
<TABLE>
<CAPTION>
Growth Global Growth and
Year ended March 31, 1998 Fund Income Fund
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Shares Shares Dollars Shares Dollars
----------------------------------------------------------
Shares sold 145,539 $ 2,904,539 372,871 $ 2,251,209
Shares issued in reinvestment of
distributions 104,981 1,902,962 48,371 291,762
----------------------------------------------------------
Less shares redeemed (122,815) (2,727,723) (99,103) (604,205)
----------------------------------------------------------
Increase (Decrease) 127,705 $ 2,079,778 322,139 $ 1,938,766
==========================================================
C Shares Shares Dollars Shares Dollars
----------------------------------------------------------
Shares sold 1,593 $ 33,041 31,196 $ 184,349
Shares issued in reinvestment of
distributions - - 2,557 15,254
----------------------------------------------------------
Less shares redeemed (2) (37) (3,523) (21,382)
----------------------------------------------------------
Increase (Decrease) 1,591 $ 33,004 30,230 $ 178,221
==========================================================
I Shares Shares Dollars Shares Dollars
----------------------------------------------------------
Shares sold 74,969 $ 1,801,932 68,516 $ 420,004
Shares issued in reinvestment of
distributions - - 1,294 8,256
----------------------------------------------------------
Less shares redeemed - - - -
----------------------------------------------------------
Increase (Decrease) 74,969 $ 1,801,932 69,810 $ 428,260
==========================================================
</TABLE>
Abbreviations
ADRs: American Depository Receipts Cum.: Cumulative Exch.: Exchangeable
ADSs: American Depository Shares Deb.: Debenture Noncum.: Noncumulative
Conv.: Convertible Dep.: Depository Pref.: Preferred
Euro.: Eurobond Sub.: Subordinated
Foreign Currency Abbreviations
GBP: British Pound Sterling CAD: Canadian Dollar JPY: Japanese Yen
FRF: French Franc CHF: Swiss Franc DEM: German Mark
20
<PAGE>
Financial Highlights (Unaudited)
Calamos Convertible Fund
Selected data for a share outstanding throughout the period are as follows:
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------------------
Six Months Eleven Months
Ended Ended
Sept. 30, Year Ended March 31, March 31,
-----------------------------------------------------------------
1998 1998 1997 1996 1995
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 17.43 $ 14.68 $ 14.49 $ 12.41 $ 13.04
Income from investment
operations:
Net investment income .21 .49 .36 .40 .38
Net realized and
unrealized gain (loss) on
investments (1.85) 3.92 1.39 3.06 (.01)
-----------------------------------------------------------------
Total from investment
operations (1.64) 4.41 1.75 3.46 .37
-----------------------------------------------------------------
Less distributions:
Dividends from net
investment income (.22) (.61) (.45) (.31) (.32)
Dividends from net realized
capital gains - (.95) (1.11) (1.07) (.56)
Dividends in excess of net
realized capital gains - - - - (.12)
Distributions from paid in
capital - (.10) - - -
-----------------------------------------------------------------
Total distributions (.22) (1.66) (1.56) (1.38) (1.00)
-----------------------------------------------------------------
Net asset value, end of
period $ 15.57 $ 17.43 $ 14.68 $ 14.49 $ 12.41
=================================================================
Total return (a) (9.5%) 31.4% 12.9% 28.8% 3.2%
Ratios and supplemental data:
Net assets, end of period
(000) $63,227 $62,157 $35,950 $24,460 $16,646
Ratio of expenses to
average net assets 1.5%* 1.4% 1.5% 1.5% 1.6%*
Ratio of net investment
income to average net
assets 2.4%* 3.3% 2.8% 3.0% 3.3%*
-----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A
----------------------------------------------------------------------------
Year Ended April 30,
----------------------------------------------------------------------------
1994 1993 1992 1991 1990 1989
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 13.96 $ 12.72 $ 11.39 $ 10.29 $ 10.73 $ 10.56
Income from investment
operations:
Net investment income .40 .42 .41 .49 .60 .59
Net realized and
unrealized gain (loss) on
investments .53 1.32 1.43 1.25 (.32) .14
----------------------------------------------------------------------------
Total from investment
operations .93 1.74 1.84 1.74 .28 .73
----------------------------------------------------------------------------
Less distributions:
Dividends from net
investment income (.39) (.40) (.45) (.52) (.63) (.56)
Dividends from net realized
capital gains (1.46) (.10) - - - -
Dividends in excess of net
realized capital gains - - - - - -
Distributions from paid in
capital - - (.06) (.12) (.09) -
----------------------------------------------------------------------------
Total distributions (1.85) (.50) (.51) (.64) (.72) (.56)
----------------------------------------------------------------------------
Net asset value, end of
period $ 13.04 $ 13.96 $ 12.72 $ 11.39 $ 10.29 $ 10.73
============================================================================
Total return (a) 6.5% 14.0% 16.5% 17.7% 2.4% 7.2%
Ratios and supplemental data:
Net assets, end of period
(000) $17,023 $17,213 $16,940 $13,953 $18,664 $21,270
Ratio of expenses to
average net assets 1.6% 1.7% 1.2% 1.2% 1.1% 1.1%
Ratio of net investment
income to average net
assets 2.8% 3.2% 3.4% 4.3% 5.5% 5.6%
----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class I
--------------------------------------------- -------------------------------
Six Months July 5, 1996 Six Months June 25, 1997
Ended Year Ended through Ended through
September 30, March 31, March 31, September 30, March 31,
--------------------------------------------- -------------------------------
1998 1998 1997 1998 1998
--------------------------------------------- -------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 17.38 $ 14.63 $ 13.87 $ 17.47 $ 15.88
Income from investment
operations:
Net investment income .22 .40 .30 .23 .37
Net realized and
unrealized gain (loss)
on investments (1.90) 3.92 1.21 (1.83) 2.49
--------------------------------------------- -------------------------------
Total from investment
operations (1.68) 4.32 1.51 (1.60) 2.86
--------------------------------------------- -------------------------------
Less distributions:
Dividends from net
investment income (.19) (.52) (.25) (.25) (.54)
Dividends from net
realized capital gains - (.95) (.50) - (.63)
Distributions from paid in
capital - (.10) - - (.10)
--------------------------------------------- -------------------------------
Total distributions (.19) (1.57) (.75) (.25) (1.27)
--------------------------------------------- -------------------------------
Net asset value, end of
period $ 15.51 $ 17.38 $ 14.63 $ 15.62 $ 17.47
============================================= ===============================
Total return (a) (9.6%) 30.8% 11.1% (9.1%) 18.8%
Ratios and supplemental
data:
Net assets, end of period
(000) $23,730 $14,358 $ 3,094 $30,340 $ 35,951
Ratio of expenses to
average net assets 1.8%* 2.0% 2.0%* 0.8%* 0.9%*
Ratio of net investment
income to
average net assets 3.1%* 3.0% 2.7%* 2.5%* 2.9%*
---------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Six Months Eleven Months
Ended Ended
Sept. 30, Year Ended March 31, March 31,
-----------------------------------------------------------------
1998 1998 1997 1996 1995
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Portfolio turnover rate 45.0% 76.0% 52.3% 65.2% 42.1%
Average commission rate
per share $.0681 $.0786 $.0610 $.0633 $.0936
-----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Year Ended April 30,
----------------------------------------------------------------------------
1994 1993 1992 1991 1990 1989
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Portfolio turnover rate 73.1% 73.1% 83.8% 63.2% 93.4% 84.7%
Average commission rate
per share $.0952 $.1000 $.0966 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.
*Annualized.
See accompanying Notes to Financial Statements.
21
<PAGE>
Financial Highlights (Unaudited)
Calamos Growth and Income Fund
Selected data for a share outstanding throughout the period are as follows:
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------------------------------------------------
Six Months Eleven Months Sept. 22,
Ended Ended 1988 to
Sept. 30, Year Ended March 31, March 31, Year Ended April 30, April 30,
-----------------------------------------------------------------------------------------------
1998 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 18.59 $ 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 .20 .34 .34 .37 .35 .31 .35 .29 .31 .33 .38
Net realized and
unrealized gain (loss)
on investments (1.75) 5.14 1.52 3.70 (.02) .34 1.97 2.02 1.09 .09 .49
-----------------------------------------------------------------------------------------------
Total from investment
operations (1.55) 5.48 1.86 4.07 .33 .65 2.32 2.31 1.40 .42 .87
-----------------------------------------------------------------------------------------------
Less distributions:
Dividends from net
investment income (.21) (.41) (.28) (.42) (.32) (.29) (.36) (.28) (.32) (.28) (.38)
Dividends from net realized
capital gains - (2.00) (1.68) (.71) (.30) (1.29) (1.63) - - (.17) -
-----------------------------------------------------------------------------------------------
Total distributions (.21) (2.41) (1.96) (1.13) (.62) (1.58) (1.99) (.28) (.32) (.45) (.38)
-----------------------------------------------------------------------------------------------
Net asset value, end of
period $ 16.83 $ 18.59 $15.52 $15.62 $12.68 $12.97 $13.90 $13.57 $11.54 $10.46 $10.49
===============================================================================================
Total return (a) (8.2%) 37.8% 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) $13,737 $13,119 $8,408 $5,813 $3,853 $4,663 $3,655 $2,694 $1,821 $1,345 $ 732
Ratio of expenses to
average net assets 1.8%* 2.0% 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 2.3%* 2.0% 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 August 5, 1996 Six Months September 18,
Ended Year Ended through Ended 1997 through
September 30, March 31, March 31, September 30, March 31,
--------------------------------------------- ------------------------------
1998 1998 1997 1998 1998
--------------------------------------------- ------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $18.48 $15.50 $14.52 $18.61 $17.96
Income from investment
operations:
Net investment income .16 .26 .26 .27 .22
Net realized and
unrealized gain (loss)
on investments (1.73) 5.11 1.30 (1.77) 2.14
--------------------------------------------- ------------------------------
Total from investment
operations (1.57) 5.37 1.56 (1.50) 2.36
--------------------------------------------- ------------------------------
Less distributions:
Dividends from net
investment income (.18) (.39) (.25) (.24) (.38)
Dividends from net
realized capital gains - (2.00) (.33) - (1.33)
--------------------------------------------- ------------------------------
Total distributions (.18) (2.39) (.58) (.24) (1.71)
--------------------------------------------- ------------------------------
Net asset value, end of
period $16.73 $18.48 $15.50 $16.86 $18.61
============================================= ==============================
Total return (a) (8.39%) 37.1% 10.8% (7.94%) 14.4%
Ratios and supplemental
data:
Net assets, end of period
(000) $1,752 $1,379 $ 330 $1,689 $1,838
Ratio of expenses to
average net assets 2.1%* 2.5% 2.5%* 1.1%* 1.5%
Ratio of net investment
income to
average net assets 2.0%* 1.5% 2.4%* 3.0%* 2.4%
--------------------------------------------- ------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
Six Months Eleven Months
Ended Ended
Sept. 30, Year Ended March 31, March 31, Year Ended April 30,
-----------------------------------------------------------------------------------------------------
1998 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio turnover rate 58.8% 115.5% 91.5% 86.4% 84.7% 155.2% 132.3% 111.6% 103.6% 103.0% 85.0%*
Average commission rate
per share $.0771 $.0773 $.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%, 0.0%, 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%, 0.0% and 0.6%* of average net assets, respectively for Class C
shares, and 0.0% and 0.0% of average net assets for I shares,
respectively.
*Annualized. See accompanying Notes to Financial Statements.
22
<PAGE>
Financial Highlights (Unaudited)
Calamos Strategic Income Fund
Selected data for a share outstanding throughout the period are as follows:
<TABLE>
<CAPTION>
Class A Shares
------------------------------------------------------------------------------------------
Six Months Eleven Months Sept. 4,
Ended Ended 1990 to
September 30, Year Ended March 31, March 31, Year Ended April 30, April 30,
------------------------------------------------------------------------------------------
1998 1998 1997 1996 1995 1994 1993 1992 1991
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $11.91 $10.81 $11.07 $10.13 $10.71 $10.96 $10.58 $10.60 $10.00
Income from
investment operations:
Net investment income .14 .50 .50 .53 .40 .36 .39 .59 .40
Net realized and
unrealized gain
(loss) on investments (.12) 1.19 .29 .83 (.43) .11 .79 .46 .61
------------------------------------------------------------------------------------------
Total from investment
operations .02 1.69 .79 1.36 (.03) .47 1.18 1.05 1.01
------------------------------------------------------------------------------------------
Less distributions:
Dividends from net
investment income (.14) (.55) (.68) (.42) (.36) (.41) (.41) (.51) (.40)
Dividends from net
realized capital gains - (.04) (.37) - (.19) (.31) (.39) (.56) (.01)
------------------------------------------------------------------------------------------
Total distributions (.14) (.59) (1.05) (.42) (.55) (.72) (.80) (1.07) (.41)
------------------------------------------------------------------------------------------
Net asset value, end of
period $11.79 $11.91 $10.81 $11.07 $10.13 $10.71 $10.96 $10.58 $10.60
==========================================================================================
Total return (c) 0.2% 15.7% 7.4% 13.60% (0.2%) 4.2% 11.5% 10.5% 10.2%
Ratios and supplemental
data:
Net assets, end of
period (000) $1,657 $1,123 $1,317 $1,620 $2,211 $3,004 $2,522 $1,410 $ 595
Ratio of expenses to
average net assets (a)(b) 2.2%* 2.1% 2.1% 2.2% 2.4%* 2.2% 2.3% 2.5% 2.6%*
Ratio of net investment
income to average net
assets (a) 2.5%* 3.9% 4.3% 4.6% 4.0%* 3.2% 3.9% 5.3% 6.6%*
------------------------------------------------------------------------------------------
Portfolio turnover rate 144.5% 398.2% 152.5% 81.1% 59.9% 79.4% 73.8% 97.0% 108.9%*
Average commission rate
per share $.0573 $.0813 $.0711 $.0636 $.0966 $.0997 $.1056 $.1200 N/A
------------------------------------------------------------------------------------------
</TABLE>
(a) After the reimbursement and waiver of expenses by the Adviser equivalent to
5.1%, 4.1%, 3.0%, 1.6%, 1.1%*, 1.0%, 0.7%, 1.25% and 4.8%* of average net
assets, respectively.
(b) Includes 0.2%, 0.0%, 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.
See accompanying Notes to Financial Statements.
23
<PAGE>
Financial Highlights (Unaudited)
Calamos Growth Fund
Selected data for a share outstanding throughout the period are as follows:
<TABLE>
<CAPTION>
Class A
------------------------------------------------------------------------------------------------------
Six Months Eleven Months Sept. 4,
Ended Ended 1990 to
September 30, Year Ended March 31, March 31, Year Ended April 30, April 30,
------------------------------------------------------------------------------------------------------
1998 1998 1997 1996 1995 1994 1993 1992 1991
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $20.06 $ 17.04 $15.74 $14.18 $14.57 $13.95 $14.04 $12.48 $10.00
Income from investment
operations:
Net investment income
(loss) (.14) (.01) (.09) (.09) .02 .01 (.02) (.01) .07
Net realized and
unrealized gain (loss) on
investments (3.23) 8.53 3.14 4.69 (.28) 1.21 .20 1.60 2.50
------------------------------------------------------------------------------------------------------
Total from investment
operations (3.37) 8.52 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 (5.32) (1.75) (2.97) (.13) (.59) (.27) (.03) (.01)
Distributions from paid in
capital - (.18) - - - - - - -
------------------------------------------------------------------------------------------------------
Total distributions - (5.50) (1.75) (3.04) (.13) (.60) (.27) (.03) (.09)
------------------------------------------------------------------------------------------------------
Net asset value, end of
period $16.69 $ 20.06 $17.04 $15.74 $14.18 $14.57 $13.95 $14.04 $12.48
------------------------------------------------------------------------------------------------------
Total return (b) (16.5%) 54.0% 19.1% 35.2% (1.8%) 8.9% 1.4% 12.7% 25.8%
Ratios and supplemental
data:
Net assets, end of period
(000) $9,258 $10,374 $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% 2.0%*
Ratio of net investment
income to average net
assets (a) (1.4%)* (1.5%) (1.3%) (0.8%) 0.2%* 0.1% (0.1%) (0.1%) 0.8%*
</TABLE>
<TABLE>
<CAPTION>
Class C Class I
------------------------------------------ ------------------------------
September 3, Six September 18,
Six Months Year 1996 Months 1997
Ended Ended through Ended through
September 30, March 31, March 31, September 30, March 31,
------------------------------------------ ------------------------------
1998 1998 1997 1998 1998
------------------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 19.85 $16.98 $17.63 $ 20.12 $24.32
Income from investment
operations:
Net investment income (.13) (.13) (.07) (.09) (.11)
Net realized and
unrealized gain (loss) on
investments (3.25) 8.50 1.07 (3.26) 1.07
------------------------------------------ ------------------------------
Total from investment
operations (3.38) 8.37 1.00 (3.35) .96
------------------------------------------ ------------------------------
Less distributions:
Dividends from net
realized capital gains - (5.32) (1.65) - (4.98)
Distributions from paid in
capital - (.18) - - (.18)
------------------------------------------ ------------------------------
Total distributions - (5.50) (1.65) - (5.16)
------------------------------------------ ------------------------------
Net asset value, end of
period $ 16.47 $19.85 $16.98 $ 16.77 $20.12
========================================== ==============================
Total return (b) (16.7%) 53.3% 5.4% (16.3%) 6.4%
Ratios and supplemental
data:
Net assets, end of period
(000) $ 50 $ 41 $ 8 $ 1,258 $1,508
Ratio of expenses to
average net assets (c) 2.5%* 2.5% 2.5%* 1.5%* 1.5%
Ratio of net investment
income to average net
assets (c) (1.9%)* (2.0%) (1.9%)* (1.0%)* (1.1%)
</TABLE>
<TABLE>
<CAPTION>
Six Months Eleven Months Sept. 4,
Ended Ended 1990 to
September 30, Year Ended March 31, March 31, Year Ended April 30, April 30,
-------------------------------------------------------------------------------------------------------
1998 1998 1997 1996 1995 1994 1993 1992 1991
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio turnover rate 116.64% 206.1% 173.9% 252.4% 104.3% 87.3% 56.8% 47.3% 15.8%*
Average commission rate
per share $.0666 $.0662 $.0614 $.0608 $.0910 $.0996 $.1011 $.1098 N/A
</TABLE>
(a) After the reimbursement and waiver of expenses by the Adviser equivalent to
0.5%, 0.3%, 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
0.6%, 0.0% and 0.6%* of average net assets, respectively for Class C
shares, and 0.4% and 0.0% of the average net assets for Class I shares.
*Annualized.
See accompanying Notes to Financial Statements.
24
<PAGE>
Financial Highlights (Unaudited)
Calamos Global Growth and Income Fund
Selected data for a share outstanding throughout the period are as follows:
<TABLE>
<CAPTION>
Class A
--------------------------------------------------------------
Six Months Ended Year Ended September 9, 1996
September 30, March 31, through March 31,
--------------------------------------------------------------
1998 1998 1997
--------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 6.56 $ 5.39 $ 5.00
Income from investment operations:
Net investment income .01 .17 .04
Net realized and unrealized gain
(loss) on investments (.58) 1.42 .36
--------------------------------------------------------------
Total from investment operations (.57) 1.59 .40
--------------------------------------------------------------
Less distributions:
Dividends from net investment income (.13) (.28) (.01)
Dividends from net realized capital
gains - (.14) -
--------------------------------------------------------------
Total distributions (.42) (.01)
--------------------------------------------------------------
Net asset value, end of period $ 5.86 $ 6.56 $ 5.39
==============================================================
Total return (b) (8.4%) 30.3% 8.0%
Ratios and supplemental data:
Net assets, end of period (000) $ 5,807 $ 5,678 $ 2,926
Ratio of expenses to average net
assets (a) 2.0%* 2.0% 2.0%*
Ratio of net investment income to
average net assets (a) 2.4%* 1.4% 1.8%*
</TABLE>
<TABLE>
<CAPTION>
Class C Class I
---------------------------------------------------------------------------------------
Six Months September 24, Six Months September 18,
Ended Year Ended 1996 through Ended 1997 through
September 30, March 31, March 31, September 30, March 31,
---------------------------------------------------------------------------------------
1998 1998 1997 1998 1998
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 6.53 $ 5.37 $ 5.00 $ 6.56 $ 6.18
Income from investment
operations:
Net investment income .02 .15 .03 .01 .07
Net realized and
unrealized gain (loss)
on investments (.60) 1.41 .35 (.56) .58
---------------------------------------------------------------------------------------
Total from investment
operations (.58) 1.56 .38 (.55) .65
---------------------------------------------------------------------------------------
Less distributions:
Dividends from net
investment income (.11) (.26) (.01) (.14) (.17)
Dividends from net
realized capital gains - (.14) - - (.10)
---------------------------------------------------------------------------------------
Total distributions (.11) (.40) (.01) (.14) (.27)
---------------------------------------------------------------------------------------
Net asset value, end of
period $ 5.84 $ 6.53 $ 5.37 $ 5.87 $ 6.56
=======================================================================================
Total return (b) (8.6%) 29.8% 7.6% (8.1%) 10.9%
Ratios and supplemental
data:
Net assets, end of period
(000) $ 650 $ 671 $ 390 $ 419 $ 458
Ratio of expenses to
average net assets (a) 2.5%* 2.5% 2.5%* 1.5%* 1.5%*
Ratio of net investment
income to average net
assets (a) 2.7%* 0.9% 1.6%* 4.1%* 1.9%*
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended September 9, 1996
September 30, March 31, through March 31,
--------------------------------------------------------------
1998 1998 1997
--------------------------------------------------------------
<S> <C> <C> <C>
Portfolio turnover rate 54.7% 64.8% 160.4%*
Average commission rate per share .0742% $.0945 $.0758
</TABLE>
(a) After the reimbursement and waiver of expenses by the Adviser equivalent to
1.1%, 1.0% and 1.8% of average net assets respectively, for A shares, 1.4%,
1.2%, and 1.8% for Class C shares, and .82% and 1.2% for Class I 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.
See accompanying Notes to Financial Statements.
25
<PAGE>
For shareholder assistance
24 hours
800.823.7386 [Artwork Appears Here]
To open an account or obtain information
800.823.7386
Visit our web-site
http://www.calamos.com
Investment Advisor
Calamos(R) Asset Management, Inc.
1111 E. Warrenville Road
Naperville, IL 60563-1493
Distributor
Calamos(R) Financial Services, Inc.
1111 E. Warrenville Road
Naperville, IL 60563-1493
Transfer Agent
First Data Corp.
Investor Services Group
P.O. Box 61503
King of Prussia, PA 19406-0903
Independent Auditors
Ernst & Young LLP
Chicago, IL
Legal Counsel
Bell, Boyd & Lloyd
Chicago, IL
[Logo Appears Here]
Calamos(R) Investment Trust
- --------------------------------------------------------------------------------
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, and, after
December 31, 1998, updated performance data for the most recently completed
calendar quarter. The views expressed in this report reflect those of Calamos(R)
Asset Management, Inc. only through September 30, 1998. The manager's views are
subject to change at any time based on market and other conditions.
