<PAGE> PAGE 1
000 B000000 03/31/98
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012 A00AA01 FIRST DATA CORP., INVESTOR SERVICES GROUP
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<PAGE> PAGE 2
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020 A000005 J.P. MORGAN SECURITIES, INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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015 A000401 THE BANK OF NEW YORK
015 B000401 C
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE JOHN SALMON
TITLE VP MUTUAL FUND OPS
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 3/31/98
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CALAMOS GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
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<APPREC-INCREASE-CURRENT> 2,264,937
<NET-CHANGE-FROM-OPS> 3,899,761
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<DISTRIBUTIONS-OF-GAINS> 1,406,829
<DISTRIBUTIONS-OTHER> 0
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<GROSS-EXPENSE> 243,711
<AVERAGE-NET-ASSETS> 10,579,548
<PER-SHARE-NAV-BEGIN> 15.52
<PER-SHARE-NII> .34
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<PER-SHARE-DIVIDEND> .41
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.59
<EXPENSE-RATIO> 1.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 3/31/98
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CALAMOS STRATEGIC INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 950,815
<INVESTMENTS-AT-VALUE> 1,117,584
<RECEIVABLES> 161,483
<ASSETS-OTHER> 562,909
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,814,976
<PAYABLE-FOR-SECURITIES> 694,686
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,052
<TOTAL-LIABILITIES> 718,738
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 995,835
<SHARES-COMMON-STOCK> 94,337
<SHARES-COMMON-PRIOR> 99,410
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (632)
<ACCUMULATED-NET-GAINS> 45,862
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 82,173
<NET-ASSETS> 1,123,238
<DIVIDEND-INCOME> 8,243
<INTEREST-INCOME> 63,851
<OTHER-INCOME> 0
<EXPENSES-NET> 25,291
<NET-INVESTMENT-INCOME> 46,803
<REALIZED-GAINS-CURRENT> 60,889
<APPREC-INCREASE-CURRENT> 71,669
<NET-CHANGE-FROM-OPS> 179,361
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 51,603
<DISTRIBUTIONS-OF-GAINS> 4,304
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,545
<NUMBER-OF-SHARES-REDEEMED> 37,430
<SHARES-REINVESTED> 4,357
<NET-CHANGE-IN-ASSETS> 179,361
<ACCUMULATED-NII-PRIOR> 4,168
<ACCUMULATED-GAINS-PRIOR> (10,723)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,079
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 75,195
<AVERAGE-NET-ASSETS> 1,210,917
<PER-SHARE-NAV-BEGIN> 10.81
<PER-SHARE-NII> .50
<PER-SHARE-GAIN-APPREC> 1.19
<PER-SHARE-DIVIDEND> .55
<PER-SHARE-DISTRIBUTIONS> .04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.91
<EXPENSE-RATIO> 2.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 3/31/98
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CALAMOS GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 8,982,682
<INVESTMENTS-AT-VALUE> 11,164,022
<RECEIVABLES> 174,456
<ASSETS-OTHER> 626,332
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,964,810
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41,454
<TOTAL-LIABILITIES> 41,454
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,935,593
<SHARES-COMMON-STOCK> 594,209
<SHARES-COMMON-PRIOR> 431,749
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (193,577)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,181,340
<NET-ASSETS> 11,923,356
<DIVIDEND-INCOME> 33,318
<INTEREST-INCOME> 15,642
<OTHER-INCOME> 0
<EXPENSES-NET> 181,007
<NET-INVESTMENT-INCOME> (132,047)
<REALIZED-GAINS-CURRENT> 2,128,477
<APPREC-INCREASE-CURRENT> 1,782,223
<NET-CHANGE-FROM-OPS> 3,778,653
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,332,954
<DISTRIBUTIONS-OTHER> 80,888
<NUMBER-OF-SHARES-SOLD> 222,101
<NUMBER-OF-SHARES-REDEEMED> 122,817
<SHARES-REINVESTED> 104,981
<NET-CHANGE-IN-ASSETS> 5,279,525
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 138,376
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 92,400
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,823
<AVERAGE-NET-ASSETS> 8,453,799
<PER-SHARE-NAV-BEGIN> 17.04
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 8.53
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 5.32
<RETURNS-OF-CAPITAL> .18
<PER-SHARE-NAV-END> 20.06
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 3/31/98
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CALAMOS CONVERTIBLE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 90,616,700
<INVESTMENTS-AT-VALUE> 109,738,415
<RECEIVABLES> 2,545,195
<ASSETS-OTHER> 3,419,152
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 115,702,762
<PAYABLE-FOR-SECURITIES> 2,996,179
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 240,295
<TOTAL-LIABILITIES> 3,236,474
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 94,696,353
<SHARES-COMMON-STOCK> 6,449,617
<SHARES-COMMON-PRIOR> 4,987,757
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,292,860
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,062,795
<NET-ASSETS> 112,466,288
<DIVIDEND-INCOME> 705,171
<INTEREST-INCOME> 2,756,480
<OTHER-INCOME> 0
<EXPENSES-NET> 1,008,587
<NET-INVESTMENT-INCOME> 2,453,064
<REALIZED-GAINS-CURRENT> 2,560,225
<APPREC-INCREASE-CURRENT> 15,584,412
<NET-CHANGE-FROM-OPS> 20,597,701
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,152,727
<DISTRIBUTIONS-OF-GAINS> 4,381,803
<DISTRIBUTIONS-OTHER> 521,015
<NUMBER-OF-SHARES-SOLD> 4,369,444
<NUMBER-OF-SHARES-REDEEMED> 781,375
<SHARES-REINVESTED> 201,183
<NET-CHANGE-IN-ASSETS> 73,421,661
<ACCUMULATED-NII-PRIOR> 367,208
<ACCUMULATED-GAINS-PRIOR> 984,533
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 579,633
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,008,587
<AVERAGE-NET-ASSETS> 48,070,050
<PER-SHARE-NAV-BEGIN> 14.68
<PER-SHARE-NII> .49
<PER-SHARE-GAIN-APPREC> 3.92
<PER-SHARE-DIVIDEND> .61
<PER-SHARE-DISTRIBUTIONS> .95
<RETURNS-OF-CAPITAL> .10
<PER-SHARE-NAV-END> 17.43
<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 3/31/98
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CALAMOS GLOBAL GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 5,415,061
<INVESTMENTS-AT-VALUE> 6,682,456
<RECEIVABLES> 115,535
<ASSETS-OTHER> 390,369
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,188,360
<PAYABLE-FOR-SECURITIES> 342,454
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,372
<TOTAL-LIABILITIES> 380,826
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,692,436
<SHARES-COMMON-STOCK> 1,037,778
<SHARES-COMMON-PRIOR> 1,596,189
<ACCUMULATED-NII-CURRENT> 68,156
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (243,364)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,295,306
<NET-ASSETS> 6,807,534
<DIVIDEND-INCOME> 57,940
<INTEREST-INCOME> 109,975
<OTHER-INCOME> 0
<EXPENSES-NET> 99,773
<NET-INVESTMENT-INCOME> 68,142
<REALIZED-GAINS-CURRENT> (9,692)
<APPREC-INCREASE-CURRENT> 1,241,159
<NET-CHANGE-FROM-OPS> 1,299,609
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 241,372
<DISTRIBUTIONS-OF-GAINS> 111,771
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 472,583
<NUMBER-OF-SHARES-REDEEMED> 102,626
<SHARES-REINVESTED> 52,222
<NET-CHANGE-IN-ASSETS> 3,491,713
<ACCUMULATED-NII-PRIOR> 92,862
<ACCUMULATED-GAINS-PRIOR> 21,623
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 49,105
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 49,340
<AVERAGE-NET-ASSETS> 4,159,053
<PER-SHARE-NAV-BEGIN> 5.39
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> 1.42
<PER-SHARE-DIVIDEND> .28
<PER-SHARE-DISTRIBUTIONS> .14
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.56
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Auditors
The Board of Trustees
Calamos Investment Trust
In planning and performing our audit of the financial statements of Calamos
Investment Trust consisting of Calamos Convertible Fund, Calamos Growth and
Income Fund, Calamos Strategic Income Fund, Calamos Growth Fund and Calamos
Global Growth and Income Fund for the year ended March 31, 1998, we considered
their internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control.
The management of Calamos Investment Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above at March 31, 1998.
This report is intended solely for the information and use of the board of
trustees and management of Calamos Investment Trust and the Securities and
Exchange Commission.
/s/ ERNST & YOUNG LLP
Chicago, Illinois
May 15, 1998
