<PAGE>
Calamos/R/ Family of Funds
ANNUAL REPORT
MARCH 31, 1999
[LOGO APPEARS HERE] Convertible Fund
Growth and Income Fund
Strategic Income Fund
Growth Fund
Global Growth and Income Fund
<PAGE>
This page intentionally left blank.
<PAGE>
President's Letter [PHOTO APPEARS HERE]
Dear Shareholder,
The Calamos Family of Funds ended its fiscal year on March 31, 1999 with assets
of over $182 million, an increase of approximately 22% over last year. We
believe that our disciplined approach to balancing risk and reward paid off
during this past year's roller coaster ride in the financial markets. Our
theories were tested and shown successful during the sobering correction period
late last summer. By positioning the Funds predominantly in investment-grade
issues of large and mid-sized companies, we dampened the impact of the sharp
drop in stock prices. During that period, we were the most defensively postured
in our history and are continuing to keep a keen eye on the business valuations,
earnings and accelerating cash flow enabling us to maintain a consistent
risk/reward advantage.
Our convertible strategy, utilized by four of our five Funds, provides you, the
investor, with confidence to withstand the volatility in today's markets.
Investing can, at times be exhilarating, at other times, frightening. With the
Calamos Funds, the advantages of convertible securities provide the potential to
benefit from current income and good capital appreciation, while cushioning some
of the risk inherent in the broader market. The focus of each of our funds is on
providing you with stable growth in all market cycles, striving to manage risk
throughout.
We were pleased with our performance in each of the Funds. As we ended this
year, we are proud to let you know that Morningstar rated two of our Funds 4
star performers.
* * * *
The Calamos Growth and Income Fund received a 4 star overall rating as of
3/31/99 among 2,947 domestic equity funds. It was given 3 stars for the 3 and 5
year and 4 stars for the 10 year periods ended 3/31/99 out of 2,947; 1,810; and
743 funds respectively.
* * * *
The Calamos Growth Fund also received a 4 star rating from Morningstar for the
three year period ended 3/31/99 among 2,947 domestic equity funds. The Fund was
given 3 stars overall and 3 stars for the 5 year period ended 3/31/99 out of
2,947 and 1,810 funds respectively.
These volatile markets, the exponential growth of technology, and worldwide free
markets make the time we live in exciting. We expect the markets to remain
volatile, but more importantly believe there are opportunities to build wealth
over the long-term. To those who have joined us this year, thank you for your
confidence in choosing the Calamos Family of Funds. To our shareholders who
continue to invest with us, we appreciate your loyalty and assure you of our
continued dedication to managing the Funds to help you meet, and hopefully
exceed, your financial goals.
/s/ John P. Calamos
John P. Calamos
President
1
<PAGE>
Calamos(R) Convertible Fund
The Calamos Convertible Fund posted competitive returns in a period that proved
difficult for small and mid cap equity funds, value managers, convertible
managers and high yield funds. The Convertible Fund returned 3.17% for the past
12 months and 15.27%, 14.97% and 11.37% for the 3, 5 and 10 year periods ended
3/31/99 respectively, unadjusted for sales charges.
HIGHLIGHTS
The Calamos Convertible Fund is one of the most consistent performers in its
class. It seeks downside safety that comes from a convertible's fixed-income
characteristics and the equity potential afforded by its right to convert to
common stock.
A SHARES
- ---------------
TRADING SYMBOL:
CCVIX
ONE-YEAR RETURN WITHOUT LOAD:
3.17%
START DATE:
June 21, 1985
The Convertible Fund continues to be one of the most consistent performers in
its class as shown in the performance table. We remain very focused on our
investment disciplines and continue to emphasize convertibles that offer a
risk/reward advantage with strong balance sheets. The Fund's current risk/reward
ratio is in line with those we have been able to achieve in the past. We are
finding attractive investment opportunities in Europe and, during the past year
we have added some exposure in Japanese convertibles.
As the year progressed, we liquidated some holdings in the Fund that had reached
our price targets. Our holdings in the Internet Industry performed very well and
we realized gains in two of them. Double Click appropriately doubled in value at
94%. This position represented 1.2% of the Fund at the time of sale and thus was
sold after reaching our price objective in only a few months. At Home also
performed very well and we realized a profit of 87%; this position represented
1.8% of the Fund. Our holdings in the consumer growth sector also performed
well. We took a profit in Office Depot allowing us to reinvest the assets in
another Office Depot convertible that offered a better risk/reward profile. We
also realized a gain in Omnicom and reinvested in another convertible in that
company which offered much better downside protection.
From time to time, the Fund is also invested in convertibles that we create by
combining long-term options or warrants with treasury notes. The Fund had some
good success in this area with Best Buy, EMC and Lucent Technology. We have also
sold some of the fund's holdings in Qualcomm due to its rapid increase in value,
up 99%, a 3.6% position at the time of sale. To maintain the discipline of our
risk/reward targets, we typically sell convertibles whose values are so closely
aligned with their underlying stock that they act more like equities than
convertibles. These profits give us the ability to make additional investments
in securities that better fit the overall design of the portfolio.
Finally, the Fund's European convertible holdings performed well. We realized
gains in some issues that met our price objectives including the 0.5% position
in Alcatal up 42%, the 2.0% position of Republic of Italy (INZ) up 77% and
Telefonica up 70%. Together, these positions represented 4.2% of the Fund.
2
<PAGE>
Looking ahead, we will take advantage of the high market volatility and sector
rotation. High volatility offers opportunity to the long-term investor while
causing great discomfort for short-term investors and trouble for leveraged
investors. We seem to have done our best work in times of high volatility, using
convertibles to control price swings and take advantage of the opportunities
that the market offers during these times.
The extended large-cap valuations and the extreme narrowness in the market pose
a threat to the financial markets today. But, if low inflation and reasonable
GDP growth continues with a recovery in Asian markets, then the markets should
continue to rotate into sectors that offer better values. Thus, the excess will
be slowly purged from the market place without major disruption to the overall
financial markets. We believe this will be a very good environment for small-and
mid-cap investors and for convertible securities.
<TABLE>
<CAPTION>
Average Annual Total Return
-----------------------------------------------------------------
CONVERTIBLE FUND 1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A Shares/1/ 3.17% -1.73% 14.97% 13.85% 13.62% 13.07% 11.92% 11.52%
C Shares/1/ 2.66% NA NA NA NA NA 15.76% NA
I Shares/2/ 3.71% NA NA NA NA NA 12.58% NA
Lipper Convertible
Mutual Fund Average/3/ -0.70% NA 11.25% NA 11.37% NA 10.62% NA
</TABLE>
/1/ Average annual total returns, net of expenses. Inception date for A Shares
was June 21, 1985; for C Shares, July 5, 1996.
/2/ Inception date for I Shares was June 25, 1997.
/3/ The Lipper Convertible Mutual Fund Average is composed of all the mutual
funds that invest primarily in convertible securities. Lipper mutual fund
averages are equally weighted and reflect reinvestment of capital gain
distributions and income dividends. Source: Lipper Analytical Services.
Performance has not been adjusted for the sales charge in the unshaded area of
the chart.
Performance has been adjusted for the 4.75% sales charge in the shaded area of
the chart.
Past performance does not guarantee future results.
Calamos makes no recommendations as to the advisability of investing in any
security mentioned herein.
3
<PAGE>
Growth of a $10,000 Investment Since Inception
Based on a hypothetical investment made in the
Calamos Convertible Fund-Class A Shares
from 6/21/85 through 3/31/99.
<TABLE>
<CAPTION>
CALAMOS CONVERTIBLE FUND LOAD-ADJUSTED
Convertible Fund LB G/C S&P 500 Index Lipper Convertible Mutual Fund Average
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning Balance 9,525 10,000 10,000 10,000
Sep-85 -2.0% 9,335 2.0% 10,200 -4.1% 9,586 -1.8% 9,819
Dec-85 1985 9.2% 10,197 7.6% 10,973 17.2% 11,292 10.4% 10,842
Mar-86 13.7% 11,593 8.5% 11,909 14.1% 12,811 13.2% 12,274
Jun-86 3.6% 12,005 1.3% 12,066 5.7% 13,541 4.4% 12,809
Sep-86 -3.9% 11,534 2.0% 12,310 -7.0% 12,600 -4.8% 12,190
Dec-86 1986 2.7% 11,842 3.1% 12,687 5.4% 13,278 2.6% 12,502
Mar-87 10.1% 13,034 1.5% 12,875 21.3% 16,108 11.6% 13,956
Jun-87 -0.1% 13,019 -1.9% 12,631 5.2% 16,939 -0.8% 13,850
Sep-87 2.9% 13,394 -2.9% 12,284 6.6% 18,059 2.5% 14,195
Dec-87 1987 -15.5% 11,312 5.8% 12,979 -22.7% 13,986 -18.5% 11,855
Mar-88 6.3% 12,023 3.6% 13,443 5.8% 14,770 6.9% 12,672
Jun-88 4.2% 12,526 1.0% 13,576 6.5% 15,735 4.3% 13,214
Sep-88 -3.8% 12,074 1.9% 13,830 0.4% 15,794 -1.8% 12,977
Dec-88 1988 -0.4% 12,028 1.0% 13,963 3.0% 16,271 1.0% 13,103
Mar-89 4.3% 12,543 1.1% 14,117 7.0% 17,413 4.3% 13,661
Jun-89 5.6% 13,247 8.0% 15,252 8.8% 18,945 5.1% 14,356
Sep-89 7.7% 14,262 0.9% 15,395 10.7% 20,963 6.2% 15,244
Dec-89 1989 -1.7% 14,022 3.6% 15,951 2.0% 21,386 -1.7% 14,990
Mar-90 -2.5% 13,677 -1.2% 15,767 -3.1% 20,732 -1.9% 14,704
Jun-90 3.5% 14,158 3.6% 16,335 6.3% 22,038 3.6% 15,240
Sep-90 -10.1% 12,728 0.6% 16,435 -13.8% 18,997 -10.9% 13,578
Dec-90 1990 6.2% 13,523 5.1% 17,271 9.0% 20,703 3.4% 14,046
Mar-91 15.7% 15,642 2.7% 17,737 14.6% 23,717 13.1% 15,888
Jun-91 -0.1% 15,623 1.5% 18,005 -0.2% 23,667 1.3% 16,085
Sep-91 7.0% 16,715 5.8% 19,041 5.4% 24,940 7.0% 17,208
Dec-91 1991 10.6% 18,492 5.3% 20,057 8.4% 27,025 5.9% 18,227
Mar-92 0.4% 18,582 -1.5% 19,756 -2.6% 26,336 2.5% 18,675
Jun-92 -2.1% 18,174 4.1% 20,557 2.0% 26,855 0.2% 18,707
Sep-92 3.8% 18,872 4.9% 21,582 3.1% 27,688 4.3% 19,517
Dec-92 1992 5.5% 19,901 0.1% 21,579 5.1% 29,102 6.0% 20,693
Mar-93 5.5% 20,987 4.7% 22,582 4.3% 30,357 5.8% 21,888
Jun-93 3.3% 21,671 3.0% 23,260 0.5% 30,508 2.6% 22,455
Sep-93 5.2% 22,807 3.3% 24,030 2.6% 31,288 5.2% 23,614
Dec-93 1993 2.6% 23,395 -0.3% 23,960 2.3% 32,009 1.8% 24,033
Mar-94 -3.6% 22,555 -3.1% 23,210 -3.8% 30,790 -2.1% 23,523
Jun-94 -4.2% 21,610 -1.2% 22,922 0.4% 30,910 -2.6% 22,915
Sep-94 4.0% 22,470 0.8% 23,037 4.9% 32,430 3.0% 23,600
Dec-94 1994 -3.2% 21,749 0.4% 23,122 0.0% 32,434 -3.0% 22,887
Mar-95 5.7% 22,984 5.0% 24,274 9.7% 35,590 5.2% 24,086
Jun-95 10.0% 25,281 6.5% 25,849 9.5% 38,981 6.3% 25,615
Sep-95 6.6% 26,941 1.9% 26,343 8.0% 42,096 5.9% 27,123
Dec-95 1995 4.4% 28,112 4.7% 27,570 5.9% 44,596 2.4% 27,776
Mar-96 5.3% 29,359 -2.3% 26,925 5.5% 47,027 4.7% 29,087
Jun-96 2.3% 30,020 0.5% 27,052 4.5% 49,162 2.2% 29,721
Sep-96 0.6% 30,192 1.8% 27,528 3.1% 50,676 2.9% 30,588
Dec-96 1996 7.8% 32,547 3.1% 28,370 8.5% 54,963 4.4% 31,933
Mar-97 2.1% 33,157 -0.9% 28,126 2.6% 56,403 0.7% 32,165
Jun-97 36,703 3.6% 29,150 17.5% 49,162 8.9% 35,042
Sep-97 39,070 3.5% 30,170 7.6% 50,676 8.8% 38,048
Dec-97 1997 39,318 3.2% 30,139 2.8% 73,311 -1.3% 37,567
Mar-98 43,579 1.5% 31,611 13.9% 83,538 7.5% 40,368
Jun-98 44,108 2.8% 32,439 3.3% 86,294 -1.5% 39,771
Sep-98 39,461 5.0% 34,045 -9.9% 77,711 -11.5% 35,217
Dec-98 1998 43,895 0.1% 34,089 21.3% 94,263 11.0% 39,077
Mar-99 1999 44,962 -1.2% 33,684 5.0% 98,957 2.6% 40,085
</TABLE>
Based on a hypothetical investment made in the
Calamos Convertible Fund-Class C Shares
from 7/15/96 through 3/31/99.
<TABLE>
<CAPTION>
CALAMOS CONVERTIBLE FUND-C/shrs LOAD-ADJUSTED
Convertible Fund LB G/C S&P 500 Index LIPPER CVT MF AVF
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning Balance 10,000 10,000 10,000 10,000
Sep-96 1.4% 10,137 1.8% 10,176 3.1% 10,309 2.9% 10,292
Dec-96 1996 7.7% 10,914 3.1% 10,487 8.3% 11,169 4.4% 10,744
Mar-97 2.0% 11,119 -0.9% 10,397 2.7% 11,468 0.7% 10,822
Jun-97 10.5% 12,282 3.6% 10,776 17.5% 13,470 8.9% 11,790
Sep-97 6.3% 13,059 3.5% 11,153 7.5% 14,479 8.6% 12,802
Dec-97 1997 0.5% 13,126 3.2% 11,511 2.9% 14,895 -1.3% 12,640
Mar-98 10.8% 14,539 1.5% 11,686 14.0% 16,973 7.5% 13,582
Jun-98 1.0% 14,691 2.6% 11,992 3.3% 17,533 -1.5% 13,381
Sep-98 -10.6% 13,129 5.0% 12,586 -10.0% 15,788 -11.5% 11,849
Dec-98 1998 11.2% 14,598 0.1% 12,602 21.3% 19,151 11.0% 13,148
Mar-99 1999 2.3% 14,926 -1.2% 12,452 5.0% 20,105 2.6% 13,487
</TABLE>
Based on a hypothetical investment made in the
Calamos Convertible Fund-Class I Shares
from 6/21/97 through 3/31/99.
<TABLE>
<CAPTION>
CALAMOS CONVERTIBLE FUND-I/shrs
Convertible Fund LB G/C S&P 500 Index LIPPER CVT MF AVF
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning Balance 10,000 10,000 10,000 10,000
Sep-97 6.2% 10,624 3.5% 10,350 7.5% 10,749 8.6% 10,858
Dec-97 1997 0.8% 10,704 3.2% 10,682 2.9% 11,057 -1.3% 10,721
Mar-98 11.0% 11,884 1.5% 10,845 14.0% 12,600 7.5% 11,520
Jun-98 1.3% 12,035 2.6% 11,129 3.3% 13,016 -1.5% 11,349
Sep-98 -10.3% 10,790 5.0% 11,680 -10.0% 11,721 -11.5% 10,050
Dec-98 1998 11.4% 12,016 0.1% 11,695 21.3% 14,217 11.3% 11,151
Mar-99 1999 2.6% 12,325 -1.2% 11,556 5.0% 14,925 2.6% 11,439
</TABLE>
All data points as of last day of quarter.
* The Lehman Brothers Government/Corporate Bond Index is an unmanaged
index comprising intermediate and long-term government and investment-
grade corporate debt securities. Source: Frank Russell Company.
** The S&P 500 Stock Index is an unmanaged index generally considered
representative of the U.S. stock market, Source: Frank Russell Company.
***The Lipper Convertible Mutual Fund Average is composed of all the mutual
funds that invest primarily in convertible securities. Lipper mutual
fund averages are equally weighted and reflect investment of capital
gain distributions and income dividends. Source: Lipper Analytical
Services.
4
<PAGE>
Calamos(R) Growth and Income Fund
The Calamos Growth and Income Fund also posted competitive returns in its
category amid a difficult environment for most mutual funds including value
funds, small- and mid-cap funds and high-yield funds. Performance, unadjusted
for sales load, has significantly and consistently exceeded its benchmark at
6.90% for the past 12 months, 18.47% for 3 yrs., 17.51% for 5 yrs. and 15.29%
for 10 yrs. The Lipper Convertible Mutual Fund Average returned .70% for the
last 12 months, 11.28% for 3 yrs., 11.25% for 5 yrs. and 11.37% for 10 yrs.
HIGHLIGHTS
The Calamos Growth and Income Fund uses a combination of securities, providing
flexibility that makes this Fund unique within the Calamos Family of Funds. The
Fund participates in the aggressive growth sector of the convertible market.
A SHARES
- ---------------
TRADING SYMBOL:
CVTRX
ONE-YEAR RETURN WITHOUT LOAD:
6.90%
START DATE:
September 22, 1988
The Growth and Income Fund is positioned in aggressive growth companies from
primarily small and mid-sized companies. Today we believe the best relative
valuations in the equity market are in the small- and mid-cap companies -- over
the long term this should result in the best relative performance. We dampen the
volatility of this high growth market by utilizing convertible securities as a
low risk alternative. In the past few decades, convertibles have offered
investors an exceptional alternative to risk typically associated with investing
in small and mid-size companies. We expect this attractive risk/reward
relationship to continue in the future.
In the past year, the Fund has benefited from its Internet exposure in companies
like Exodus.com, Inc., up 125% and DoubleClick Inc., up 89%. These positions
represented 3.6% and 2.9% of the Fund at the time of sale respectively. Three
per cent of the Fund held At Home Corp., which rose 87%; we sold a partial
position in this security. Some other technology holdings also performed well,
including Qualcomm up 88% and Oracle Corp. up 65%, 3.0% and 2.2% of the Fund at
sale respectively. We have been quick to realize profits in the Internet
industry because of their spectacular price appreciation in such a short time
span.
In the Growth and Income Fund, we are focused on companies that are growing
earnings or cash flow rapidly or companies with opportunities arising from new
products, management changes and merger activity. The Fund has been positioned
primarily in industry groups that benefit from consumer and business technology
spending. The Fund has avoided heavy industry, commodity and basic industrial
companies, capital goods, and energy industry groups. We have been positioned
for many years in industry groups that we feel will continue to benefit from the
high discretionary income of baby-boomers. These groups include high-end retail,
recreation, media, advertising, hotel and gaming, healthcare and consumer
technology. Since we feel this long-term trend will continue to have a
significant impact on our economy in the future, we expect to remain overweight
in these types of industry groups into the foreseeable future.
5
<PAGE>
Morningstar Rating
* * * *
The Calamos Growth and Income Fund received a 4 star overall rating as of
3/31/99 among 2,947 domestic equity funds. It was given 3 stars for the 3 and 5
year and 4 stars for the 10 year periods ended 3/31/99 out of 2,947; 1,810; and
743 funds respectively. Past performance does not guarantee future results.
Rankings are for Class A shares.
Morningstar proprietary ratings reflect risk adjusted performance and are
subject to change every month. Overall ratings are calculated from a fund's 3-,
5-, and 10-year average annual returns in excess of 90-day T-bill returns with
appropriate fee adjustments and a risk factor that reflects fund performance
below 90-day T-bill returns. The top 10% of the funds in an investment category
receive five stars, the next 22.5% receive four stars and the next 35% receive
three stars.
<TABLE>
<CAPTION>
Average Annual Total Return
------------------------------------------------
GROWTH AND INCOME FUND 1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A Shares/1/ 6.90% 1.81% 17.51% 16.37% 15.29% 14.73% 15.04% 14.51%
C Shares/1/ 6.46% NA NA NA NA NA 19.89% NA
I Shares/2/ 7.51% NA NA NA NA NA 14.46% NA
Lipper Convertible
Mutual Fund Average/3/ -0.70% NA 11.25% NA 11.37% NA 11.24% NA
</TABLE>
/1/Average annual total returns, net of expenses. Inception date for A Shares
was September 22, 1988; for C Shares, August 5, 1996.
/2/Inception date for I Shares was September 18, 1997.
/3/The Lipper Convertible Mutual Fund Average is composed of all the mutual
funds that invest primarily in convertible securities. Lipper mutual fund
averages are equally weighted and reflect reinvestment of capital gain
distributions and income dividends. Source: Lipper Analytical Services.
Performance has not been adjusted for the sales charge in the unshaded area of
the chart.
Performance has been adjusted for the 4.75% sales charge in the shaded area of
the chart.
Past performance does not guarantee future results.
Calamos makes no recommendations as to the advisability of investing in any
security mentioned herein.
6
<PAGE>
[GRAPH APPEARS HERE]
Growth of a $10,000 Investment Since Inception
Based on a hypothetical Investment made in the
Calamos Growth and Income Fund-Class A Shares
from 9/22/88 through 3/31/99.
<TABLE>
<CAPTION>
Calamos Growth Lehman Brothers Lipper Convertible
& Income Fund Government/Corporate S&P 500 Mutual Fund
(Load-Adjusted) Bond Index* Stock Index** Average***
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sep-88 Beginning Balance 9,525 10,000 10,000 10,000
Dec-88 9,611 10,096 10,302 10,097
Dec-89 11,188 11,533 13,541 11,551
Dec-90 10,801 12,488 13,108 10,823
Dec-91 15,193 14,502 17,112 14,045
Dec-92 16,729 15,603 18,427 15,945
Dec-93 19,201 17,324 20,267 18,519
Dec-94 18,182 16,719 20,535 17,636
Dec-95 23,480 19,937 28,254 21,403
Dec-96 27,990 20,515 34,743 24,607
Dec-97 34,523 22,518 46,335 28,948
Dec-98 40,606 24,652 59,577 30,111
Mar-99 41,613 24,358 62,544 30,888
</TABLE>
[GRAPH APPEARS HERE]
Based on a hypothetical Investment made in the
Calamos Growth and Income fund-Class C Shares
from 8/5/96 through 3/31/99.
<TABLE>
<CAPTION>
Calamos Growth Lehman Brothers Lipper Convertible
& Income Fund Government/Corporate S&P 500 Mutual Fund
(Load-Adjusted) Bond Index* Stock Index** Average***
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aug-96 Beginning Balance 10,000 10,000 10,000 10,000
Sep-96 10,345 10,176 10,309 10,292
Dec-96 10,984 10,487 11,189 10,744
Mar-97 11,083 10,397 11,468 10,822
Jun-97 12,429 10,776 13,470 11,790
Sep-97 13,491 11,153 14,479 12,802
Dec-97 13,493 11,511 14,895 12,640
Mar-98 15,197 11,686 16,973 13,582
Jun-98 15,404 11,992 17,533 13,381
Sep-98 13,902 12,586 15,788 11,849
Dec-98 15,806 12,602 19,151 13,148
Mar-99 16,179 12,452 20,105 13,487
</TABLE>
[GRAPH APPEARS HERE]
Based on a hypothetical Investment made in the
Calamos Growth and Income Fund-Class I Shares
from 9/18/97 through 3/31/99.
<TABLE>
<CAPTION>
Calamos Growth Lehman Brothers Lipper Convertible
& Income Fund Government/Corporate S&P 500 Mutual Fund
(Load-Adjusted) Bond Index* Stock Index** Average***
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sep-97 Beginning Balance 10,000 10,000 10,000 10,000
Dec-97 10,128 10,321 10,287 9,874
Mar-98 11,439 10,478 11,722 10,610
Jun-98 11,625 10,752 12,109 10,453
Sep-98 10,513 11,285 10,904 9,256
Dec-98 11,985 11,299 13,227 10,270
Mar-99 12,298 11,165 13,885 10,535
</TABLE>
All data points as of last day of quarter.
* The Lehman Brothers Government/Corporate Bond Index is an unmanaged
index comprising intermediate and long-term government and investment-
grade corporate debt securities. Source: Frank Russell Company.
** The S&P 500 Stock Index is an unmanaged index generally considered
representative of the U.S. stock market. Source: Frank Russell Company.
***The Lipper Convertible Mutual Fund Average is composed of all the mutual
funds that invest primarily in convertible securities. Lipper mutual
fund averages are equally weighted and reflect investment of capital
gain distributions and income dividends. Source: Lipper Analytical
Services.
7
<PAGE>
Calamos(R) Strategic Income Fund
The Calamos Strategic Income Fund was up 8.69%, unadjusted for sales charges,
for the fiscal year ended March 31, 1999, outperforming the Lehman Bros.
Govt./Corp. Bond Index of 6.55% and the 30-day Treasury Bills (Salomon Bros.) at
4.76%.
[LOGO] HIGHLIGHTS
The Calamos Strategic Income Fund employs a market neutral strategy. The Fund's
stability during the severe market correction in the late summer demonstrated
the value of this approach.
A SHARES
- ---------------
TRADING SYMBOL:
CVSIX
ONE-YEAR RETURN WITHOUT LOAD:
8.69%
START DATE:
September 4, 1990
The Fund's goal is to provide an above-average income stream for shareholders
consistent with stability of principal primarily through the use of convertible
securities. Convertible securities tend to participate in price increases in
their underlying common stocks, while also paying a higher level of current
income than the stocks themselves. The Fund generates income from the interest
and dividends paid on the convertible securities.
The investment strategy for the Calamos Strategic Income Fund can be considered
market neutral. The Fund's objective is to maintain stability in the net asset
value while producing acceptable returns. We strive to meet this objective by
hedging the volatility of the stock market so that returns can be less affected
by the volatility of both the stock and bond markets. Of course, there is no
"free lunch" in investing since risk (volatility) is directly related to
investment returns. The upside potential of the stock market is hedged to
provide protection against losses should the stock market decline. The balance
between the upside potential and the downside protection determines the amount
of the portfolio that is hedged. We weigh the affect of this intricate balance
carefully in managing the Fund.
In the late summer of 1998, the Fund demonstrated the value of its hedging
strategy during the severe stock market correction when the Fund's net asset
value (NAV) remained stable throughout that period. The chart below shows the
stability of the Fund during its last fiscal year compared with both the S&P 500
and the Russell 2000 stock indexes, both gauges of the performance of the equity
markets.
CALAMOS STRATEGIC INCOME FUND VERSUS
S&P 500 AND RUSSELL 2000 APRIL 1, 1998 - MARCH 31, 1999
<TABLE>
<CAPTION>
CAM CAM
Strategic Russell Strategic
Russell 2000 S&P 500 Income 2000 S&P 500 Income
1.00 1.00 1.00
<S> <C> <C> <C> <C>
Apr-98 1.006 1.011 1.029 0.55 1.05 2.94
May-98 0.951 0.993 1.022 -5.39 -1.75 -0.73
Jun-98 0.953 1.033 1.023 0.21 4.07 0.09
Jul-98 0.876 1.022 1.033 -8.10 -1.09 0.99
Aug-98 0.706 0.874 1.008 -19.42 -14.43 -2.45
Sep-98 0.761 0.931 1.002 7.83 6.50 -0.59
Oct-98 0.792 1.007 1.015 4.08 8.09 1.36
Nov-98 0.834 1.068 1.048 5.24 6.05 3.26
Dec-98 0.885 1.130 1.064 6.19 5.82 1.50
Jan-99 0.897 1.177 1.080 1.33 4.16 1.46
Feb-99 0.825 1.140 1.065 -8.10 -3.10 -1.36
Mar-99 0.837 1.186 1.087 1.56 3.99 2.06
</TABLE>
Source: Frank Russell Company
8
<PAGE>
This chart displays the relative return, compounded monthly, of the Calamos
Strategic Income Fund and the S&P 500 and Russell 2000 Indexes. The S&P 500 is
an unmanaged index generally considered representative of the U.S. stock market.
Source: Frank Russell Company. The Russell 2000 Index is an unmanaged index
generally considered representative of the U.S. broad-based stock market.
Source: Frank Russell Company. Both indices reflect the reinvestment of income
dividends. The Calamos Strategic Income Fund reflects the reinvestment of income
dividends and capital gains. Past performance is no guarantee of future results.
Notice the period when the markets unexpectedly corrected and the Fund's NAV was
stable. Also consistent with hedging, when the market rebounded, the Fund's NAV
remained stable, but the Fund did not perform as well as the equity markets. The
trade-off between foregoing upside potential for increased downside protection
is apparent in the mini-cycle that the stock market went through during this
past year.
In order to hedge against volatile markets, the Fund uses the convertible stock
hedge as its primary investment strategy. In a convertible stock hedge, the Fund
owns the convertible security and sells a portion of the underlying common stock
of the security short. It is also considered a covered short sale since the
stock sold short can always be replaced by the conversion of the convertible
security into a specified number of shares of the underlying common stock at the
holder's option. Proceeds from the stock sale create a credit balance that may
earn interest. Due to the short sale, the Fund profits if the stock price
decreases. When the stock price increases, the convertible security benefits.
The difference between the current yield on the convertible and the yield on the
underlying common stock represents the convertible's yield advantage, which is
an important consideration when determining candidates for the convertible hedge
strategy. Often the underlying common stock pays no dividend or a very small
one, which means the convertible yield advantage is attractive. For stocks that
pay a dividend, the dividend is an expense of the Fund and can be paid out of
the convertible's yield advantage.
The amount of stock sold short against convertibles varies depending on the
Fund's market outlook. A higher hedge ratio indicates a more defensive posture.
The Fund attempts to balance risk and reward by adjusting the hedge ratio as the
underlying stock price changes. We believe that the hedge ratio dampens overall
volatility and helps stabilize the NAV as was accomplished during the 3rd
quarter of 1998.
We expect interest rates to remain in a trading range over the coming months.
There is the prospect that the Federal Reserve may raise rates in an attempt to
prevent inflation from heating up. Our strategy is to maintain a hedge ratio
that will provide protection in what we expect will be a volatile market. Even a
low interest rate environment has not stabilized bond investments. The
volatility within the trading range is very high as bond investors try to
anticipate the Federal Reserve's interest rate moves.
The volatile equity market provided some opportunity to adjust hedge ratios. As
the stock market advanced, it allowed the hedge ratio of individual positions to
be increased, thereby adding more defensive characteristics to the Fund. The
volatility exhibited this past quarter provided opportunity for the Fund to
profit from changing stock prices. Additionally, we have started to trade the
Fund more actively. The volatility of the market is providing opportunities to
take advantage of what we view as occasional mispricing. In our view, we
continue to be in a period of increasing volatility within the stock and bond
markets. Additionally, the high rotation among industry groups as market leaders
is beneficial for the Fund. It allows for returns to be generated from price
movements rather than interest characteristics alone, adding to the Fund's total
returns. This is one of the reasons the Fund has out-performed other fixed
income categories, as shown on the following page. We believe this environment
will continue throughout 1999. We expect the defensive characteristics of the
Strategic Income Fund will be beneficial in stabilizing asset values while
securing an above-average income stream.
9
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Return
-------------------------------------------------
STRATEGIC INCOME FUND 1 YEAR 5 YEARS SINCE INCEPTION
-------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A Shares/1/ 8.69% 3.56% 8.36% 7.31% 9.41% 8.79%
30 Day Treasury Bills/2/ 4.76% NA 4.84% NA 4.48% NA
Lehman Bros. Govt/Corp. Bond Index/2/ 6.55% NA 7.73% NA 8.82% NA
</TABLE>
/1/Average annual total returns, net of expenses. Inception date for A shares
was September 4, 1990.
/2/The Lehman Brothers Government/Corporate Bond Index is an unmanaged index
comprising intermediate and long-term government and investment-grade corporate
debt securities. The 30-Day Treasury Bill Index is an unmanaged index generally
considered representative of the performance of short-term money instruments.
U.S. Treasury Bills are backed by the full faith and credit of the U.S.
Government and offer guarantee as to the repayment of principal and interest at
maturity. Both indices reinvest dividends and earnings. Source: Lipper
Analytical Services, as reported by the Frank Russell Company.
Performance has not been adjusted for the sales charge in the unshaded area of
the chart.
Performance has been adjusted for the 4.75% sales charge in the shaded area of
the chart.
Past performance does not guarantee future results.
Calamos makes no recommendations as to the advisability of investing in any
security mentioned herein.
[GRAPH APPEARS HERE]
Growth of a $10,000 Investment Over Time
Based on a hypothetical investment made in the Calamos Strategic Income Fund--
Class A Shares from 9/4/90 through 3/31/99.
<TABLE>
<CAPTION>
Calamos Strategic 30-Day Lehman Brothers
Income Fund Treasury Government/Corporate
(Load-Adjusted) Bills* Bond Index**
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Balance $ 9,525 $10,000 $10,000
12/90 9,782 10,175 10,509
12/91 11,149 10,693 12,204
12/92 12,484 11,029 13,130
12/93 13,998 11,342 14,579
12/94 12,959 11,756 14,069
12/95 14,833 12,432 16,777
12/96 16,077 13,086 17,264
12/97 18,327 13,772 18,950
12/98 20,167 14,469 20,745
3/31/99 20,600 14,636 20,498
</TABLE>
* The 30-Day Treasury Bill Index is an Unmanaged Index generally considered
representative of the performance of short-term money investments. U.S.
Treasury bills are backed by the full faith and credit of the U.S.
government and offer a guarantee as to the repayment of principal and
interest at maturity. Source: Frank Russell Company.
** The Lehman Brothers Government/Corporate Bond Index is an unmanaged index
comprising intermediate and long-term government and investment-grade
corporate debt securities. Source: Frank Russell Company.
All data points as of December 31. Past performance does not guarantee future
results.
10
<PAGE>
Calamos(R) Growth Fund
The Calamos Growth Fund was up 17.20%, unadjusted for sales charges, for the
fiscal year ended March 31, 1999, significantly outperforming the Russell 2000*
at -16.26%.
The Fund seeks long-term capital growth and is suitable for investors seeking
long-term capital appreciation through direct equity participation by investing
primarily in common stocks. Fund management intends to achieve the highest
returns possible for the long term, and does not seek to minimize short-term
volatility. The most aggressively traded of the Funds, the Growth Fund has high
turnover. Its relatively small size allows great flexibility in moving in and
out of stocks. The Fund may invest up to 25% of its assets in foreign stocks.
We search for the fastest-growing companies available in the stock market, with
earnings growth rates significantly above average. We also invest primarily in
stocks of companies where we expect the earnings growth rate to be higher than
that estimated by analysts. We believe that a company's earnings trend has a
direct relationship to its stock price, and we want to recognize undervalued
companies before they become well known in the marketplace.
Since the fastest growing companies are typically small- to mid-size companies,
the Fund has approximately 24% of its holdings in small-cap, 47% in mid-cap and
only 29% in large-cap companies as of the end of the fiscal year.
Smaller companies generally have a higher degree of risk than companies with a
larger capital base. Our decision process searches for fast growing companies
that have not been recognized in the marketplace, whose current stock price is
well below their growth potential. In today's fast-paced market, these anomalies
do not last long. Market recognition is reflected in increasing stock prices. As
the price objective is reached the Fund quickly trades the stock for another
that has a higher growth potential. Using a proprietary quantitative evaluation
system to screen for investment opportunities, we keep the Fund tuned to
changing market conditions.
[LOGO APPEARS HERE] HIGHLIGHTS
The Calamos Growth Fund invests in the common stocks of companies we believe
have exceptional growth characteristics. This Fund is managed aggressively,
meaning it takes advantage of investment opportunities in primarily small- to
mid-size companies that, although they offer higher potential rewards, may have
a higher risk profile than larger-cap companies.
A SHARES
- -----------------
TRADING SYMBOL:
CVGRX
ONE-YEAR RETURN WITHOUT LOAD:
17.20%
START DATE:
September 4, 1990
*The Russell 2000 Index is comprised of the smallest 2000 companies in the
Russell 3000 Index, representing approximately 11% of the Russell 3000 total
market capitalization.
11
<PAGE>
Turnover in the Fund is high and, we feel, necessary in a market that is
characterized by the rotation of money from group to group as high liquidity
causes one industry to lead the market and be quickly replaced by another. The
Fund copes with the volatility by being diversified, typically investing in 55
companies across most industry groups.
Going forward we expect the volatility of the market and group rotation to
continue to be high. In our view, this presents an excellent investment climate
for the Growth Fund strategy. By keeping the Fund invested in the fastest
growing companies, we believe it is well positioned for the coming months.
Morningstar Rating
* * * *
The Calamos Growth Fund also received a 4 star rating from Morningstar for the
three year period ended 3/31/99 among 2,947 domestic equity funds. The Fund was
given 3 stars overall and 3 stars for the 5 year period ended 3/31/99 out of
2,947 and 1,810 funds respectively. Past performance does not guarantee future
results. Rankings are for Class A shares.
Morningstar proprietary ratings reflect risk adjusted performance and are
subject to change every month. Overall ratings are calculated from a fund's 3-,
5-, and 10-year average annual returns in excess of 90-day T-bill returns with
appropriate fee adjustments and a risk factor that reflects fund performance
below 90-day T-bill returns. The top 10% of the funds in an investment category
receive five stars, the next 22.5% receive four stars and the next 35% receive
three stars.
<TABLE>
<CAPTION>
Average Annual Total Return
-----------------------------------------------
GROWTH FUND 1 YEAR 5 YEARS SINCE INCEPTION
-----------------------------------------------
<S> <C> <C> <C>
A Shares/1/ 17.20% 11.63% 24.06% 22.85% 19.07% 18.39%
C Shares/1/ 16.78% NA NA NA 27.96% NA
I Shares/2/ 17.84% NA NA NA 15.92% NA
Lipper Growth Funds Index/3/ 17.54% NA 21.75% NA 18.68% NA
</TABLE>
/1/ Average annual total returns, net of expenses. Inception date for A Shares
was September 4, 1990; for C Shares, September 3, 1996.
/2/ Inception date for I Shares was September 18, 1997.
/3/ The Lipper Growth Funds Index comprises 30 funds which invest in companies
whose long-term earnings are expected to grow significantly faster than the
earnings of the stocks represented in the major unmanaged stock indices.
Lipper mutual funds averages are equally weighted, composed of the largest
mutual funds within their respective investment objectives, and reflects
the reinvestment of capital gains distributions and income dividends.
Source: Lipper Analytical Services, Inc., as reported by the Frank Russell
Company.
Performance has not been adjusted for the sales charge in the unshaded area
of the chart.
Performance has been adjusted for the 4.75% sales charge in the shaded area
of the chart.
Past performance does not guarantee future results.
Calamos makes no recommendations as to the advisability of investing in any
security mentioned herein.
12
<PAGE>
Growth of a $10,000 Investment Since Inception
Based on a hypothetical investment made in the
CALAMOS Growth Fund-Class A Shares
from 9/4/90 through 3/31/99.
<TABLE>
<CAPTION>
CALAMOS GROWTH FUND LOAD-ADJUSTED
Growth Fund S&P 500
<S> <C> <C> <C>
Dec-90 1990 10,478 10,898
Dec-91 1991 14,690 14,226
Dec-92 1992 14,878 15,320
Dec-93 1993 15,524 16,850
Dec-94 1994 14,635 17,073
Dec-95 1995 18,649 23,476
Dec-96 1996 25,073 28,904
Dec-97 1997 31,144 38,547
Dec-98 1998 39,649 49,564
Mar-99 1999 42,545 52,032
</TABLE>
All data points as of December 31.
<TABLE>
<CAPTION>
Based on a hypothetical investment made in the
CALAMOS Growth Fund-Class C Shares
from 9/3/96 through 3/31/99.
CALAMOS GROWTH FUND-C/shrs LOAD-ADJUSTED
Growth Fund S&P 500
<S> <C> <C> <C>
- -------------------------------------------------
10,000 10,000
- -------------------------------------------------
Dec-96 1996 11,223 10,834
- -------------------------------------------------
Mar-97 10,535 11,124
- -------------------------------------------------
Jun-97 12,684 13,067
- -------------------------------------------------
Sep-97 15,473 14,045
- -------------------------------------------------
Dec-97 1997 13,870 14,448
- -------------------------------------------------
Mar-98 16,148 16,464
- -------------------------------------------------
Jun-98 16,425 17,007
- -------------------------------------------------
Sep-98 13,399 15,315
- -------------------------------------------------
Dec-98 17,588 18,577
- -------------------------------------------------
Mar-99 18,857 19,502
- -------------------------------------------------
</TABLE>
All data points as of last day of quarter.
Based on a hypothetical investment made in the
CALAMOS Growth Fund-Class I Shares
from 9/18/97 through 3/31/99.
<TABLE>
<CAPTION>
CALAMOS GROWTH FUND-I/shrs LOAD-ADJUSTED
Growth Fund S&P 500
<S> <C> <C> <C>
- ----------------------------------------------------
10,000 10,000
- ----------------------------------------------------
Dec-97 1997 9,117 10,287
- ----------------------------------------------------
Mar-98 10,640 11,722
- ----------------------------------------------------
Jun-98 10,846 12,109
- ----------------------------------------------------
Sep-98 8,868 10,904
- ----------------------------------------------------
Dec-98 1998 11,671 13,227
- ----------------------------------------------------
Mar-99 1999 12,538 13,885
- ----------------------------------------------------
</TABLE>
All data points as of last day of quarter.
* The S&P 500 Stock Index is an unmanaged index generally considered
representative of the U.S. stock market. Source: Frank Russell Company. Past
performance does not guarantee future results.
13
<PAGE>
Calamos(R) Global Growth and Income Fund
The Calamos Global Growth and Income Fund weathered the storm of 1998's third
quarter, rising 5.1% in the year ended 3/31/99, unadjusted for sales load, and
outperforming the Lipper Global Equity Index/4/, which rose 3.6% over the same
period. Since inception of the fund on 9/9/96, the unadjusted annualized return
of the fund is 16.56% compared to 14.59% for the Lipper benchmark.
HIGHLIGHTS
The Calamos Global Growth and Income Fund invests in domestic and international
equities and convertible bonds. We believe the global economy has the potential
for unprecedented growth over the medium term as once-closed economies embrace
open markets, industrialized nations work towards freer trade, and emerging
markets offer the opportunity for explosive economic development. In our view,
these fundamental economic changes translate into tremendous investment
opportunities for those willing to look beyond the U.S.
A SHARES
- ---------------
TRADING SYMBOL:
CVLOX
ONE-YEAR RETURN WITHOUT LOAD:
5.08%
START DATE:
September 9, 1996
While the Fund had successful positions all over the world, some of the biggest
realized gains in the last year were in European positions. Examples include
Danone, Alcatel, Republic of Italy/INA, Volkswagen, Lindt and Spruengli. The
Fund also had a large realized gain on the EMC synthetic convertible.
Two of the most successful positions continue to be held by the Fund. Qualcomm,
comprising 3.6% of the Fund, was up 94% since its purchase last August. Telecom
Italia, rose 31% during the last year and 116% since it was purchased. This
position represents 3.2% of the Fund.
The Fund's assets continue to be distributed around the world, with 52% in the
U.S., 32% in Europe, 8% in Australia and New Zealand, 6% in Japan and 2% in
Emerging Asia.
There are several new additions to the Fund that we are excited about,
particularly Allied Domecq, Berisford and the General Mills synthetic. Allied is
a UK food and beverage company that has begun to restructure its business by
selling off some of its restaurant and pub units and focusing on its core
spirits businesses. The stock has significant upside potential if management is
able to increase returns to industry levels by this restructuring. Berisford is
a UK manufacturer of commercial kitchen equipment and retailer of residential
kitchen and bathroom products. Its recent restructuring has begun to show up in
sales and margins and the stock still offers considerable upside possibilities.
We also believe that the international convertible bond market offers the
relative safety of a corporate bond with the capital appreciation potential of
the common stock.
14
<PAGE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN
---------------------------
GLOBAL GROWTH AND INCOME FUND 1 YEAR SINCE INCEPTION
---------------------------
<S> <C> <C>
A Shares/1/ 5.08% 16.56%
C Shares/1/ 4.62% 16.29%
I Shares/2/ 5.57% 10.81%
Morgan Stanley Capital International World Index/3/ 13.05% 20.99%
Lipper Global Equity Index/4/ 3.65% 14.59%
</TABLE>
1 Average annual total returns, net of expenses. Inception date for A Shares
was September 9, 1996; for C Shares, September 24, 1996.
2 Inception date for I Shares was September 18, 1997.
3 The MSCI World Index is an unmanaged equity index that is an arithmetic
market value-weighted average of the performance of over 1,460 securities
listed on the stock exchanges from around the world. The beginning date for
this index is 9/1/96. The index reflects the reinvestment of capital gains
and income dividends. Source: Frank Russell Company.
4 The Lipper Global Equity Index is composed of the largest mutual funds
within its investment objective. The mutual funds in the Index allocate
their investments across various asset classes, including both domestic and
foreign stocks, bonds, and money market instruments, with a focus on total
return. At least 25% of its portfolio is invested in securities traded
outside the U.S., including some shares of gold related instruments. Lipper
mutual fund averages are equally weighted and reflect the reinvestment of
capital gains and income dividends. Source: Lipper Analytical Services, Inc.
and Frank Russell Company. Performance has not been adjusted for the sales
charge in the unshaded area of the chart.
Performance has been adjusted for the 4.75% sales charge in the shaded area
of the chart.
Past performance does not guarantee future results.
Calamos makes no recommendations as to the advisability of investing in any
security mentioned herein.
15
<PAGE>
[GRAPHS APPEAR HERE]
Growth of a $10,000 Investment Since Inception
Based on a hypothetical investment made in the Calamos Global Growth and Income
Fund--Class A Shares from 9/9/96 through 3/31/99.
<TABLE>
<CAPTION>
Calamos Global Morgan Stanley Capital
Growth and Income International World
Fund (Load-Adjusted) Index*
- --------------------------------------------------------------------------------
<S> <C> <C>
9/9/96 Beginning Balance $ 9,525 $10,000
12/96 10,041 10,469
3/97 10,289 10,511
6/97 11,630 12,105
9/97 12,277 12,463
12/97 11,883 12,168
3/98 13,409 13,923
6/98 13,882 14,219
9/98 12,229 12,527
12/98 13,557 15,185
3/31/99 14,090 15,740
</TABLE>
All data points as of last day of quarter.
Based on a hypothetical investment made in the Calamos Global Growth and Income
Fund--Class C Shares from 9/24/96 through 3/31/99.
<TABLE>
<CAPTION>
Calamos Global Morgan Stanley Capital
Growth and Income International World
Fund Index*
- --------------------------------------------------------------------------------
<S> <C> <C>
9/24/96 Beginning Balance $10,000 $10,000
12/96 10,543 10,469
3/97 10,764 10,511
6/97 12,151 12,105
9/97 12,809 12,463
12/97 12,406 12,168
3/98 13,971 13,923
6/98 14,444 14,219
9/98 12,717 12,527
12/98 14,082 15,185
3/31/99 14,616 15,740
</TABLE>
All data points as of last day of quarter.
Based on a hypothetical investment made in the Calamos Global Growth and Income
Fund--Class I Shares from 9/18/97 through 3/31/99.
<TABLE>
<CAPTION>
Calamos Global Morgan Stanley Capital
Growth and Income International World
Fund Index*
- --------------------------------------------------------------------------------
<S> <C> <C>
9/18/97 Beginning Balance $10,000 $ 10,000
12/97 9,818 9,763.44
3/98 11,085 11,172
6/98 11,493 11,409
9/98 10,143 10,051
12/98 11,244 12,184
3/31/99 11,703 12,630
</TABLE>
All data points as of last day of quarter.
* The MSCI World Index is an unmanaged equity index that is an arithmetic,
market value-weighted average of the performance of over 1,460 securities
listed on stock exchanges from around the world. The beginning date for this
index is 9/1/96.
Past performance does not guarantee future results.
16
<PAGE>
<TABLE>
<CAPTION>
Calamos/R/ Family of Funds
STANDARDIZED PERFORMANCE AS OF 3/31/99
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Convertible Fund
A Shares 3.17% -1.73% 14.97% 13.85% 13.62% 13.07% 11.92% 11.52%
Inception: 6/21/85
C Shares 2.66% NA NA NA NA NA 15.76% NA
Inception: 7/5/96
I Shares 3.71% NA NA NA NA NA 12.58% NA
Inception: 6/25/97
Growth and Income Fund
A Shares 6.90% 1.81% 17.51% 16.37% 15.29% 14.73% 15.04% 14.51%
Inception: 9/22/88
C Shares 6.46% NA NA NA NA NA 19.89% NA
Inception: 8/5/96
I Shares 7.51% NA NA NA NA NA 14.46% NA
Inception: 9/18/97
Strategic Income Fund
A Shares 8.69% 3.56% 8.36% 7.31% NA NA 9.41% 8.79%
Inception: 9/4/90
Growth Fund
A Shares 17.20% 11.63% 24.06% 22.85% NA NA 19.07% 18.39%
Inception: 9/4/90
C Shares 16.78% NA NA NA NA NA 27.96% NA
Inception: 9/3/96
I Shares 17.84% NA NA NA NA NA 15.92% NA
Inception: 9/18/97
Global Growth and
Income Fund
A Shares 5.08% 0.05% NA NA NA NA 16.56% 14.36%
Inception: 9/9/96
C Shares 4.62% NA NA NA NA NA 16.29% NA
Inception: 9/24/96
I Shares 5.57% NA NA NA NA NA 10.81% NA
Inception: 9/18/97
</TABLE>
This chart provides performance return numbers for the five Funds and shows both
non-load-adjusted and load-adjusted returns, taking into consideration the
maximum 4.75% sales charge on A shares. Total return and average annual total
return performance measure net investment income and capital gain or loss from
portfolio investments and reflect changes in share price, reinvestment of income
and capital gain distributions. Performance shown for Class A and C shares
reflects the effects of an expense reimbursement, which improved results.
Performance has not been adjusted for the sales charge in the unshaded area of
the chart.
Performance has been adjusted for the 4.75% sales charge in the shaded area of
the chart.
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so than an investor's shares when redeemed may be
worth more or less than their original cost.
17
<PAGE>
Report of Independent Auditors
To the Board of Trustees and Shareholders
CALAMOS INVESTMENT TRUST
We have audited the accompanying statement of assets and liabilities, including
the schedules of investments, of Calamos Investment Trust (comprising Calamos
Convertible Fund, Calamos Growth and Income Fund, Calamos Strategic Income Fund,
Calamos Growth Fund, and Calamos Global Growth and Income Fund) as of March 31,
1999, and the related statements of operations and changes in net assets for
each of the periods indicated therein and the financial highlights for each of
the fiscal periods since 1990. These financial statements and financial
highlights are the responsibility of the Funds' management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of
March 31, 1999, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Calamos Convertible Fund, Calamos Growth and Income Fund, Calamos Strategic
Income Fund, Calamos Growth Fund, and Calamos Global Growth and Income Fund at
March 31, 1999, the results of their operations and changes in their net assets
for each of the periods indicated therein, and the financial highlights for each
of the fiscal periods since 1990, in conformity with generally accepted
accounting principles.
/s/ Ernst & Young LLP
Chicago, Illinois
May 12, 1999
18
<PAGE>
Calamos Convertible Fund
Schedule of Investments March 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------------------------------------------------------------------
<S> <C> <C>
Convertible Bonds (52.0%)
Capital Goods--Technology (18.0%)
$ 2,100,000 Affiliated Computer Services $ 2,640,792
Corporation (b) 4.000%, 03/15/05
2,500,000 At Home Corporation (b) 2,625,000
0.5246%, 12/28/18
7,900,000 Atmel Corporation (b) 2,437,624
0.000%, 04/21/18
1,600,000 Bell Atlantic Corporation (Tel_Nz) (b) 1,699,008
5.750%, 04/01/03
1,200,000 Bell Atlantic Corporation (b) 1,316,100
(Cable & Wireless) 4.250%, 09/15/05
500,000 Bell Atlantic Corporation 548,375
(Cable & Wireless) 4.250%, 09/15/05
1,075,000 Converse Technology Corporation (b) 1,565,469
4.500%, 07/01/05
830,000 Doubleclick, Inc. (b) 1,041,335
4.750%, 03/15/06
1,355,000 France Telecom S.A (b) 1,289,894
2.000%, 01/01/04
600,000 LSI Logic Corporation (b) 722,250
4.250%, 03/15/04
2,400,000 Network Associates, Inc. (b) 879,000
0.000%, 02/13/18
4,400,000 Solectron Corporation (b), (c) 2,176,416
0.000%, 01/27/19
1,175,000 Systems & Computer Technology 846,000
Corporation 5.000%, 10/15/04
4,400,000 U.S. Cellular Corporation 2,029,500
0.000%, 06/15/15
3,460,000 Xerox Corporation 2,084,650
0.570%, 04/21/18 -----------
23,901,413
Consumer Cyclicals (10.5%)
2,625,000 Hilton Hotels Corporation 2,460,937
5.000%, 05/15/06
2,100,000 The Interpublic Group of Companies, 2,397,318
Inc. (b) 1.800%, 09/16/04
704,000 The Interpublic Group of Companies, 803,672
Inc. 1.800%, 09/16/04
365,000 Magna International, Inc. 366,599
4.875%, 02/15/05
3,175,000 Marriott International, Inc. (c) 2,142,617
0.000%, 03/25/11
1,025,000 Marriott International, Inc. (c) 691,711
0.000%, 03/25/11 Euro
3,035,000 Office Depot, Inc. (c) 2,610,100
0.000%, 11/01/08
500,000 Omnicom Group, Inc. 852,345
2.250%, 01/06/13
950,000 Omnicom Group, Inc. (b) 1,619,456
2.250%, 01/06/13
-----------
13,944,755
Consumer Growth Staples (11.9%)
225,000 Alpharma, Inc. 339,187
5.750%, 04/01/05
4,440,000 Athena Neurosciences (Elan) (b) 2,536,350
0.000%, 12/14/18
1,800,000 Clear Channel Communications, Inc. 2,239,344
2.625%, 04/01/03
1,100,000 Costco Companies, Inc. 1,179,024
0.000%, 08/19/17
2,300,000 Costco Companies, Inc. (b) 2,465,232
0.000%, 08/19/17
2,160,000 Genzyme Corporation (b) 3,118,910
5.250%, 06/01/05
1,450,000 Rite Aid Corporation (b) 1,495,081
5.250%, 09/15/02
4,500,000 Roche Holdings Company (b), (c) 2,407,500
0.000%, 05/06/12
-----------
15,780,628
Consumer Staples (2.4%)
2,650,000 Nestle Holdings, Inc. 3,216,255
3.000%, 06/17/02
Credit Cyclicals (0.8%)
1,350,000 BankAtlantic Bancorp, Inc. 1,086,750
5.625%, 12/01/07
Energy (1.4%)
2,150,000 Loews Corporation (Diamond 1,842,894
Offshore Drilling) 3.125%, 09/15/07
Financial (2.0%)
650,000 Finlayson Global (Rep. of Singapore) 671,937
Corporation (b) 0.000%, 02/19/04
127,000,000 Mitsui Marine & Fire Insurance 1,115,258
JPY Company 0.700%, 03/31/03
83,000,000 Sumitomo Marine & Fire Insurance 852,216
JPY Company 1.200%, 03/31/04 -----------
2,639,411
</TABLE>
See accompanying Notes to Schedule of Investments.
19
<PAGE>
Calamos Convertible Fund - continued
Schedule of Investments March 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------------------
<C> <S> <C>
Transportation (3.2%)
$ 750,000 Airtours, Inc. plc $ 1,396,874
GBP 5.750%, 01/05/04
570,000 BAA plc 1,184,694
GBP 5.750%, 03/29/06
2,500,000 Deutsche Lufthansa (b) 1,690,475
DEM 2.125%, 12/03/02
-----------
4,272,043
Utilities (1.8%)
2,550,000 AES Corporation 2,473,500
4.500%, 08/15/05
===========
TOTAL CONVERTIBLE BONDS 69,157,649
(Cost $61,866,229)
Number
of Shares Value
- --------------------------------------------------------------------------------
Convertible Preferred Stocks (24.5%)
Basic Industries (3.9%)
68,500 International Paper Company 3,311,290
5.250%
37,800 Sealed Air Corporation 1,871,100
2.000% Series A
-----------
5,182,390
Capital Goods--Technology (5.3%)
22,000 Mediaone Group, Inc. 1,820,500
6.250%
57,300 Qualcomm Financial Trust, Inc. 5,178,488
5.750%
-----------
6,998,988
Consumer Cyclicals (3.0%)
33,300 Newell Financial Trust 1,848,150
5.250%
17,700 Royal Caribbean Cruises Limited 2,166,038
7.250% Series A
-----------
4,014,188
Consumer Growth Staples (2.9%)
57,300 Monsanto Co. 2,664,450
2.600%
29,200 Village Roadshow, Inc. (b) 1,197,200
3.250%
-----------
3,861,650
Consumer Staples (1.8%)
28,900 Suiza Foods Corporation (b) 1,000,663
5.500%
42,000 Suiza Foods Corporation 1,454,250
5.500%
-----------
2,454,913
Credit Cyclicals (1.6%)
55,000 DECS Trust II (Royal Group Tech 1,289,062
Limited) 6.875%
19,000 Owens Corning MIPS 857,375
6.500%
-----------
2,146,437
Financial (4.8%)
4,200 Equity Residential Properties Trust 90,300
7.250%
8,415 Glenborough Realty Trust, Inc. 140,951
7.750%
139,500 National Australia Bank 4,368,094
7.875%
46,300 Host Marriott Corporation 1,834,637
6.750%
-----------
6,433,982
Transportation (1.2%)
30,650 Union Pacific Capital Trust 1,536,331
6.250%
-----------
TOTAL CONVERTIBLE 32,628,879
PREFERRED STOCKS
(Cost $29,395,834)
Common Stocks (9.7%)
Capital Goods--Technology (0.1%)
3,000 American Power Conversion 81,000
Corporation
1,235 Sensormatic Electronics Corporation 11,733
-----------
92,733
Consumer Cyclical (1.0%)
27,624 Carnival Corporation 1,341,491
Consumer Growth Staples (3.7%)
34,000 Gannett Company, Inc. 2,142,000
48,000 Nike, Inc. Class B 2,769,000
-----------
4,911,000
Consumer Staples (2.5%)
180,000 Diageo plc 2,032,565
GBP
71,600 IBP, Inc. 1,333,550
-----------
3,366,115
</TABLE>
See accompanying Notes to Schedule of Investments.
20
<PAGE>
Calamos Convertible Fund--continued
Schedule of Investments March 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
Credit Cyclicals (1.2%)
28,000 Federal Home Loan Mortgage $ 1,599,500
Corporation
Financial (1.2%)
23,338 Fifth Third Bancorp 1,538,849
------------
TOTAL COMMON STOCKS 12,849,688
(Cost $8,415,583)
Number of
Contracts Value
- -----------------------------------------------------------------
Call Options (0.2%)
Consumer Staples (0.2%)
200 General Mills Corporation (a) 262,500
LEAPS Expiration 01/19/01,
Strike 70
------------
TOTAL CALL OPTIONS 262,500
(Cost $278,100)
Number of
Shares Value
- -----------------------------------------------------------------
Warrants (0.5%)
Consumer Growth Staples (0.5%)
65,527 News Corporation Ltd. 730,626
6/16/03
------------
TOTAL WARRANTS 730,626
(Cost $445,584)
Principal
Amount Value
- -----------------------------------------------------------------
U.S. Government Securities (10.2%)
$23,000,000 United States National Strips $ 7,093,200
Interest Coupon 0.000%, 11/15/18
United States Treasury Notes
850,000 7.000%, 04/15/99 850,943
500,000 5.875%, 02/15/00 504,475
2,750,000 6.875%, 05/15/06 2,985,208
2,000,000 6.500%, 10/15/06 2,130,440
------------
TOTAL U.S. GOVERNMENT 13,564,266
SECURITIES
(Cost $13,116,950)
TOTAL INVESTMENTS (97.1%) 129,193,608
(Cost $113,518,280)
CASH DEPOSITS WITH CUSTODIAN 2,505,101
(INTEREST BEARING) (1.9%)
OTHER ASSETS, LESS LIABILITIES (1.0%) 1,324,707
------------
NET ASSETS (100%) $133,023,416
============
NET ASSET VALUE PER SHARE--CLASS A $ 17.14
(3,934,969 shares outstanding) ============
NET ASSET VALUE PER SHARE--CLASS C $ 17.07
(1,806,433 shares outstanding) ============
NET ASSET VALUE PER SHARE--CLASS I $ 17.21
(2,017,601 shares outstanding) ============
</TABLE>
Notes to Schedule of Investments
(a) Non-income producing security
(b) Rule 144A security--Private placement securities issued under Rule 144A
are exempt from the registration requirements of the Securities Act of
1933. These securities generally are issued to qualified institutional
buyers, such as the Funds, and any resale by the Funds must be an exempt
transaction, normally to other qualified institutional investors.
(c) LYON--Liquid Yield Option Note
See accompanying Notes to Schedule of Investments.
21
<PAGE>
Calamos Growth and Income Fund
Schedule of Investments March 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------------------
<C> <S> <C>
Convertible Bonds (57.7%)
Capital Goods - Technology (25.8%)
$ 485,000 Affiliated Computer Services $ 609,897
Corporation (b) 4.000%, 03/15/05
725,000 At Home Corporation (b) 761,250
0.5246%, 12/28/18
1,350,000 Atmel Corporation (b) 416,556
0.000%, 04/21/18
200,000 Bell Atlantic (Cable & Wireless) 219,350
Corporation 4.250%, 09/15/05
900,000 Citrix Systems, Inc. (b) 305,469
0.000%, 03/22/19
170,000 Converse Technology, Inc. (b) 247,563
4.500%, 07/01/05
380,000 Doubleclick, Inc. (b) 476,756
4.750%, 03/15/06
400,000 Exodus.com, Inc. (b) 642,000
5.000%, 03/15/06
200,000 LSI Logic Corporation (b) 240,750
4.250%, 03/15/04
775,000 Network Associates, Inc. 283,844
0.000%, 02/13/18
500,000 Park Electrochemical Corporation 435,000
5.500%, 03/01/06
925,000 Solectron Corporation (b), (c) 457,542
0.000%, 01/27/19
250,000 Systems & Computer Technology
Corporation 5.000%, 10/15/04
950,000 U.S. Cellular Corporation 438,187
0.000%, 06/15/15
650,000 Xerox Corporation 391,625
0.570%, 04/21/18
----------
6,105,789
Consumer Cyclicals (7.8%)
300,000 The Interpublic Group of Companies, 342,474
Inc. (b) 1.800%, 09/16/04
110,000 The Interpublic Group of Companies, 125,574
Inc. 1.800%, 09/16/04
360,000 MAGNA International Corporation 361,577
4.875%, 02/15/05
550,000 Marriott International, Inc. (c) 371,162
0.000%, 03/25/11
350,000 Office Depot, Inc. 301,000
0.000%, 11/01/08
200,000 Omnicom Group, Inc. (b) 340,938
2.250%, 01/06/13
----------
1,842,725
Consumer Growth Staples (22.4%)
325,000 Alpharma, Inc. 489,937
5.750%, 04/01/05
725,000 Athena Neurosciences (Elan) (b) 414,156
0.000%, 12/14/18
400,000 Chiron Corporation (b) 388,992
1.900%, 11/17/00
360,000 Clear Channel Communications, Inc. 447,869
2.625%, 04/01/03
475,000 Costco Companies, Inc. (b) 509,124
0.000%, 08/19/17
230,000 Genzyme Corporation (b) 332,107
5.250%, 06/01/05
500,000 Jacor Communications, Inc. (c) 263,750
0.000%, 02/09/18
330,000 Petsmart, Inc. 391,459
6.750%, 11/01/04
270,000 Quintiles Transnational Corporation 286,643
4.250%, 5/31/00
285,000 Res-Care, Inc. 362,306
6.000%, 12/01/04
300,000 Rite Aid Corporation (b) 309,327
5.250%, 09/15/02
700,000 Roche Holdings, Inc. 456,750
0.000%, 04/20/10
800,000 Times Mirror Company (c) 365,000
0.000%, 04/15/17
350,000 Veterinary Centers of America, Inc. 271,250
5.250%, 05/01/06
----------
5,288,670
Financial (0.3%)
70,000 Financial Federal Corporation (b) 59,150
4.500%, 05/01/05
Utilities (1.4%)
350,000 AES Corporation 339,500
4.500%, 08/15/05
----------
TOTAL CONVERTIBLE BONDS 13,635,834
(Cost $11,970,081)
</TABLE>
See accompanying Notes to Schedule of Investments.
22
<PAGE>
Calamos Growth and Income Fund -- continued
Schedule of Investments March 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value
- ----------------------------------------------------------------
<S> <C>
Convertible Preferred Stocks (16.9%)
Basic Industries (1.9%)
9,000 Sealed Air Corporation 2.000% $ 445,500
Capital Goods -- Technology (4.2%)
3,500 Mediaone Group, Inc. 6.250% 289,625
7,700 Qualcomm, Inc. 5.750% 695,888
-----------
985,513
Consumer Cyclicals (2.8%)
4,600 Newell Financial Trust, Inc. 5.250% 255,300
3,300 Royal Caribbean Cruises Limited 403,838
7.250% Series A
-----------
659,138
Consumer Growth Staples (2.3%)
4,500 Time Warner, Inc. (Houston Ind) 7.000% 542,250
Consumer Staples (0.6%)
4,250 Suiza Foods Corporation (b) 5.500% 147,156
Credit Cyclicals (2.4%)
35,000 Kaufman & Broad Homes, Inc. 8.250% 280,000
6,600 Owens Corning Co. Mips 6.500% 297,825
-----------
577,825
Financial (2.7%)
10,000 Lincoln National Corporation Feline 265,000
Prides 7.750%
12,200 National Australia Bank 7.875% 382,012
-----------
647,012
-----------
TOTAL CONVERTIBLE 4,004,394
PREFERRED STOCKS
(Cost $3,402,000)
Common Stocks (8.2%)
Capital Goods--Technology (5.4%)
8,350 American Power Conversion Corporation 225,450
6,400 Microsoft Corporation (a) 573,600
6,400 Motorola, Inc. 468,800
-----------
1,267,850
Consumer Cyclicals (1.3%)
16,000 IBP, Inc. 298,000
Financial (1.5%)
5,514 Fifth Third Bancorp 363,579
-----------
TOTAL COMMON STOCKS 1,929,429
(Cost $1,281,233)
Call Options (0.2%)
Capital Staples--Technology (0.2%)
30 General Mills Corporation (a) 39,375
LEAPS Expiration 01/19/01,
Strike 70
-----------
TOTAL CALL OPTIONS 39,375
(Cost $41,715)
Principal
Amount Value
- ----------------------------------------------------------------
U.S. Government Securities (11.8%)
$ 3,800,000 United States National Strips Interest 1,263,462
Coupon 0.000%, 08/15/17
United States Treasury Notes
230,000 7.000%, 04/15/99 230,255
600,000 5.875%, 02/15/00 605,370
635,000 6.875%, 05/15/06 689,311
-----------
TOTAL U.S. GOVERNMENT 2,788,398
SECURITIES
(Cost $2,745,809)
-----------
TOTAL INVESTMENTS (94.8%) 22,397,430
(Cost $19,440,838)
CASH DEPOSITS WITH CUSTODIAN 385,340
(INTEREST BEARING) (1.6%)
OTHER ASSETS, LESS LIABILITIES (3.6%) 849,421
-----------
NET ASSETS (100%) $23,632,191
===========
NET ASSET VALUE PER SHARE--CLASS A $ 18.22
(1,041,524 shares outstanding) ===========
NET ASSET VALUE PER SHARE--CLASS C $ 18.07
(148,124 shares outstanding) ===========
NET ASSET VALUE PER SHARE--CLASS I $ 18.30
(107,971 shares outstanding) ===========
</TABLE>
Notes to Schedule of Investments
(a) Non-income producing security
(b) Rule 144A security Private placement securities issued under Rule 144A
are exempt from the registration requirements of the Securities Act of
1933. These securities generally are issued to qualified institutional
buyers, such as the Funds, and any resale by the Funds must be an exempt
transaction, normally to other qualified institutional investors.
(c) LYON -- Liquid Yield Option Note
See accompanying Notes to Schedule of Investments.
23
<PAGE>
Calamos Strategic Income Fund
Schedule of Investments March 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------------------
<S> <C>
Convertible Bonds (76.6%)
Capital Goods -- Technology (19.7%)
$ 50,000 Apple Computer Corporation $ 64,527
6.000%, 06/01/01
60,000 Doubleclick, Inc. (b) 75,277
4.750%, 03/15/06
70,000 Level One Communications, Inc. 137,629
4.000%, 09/01/04
30,000 LSI Logic Corporation (b) 36,113
4.250%, 03/15/04
120,000 Network Associates, Inc. 43,950
0.000%, 02/13/18
60,000 SportsLine USA, Inc. (b) 55,050
5.000%, 04/01/06
---------
412,546
Capital Goods Other (6.8%)
55,000 Robbins & Myers, Inc. 49,500
6.500%, 09/01/03
50,000 Thermoquest Corporation 48,500
5.000%, 08/15/00
40,000 Waste Management, Inc. 43,750
4.000%, 02/01/22
---------
141,750
Consumer Cyclicals (14.5%)
55,000 Amazon.com, Inc. (b) 69,506
4.750%, 02/01/09
45,000 Continental Airlines, Inc. 57,981
6.750%, 04/15/06
120,000 Office Depot, Inc. (a) 103,200
0.000%, 11/01/08
50,000 Speedway Motorsports, Inc. 71,188
5.750%, 09/30/03
---------
301,875
Consumer Growth Staples (19.4%)
75,000 Alza Corporation 38,250
0.000%, 07/14/14
75,000 Clear Channel Communications, Inc. 93,306
2.625%, 04/01/03
160,000 IDEC Pharmaceutical Corporation (b) 59,800
0.000%, 02/16/19
190,000 Jacor Communications, Inc. (a) 100,225
0.000%, 02/19/18
60,000 Petsmart, Inc. 71,174
6.750%, 11/01/04
40,000 Quintiles Transnational Corporation 42,466
4.250%, 05/31/00
---------
405,221
Energy (9.0%)
75,000 Nabors Industries, Inc. 86,250
5.000%, 05/15/06
100,000 Pennzenergy Co. (Chevron) 100,875
4.950%, 08/15/08
---------
187,125
Financial (2.6%)
65,000 Financial Federal Corporation 54,925
4.500%, 05/01/05
Utilities (4.6%)
100,000 AES Corporation 97,000
4.500%, 08/15/05
---------
TOTAL CONVERTIBLE BONDS 1,600,442
(Cost $1,459,314)
Number of
Shares Value
- --------------------------------------------------------------------------------
Convertible Preferred Stocks (23.7%)
Basic Industries (7.3%)
1,800 International Paper Company 5.250% 87,012
1,300 Sealed Air Corporation 2.000% Series A 64,350
---------
151,362
Capital Goods -- Technology (10.5%)
1,100 Case Corporation 4.500% Series A 66,275
1,700 Qualcomm, Inc. 5.750% 153,638
---------
219,913
Consumer Cyclicals (2.9%)
1,000 K Mart Financing Corporation 7.750% 60,500
Credit Cyclicals (3.0%)
1,400 Owens Corning MIPS 6.500% 63,175
---------
8,300 TOTAL CONVERTIBLE 494,950
PREFERRED STOCKS
(Cost $438,535)
---------
TOTAL INVESTMENTS (100.3%) 2,095,392
(Cost $1,897,849)
</TABLE>
See accompanying Notes to Schedule of Investments.
24
<PAGE>
Calamos Strategic Income Fund-continued
Schedule of Investments March 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks Sold Short (-50.4%)
Basic Industries (-2.7%)
540 International Paper Company $ (22,781)
700 Sealed Air Corporation (34,431)
=========
(57,212)
Capital Goods-Technology (-19.2%)
1,025 Apple Computer Corporation (36,836)
1,750 Case Corporation (44,406)
220 Doubleclick, Inc. (40,054)
117 Leap Wireless International, Inc. (1,506)
2,625 Level One Communications, Inc. (127,641)
350 LSI Logic Corporation (10,916)
600 Network Associates, Inc. (18,413)
850 Qualcomm, Inc. (105,718)
350 SportsLine USA, Inc. (15,968)
=========
(401,458)
Capital Goods Other (-2.8%)
1,300 Robbins & Myers, Inc. (22,425)
900 Thermoquest Corporation (10,913)
550 Waste Management, Inc. (24,406)
=========
(57,744)
Consumer Cyclicals (-9.2%)
185 Amazon.com, Inc. (31,855)
1,150 Continental Airlines, Inc. (43,700)
2,150 K Mart Corporation (36,147)
1,250 Office Depot, Inc. (46,015)
825 Speedway Motorsports, Inc. (34,031)
=========
(191,748)
Consumer Growth Staples (-8.9%)
600 Alza Corporation (22,950)
600 Clear Channel Communications, Inc. (40,237)
600 IDEC Pharmaceutical Corporation (30,825)
600 Jacor Communications, Inc. (45,600)
3,600 Petsmart, Inc. (28,913)
480 Quintiles Transnational Corporation (18,120)
=========
(186,645)
Credit Cyclicals (-1.0%)
650 Owens Corning Co. (20,678)
Energy (-3.8%)
550 Chevron Corporation (48,641)
1,650 Nabors Industries, Inc. (30,010)
=========
(78,651)
Financial (-1.2%)
1,300 Financial Federal Corporation (24,700)
Utilities (-1.6%)
900 AES Corporation (33,525)
=========
TOTAL COMMON STOCKS (1,052,361)
SOLD SHORT
(Proceeds -910,976)
CASH DEPOSITS WITH CUSTODIAN 1,098,783
(INTEREST BEARING) (52.6%)
LIABILITIES, LESS OTHER ASSETS (-2.5%) (52,662)
---------
NET ASSETS (100%) $ 2,089,152
=========
NET ASSET VALUE PER SHARE CLASS A $ 11.72
=========
(178,253 shares outstanding)
</TABLE>
Notes to Schedule of Investments
(a) LYON--Liquid Yield Option Note
(b) Rule 144A security--Private placement securities issued under Rule 144A
are exempt from the registration requirements of the Securities Act of
1933. These securities generally are issued to qualified institutional
buyers, such as the Funds, and any resale by the Funds must be an exempt
transaction, normally to other qualified institutional investors.
See accompanying Notes to Schedule of Investments.
25
<PAGE>
Calamos Growth Fund
Schedule of Investments March 31, 1999
<TABLE>
<CAPTION>
Number of
Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks (94.4%)
Basic Industries (0.8%)
4,000 American Woodmark Corporation $ 126,500
Capital Goods - Industrial (4.0%)
4,000 Dycom Industries, Inc. (a) 174,000
7,000 Group 1 Automotive, Inc. (a) 171,938
3,500 Jacobs Engineering Group, Inc. 138,031
6,300 Monaco Coach Corporation (a) 145,294
-----------
629,263
Capital Goods - Technology (38.2%)
8,000 Advantage Learning Systems, Inc. (a) 248,500
3,500 Alliant Techsystems, Inc. (a) 271,906
5,100 Broadvision, Inc. (a) 304,725
3,600 Comverse Technology, Inc. (a) 306,000
4,000 CSG Systems International, Inc. (a) 157,750
4,500 EMC Corporation - Mass. 574,875
4,300 Emulex Corporation (a) 141,900
5,300 Gulfstream Aerospace Corporation (a) 229,888
4,000 Lexmark International Group -
Class A (a) 447,000
8,000 Macromedia, Inc. (a) 362,500
5,400 Mindspring Enterprises, Inc. (a) 464,738
6,200 New Era of Networks, Inc. (a) 420,050
3,800 PMC - Sierra, Inc. (a) 270,512
5,000 RF Micro Devices, Inc. (a) 478,438
4,400 Transwitch Corporation (a) 199,100
10,000 Unify Corporation (a) 150,000
3,500 Verisign, Inc. (a) 539,000
3,900 Xircom, Inc. (a) 97,987
1,900 Yahoo!, Inc. (a) 319,912
-----------
5,984,781
Consumer Cyclicals (11.2%)
5,250 Gap, Inc. 353,391
6,000 Harley-Davidson, Inc. 345,000
3,500 Maytag Corporation 211,313
9,000 Midas, Inc. 300,375
6,300 Tarrant Apparel Corporation (a) 264,600
4,100 Tommy Hilfiger Corporation (a) 282,387
-----------
1,757,066
Consumer Growth Staples (33.0%)
4,300 Abercrombie & Fitch Co. Class A (a) 395,600
3,400 Allergan, Inc. 298,775
6,000 Amgen, Inc. (a) 449,250
4,400 Andrx Corporation (a) 400,950
3,100 Biogen, Inc. (a) 354,368
6,400 Children's Place Corporation (a) 172,400
2,200 Consolidated Graphics, Inc. (a) 127,050
7,800 Copart, Inc. (a) 161,850
6,000 D & K Healthcare Resources, Inc. (a) 148,500
3,100 Fair Isaac & Company, Inc. 114,894
6,400 Foodmaker, Inc. (a) 163,200
5,600 Kroll-O'Gara Co. (a) 151,900
10,600 K-Swiss, Inc. - Class A 267,650
4,700 Lowe's Companies 284,350
3,400 Medimmune, Inc. (a) 201,237
4,500 Osteotech, Inc. (a) 154,688
5,500 Quanta Services, Inc. (a) 139,906
9,500 Sonic Automotive, Inc. (a) 147,250
4,800 Tricom Global Restaurants, Inc. (a) 337,200
3,900 Viacom, Inc. - Class A (a) 324,919
3,400 VISX, Inc. (a) 365,713
===========
5,161,650
Consumer Staples (3.4%)
8,000 Keebler Foods Co. (a) 292,000
4,600 Safeway, Inc. (a) 236,037
-----------
528,037
Financial (3.8%)
6,750 Reinsurance Group of America, Inc. 287,297
3,300 SEI Investments Co. 305,250
-----------
592,547
-----------
TOTAL COMMON STOCKS 14,779,844
(Cost $10,930,935) -----------
TOTAL INVESTMENTS (94.4%) 14,779,844
(Cost $10,930,935)
CASH DEPOSITS WITH CUSTODIAN 609,441
(INTEREST BEARING) (3.9%)
OTHER ASSETS, LESS LIABILITIES (1.7%) 263,550
-----------
NET ASSETS (100%) $15,652,835
===========
NET ASSET VALUE PER SHARE - CLASS A $ 23.51
(576,425 shares outstanding) ===========
NET ASSET VALUE PER SHARE - CLASS C $ 23.18
(13,274 shares outstanding) ===========
NET ASSET VALUE PER SHARE - CLASS I $ 23.71
(75,555 shares outstanding) ===========
</TABLE>
Notes to Schedule of Investments
(a) Non-income producing security
See accompanying Notes to Schedule of Investments.
26
<PAGE>
Calamos Global Growth and Income Fund
Schedule of Investments March 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Convertible Bonds (45.6%)
Capital Goods-Technology (11.1%)
$ 95,000 Affiliated Computer Services
Corporation (b) 4.000%, 03/15/05 $ 119,464
70,000 Bell Atlantic Corporation (Tel Nz) (b) 74,331
5.750%, 04/01/03
70,000 Bell Atlantic Corporation (Cable &
Wireless) (b) 4.250%, 09/15/05 76,773
70,000 Bell Atlantic Corporation (Cable&
Wireless) 4.250%, 09/15/05 76,773
75,000 Comverse Technology Corporation (b) 109,219
4.500%, 07/01/05
150,000 Network Associates, Inc. 54,938
0.000%, 02/13/18
245,000 Solectron Corporation (b), (c) 121,187
0.000%, 01/27/19
175,000 U.S. Cellular Corporation 80,719
0.000%, 06/15/15
230,000 Xerox Corporation 138,575
0.570%, 04/21/18
==========
851,979
Consumer Cyclicals (6.6%)
150,000 The Interpublic Group of Companies,
Inc. 1.800%, 09/16/04 171,237
100,000 Magna International, Inc. 100,438
4.875%, 02/15/05
155,000 Marriott International, Inc. (c) 104,600
0.000%, 03/25/11
145,000 Office Depot, Inc. (c) 124,700
0.000%, 11/01/08
==========
500,975
Consumer Growth Staples (12.2%)
200,000 Athena Neurosciences (Elan) (b) 114,250
0.000%, 12/14/18
125,000 Clear Channel Communications, Inc. 155,510
2.625%, 04/01/03
200,000 Costco Companies, Inc. (b) 214,368
0.000%, 08/19/17
110,000 Genzyme Corporation (b) 158,833
5.250%, 06/01/05
95,000 Rite Aid Corporation (b) 97,954
5.250%, 09/15/02
250,000 S.M.H. Finance LUX 193,815
CHF 2.000%, 10/23/22
==========
934,730
Consumer Staples (2.4%)
150,000 Nestle Holdings, Inc. 182,052
3.000%, 06/17/02
Credit Cyclicals (2.1%)
250,000 Amoy Properties, Inc. (Hong Kong) 162,500
5.500%, 01/01/49
Financial (3.6%)
213,912,500 Banca Popolare Di Milano 139,621
ITL 2.500%, 04/15/08
70,000 Financial Federal Corporation 59,150
4.500%, 05/01/05
10,000,000 Nisshin Fire & Marine Insurance 79,794
JPY Company
0.650%, 03/31/04
==========
278,565
Transportation (5.7%)
89,000 Airtours, Inc. plc 165,762
GBP 5.750%, 01/05/04
65,000 BAA plc 135,097
GBP 5.750%, 03/29/06
200,000 Deutsche Lufthansa (b) 135,238
DEM 2.125%, 12/03/02
==========
436,097
Utilities (1.9%)
150,000 AES Corporation 145,500
4.500%, 08/15/05
==========
TOTAL CONVERTIBLE BONDS 3,492,398
(Cost $3,124,698)
Number of
Shares Value
- --------------------------------------------------------------------------------
Convertible Preferred Stocks (13.1%)
Capital Goods-Technology (5.0%)
1,300 Mediaone Group, Inc. 107,575
6.250%
3,000 Qualcomm Financial Trust, Inc. 271,125
5.750%
==========
378,700
Consumer Cyclicals (2.4%)
1,500 Royal Caribbean Cruises Limited 183,563
7.250% Series A
</TABLE>
See accompanying Notes to Schedule of Investments.
27
<PAGE>
Calamos Global Growth and Income Fund--cont.
Schedule of Investments March 31, 1999
<TABLE>
<CAPTION>
Number of
Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Consumer Staples (1.6%)
1,750 Suiza Foods Corporation (b) 5.500% $ 60,594
1,700 Suiza Foods Corporation 5.500% 58,862
----------
119,456
Credit Cyclicals (0.8%)
1,400 Owens Corning MIPS 6.500% 63,175
Financial (3.3%)
8,150 National Australia Bank 7.875% 255,197
----------
TOTAL CONVERTIBLE 1,000,091
PREFERRED STOCKS
(Cost $735,592)
Common Stocks (26.3%)
Capital Goods - Industrial (0.8%)
2,000 Hitachi Koki Co Ltd (a) 58,920
Capital Goods - Technology (5.4%)
2,100 Koninklijke (Philips Electronics) ADRs 173,119
2,300 Telecom Italia SPA ADRs 240,062
----------
413,181
Consumer Cyclicals (1.9%)
40,000 Rank Group plc 146,094
GBP
Consumer Growth Staples (5.5%)
3,050 Fuji Photo Film ADRs 113,994
1,600 Gannett Company, Inc. 100,800
125,000 Village Roadshow Ltd. 205,237
AUD
----------
420,031
Consumer Staples (9.4%)
18,000 Allied Domecq plc 134,246
GBP
6,038 BAT Industries plc ADRs 107,929
50,000 Berisford plc 178,380
GBP
16,814 Diageo plc 189,864
GBP
5,800 IBP, Inc 108,025
----------
718,444
Financial (3.3%)
1,270 MBIA, Inc. 73,660
26,000 Mitsui Marine and Fire Insurance Co. 131,723
JPY
8,000 Sumitomo Marine and Fire
JPY Insurance Co. 51,203
----------
256,586
==========
TOTAL COMMON STOCKS 2,013,256
(Cost $1,664,008)
Number of
Contracts Value
- --------------------------------------------------------------------------------
Call Options (0.1%)
Consumer Staples (0.1%)
20 General Mills Corporation (a) 12,000
LEAPS Expiration 01/20/01,
Strike 85
=========
TOTAL CALL OPTIONS 12,000
(Cost $14,560)
Number of
Shares Value
- --------------------------------------------------------------------------------
Warrants (0.4%)
Consumer Growth Staples (0.4%)
2,871 News Corporation Ltd. 32,011
6/16/03
=========
TOTAL WARRANTS 32,011
(Cost $19,523)
Principal
Amount Value
- --------------------------------------------------------------------------------
U.S. Government Securities (6.9%)
$1,125,000 United States National Strips Interest 346,950
Coupon 0.000%, 11/15/18
United States Treasury Notes
100,000 5.250%, 08/15/03 100,153
75,000 6.500%, 10/15/06 79,892
----------
TOTAL U.S. GOVERNMENT 526,995
SECURITIES
(Cost $521,826)
Other Investments (0.1%) 5,412
---------
TOTAL OTHER INVESTMENTS 5,412
(Cost $5,791)
=========
TOTAL INVESTMENTS (92.5%) 7,082,163
(Cost $6,085,998)
</TABLE>
See accompanying Notes to Schedule of Investments.
28
<PAGE>
Calamos Global Growth and Income Fund - cont.
Schedule of Investments March 31, 1999
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------- ----------
<S> <C>
U.S. DOLLAR CASH DEPOSITS WITH $ 430,616
CUSTODIAN (INTEREST BEARING) (5.6%)
OTHER ASSETS, LESS LIABILITIES (1.9%) 146,770
----------
NET ASSETS (100%) $7,659,549
==========
NET ASSET VALUE PER SHARE - CLASS A $ 6.61
(974,712 shares outstanding) ==========
NET ASSET VALUE PER SHARE - CLASS C $ 6.57
(111,017 shares outstanding) ==========
NET ASSET VALUE PER SHARE - CLASS I $ 6.63
(72,922 shares outstanding) ==========
</TABLE>
Notes to Schedule of Investments
(a) Non-income producing security
(b) Rule 144A security - Private placement securities issued under Rule 144A
are exempt from the registration requirements of the Securities Act of
1933. These securities generally are issued to qualified institutional
buyers, such as the Funds, and any resale by the Funds must be an exempt
transaction, normally to other qualified institutional investors.
(c) LYON - Liquid Yield Option Note
See accompanying Notes to Schedule of Investments.
29
<PAGE>
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
March 31, 1999
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 $113,518,280, $19,440,838,
$1,897,849, $10,930,935 and $6,085,998, respectively) $129,193,608 22,397,430 2,095,392 14,779,844 7,082,163
Cash with custodian (interest bearing) 2,505,101 385,340 1,098,783 609,441 430,616
Net unrealized appreciation on forward
foreign currency contracts 90,384 -- -- -- 105,872
Accrued interest and dividends receivable 658,096 111,770 13,540 2,374 42,757
Receivable for investments sold 1,433,725 354,417 20,192 824,373 --
Receivable for fund shares sold 524,124 499,235 923 91,346 31,282
Due from adviser -- -- 10,808 7,079 8,123
--------------------------------------------------------------
Total Assets $134,405,038 23,748,192 3,239,638 16,314,457 7,700,813
--------------------------------------------------------------
LIABILITIES AND NET ASSETS
Common stocks sold short, at value
(proceeds $910,976) -- -- 1,052,361 -- --
Payable for investments purchased -- -- 63,000 603,990 --
Payable for fund shares redeemed 511,922 4,000 -- 5,500 1,000
Distributions payable 682,295 53,059 4,630 -- --
Payable to investment adviser 92,831 16,339 2,530 14,883 8,470
Accounts payable and accrued liabilities 36,800 32,280 27,050 31,134 28,299
Payable to distributor 57,774 10,323 915 6,115 3,495
--------------------------------------------------------------
Total Liabilities 1,381,622 116,001 1,150,486 661,622 41,264
--------------------------------------------------------------
NET ASSETS $133,023,416 23,632,191 2,089,152 15,652,835 7,659,549
--------------------------------------------------------------
ANALYSIS OF NET ASSETS
Excess of amounts received from issuance of shares over
amounts paid on redemptions of shares on account
of capital $116,923,991 20,632,356 1,993,569 11,273,764 6,512,210
Undistributed net investment income 265,893 118,173 103 -- 51,561
Accumulated net realized gain (loss) on investments (43,240) (74,930) 39,322 530,162 13,004
Net unrealized appreciation 15,876,772 2,956,592 56,158 3,848,909 1,082,774
--------------------------------------------------------------
NET ASSETS $133,023,416 23,632,191 2,089,152 15,652,835 7,659,549
--------------------------------------------------------------
CLASS A SHARES
Net Assets Applicable to Shares Outstanding $ 67,455,534 18,980,665 2,089,152 13,553,477 6,446,717
Shares Outstanding 3,934,969 1,041,524 178,253 576,425 974,712
Net Asset Value and Redemption Price Per Share $ 17.14 18.22 11.72 23.51 6.61
--------------------------------------------------------------
Maximum Offering Price Per Share (Net asset value, plus
4.99% of net asset value or 4.75% of offering price) $ 17.99 19.13 12.30 24.68 6.94
--------------------------------------------------------------
CLASS C SHARES
Net Assets Applicable to Shares Outstanding $ 30,843,334 2,675,941 N/A 307,617 729,096
Shares Outstanding 1,806,433 148,124 N/A 13,274 111,017
Net Asset Value and Redemption Price Per Share $ 17.07 18.07 N/A 23.18 6.57
--------------------------------------------------------------
CLASS I SHARES
Net Assets Applicable to Shares Outstanding $ 34,724,548 1,975,585 N/A 1,791,741 483,736
Shares Outstanding 2,017,601 107,971 N/A 75,555 72,922
Net Asset Value and Redemption Price Per Share $ 17.21 18.30 N/A 23.71 6.63
--------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
30
<PAGE>
Statement of Operations
Year Ended March 31, 1999
<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 $ 3,448,159 566,491 66,989 39,403 145,026
Dividends 1,536,844 219,328 14,675 16,934 95,580
------------------------------------------------------------
Total investment income 4,985,003 785,819 81,664 56,337 240,606
------------------------------------------------------------
EXPENSES
Investment advisory fees 932,218 140,713 11,670 126,233 72,674
Distribution fees 571,790 94,053 7,780 55,942 37,486
Transfer agent fees 90,446 51,964 23,080 46,114 44,242
Fund accounting fees 17,675 10,807 6,375 10,000 13,516
Custodian fees 25,141 7,410 3,226 7,578 13,914
Trustees' fees 3,600 4,320 4,500 4,320 4,500
Registration fees 28,571 10,906 13,039 15,766 18,130
Audit and legal fees 25,082 27,202 28,782 28,782 26,582
Other 13,959 3,193 1,375 870 1,127
------------------------------------------------------------
Total expenses 1,708,482 350,568 99,827 295,605 232,171
Less expense reimbursement -- -- 66,727 50,313 85,674
------------------------------------------------------------
Net expenses 1,708,482 350,568 33,100 245,292 146,497
------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 3,276,521 435,251 48,564 (188,955) 94,109
------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments, options and
forward foreign currency contracts 4,358,710 900,317 108,678 723,739 448,201
Change in net unrealized appreciation on investments,
options and forward foreign currency contracts (3,186,023) 91,274 (26,015) 1,667,569 (212,532)
------------------------------------------------------------
NET GAIN ON INVESTMENTS 1,172,687 991,591 82,663 2,391,308 235,669
NET INCREASE IN NET ASSETS ------------------------------------------------------------
RESULTING FROM OPERATIONS $ 4,449,208 1,426,842 131,227 2,202,353 329,778
============================================================
</TABLE>
See accompanying Notes to Financial Statements.
31
<PAGE>
Statement of Changes in Net Assets
Years Ended March 31, 1999 and March 31, 1998
<TABLE>
<CAPTION>
Convertible Growth and Income Strategic Income
Fund Fund Fund
-------------------------------------------------------------------------------------
1999 1998 1999 1998 1999 1998
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss) $ 3,276,521 2,453,064 435,251 249,642 48,564 46,803
Net realized gain (loss)
on investments, options and
forward foreign
currency contracts 4,358,710 2,560,225 900,317 1,385,182 108,678 60,889
Change in unrealized appreciation
or depreciation on investments,
options and forward foreign
currency contracts (3,186,023) 15,584,412 91,274 2,264,937 (26,015) 71,669
-------------------------------------------------------------------------------------
Increase in net assets
resulting from operations 4,449,208 20,597,701 1,426,842 3,899,761 131,227 179,361
-------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment income (3,115,139) (3,152,727) (432,108) (307,892) (48,568) (51,603)
Net realized gains (3,004,579) (4,381,803) (1,230,405) (1,406,829) (115,218) (4,304)
Return of capital -- (521,015) -- -- -- --
-------------------------------------------------------------------------------------
Total distributions (6,119,718) (8,055,545) (1,662,513) (1,714,721) (163,786) (55,907)
-------------------------------------------------------------------------------------
INCREASE (DECREASE)
IN NET ASSETS FROM
CAPITAL SHARE
TRANSACTIONS 22,227,638 60,879,505 7,532,355 5,411,891 998,473 (317,195)
-------------------------------------------------------------------------------------
TOTAL INCREASE
(DECREASE) IN NET ASSETS 20,557,128 73,421,661 7,296,684 7,596,931 965,914 (193,741)
NET ASSETS
Beginning of year 112,466,288 39,044,627 16,335,507 8,738,576 1,123,238 1,316,979
-------------------------------------------------------------------------------------
End of year $133,023,416 112,466,288 23,632,191 16,335,507 2,089,152 1,123,238
=====================================================================================
Undistributed Net
Investment Income $ 265,893 -- 118,173 -- 103 --
</TABLE>
<TABLE>
<CAPTION>
Global Growth
Growth and Income
Fund Fund
----------------------------------------------------
1999 1998 1999 1998
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss) (188,955) (132,047) 94,109 68,142
Net realized gain (loss)
on investments, options and
forward foreign
currency contracts 723,739 2,128,477 448,201 (9,692)
Change in unrealized appreciation
or depreciation on investments,
options and forward foreign
currency contracts 1,667,569 1,782,223 (212,532) 1,241,159
----------------------------------------------------
Increase in net assets
resulting from operations 2,202,353 3,778,653 329,778 1,299,609
----------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment income -- -- (147,631) (241,372)
Net realized gains -- (2,332,954) (149,906) (111,771)
Return of capital -- (80,888) -- --
----------------------------------------------------
Total distributions -- (2,413,842) (297,537) (353,143)
----------------------------------------------------
INCREASE (DECREASE)
IN NET ASSETS FROM
CAPITAL SHARE
TRANSACTIONS 1,527,126 3,914,714 819,774 2,545,247
----------------------------------------------------
TOTAL INCREASE
(DECREASE) IN NET ASSETS 3,729,479 5,279,525 852,015 3,491,713
NET ASSETS
Beginning of year 11,923,356 6,643,831 6,807,534 3,315,821
----------------------------------------------------
End of year 15,652,835 11,923,356 7,659,549 6,807,534
====================================================
Undistributed Net
Investment Income -- -- 51,561 68,156
</TABLE>
See accompanying Notes to Financial Statements.
32
<PAGE>
Notes to Financial Statements
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Organization - Calamos 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 or 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 losses of $172,527 and unrealized foreign exchange
losses of $22,406 incurred by the Convertible Fund, and realized foreign
exchange losses of $65,501 and unrealized foreign exchange losses of $5,871
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.
Dividends - Dividends payable to shareholders are recorded by the Funds on the
ex-dividend date. Income and capital gain dividends are determined in
accordance with income tax regulations, which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments for foreign currency transactions.
Allocation of Expenses between Classes - Expenses arising in connection with a
specific class of shares are allocated directly. All other expenses are
allocated pro rata based on relative net assets.
Use of Estimates - The preparation of financial statements in conformity with
generally accepted accounting
33
<PAGE>
Notes to Financial Statements - continued
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, 2000. For the year ended March 31, 1999, CAM waived
or absorbed expenses of $66,727 for the Strategic Income Fund, $50,313 for the
Growth Fund, and $85,674 for the Global Growth and Income Fund.
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 each Fund's Class A
shares. During the year ended March 31, 1999, CFS received commissions of
$50,628, $12,310, $776, $492, and $188 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 year ended March 31,1999, the Convertible Fund, Growth and Income
Fund, Strategic Income Fund, Growth Fund and Global Growth and Income Fund paid
brokerage commissions to CFS on purchases and sales of portfolio securities in
the amount of $37,659, $9,124, $1,376, $26,776 and $4,160, 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
34
<PAGE>
Notes to Financial Statements - continued
NOTE 3 -- INVESTMENTS
Purchases and sales of investments other than short-term obligations by the
Funds for the year ended March 31, 1999, were 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 $109,276,562 $20,954,708 $3,504,197 $22,809,446 $7,332,570
Proceeds from sales 92,199,879 15,504,644 2,671,003 21,584,933 7,206,699
</TABLE>
The following information is based on the cost basis of investments for Federal
income tax purposes at March 31, 1999:
<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 $113,518,280 $19,440,838 $1,897,849 $10,930,935 $6,085,998
Gross unrealized appreciation 20,066,251 3,825,368 269,205 4,129,179 1,210,890
Gross unrealized depreciation (4,390,923) (868,776) (71,662) (280,270) (214,726)
Net unrealized appreciation 15,675,328 2,956,592 197,543 3,848,909 996,164
</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 year ended March 31, 1999, the Strategic Income Fund incurred net
gains of $3,004 on short sales that were classified as net realized gains on
investments. No other Fund engaged in short sales during the year ended March
31, 1999.
NOTE 5 -- FORWARD FOREIGN CURRENCY CONTRACTS
Each Fund may engage in portfolio hedging with respect to changes in currency
exchange rates by entering into foreign currency contracts to purchase or sell
currencies. A forward foreign currency contract is a commitment to purchase or
sell a foreign currency at a future date at a negotiated forward rate. Risks
associated with such contracts include movement in the value of the foreign
currency relative to the U.S. dollar and the ability of the counterparty to
perform. The net unrealized gain, if any, represents the credit risk to the Fund
on a forward foreign currency contract. The contracts are valued daily at
forward exchange rates and an unrealized gain or loss is recorded. The Fund
realizes a gain or loss upon settlement of the contracts. The statement of
operations reflects net unrealized gains and losses on these contracts. The
counterparty to all forward foreign currency contracts at March 31, 1999, was a
multinational bank.
35
<PAGE>
Notes to Financial Statements - continued
As of March 31, 1999, 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 04/15/99 210,000,000 $1,777,112 $ 90,384
</TABLE>
As of March 31, 1999, 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 04/15/99 525,000 $ 355,245 $ 36,166
Euros 04/15/99 325,000 350,565 31,050
Japanese Yen 04/15/99 45,000,000 380,810 19,617
British Pounds Sterling 04/15/99 650,000 1,049,137 19,288
Hong Kong Dollars 04/15/99 1,000,000 129,086 (249)
-----------
$105,872
-----------
</TABLE>
NOTE 6 -- INTEREST BEARING CASH DEPOSIT WITH CUSTODIAN
Each Fund earns interest on its average daily balance deposited with its
custodian at a rate equal to the current Federal Reserve federal funds rate.
During the year ended March 31, 1999, the Convertible Fund, Growth and Income
Fund, Strategic Income Fund, Growth Fund and Global Growth and Income Fund
earned $228,241, $46,912, $24,007, $39,403 and $16,576, respectively.
NOTE 7 -- CAPITAL SHARE TRANSACTIONS
The following table summarizes the activity in capital shares of the Funds:
<TABLE>
<CAPTION>
Convertible Growth and Income Strategic
Year ended March 31, 1999 Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
A Shares Shares Dollars Shares Dollars Shares Dollars
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 1,251,894 $ 21,115,430 421,294 $ 7,535,966 106,703 $1,269,722
Shares issued in reinvestment of distributions 117,572 1,924,088 64,677 1,126,161 12,957 149,582
Less shares redeemed (999,737) (16,673,704) (149,988) (2,625,432) (35,744) (420,831)
-----------------------------------------------------------------------------
Increase (Decrease) 369,729 $ 6,365,814 335,983 $ 6,036,695 83,916 $ 998,473
-----------------------------------------------------------------------------
C Shares Shares Dollars Shares Dollars Shares Dollars
-----------------------------------------------------------------------------
Shares sold 1,266,994 $ 21,222,195 98,923 $1,777,306 -- --
Shares issued in reinvestment of distributions 12,808 209,318 2,224 38,338 -- --
Less shares redeemed (299,718) (5,033,144) (27,639) (480,801) -- --
-----------------------------------------------------------------------------
Increase (Decrease) 980,084 $ 16,398,369 73,508 $1,334,843 -- --
-----------------------------------------------------------------------------
I Shares Shares Dollars Shares Dollars Shares Dollars
-----------------------------------------------------------------------------
Shares sold 358,145 $ 6,091,643 -- $ -- -- --
Shares issued in reinvestment of distributions 5,072 83,302 9,210 160,817 -- --
Less shares redeemed (403,644) (6,711,490) -- -- -- --
-----------------------------------------------------------------------------
Increase (Decrease) (40,427) $ (536,545) 9,210 $ 160,817 -- --
-----------------------------------------------------------------------------
</TABLE>
36
<PAGE>
Notes to Financial Statements - continued
<TABLE>
<CAPTION>
Growth Global Growth and
Year ended March 31, 1999 Fund Income Fund
===================================================================================================
A Shares Shares Dollars Shares Dollars
---------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 120,475 $ 2,391,213 191,523 $ 1,251,757
Shares issued in reinvestment of distributions - - 38,747 240,982
Less shares redeemed (61,207) (1,118,636) (120,730) (745,913)
---------------------------------------------------
Increase (Decrease) 59,268 $ 1,272,577 109,540 $ 746,826
===================================================
C Shares Shares Dollars Shares Dollars
---------------------------------------------------
Shares sold 13,372 $ 291,295 18,675 $ 122,276
Shares issued in reinvestment of distributions - - 2,261 13,933
Less shares redeemed (2,181) (46,746) (12,715) (82,580)
---------------------------------------------------
Increase (Decrease) 11,191 $ 244,549 8,221 $ 53,629
===================================================
I Shares Shares Dollars Shares Dollars
---------------------------------------------------
Shares sold 586 $ 10,000 - $ -
Shares issued in reinvestment of distributions - - 3,112 19,319
Less shares redeemed - - - -
---------------------------------------------------
Increase (Decrease) 586 $ 10,000 3,112 $ 19,319
===================================================
</TABLE>
<TABLE>
<CAPTION>
Convertible Growth and Income Strategic
Year ended March 31, 1998 Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
A Shares Shares Dollars Shares Dollars Shares Dollars
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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 $17,930,939 163,935 $ 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 - -
Shares issued in reinvestment of distributions 3,754 60,070 2,337 38,655 - -
Less shares redeemed (74,212) (1,203,254) (3,334) (58,117) - -
--------------------------------------------------------------------------------
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 97,436 $ 1,748,011 - -
Shares issued in reinvestment of distributions 4,474 72,664 1,325 24,013 - -
Less shares redeemed (184,960) (2,993,160) - - - -
--------------------------------------------------------------------------------
Increase (Decrease) 2,058,028 $32,980,631 98,761 $ 1,772,024 - -
================================================================================
</TABLE>
<TABLE>
<CAPTION>
Growth Global Growth and
Year ended March 31, 1998 Fund Income Fund
- ---------------------------------------------------------------------------------------------------
A Shares Shares Dollars Shares Dollars
---------------------------------------------------
<S> <C> <C> <C> <C>
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>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
ABBREVIATIONS
<S> <C> <C> <C> <C> <C>
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
</TABLE>
37
<PAGE>
Financial Highlights
Calamos Convertible Fund
Selected data for a share outstanding throughout each period were as follows:
<TABLE>
<CAPTION>
Class A
-------------------------------------------------------------------------
Eleven Months
Ended Year Ended
Year Ended March 31 March 31, April 30,
-------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 17.43 $ 14.68 $ 14.49 $ 12.41 $ 13.04 $ 13.96 $ 12.72
Income from investment operations:
Net investment income .41 .49 .36 .40 .38 .40 .42
Net realized and unrealized gain
(loss) on investments .09 3.92 1.39 3.06 (.01) .53 1.32
------- ------- ------- ------- ------- ------- -------
Total from investment operations .50 4.41 1.75 3.46 .37 .93 1.74
------- ------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment
income (.41) (.61) (.45) (.31) (.32) (.39) (.40)
Dividends from net realized
capital gains (.38) (.95) (1.11) (1.07) (.56) (1.46) (.10)
Dividends in excess of net realized
capital gains - - - - (.12) - -
Distributions from paid in capital - (.10) - - - - -
------- ------- ------- ------- ------- ------- -------
Total distributions (.79) (1.66) (1.56) (1.38) (1.00) (1.85) (.50)
------- ------- ------- ------- ------- ------- -------
Net asset value, end of period $ 17.14 $ 17.43 $ 14.68 $ 14.49 $ 12.41 $ 13.04 $ 13.96
======= ======= ======= ======= ======= ======= =======
Total return (a) 3.2% 31.4% 12.9% 28.8% 3.2% 6.5% 14.0%
Ratios and supplemental data:
Net assets, end of period (000) $67,456 $62,157 $35,950 $24,460 $16,646 $17,023 $17,213
Ratio of expenses to
average net assets 1.4% 1.4% 1.5% 1.5% 1.6%* 1.6% 1.7%
Ratio of net investment income
to average net assets 2.6% 3.3% 2.8% 3.0% 3.3%* 2.8% 3.2%
------- ------- ------- ------- ------- ------- -------
</TABLE>
<TABLE>
<CAPTION>
Class A
------------------------------
Year Ended April 30,
------------------------------
1992 1991 1990
------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 11.39 $ 10.29 $ 10.73
Income from investment operations:
Net investment income .41 .49 .60
Net realized and unrealized gain
(loss) on investments 1.43 1.25 (.32)
------- ------- -------
Total from investment operations 1.84 1.74 .28
------- ------- -------
Less distributions:
Dividends from net investment
income (.45) (.52) (.63)
Dividends from net realized
capital gains - - -
Dividends in excess of net realized
capital gains - - -
Distributions from paid in capital (.06) (.12) (.09)
------- ------- -------
Total distributions (.51) (.64) (.72)
------- ------- -------
Net asset value, end of period $ 12.72 $ 11.39 $ 10.29
======= ======= =======
Total return (a) 16.5% 17.7% 2.4%
Ratios and supplemental data:
Net assets, end of period (000) $16,940 $13,953 $18,664
Ratio of expenses to
average net assets 1.2% 1.2% 1.1%
Ratio of net investment income
to average net assets 3.4% 4.3% 5.5%
------- ------- -------
</TABLE>
<TABLE>
<CAPTION>
Class C Class I
----------------------------------- ------------------------
Year Year July 5, 1996 Year June 26, 1997
Ended Ended through Ended through
March 31, March 31, March 31, March 31, March 31,
----------------------------------- ------------------------
1999 1998 1997 1999 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 .31 .40 .30 .50 .37
Net realized and unrealized gain (loss)
on investments .11 3.92 1.21 .09 2.49
----------------------------------- ------------------------
Total from investment operations .42 4.32 1.51 .59 2.86
----------------------------------- ------------------------
Less distributions:
Dividends from net investment income (.35) (.52) (.25) (.47) (.54)
Dividends from net realized capital gains (.38) (.95) (.50) (.38) (.63)
Distributions from paid in capital - (.10) - - (.10)
----------------------------------- ------------------------
Total distributions (.73) (1.57) (.75) (.85) (1.27)
----------------------------------- ------------------------
Net asset value, end of period $ 17.07 $ 17.38 $14.63 $ 17.21 $ 17.47
----------------------------------- ------------------------
Total return (a) 2.7% 30.8% 11.1% 3.7% 18.8%
Ratios and supplemental data:
Net assets, end of period (000) $30,843 $14,358 $3,094 $34,725 $35,951
Ratio of expenses to average net assets 1.9% 2.0% 2.0% 0.9% 0.9%*
Ratio of net investment income to average net assets 2.1% 3.0% 2.7% 3.1% 2.9%*
----------------------------------- ------------------------
</TABLE>
<TABLE>
<CAPTION>
Eleven Months
Ended
Year Ended March 31, March 31, Year Ended April 30,
--------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio turnover rate 78.2% 76.0% 52.3% 65.2% 42.1% 73.1% 73.1% 83.8% 63.2% 93.4%
Average commission rate per share $.0676 $.0786 $.6010 $.0633 $.0936 $.0952 $.1000 $.0966 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.
38
<PAGE>
Financial Highlights
Calamos Growth and Income Fund
Selected data for a share outstanding throughout each period were as follows:
<TABLE>
<CAPTION>
Class A
------------------------------------------------------------------------------------------
Eleven Months
Ended
Year Ended March 31, March 31, Year Ended April 30,
------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
------------------------------------------------------------------------------------------
<S> <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
Income from investment operations:
Net investment income .39 .34 .34 .37 .35 .31 .35 .29 .31 .33
Net realized and unrealized gain
(loss) on investments .79 5.14 1.52 3.70 (.02) .34 1.97 2.02 1.09 .09
------------------------------------------------------------------------------------------
Total from investment
operations 1.18 5.48 1.86 4.07 .33 .65 2.32 2.31 1.40 .42
------------------------------------------------------------------------------------------
Less distributions:
Dividends from net investment
income (.39) (.41) (.28) (.42) (.32) (.29) (.36) (.28) (.32) (.28)
Dividends from net realized
capital gains (1.16) (2.00) (1.68) (.71) (.30) (1.29) (1.63) -- -- (.17)
------------------------------------------------------------------------------------------
Total distributions (1.55) (2.41) (1.96) (1.13) (.62) (1.58) (1.99) (.28) (.32) (.45)
------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.22 $ 18.59 $15.52 $15.62 $12.68 $12.97 $13.90 $13.57 $11.54 $10.46
------------------------------------------------------------------------------------------
Total return (b) 6.9% 37.8% 12.9% 33.0% 2.8% 4.5% 18.8% 20.2% 13.4% 3.8%
Ratios and supplemental data:
Net assets, end of period (000) $18,981 $13,119 $8,408 $5,813 $3,853 $4,663 $3,655 $2,694 $1,821 $1,345
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% 2.0%
Ratio of net investment income
to average net assets (a) 2.3% 2.0% 2.4% 2.6% 3.0%* 2.3% 2.6% 2.3% 2.9% 3.0%
------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class I
---------------------------------------- -----------------------------
Year Year August 5, 1996 Year September 18, 1997
Ended Ended through Ended through
March 31, March 31, March 31, March 31, March 31,
---------------------------------------- -----------------------------
1999 1998 1997 1999 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 .28 .26 .26 .54 .22
Net realized and unrealized gain (loss) on investments .82 5.11 1.30 .75 2.14
Total from investment operations 1.10 5.37 1.56 1.29 2.36
Less distributions:
Dividends from net investment income (.34) (.39) (.25) (.43) (.38)
Dividends from net realized capital gains (1.17) (2.00) (.33) (1.17) (1.33)
---------------------------------------- -----------------------------
Total distributions (1.51) (2.39) (.58) (1.60) (1.71)
---------------------------------------- -----------------------------
Net asset value, end of period $18.07 $18.48 $15.50 $18.30 $ 18.61
---------------------------------------- -----------------------------
Total return (b) 6.5% 37.1% 10.8% 7.5% 14.4%
Ratios and supplemental data:
Net assets, end of period (000) $2,676 $1,379 $ 330 $1,976 $ 1,838
Ratio of expenses to average net assets (c) 2.4% 2.5% 2.5%* 1.3% 1.5%*
Ratio of net investment income to average net
assets (c) 1.9% 1.5% 2.4%* 2.9% 2.4%*
---------------------------------------- -----------------------------
</TABLE>
<TABLE>
<CAPTION>
Eleven Months
Ended
Year Ended March 31, March 31, Year Ended April 30,
---------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio turnover rate 87.5% 115.5% 91.5% 86.4% 84.7% 155.2% 132.3% 111.6% 103.6% 103.0%
Average commission rate
per share $ .0742 $ .0773 $.0609 $.0604 $.0924 $.1002 $.1010 $.1004 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% and 2.3% 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, respectively for Class I shares.
*Annualized.
See accompanying Notes to Financial Statements.
39
<PAGE>
Financial Highlights
Calamos Strategic Income Fund
Selected data for a share outstanding throughout each period were as follows:
<TABLE>
<CAPTION>
Class A Shares
---------------------------------------------------------------------------------------------------
Eleven Months Sept. 4,
Ended 1990 to
Year Ended March 31 March 31, Year Ended April 30, April 30,
---------------------------------------------------------------------------------------------------
1999 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 .32 .50 .50 .53 .40 .36 .39 .59 .40
Net realized and
unrealized gain
(loss) on investments .67 1.19 .29 .83 (.43) .11 .79 .46 .61
---------------------------------------------------------------------------------------------------
Total from investment
operations .99 1.69 .79 1.36 (.03) .47 1.18 1.05 1.01
---------------------------------------------------------------------------------------------------
Less distributions:
Dividends from net
investment income (.32) (.55) (.68) (.42) (.36) (.41) (.41) (.51) (.40)
Dividends from net
realized capital gains (.86) (.04) (.37) -- (.19) (.31) (.39) (.56) (.01)
---------------------------------------------------------------------------------------------------
Total distributions (1.18) (.59) (1.05) (.42) (.55) (.72) (.80) (1.07) (.41)
---------------------------------------------------------------------------------------------------
Net asset value, end of
period $11.72 $ 11.91 $10.81 $11.07 $10.13 $10.71 $10.96 $10.58 $ 10.60
---------------------------------------------------------------------------------------------------
Total return (c) 8.7% 15.7% 7.4% 13.6% (0.2%) 4.2% 11.5% 10.5% 10.2%
Ratios and supplemental
data:
Net assets, end of
period (000) $2,089 $ 1,123 $1,317 $1,620 $2,211 $3,004 $2,522 $1,410 $ 595
Ratio of expenses to
average net
assets (a)(b) 2.1% 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) 3.1% 3.9% 4.3% 4.6% 4.0%* 3.2% 3.9% 5.3% 6.6%*
---------------------------------------------------------------------------------------------------
Eleven Months Sept. 4,
Ended 1990 to
Year Ended March 31 March 31, Year Ended April 30, April 30,
---------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991
---------------------------------------------------------------------------------------------------
Portfolio turnover rate 192.9% 398.2 % 152.5% 81.1% 59.9% 79.4% 73.8% 97.0% 108.9%*
Average commission rate
per share $.0579 $ .0813 $.0711 $.0636 $.0966 $.0997 $.1056 $.1200 N/A
</TABLE>
(a) After the reimbursement and waiver of expenses by the Adviser equivalent to
4.3%, 4.1%, 3.0%, 1.6%, 1.1%*, 1.0%, 0.7%, 1.25% and 4.8%* of average net
assets, respectively.
(b) Includes 0.1%, 0.1%, 0.1%, 0.2%, 0.4%*, 0.2%, 0.3%, 0.5% and 0.6%*,
respectively, related to dividend expense 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.
40
<PAGE>
Financial Highlights
Calamos Growth Fund
Selected data for a share outstanding throughout each period were as follows:
<TABLE>
<CAPTION>
Class A
--------------------------------------------------------------------------------------------
Eleven Months Sept. 4,
Ended 1990 to
Year Ended March 31, March 31, Year Ended April 30, April 30,
--------------------------------------------------------------------------------------------
1999 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) (.30) (.01) (.09) (.09) .02 .01 (.02) (.01) .07
Net realized and unrealize
gain (loss) on investments 3.75 8.53 3.14 4.69 (.28) 1.21 .20 1.60 2.50
--------------------------------------------------------------------------------------------
Total from investment operations 3.45 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 $ 23.51 $ 20.06 $17.04 $15.74 $ 14.18 $14.57 $13.95 $14.04 $ 12.48
============================================================================================
Total return (b) 17.2% 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) $13,553 $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) (1.6)% (1.5)% (1.3)% (0.8)% 0.2%* 0.1% (0.1)% (0.1)% 0.8%*
============================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class C Class I
----------------------------------- ---------------------------
Year Year Sept. 3, 1996 Year September 18, 1997
Ended Ended through Ended through
March 31, March 31, March 31, March 31, March 31,
----------------------------------- ---------------------------
1999 1998 1997 1999 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 (.11) (.13) (.07) (.21) (.11)
Net realized and unrealized gain (loss)
on investments 3.44 8.50 1.07 3.80 1.07
----------------------------------- ---------------------------
Total from investment operations 3.33 8.37 1.00 3.59 .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 $ 23.18 $19.85 $16.98 $23.71 $20.12
=================================== ===========================
Total return (b) 16.8% 53.3% 5.4% 17.8% 6.4%
Ratios and supplemental data:
Net assets, end of period (000) $ 308 $ 41 $ 8 $1,792 $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) (2.1%) (2.0)% (1.9)%* (1.1)% (1.1)%*
=================================== ===========================
</TABLE>
<TABLE>
<CAPTION>
Eleven Months Sept. 4,
Ended 1990 to
Year Ended March 31, March 31, Year Ended April 30, April 30,
----------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio turnover rate 184.3% 206.1% 173.9% 252.4% 104.3% 87.3% 56.8% 47.3% 15.8%*
Average commission rate
per share $ .0649 $ .0662 $.0614 $.0608 $.0910 $.0996 $ .1011 $.1098 N/A
----------------------------------------------------------------------------------------------------
</TABLE>
(a) After the reimbursement and waiver of expenses by the Adviser equivalent to
0.4%, 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
0.5%, 0.4% and 0.6%* of average net assets, respectively for Class C shares
and 0.3%, and 0.3%* of the average net assets, respectively for Class I
shares.
*Annualized.
See accompanying Notes to Financial Statements.
41
<PAGE>
Financial Highlights
Calamos Global Growth and Income Fund
Selected data for a share outstanding throughout each period were as follows:
<TABLE>
<CAPTION>
Class A
------------------------------------------------------------
Sept. 9, 1996
Year Ended Year Ended through
March 31, March 31, March 31,
------------------------------------------------------------
1999 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 .02 .17 .04
Net realized and unrealized gain (loss)
on investments .29 1.42 .36
------------------------------------------------------------
Total from investment operations .31 1.59 .40
------------------------------------------------------------
Less distributions:
Dividends from net investment income (.13) (.28) (.01)
Dividends from net realized capital gains (.13) (.14) --
------------------------------------------------------------
Total distributions (.26) (.42) (.01)
------------------------------------------------------------
Net asset value, end of period $ 6.61 $ 6.56 $ 5.39
------------------------------------------------------------
Total return (b) 5.1% 30.3% 8.0%
Ratios and supplemental data:
Net assets, end of period (000) $6,447 $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) 1.3% 1.4% 1.8%*
------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class I
------------------------------------ -----------------------
Year Year Sept. 24 1996 Year Sept. 18 1997
Ended Ended through Ended through
March 31, March 31, March 31, March 31, March 31,
------------------------------------ -----------------------
1999 1998 1997 1999 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 .01 .15 .03 .03 .07
Net realized and unrealized gain (loss)
on investments .27 1.41 .35 .31 .58
------------------------------------ -----------------------
Total from investment operations .28 1.56 .38 .34 .65
------------------------------------ -----------------------
Less distributions:
Dividends from net investment income (.11) (.26) (.01) (.14) (.17)
Dividends from net realized capital gains (.13) (.14) - (.13) (.10)
------------------------------------ -----------------------
Total distributions (.24) (.40) (.01) (.27) (.27)
------------------------------------ -----------------------
Net asset value, end of period $ 6.57 $6.53 $ 5.37 $6.63 $ 6.56
------------------------------------ -----------------------
Total return (b) 4.6% 29.8% 7.6% 5.6% 10.9%
Ratios and supplemental data:
Net assets, end of period (000) $ 729 $ 671 $ 390 $ 484 $ 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) 0.8% 0.9% 1.6%* 1.8% 1.9%*
------------------------------------ -----------------------
</TABLE>
<TABLE>
<CAPTION>
Sept. 9, 1996
Year Ended Year Ended through
March 31, March 31, March 31,
------------------------------------------------------------
1999 1998 1997
------------------------------------------------------------
<S> <C> <C> <C>
Portfolio turnover rate 106.3% 64.8% 160.4%*
Average commission rate per share $.0427 $.0945 $.0758
</TABLE>
(a) After the reimbursement and waiver of expenses by the Adviser equivalent to
1.2%, 1.0% and 1.8%* of average net assets, respectively for Class A
shares, 1.5%, 1.2%, and 1.8%* of average net assets, respectively for
Class C shares, and .9% and 1.2%* of average net assets, respectively 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.
42
<PAGE>
FEDERAL TAX STATUS OF FISCAL 1999 DISTRIBUTIONS
The income dividends are taxable as ordinary income. Amounts equal to 29%, 22%,
24%, 0%, and 69% of the amount taxable as ordinary income of Calamos Convertible
Fund, Growth and Income Fund, Strategic Income Fund, Growth Fund, and Global
Growth and Income Fund, respectively, qualify for dividends received deductions
available to corporate shareholders that meet the holding period requirements
for shares of those funds owned.
Income dividends paid to shareholders, whether received in cash or reinvested in
shares, must be included in their Federal income tax returns and must be
reported by the funds to the Internal Revenue Service in accordance with U.S.
Treasury Department Regulations.
43
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<PAGE>
For shareholder assistance
24 hours
800.823.7386
To open an account or obtain information
800.823.7386
Visit our web-site
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 audited 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
June 30, 1999, 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 March 31, 1999. The manager's views are subject to
change at any time based on market and other conditions.
