Calamos Investment Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-05443

EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER: Calamos Investment Trust

ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:	2020 Calamos Court, Naperville
	Illinois 60563-2787
NAME AND ADDRESS OF AGENT FOR SERVICE:	John P Calamos, Sr., President,
	Calamos Advisors LLC
	2020 Calamos Court,
	Naperville, Illinois
	60563-2787

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200

DATE OF FISCAL YEAR END: October 31, 2009

DATE OF REPORTING PERIOD: November 1, 2008 through April 30, 2009

ITEM 1. REPORT TO SHAREHOLDERS.

Managing Your Calamos Funds Investments

Calamos Investments offers several convenient means to monitor, manage and feel confident about your Calamos investment choice.

TABLE OF CONTENTS
Letter to Shareholders	1
Investment Team Discussions	3
Calamos Growth Fund	3
Calamos Growth and Income Fund	6
Calamos Value Fund	9
Calamos Blue Chip Fund	11
Calamos Multi-Fund Blend	13
Calamos 130/30 Equity Fund	15
Calamos Global Growth and Income Fund	17
Calamos International Growth Fund	20
Calamos Global Equity Fund	22
Calamos Evolving World Growth Fund	24
Calamos Convertible Fund	26
Calamos Market Neutral Income Fund	28
Calamos High Yield Fund	31
Calamos Total Return Bond Fund	33
Expense Overview	35
Schedule of Investments	38
Statements of Assets and Liabilities	83
Statements of Operations	87
Statements of Changes In Net Assets	91
Notes to Financial Statements	96
Financial Highlights	121
Report of Independent Registered Public Accounting Firm	158

24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE
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PERSONAL ASSISTANCE
800.582.6959	Dial this toll-free number to speak with a knowledgeable Client Services Representative who can help answer questions, perform transactions or address issues concerning your Calamos Fund.
ONLINE ACCOUNT MANAGEMENT
www.calamos.com	Manage your personal account of Calamos Funds online at www.calamos.com. On your account access page, you can view account history and download data.
YOUR FINANCIAL ADVISOR
	We encourage you to talk to your financial advisor to determine how the Calamos Funds can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs.

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Letter to Shareholders

Dear Fellow Shareholder:

Enclosed is your semiannual report for the six months ended April 30, 2009. We appreciate the opportunity to correspond with you. Please carefully review this report, which includes fund commentary from our investment team. The report also includes a listing of portfolio holdings, financial data and highlights, as well as detailed information about the performance and allocations of the Funds.

Early in the reporting period, we saw a continuation of extraordinary markets that unfolded in the summer of 2008. Throughout the opening months of the period, the markets reflected the anguish around the health of the financial system. Anxiety about the credit crisis, financial and auto industries, government stimulus plans and economic data contributed to a climate of extreme investor pessimism. Even securities issued by fundamentally strong companies saw their values plummet as the markets were roiled by volatility. These widespread declines continued through March 9, when the S&P 500 bottomed out at 676.53, a 13-year low.

However, the tide changed markedly during the later portion of the period, with markets staging a robust and much-welcomed rally off March lows. Investor sentiment was boosted by improving conditions in the credit markets, signs of life in the new issue debt markets, an upturn in global trade, strengthening in the manufacturing sector, increased business activity, rebounding mortgage applications and indications of housing starts reaching a short-term bottom. Central banks and governments around the world remained focused on shoring up investor confidence and attempting to stimulate normal economic activity.

Given the recent extreme gyrations, many investors wonder if the markets are poised for a lasting rebound or if another downturn looms ahead. The fact remains that bear and bull markets can only be identified in hindsight. Because of this, we caution against trying to “time” the turns. Instead, we encourage investors to follow a patient and disciplined approach, guided by their long-term objectives and risk tolerance. It’s important to remember that opportunities exist in turbulent types of market environments. We believe the difference is that in the down markets, experience matters.

Since our early days in the 1970s, we’ve invested through many difficult periods. Although every market is different, we believe that our time-tested one team, one process approach, long-term perspective and exacting independent research will allow us to position the Funds advantageously for the road ahead. We comprehensively evaluate companies and securities on their independent merits, within each portfolio as a whole, and also within the context of the evolving political and economic landscape.

Systemic risk has begun to abate; we have seen encouraging signs that the investing environment has improved. However, the global economy must address a confluence of economic, political and market influences. This will take time, and trial and error. We would not be surprised if we see volatile sideways-moving markets for the next several years. Nonetheless, we are looking positively to the future. We believe that emotion-driven selling has created select opportunities for long-term investors, across numerous asset classes. Many securities are trading at extremely attractive prices given their issuers’ underlying fundamentals.

Letter to Shareholders SEMIANNUAL REPORT 1

Letter to Shareholders

Broadly speaking, we continue to favor issuers with stronger balance sheets and the ability to grow without relying on the capital markets. We emphasize companies with global leadership positions, well-recognized brands and capable management teams. Our investment process also reflects long-term thematic influences, such as productivity improvements, globalization, and infrastructure building.

If you have any questions about your portfolio, please speak to your financial advisor or contact us at 800.582.6959, Monday through Friday from 8:00 a.m. to 6:00 p.m., Central Time. I also encourage you to visit our website at calamos.com on a regular basis, for updated commentary and more information about your funds.

We thank you for the opportunity to help you achieve your investment goals and look forward to serving you in the years to come.

Sincerely,

John P. Calamos, Sr.

Chairman, CEO and Co-CIO

Calamos Advisors LLC

This report is for informational purposes only and should not be considered investment advice.

  2
SEMIANNUAL REPORT Letter to Shareholders

Calamos Growth Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CVGRX	CVGBX	CVGCX

FUND CUSIP NUMBERS
A Shares	128119302
B Shares	128119740
C Shares	128119856

Fund Objective

Long-term capital growth

Investment Strategy

•  Blends rigorous economic and broad themes analysis with intensive company and security research seeking to identify businesses with higher growth relative to peers

•  Determines the quality and sustainability of a company’s growth by assessing its fundamentals and management among other factors

•  Uses proprietary valuation models to ascertain a stock’s return potential

•  Adheres to strict risk-management guidelines to determine portfolio construction

Investor Profile

This Fund may be suitable for investors who seek:

•  A portfolio that pursues the highest potential growth opportunities regardless of company size or industry

•  A relatively aggressive yet diversified way to participate in the stock market’s long-term growth potential

Calamos Growth Fund continued to focus on higher quality growth stocks—and to emphasize companies (regardless of their size) that feature strong balance sheets, diverse global revenue streams and the ability to finance their growth organically from stable cash flows. These companies often have valuable global brands and are positioned to benefit from long-term societal trends such as the ongoing need for improved efficiency and productivity, globalization and on-demand ’anytime, anywhere’ technology. Unfortunately, given the widespread market dislocation during the reporting period, these quality growth companies were not spared.

Calamos Growth Fund was up 2.52% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the Russell Midcap^® Growth Index returned 2.71% and the S&P 500 Index fell −8.53%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 5. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: for 10-year period ended 4/30/09

Calamos Growth Fund SEMIANNUAL REPORT 3

Calamos Growth Fund

SECTOR ALLOCATION
As of April 30, 2009

Information Technology	37.9	%
Industrials	14.3
Consumer Discretionary	14.1
Energy	9.5
Health Care	8.6
Financials	6.2
Materials	2.5
Telecommunication Services	1.3
Consumer Staples	1.3

Sector allocations are based on net assets and may vary over time.

An overweight position and strong selection within Information Technology (IT) added the most value during the period, and our selection within the computers & peripherals industry was notably positive. After disappointing results during the calendar year 2008, IT has regained some momentum and was one of the best performing sectors within the index. We believe in the long-term growth opportunities of our technology holdings and continue to have strong conviction in their fundamentals. An underweight position (0% allocation) in Utilities also added value. Utilities remain a highly regulated sector where we do not currently find growth opportunities. Selection within Financials also added to relative performance during the period, as names within the capital markets industry performed well. While financial securities have underperformed for quite some time due to the credit crisis, during the months of March and April the sector saw a strong rebound in performance. We remain selective within this sector and have found opportunities in the asset management and diversified financial services areas.

Security selection within Health Care was the biggest detractor for the quarter. Names within the biotechnology industry performed poorly relative to the benchmark index. However, we maintain a positive outlook in this sector and are focused on higher growth, innovative biotech firms rather than the more regulated larger cap pharmaceuticals. Stock selection within Industrials also hampered performance during the period because our selection within the aerospace & defense industry was weak. We remain favorable to this sector in general and are focused on companies positioned to benefit from the longer-term global infrastructure build-out. Selection and an overweight position in Energy detracted value from performance, as selection within the energy equipment & services industry was weak.

 GROWTH OF $10,000: SINCE INCEPTION (9/4/90) THROUGH 4/30/09

	Calamos Growth Fund
	Russell Midcap® Growth Index1
	S&P 500 Index2

  4
SEMIANNUAL REPORT Calamos Growth Fund

Calamos Growth Fund

 AVERAGE ANNUAL TOTAL RETURN^†

										10 YEARS OR
	6 MONTHS			1 YEAR			5 YEARS			ÙSINCE INCEPTION
Class A Shares – Inception 9/4/90
Without Sales Charge		2.52	%		-40.04	%		-2.04	%		7.70	%
With Sales Charge		-2.37			-42.89			-2.98			7.18
Class B Shares – Inception 9/11/00
Without Sales Charge		2.15			-40.48			-2.77			-1.26	Ù
With Sales Charge		-2.85			-43.46			-3.09			-1.26	Ù
Class C Shares – Inception 9/3/96
Without Sales Charge		2.15			-40.49			-2.77			7.08
With Sales Charge		1.15			-41.08			-2.77			7.08
Class I Shares – Inception 9/18/97		2.64			-39.88			-1.79			8.23
Class R Shares – Inception 3/1/07		2.37			-40.20			NA			-15.54	Ù
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	Performance of the Growth Fund includes the effects of an overpayment of dividends and/or capital gains distributions to shareholders of certain share classes of the Fund (and a corresponding capital contribution by Calamos Asset Management, Inc., the predecessor to Calamos Advisors LLC), which increased certain return figures. † Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2000. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes. ¹ The Russell Midcap^® Growth Index measures the performance of mid-sized companies with growth characteristics. Index data shown for the Since Inception Growth of $10,000 graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Mellon Analytical Solutions, LLC

² The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Index data shown for the Since Inception Growth of $10,000 graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

Calamos Growth Fund SEMIANNUAL REPORT 5

Calamos Growth and Income Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CVTRX	CVTYX	CVTCX

FUND CUSIP NUMBERS
A Shares	128119104
B Shares	128119765
C Shares	128119831

Fund Objective

High long-term total return through growth and current income

Investment Strategy

•  Seeks to maintain an appropriate balance between risk and reward over the course of the market cycle by strategically investing across a combination of stocks, convertible securities and bonds

•  Seeks significant equity participation while aiming for greater downside protection than a pure-stock portfolio

•  Diversifies across a variety of industries, market sectors, market capitalizations and credit-quality tiers

Investor Profile

This Fund may be suitable for investors who seek:

•  A total-return-oriented investment that offers the upside potential of equities with potentially lower volatility than stock-only investments

•  A consistent income stream

Calamos Growth and Income Fund features an actively managed mix of higher quality growth stocks and convertible securities. The Fund’s equity holdings consist of established large and mid-sized growth companies with clean balance sheets, diverse global revenue streams and relatively stable cash flows. The convertible portion of the portfolio features what we call ’hybrid’ convertibles: convertible securities that offer a balance of fixed income and equity-like characteristics. Together, the Fund’s equity and convertible holdings are designed to provide you with upside equity market participation while also offering the potential for downside protection. Despite this defensive approach and our time-tested investment process, the Fund was not able to overcome the systemic market collapse which took place during the reporting period.

Calamos Growth and Income Fund returned 8.46% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the Value Line Convertible Index returned 4.26%, the S&P 500 Index fell −8.53% and the Merrill Lynch All U.S. Convertibles Ex Mandatory Index gained 10.75%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 8. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: for 10-year period ended 4/30/09

  6
SEMIANNUAL REPORT Calamos Growth and Income Fund

Calamos Growth and Income Fund

SECTOR ALLOCATION
As of April 30, 2009

Information Technology	33.8	%
Health Care	15.7
Energy	11.8
Industrials	9.2
Financials	8.5
Consumer Staples	7.0
Consumer Discretionary	6.2
Materials	5.6
Telecommunication Services	0.7

Sector allocations are based on net assets and may vary over time.

Overall both security selection and sector allocation added to relative returns during the period. Security selection within Health Care added the most value, with selection within the pharmaceuticals industry being notably positive. We maintain a positive outlook on this sector and are focused on higher growth, innovative biotech firms. An underweight position and good selection within Financials also added to relative returns. Names within the diversified financial services industry performed well. While financial securities have underperformed for quite some time due to the credit crisis, during the months of March and April the sector saw a strong rebound in performance. We remain selective within this sector and have found opportunities in the asset management and diversified financial services areas. An overweight position and strong selection within Information Technology (IT) was additive to performance for the period, as selection within the software industry was notably positive. After disappointing results during calendar year 2008, IT has regained some momentum and was the best performing sector within the benchmark index during the period. We continue to believe strongly in the fundamentals of our technology holdings and are confident they will be able to provide attractive long-term growth opportunities.

While security selection added value, an underweight position in the Telecommunication Services sector detracted value, as this was one of the best performing sectors within the benchmark index during the period.

 GROWTH OF $10,000: SINCE INCEPTION (9/22/88) THROUGH 4/30/09

	Calamos Growth and Income Fund
	S&P 500 Index1
	Merrill Lynch All U.S. Convertibles Ex Mandatory Index2
	Value Line Convertible Index3

Calamos Growth and Income Fund SEMIANNUAL REPORT 7

Calamos Growth and Income Fund

 AVERAGE ANNUAL TOTAL RETURN^†

										10 YEARS OR
	6 MONTHS			1 YEAR			5 YEARS			ÙSINCE INCEPTION
Class A Shares – Inception 9/22/88
Without Sales Charge		8.46	%		-22.15	%		1.19	%		6.69	%
With Sales Charge		3.33			-25.86			0.21			6.18
Class B Shares – Inception 9/11/00
Without Sales Charge		8.03			-22.73			0.43			2.89	Ù
With Sales Charge		3.03			-26.56			0.09			2.89	Ù
Class C Shares – Inception 8/5/96
Without Sales Charge		8.05			-22.72			0.43			6.09
With Sales Charge		7.05			-23.49			0.43			6.09
Class I Shares – Inception 9/18/97		8.55			-21.96			1.44			6.99
Class R Shares – Inception 3/1/07		8.31			-22.33			NA			-9.48	Ù
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	Performance of the Growth and Income Fund includes the effects of an overpayment of dividends and/or capital gains distributions to shareholders of certain share classes of the Fund (and a corresponding capital contribution by Calamos Asset Management, Inc., the predecessor to Calamos Advisors LLC), which increased certain return figures. † Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

¹ The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Index data shown for the Since Inception Growth of $10,000 graph is from 9/30/88, since comparative index data is only available for full monthly periods. Source: Lipper, Inc. ² Merrill Lynch All U.S. Convertibles Ex Mandatory Index represents the U.S. convertibles securities market excluding mandatory convertibles. Source: Mellon Analytical Solutions, LLC

³ The Value Line Convertible Index is an equally-weighted index of the larger convertibles, representing 90% of the U.S. convertible securities market. Index data shown for the Since Inception Growth of $10,000 graph is from 9/30/88, since comparative index data is only available for full monthly periods. Source: Mellon Analytical Solutions, LLC

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

  8
SEMIANNUAL REPORT Calamos Growth and Income Fund

Calamos Value Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CVAAX	CVABX	CVACX

FUND CUSIP NUMBERS
A Shares	128119666
B Shares	128119658
C Shares	128119641

Fund Objective

Long-term capital growth

Investment Strategy

•  Invests in companies that are deemed to be trading well below their intrinsic values but possess identifiable potential catalysts that can spur them to normal levels

•  Companies under consideration must possess risk-mitigating characteristics, such as sound financials and branded products within their industry

•  Employs qualitative (bottom-up) research to help determine how an issuer’s stock is valued relative to calculations of intrinsic worth

•  Utilizes top-down portfolio construction to pursue macro-level economic themes and support diversification among industries and sectors

Investor Profile

This Fund may be suitable for investors who seek:

•  A vehicle for building assets to meet medium-range to long-range financial goals

•  A value-oriented complement to a growth-oriented portfolio

Calamos Value Fund can be a complement to a growth-stock portfolio and focuses on identifying companies (regardless of size) trading below their intrinsic (or “true”) value. It combines individual stock selection and broad diversification by company and industry to help manage risk. The Fund examines a company’s valuation relative to intrinsic worth, financial strength, earnings, cash flow and quality of management using detailed fundamental analysis and quantitative screening. In seeking catalysts that could trigger an increase in stock prices, the recent 6 month period was trying, given the conditions.

Calamos Value Fund declined -5.32% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the Russell 1000^® Value Index was down −13.27%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 10. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: since inception (1/2/02) through 4/30/09

Calamos Value Fund SEMIANNUAL REPORT 9

Calamos Value Fund

SECTOR ALLOCATION
As of April 30, 2009

Information Technology	33.0	%
Consumer Discretionary	18.1
Financials	12.4
Energy	10.3
Industrials	9.9
Consumer Staples	8.7
Health Care	5.7

Sector allocations are based on net assets and may vary over time.

Overall, our sector allocation added the most to our performance for the period. An overweight position in Information Technology (IT) added value as this was the best performing sector within the index during the period. Underweight positions in Financials and an overweight position in the Consumer Discretionary sector both added to relative performance.

While our overweight positions added value, selection within IT detracted from performance, as our names within the computers & peripherals industry performed poorly. An underweight position (0% allocation) in Telecommunication Services also hampered relative returns. Although our underweight position in Financials was additive, our security selection within the sector detracted from our performance for the period. Selection within the diversified financial services industry was also weak.

 AVERAGE ANNUAL TOTAL RETURN^†

	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 1/2/02
Without Sales Charge		-5.32	%		-31.27	%		-2.28	%		-0.10	%
With Sales Charge		-9.78			-34.53			-3.24			-0.77
Class B Shares – Inception 1/2/02
Without Sales Charge		-5.67			-31.79			-3.00			-0.84
With Sales Charge		-10.39			-35.21			-3.34			-0.84
Class C Shares – Inception 1/2/02
Without Sales Charge		-5.68			-31.82			-3.03			-0.85
With Sales Charge		-6.62			-32.50			-3.03			-0.85
Class I Shares – Inception 3/1/02		-5.20			-31.14			-2.04			0.40
Class R Shares – Inception 3/1/07		-5.41			-31.45			NA			-16.06
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2004. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes. ¹ The Russell 1000^® Value Index measures the performance of those companies in the Russell 1000^® Index with lower price-to-book ratios and lower forecasted growth values. Index data shown is from 12/31/01, since comparative index data is only available for full monthly periods. Source: Mellon Analytical Solutions, LLC.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

  10
SEMIANNUAL REPORT Calamos Value Fund

Calamos Blue Chip Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CBCAX	CBCBX	CBXCX

FUND CUSIP NUMBERS
A Shares	128119625
B Shares	128119617
C Shares	128119591

Fund Objective

Long-Term capital growth

Investment Strategy

•  Invests in larger established companies with balance sheet strength, which can help mitigate downside risk

•  Applies proprietary models to determine the return potential of both growth and value companies, favoring either style based on bottom-up analysis and a top-down overlay of macro-economic themes

•  Includes companies in the S&P 500 Index and Dow Jones Industrial Average with at least $2 billion in market capitalization that possess blue chip characteristics

•  Seeks business with diversified product lines that can increase productivity to maintain growth

•  Aims to invest in a diversified mix of what we believe to be the best opportunities at any point in the economic cycle

Investor Profile

This Fund may be suitable for investors who seek:

•  A vehicle for building assets to meet medium- to long-range financial goals

•  A larger-cap core offering of diversified companies providing broad market participation

Calamos Blue Chip Fund is a core equity portfolio with a bias toward growth. It seeks out large, established “blue chip” companies with stable cash flows and strong brands. It leverages the investment team’s considerable experience in stock selection, quantitative research and fundamental analysis to value America’s largest firms. The recent period proved challenging for many of these companies, but we believe they are poised to drive the country’s future economic growth.

Calamos Blue Chip Fund declined −5.18% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the Russell 1000^® Growth Index retreated −1.52% and the S&P 500 Index fell −8.53%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 12. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: since inception (12/1/03) through 4/30/09

Our overweight in Information Technology (IT) had the largest positive impact on the Fund during the period. IT was the best performing sector within the benchmark index—it has begun to regain some momentum after a poor 2008. We continue to have strong conviction in the fundamentals of our technology holdings and are confident they will be able to provide attractive long-term growth opportunities. Stock selection and an underweight position in Financials also added to relative performance during the period as names within the diversified financial services industry performed well, relative to the overall market. Financials have continued to struggle amidst the ongoing credit crisis. We remain selective within this sector and have found opportunities in the asset management and diversified financial services areas. Strong security selection within Consumer Staples also added value, specifically selection within the household products industry.

Calamos Blue Chip Fund SEMIANNUAL REPORT 11

Calamos Blue Chip Fund

SECTOR ALLOCATION
As of April 30, 2009

Information Technology	38.9	%
Industrials	13.1
Health Care	9.5
Energy	9.4
Consumer Discretionary	9.0
Consumer Staples	7.8
Financials	4.4
Materials	4.3
Telecommunication Services	2.3

Sector allocations are based on net assets and may vary over time.

Security selection within the Materials sector detracted the most value during the period. Names within the chemicals industry performed poorly. Stock selection within Health Care also hampered performance, and selection within the pharmaceuticals industry was weak. An underweight position in Consumer Discretionary detracted from relative returns, as this was one of the better performing sectors within the benchmark index during the period.

 AVERAGE ANNUAL TOTAL RETURN^†

	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 12/1/03
Without Sales Charge		-5.18	%		-32.63	%		-1.84	%		-1.72	%
With Sales Charge		-9.64			-35.85			-2.80			-2.60
Class B Shares – Inception 12/1/03
Without Sales Charge		-5.56			-33.14			-2.57			-2.45
With Sales Charge		-10.28			-36.48			-2.94			-2.62
Class C Shares – Inception 12/1/03
Without Sales Charge		-5.56			-33.14			-2.57			-2.45
With Sales Charge		-6.51			-33.81			-2.57			-2.45
Class I Shares – Inception 12/1/03		-5.10			-32.44			-1.58			-1.46
Class R Shares – Inception 3/1/07		-5.33			-32.85			N/A			-15.06
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2004. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes. ¹ The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Index data shown for the Since Inception Growth of $10,000 graph is from 11/30/03, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

  12
SEMIANNUAL REPORT Calamos Blue Chip Fund

Calamos Multi-Fund Blend

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CMQAX	CMQBX	CMQCX

FUND CUSIP NUMBERS
A Shares	128119534
B Shares	128119526
C Shares	128119518

Fund Objective

Long-term capital growth and, secondarily, current income

Investment Strategy

•  Calamos Multi-Fund Blend combines three compelling Calamos funds into a diversified but unified fund of funds designed to serve as the equity cornerstone of an investment portfolio

•  By investing in just one Fund, Calamos Multi-Fund Blend, investors gain access to three distinct investment strategies with minimal holdings overlap

–  Calamos Growth Fund—an aggressive fund that seeks stocks with above-average growth potential

–  Calamos Global Growth and Income Fund—a defensive mix of U.S. and foreign equity and convertible securities

–  Calamos Value Fund—seeks undervalued companies that possess catalysts for growth

•  The Fund will invest in Class I shares of these underlying funds

•  The percentage allocations to the underlying funds will be monitored daily and rebalanced whenever the actual allocations diverge by 5% or more from their one-third target allocation

•  New cash flows can be used to achieve rebalancing

Investor Profile

This Fund may be suitable for investors who seek:

•  Broad diversification, total-return potential and risk control

•  A core equity allocation, which offers growth, value and defensive global holdings

•  An automatic rebalancing feature

Calamos Multi-Fund Blend Fund was up 2.70% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the S&P 500 Index was down −8.53%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 14. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: since inception (6/28/06) through 4/30/09

The Fund is a strategic blend of our Value, Growth and Global Growth & Income Funds, providing broad global diversification and leveraging 30 years of investment research across equities and convertible securities. Stocks provide the Fund with long-term global return potential, while convertibles provide a defensive component, offering the potential for some downside protection and upside equity market participation. For the period, the Growth Fund and Global Growth & Income Fund components were positive, while the Value Fund component was negative overall.

Value Fund: Overall, our sector allocation added the most to our performance for the period. Adding value for was an overweight position in Information Technology (IT), an underweight position in Financials and an overweight position in the Consumer Discretionary sector. While our overweight positions added value, selection within IT detracted from performance, as our names within the computers & peripherals industry performed poorly. An underweight position (0% allocation) in Telecommunication Services also hampered relative returns. Although our underweight position in Financials was additive, our security selection within the sector detracted from our performance for the period. Selection within the diversified financial services industry was also weak.

Growth Fund: An overweight position and strong selection within Information Technology (IT) added the most value during the period, and our selection within the computers & peripherals industry was notably positive. An underweight position (0% allocation) to Utilities also added value. Selection within Financials also added to relative performance during the period, as names within the capital markets industry performed well. While financial securities have underperformed for quite some time due to the credit crisis, during the

Calamos Multi-Fund Blend SEMIANNUAL REPORT 13

Calamos Multi-Fund Blend

months of March and April the sector saw a strong rebound in performance. Security selection within Health Care was the biggest detractor for the quarter. Names within the biotechnology industry performed poorly relative to the benchmark index. However, we maintain a positive outlook in this sector and are focused on higher growth, innovative biotech firms rather than the more regulated larger cap pharmaceuticals. Stock selection within Industrials also hampered performance during the period because our selection within the aerospace & defense industry was weak. We remain favorable to this sector in general and are focused on companies positioned to benefit from the longer-term global infrastructure build-out. Selection and an overweight position in Energy detracted value from performance, as selection within the energy equipment & services industry was weak.

SECTOR ALLOCATION
As of April 30, 2009

Information Technology	35.0	%
Consumer Discretionary	14.5
Industrials	10.6
Energy	10.5
Health Care	8.5
Financials	8.4
Consumer Staples	5.5
Materials	3.4
Telecommunication Services	1.4

Sector allocations are based on net assets and may vary over time.

Global Growth & Income Fund: Our security selection and sector allocation, in general, added to relative returns for the period. An overweight position and positive security selection within Information Technology added the most value during the period. Selection within the software industry was notably positive. After disappointing results during calendar year 2008, IT has regained some momentum and was the best performing sector within the index during the period. We continue to have strong conviction in the fundamentals of our technology holdings and are confident they will be able to provide attractive long-term growth opportunities. An underweight allocation and strong issue selection within Financials also added value. Issue selection within Energy also helped, as names within the energy equipment & services industry performed well. Selection within Industrials contributed to relative returns, as well, given our security selection within the electrical equipment industry. Our underweight in Materials had a slightly negative impact on performance.

 AVERAGE ANNUAL TOTAL RETURN^†

	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 6/28/06
Without Sales Charge		2.70	%		-32.20	%		-7.13	%
With Sales Charge		-2.20			-35.43			-8.71
Class B Shares – Inception 6/28/06
Without Sales Charge		2.21			-32.76			-7.85
With Sales Charge		-2.79			-36.12			-8.82
Class C Shares – Inception 6/28/06
Without Sales Charge		2.21			-32.76			-7.85
With Sales Charge		1.21			-33.44			-7.85
Class I Shares – Inception 6/28/06		2.81			-32.04			-6.91
Class R Shares – Inception 3/1/07		2.57			-32.34			-13.88
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect through April 30, 2007. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes. ¹ The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Index data shown for the Since Inception Growth of $10,000 graph is from 6/30/06, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

  14
SEMIANNUAL REPORT Calamos Multi-Fund Blend

Calamos 130/30 Equity Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CELSX	CELBX	CELCX

FUND CUSIP NUMBERS
A Shares	128119229
B Shares	128119211
C Shares	128119195

Fund Objective

Long-term capital growth

Investment Strategy

•  Quantitative approach in long and short investments that seeks to exploit identified trends, changes in the broad economic environment and inefficiencies in pricing.

•  Short investments (approximately 30% of net assets under normal circumstances) will be achieved through short selling securities that the research team, through a quantitative approach, believes to be overvalued.

•  The Fund invests at least 80% of its managed assets (net assets plus any borrowings for investment purposes) in equity securities, including securities convertible into equity securities, and invests primarily in equity securities issued by U.S. companies.

Investor Profile

This Fund may be suitable for investors who seek:

•  A strategy that seeks to increase returns with an enhanced approach more commonly associated with investments by large institutions.

•  An alternative strategy that utilizes more sophisticated strategies such as short selling and leverage.

Calamos 130/30 Equity Fund leverages Calamos’ expertise in the application of quantitative models to value securities and develop long and short positions in the portfolio. Our use of proprietary computer models, databases and a robust technology platform dates back to the early 1980s. The volatility in the markets over the past six months created strenuous circumstances for quantitative models leading to the declines.

Calamos 130/30 Equity Fund declined −17.52% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the Russell 3000^® Index fell −7.46%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 16. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: since inception (6/20/08) through 4/30/09

Calamos 130/30 Equity Fund SEMIANNUAL REPORT 15

Calamos 130/30 Equity Fund

SECTOR ALLOCATION
As of April 30, 2009

Information Technology	27.8	%
Health Care	16.3
Consumer Discretionary	12.0
Industrials	10.7
Energy	6.2
Financials	4.3
Utilities	3.7
Consumer Staples	2.0
Materials	0.8
Telecommunication Services	0.5

Sector allocations are based on net assets and may vary over time.

The estimated weighted performance of the long-only investments in the fund declined −14.0% during the period, as the Health Care, Information Technology and Consumer Discretionary sectors had the largest negative impact on performance. The estimated weighted performance of the short investments in the Fund declined −3.5% during the period, as investments within various Exchange Traded Funds—which are short the market—detracted.

At the end of the reporting period, Calamos 130/30 Equity Fund held no individual short positions, but had exposure to three long positions which are short the market (two-times the inverse of the market move). At 4/30/09, the Fund is estimated to be 56% net long (75% long and 19% short, with 6% in cash securities).

 AVERAGE ANNUAL TOTAL RETURN^†

	6 MONTHS			SINCE INCEPTION*
Class A Shares – Inception 6/20/08
Without Sales Charge		-17.52	%		-46.63	%
With Sales Charge		-21.40			-49.17
Class B Shares – Inception 6/20/08
Without Sales Charge		-17.67			-46.90
With Sales Charge		-21.79			-49.56
Class C Shares – Inception 6/20/08
Without Sales Charge		-17.67			-46.90
With Sales Charge		-18.50			-47.43
Class I Shares – Inception 6/20/08		-17.23			-46.45
Class R Shares – Inception 6/20/08		-17.53			-46.72
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC). * Returns shown are cumulative returns since the Fund is opened for less than one year.

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.
¹ The Russell 3000^® Index measures the largest 3000 U.S. companies, which represent approximately 98% of the investable U.S. equity market. Index data shown for the Since Inception Growth of $10,000 graph, is from 6/30/2008, since comparative index data is only available for full monthly periods. Source: Mellon Analytical Solutions, LLC.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

  16
SEMIANNUAL REPORT Calamos 130/30 Equity Fund

Calamos Global Growth and Income Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CVLOX	CVLDX	CVLCX

FUND CUSIP NUMBERS
A Shares	128119500
B Shares	128119732
C Shares	128119708

Fund Objective

High long-term total return through capital appreciation and current income

Investment Strategy

•  Offers a defensive approach to equity exposure applying dynamic asset allocation on a global scale

•  Attempts to maintain a consistent balance between risk and reward over the course of different global market cycles by strategically investing across a combination of stocks, convertible securities, and bonds

•  Emphasizes countries espousing free-market principles

Investor Profile

This Fund may be suitable for investors who seek:

•  A risk-managed approach to pursuing growth opportunities around the world

•  A portfolio of securities representing various-sized companies from multiple countries

•  A strategy designed to enhance return by providing broad global diversification with less volatility than typical stock-only investments

Calamos Global Growth and Income Fund offers a global, risk-managed approach that seeks less volatility than typical stock-only investments. The Fund features an actively managed mix of higher quality growth stocks and convertibles from the U.S., and developed and emerging international markets. Our defensive approach and time-tested investment process paid off for shareholders for the period, performing well ahead of its benchmark index.

Calamos Global Growth and Income Fund returned 9.22% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the MSCI World^® Index retreated −5.09%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 19. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: for 10-year period ended 4/30/09

Calamos Global Growth and Income Fund SEMIANNUAL REPORT 17

Calamos Global Growth and Income Fund

SECTOR ALLOCATION
As of April 30, 2009

Information Technology	33.9	%
Energy	11.7
Consumer Discretionary	11.2
Health Care	11.0
Materials	7.7
Industrials	7.4
Consumer Staples	6.6
Financials	6.8
Telecommunication Services	2.9

Sector allocations are based on net assets and may vary over time.

Our security selection and sector allocation, in general, added to relative returns for the period. An overweight position and positive security selection within Information Technology added the most value during the period. Selection within the software industry was notably positive. After a difficult calendar year 2008, IT has regained some momentum. It was the strongest performer in the index over the past 6 months. We continue to have conviction in the fundamentals of our technology holdings and believe they represent attractive long-term opportunities for growth. An underweight allocation and strong issue selection within Financials also added value. Issue selection within Energy also helped, as names within the energy equipment & services industry performed well. Selection within Industrials contributed to relative returns, as well, given our security selection within the electrical equipment industry.

Our underweight in Materials had a slightly negative impact on performance.

                  GROWTH OF $10,000: SINCE INCEPTION (9/9/96) THROUGH 4/30/09

	Calamos Global Growth and Income Fund
	MSCI World® Index1

  18
SEMIANNUAL REPORT Calamos Global Growth and Income Fund

Calamos Global Growth and Income Fund

 AVERAGE ANNUAL TOTAL RETURN^†

										10 YEARS OR
	6 MONTHS			1 YEAR			5 YEARS			ÙSINCE INCEPTION
Class A Shares – Inception 9/9/96
Without Sales Charge		9.22	%		-24.48	%		3.35	%		5.17	%
With Sales Charge		3.99			-28.07			2.36			4.66
Class B Shares – Inception 9/11/00
Without Sales Charge		8.78			-25.09			2.56			2.38	Ù
With Sales Charge		3.78			-28.73			2.21			2.38	Ù
Class C Shares – Inception 9/24/96
Without Sales Charge		8.80			-25.13			2.56			4.57
With Sales Charge		7.80			-25.86			2.56			4.57
Class I Shares – Inception 9/18/97		9.47			-24.27			3.62			5.42
Class R Shares – Inception 3/1/07		9.19			-24.59			NA			-9.80	Ù
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	Performance of the Global Growth and Income Fund includes the effects of an overpayment of dividends and/or capital gains distributions to shareholders of certain share classes of the Fund (and a corresponding capital contribution by Calamos Asset Management, Inc., the predecessor to Calamos Advisors LLC), which increased certain return figures. † Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2003. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes. ¹ The MSCI World^® Index (U.S. Dollars) is a market-capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region. Since inception data for the index is shown from 8/31/96 since data is only available for full monthly periods. Source: Lipper, Inc.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

Calamos Global Growth and Income Fund SEMIANNUAL REPORT 19

Calamos International Growth Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CIGRX	CIGBX	CIGCX

FUND CUSIP NUMBERS
A Shares	128119575
B Shares	128119567
C Shares	128119559

Fund Objective

Long-term capital growth

Investment Strategy

•  Applies bottom-up research and top-down analysis to target securities of non-U.S. companies that display acceleration in revenue growth, earnings growth and return on capital

•  Conducts extensive balance sheet and income statement analysis to determine the intrinsic value of companies under consideration

•  Emphasizes countries espousing free-market principles

•  Seeks to outperform the MSCI EAFE^® Growth Index over the long term with less volatility

Investor Profile

This Fund may be suitable for investors who seek:

•  To diversify beyond the domestic market by investing in overseas growth stocks, potentially increasing long-term capital growth

•  An equity portfolio representing companies of all sizes and industries that offer high relative and sustainable growth potential

Calamos International Growth Fund extends the management team’s 30+ years of experience, and disciplined investment process, to opportunities in equity markets outside of the US. The multi-cap portfolio seeks overseas growth stocks that demonstrate acceleration in revenue growth, earnings growth and return on capital, and will diversify across industries and countries. The Fund’s emphasis on quality growth stocks not only helped to deliver positive returns over the last 6 months, but we believe these names could help lead the world economy out of the financial crisis.

Calamos International Growth Fund was up 5.96% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the MSCI EAFE^® Growth Index retreated −4.96% and the MSCI EAFE^® Index lost −2.35%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 21. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: since inception (3/16/05) through 4/30/09

  20
SEMIANNUAL REPORT Calamos International Growth Fund

Calamos International Growth Fund

SECTOR ALLOCATION
As of April 30, 2009

Information Technology	38.7	%
Industrials	10.8
Consumer Discretionary	10.6
Materials	9.6
Health Care	8.8
Energy	7.9
Financials	7.2
Consumer Staples	2.9
Telecommunication Services	2.8

Sector allocations are based on net assets and may vary over time.

Both our security selection and sector allocation added to relative returns during the period. An overweight position and positive security selection within Information Technology (IT) was the primary driver of performance. Our selection within the software industry was notably positive. IT regained some momentum in the latter part of the period and has been the best performing sector within the index over the past six months. We continue to believe in the fundamentals of our technology holdings and that they can deliver positive results over the longer-term. Stock selection and an underweight position in Financials also added to performance. Our security selection within the capital markets industry performed well during the period. While financial securities have underperformed for quite some time due to the credit crisis, during the months of March and April the sector saw a strong rebound in performance. We remain selective within this space and have found opportunities in the asset management and diversified financial services areas. Security selection within Energy contributed to relative returns, as selection within the oil, gas & consumable fuels industry was additive.

An underweight position in Materials detracted from our performance, as this was the best performing sector within the index during the period.

 AVERAGE ANNUAL TOTAL RETURN^†

	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 3/16/05
Without Sales Charge		5.96	%		-42.15	%		-0.18	%
With Sales Charge		0.96			-44.89			-1.35
Class B Shares – Inception 3/16/05
Without Sales Charge		5.49			-42.63			-0.94
With Sales Charge		0.49			-45.49			-1.41
Class C Shares – Inception 3/16/05
Without Sales Charge		5.62			-42.58			-0.95
With Sales Charge		4.62			-43.16			-0.95
Class I Shares – Inception 3/16/05		6.05			-42.04			0.05
Class R Shares – Inception 3/1/07		5.74			-42.32			-15.88
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2005. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes. ¹ The MSCI EAFE^® Growth Index measures developed market growth equity performance (excluding the U.S. and Canada). Source: MSCI Barra and Lipper, Inc.

² The MSCI EAFE^® Index measures developed market equity performance (excluding the U.S. and Canada). Source: MSCI Barra and Lipper, Inc.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

Calamos International Growth Fund SEMIANNUAL REPORT 21

Calamos Global Equity Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CAGEX	CBGEX	CCGEX

FUND CUSIP NUMBERS
A Shares	128119484
B Shares	128119476
C Shares	128119468

Fund Objective

Long-term capital growth

Investment Strategy

•  Invests globally, emphasizing countries espousing free-market principles

•  Invests in companies with balance sheet strength

•  Applies proprietary models to determine the return potential of stocks considering growth potential and valuations

•  Combines bottom-up analysis with a top down overlay of macro-economic themes

•  Conducts extensive analysis to help determine the intrinsic value of companies under consideration

•  Seeks to eliminate disparities in accounting practices by conducting a cash-based analysis of each company’s financial statements

Investor Profile

The Fund may be suitable for investors who seek:

•  A global equity allocation

•  Enhanced diversification through a portfolio that includes both U.S. and international stocks

Calamos Global Equity Fund is a core equity portfolio with a bias toward growth. It extends the management team’s expertise and disciplined investment process to seek opportunities in equity securities of companies around the world. The strategy considers the value of a stock relative to the issuer’s worth and seeks near-term catalysts that could trigger an increase in the stock’s price. A premium is placed on quality fundamentals such as high return on capital, good free cash flow, and attractive growth relative to similar companies. This helped lead the Fund to outperform its benchmark for the period.

Calamos Global Equity Fund returned 5.10% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the MSCI World^® Index retreated −5.09%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 23. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: since inception (3/1/07) through 4/30/09

  22
SEMIANNUAL REPORT Calamos Global Equity Fund

Calamos Global Equity Fund

SECTOR ALLOCATION
As of April 30, 2009

Information Technology	39.7	%
Consumer Discretionary	13.1
Industrials	11.3
Energy	10.1
Financials	6.6
Materials	6.5
Health Care	6.1
Consumer Staples	3.1
Telecommunication Services	1.9

Sector allocations are based on net assets and may vary over time.

Both our security selection and sector allocation generally added to relative returns during the period. The strongest was our overweight position and security selection within Information Technology (IT), especially our selection within the software industry. With IT regaining some momentum, it became the best performer within the index during the period. We continue to have strong conviction in the fundamentals of our technology holdings and believe they can provide attractive growth opportunities over the longer term. Stock selection and an underweight position to Financials also added to performance. Names within the capital markets industry performed well during the period. While financials have underperformed for quite some time due to the credit crisis, during the months of March and April the sector saw a strong rebound in performance. We remain selective within this sector and have found opportunities in the asset management and diversified financial services areas. Selection within Industrials added to performance, including our selection within the electrical equipment industry.

The main hindrance to our performance during the period was our underweight position in the Materials sector. It detracted value during the period as this was the best performing sector within the index.

 AVERAGE ANNUAL TOTAL RETURN^†

	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 3/1/07
Without Sales Charge		5.10	%		-36.82	%		-12.30	%
With Sales Charge		0.07			-39.80			-14.25
Class B Shares – Inception 3/1/07
Without Sales Charge		4.92			-37.23			-12.93
With Sales Charge		-0.08			-40.23			-14.10
Class C Shares – Inception 3/1/07
Without Sales Charge		4.70			-37.27			-12.96
With Sales Charge		3.70			-37.87			-12.96
Class I Shares – Inception 3/1/07		5.34			-36.62			-12.03
Class R Shares – Inception 3/1/07		4.98			-36.94			-12.51
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes. ¹ The MSCI World^® Index (U.S. Dollars) is a market-capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region. Since inception data for the index is shown from 2/28/07 since data is only available for full monthly periods. Source: Lipper, Inc.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

Calamos Global Equity Fund SEMIANNUAL REPORT 23

Calamos Evolving World Growth Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CNWGX	CNWZX	CNWDX

FUND CUSIP NUMBERS
A Shares	128119161
B Shares	128119153
C Shares	128119146

Fund Objective

Long-term capital growth

Investment Strategy

•  Invests in the securities of companies based in developing countries and also developed-world companies with ties to emerging economies.

•  Manages the Fund according to our stringent growth discipline, targeting companies that we believe offer the best opportunities for capital appreciation over the long-term.

•  Can flexibly deploy assets across sectors, countries, market caps and security types in an effort to manage risk and maximize return.

Investor Profile

The Fund may be suitable for investors who seek:

•  Enhanced diversification potential.

•  A portfolio of companies that we believe offer high relative and sustainable growth potential.

•  A risk-conscious means to participate in the long-term growth potential of developing markets.

•  An asset-allocation solution that could potentially reduce volatility and increase total return in an investment portfolio.

Calamos Evolving World Growth Fund rounds out the Fund Family’s growth stock offerings with exposure to smaller, growing economies in the developing markets. The Fund allocates between stocks and convertible securities with the aim of providing a measure of downside protection. It also allocates between emerging markets and developed markets in an effort to manage risk and maximize return. Unlike other emerging country funds, Calamos Evolving World Growth invests in both emerging world companies and established global companies that derive a significant portion (at least 20%) of their revenues from emerging markets. While positive, the Fund’s returns did not keep up with the leap in performance from emerging market stocks.

Calamos Evolving World Growth Fund was up 8.32% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the MSCI Emerging Markets Index returned 17.52%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 25. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: since inception (8/15/08) through 4/30/09

  24
SEMIANNUAL REPORT Calamos Evolving World Growth Fund

Calamos Evolving World Growth Fund

SECTOR ALLOCATION
As of April 30, 2009

Information Technology	28.6	%
Energy	12.9
Materials	12.7
Consumer Staples	10.8
Industrials	10.1
Consumer Discretionary	8.5
Health Care	6.3
Telecommunication Services	6.0
Financials	3.2

Sector allocations are based on net assets and may vary over time.

An underweight position and good relative selection within Telecommunication Services added the most value during the period, due to positive returns from our selection within the wireless telecommunication services industry. Stock selection within Financials also contributed to relative performance as our names within the commercial banking industry performed well.

Selection within Consumer Staples detracted the most value during the period. The companies we selected within the beverages industry performed poorly. Selection within Information Technology also hampered performance, as our communications equipment industry selections were weak. We continue to have strong convictions though in the fundamentals of our technology holdings and are confident they will be able to provide attractive longer-term growth opportunities.

The primary drawback for the portfolio during the period was our security selection and underweight position in the Materials sector, which detracted from our performance.

 AVERAGE ANNUAL TOTAL RETURN^†

	6 MONTHS			SINCE INCEPTION*
Class A Shares – Inception 8/15/08
Without Sales Charge		8.32	%		-20.60	%
With Sales Charge		3.11			-24.38
Class B Shares – Inception 8/15/08
Without Sales Charge		7.87			-21.04
With Sales Charge		2.87			-24.97
Class C Shares – Inception 8/15/08
Without Sales Charge		7.87			-21.04
With Sales Charge		6.87			-21.83
Class I Shares – Inception 8/15/08		8.39			-20.55
Class R Shares – Inception 8/15/08		8.06			-20.80
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC). * Returns shown are cumulative returns since the fund is opened for less than one year.

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.
¹ The MSCI Emerging Markets Index^sm is a free float adjusted market capitalization index. Index data shown for the Since Inception Growth of $10,000 graph is from 8/31/08, since comparative index data is only available for full monthly periods. Sources: Lipper, Inc.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

Calamos Evolving World Growth Fund SEMIANNUAL REPORT 25

Calamos Convertible Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CCVIX	CALBX	CCVCX

FUND CUSIP NUMBERS
A Shares	128119401
B Shares	128119773
C Shares	128119823

Fund Objective

Current income with a secondary objective of growth

Investment Strategy

•  Invests in convertible securities issued by both U.S. and foreign companies

•  Emphasizes diversification across market sectors and credit quality, favoring companies with higher quality balance sheets

•  Utilizes a highly disciplined strategy which seeks to enhance investment returns while managing risk

Investor Profile

This Fund may be suitable for investors who seek:

•  Current income as well as capital growth potential

•  An investment which provides the growth potential of equities along with the income and limited downside potential typical of fixed income

Calamos Convertible Fund is our cornerstone convertible strategy that re-opened last October due to the unprecedented valuations we have seen in the convertible securities market segment. The Fund, and Calamos, helped establish the category more than 20 years ago, and it remains just as relevant today. At its core, Calamos Convertible Fund seeks to provide the growth potential of equities along with the income and limited downside potential typical of fixed income investments. This interplay between a convertible and its underlying stock is central to this strategy, and that came into play for the period as the Fund outpaced both its convertible and equity benchmarks.

Calamos Convertible Fund returned 13.73% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the Value Line Convertible Index returned 4.26% and the S&P 500 Index fell −8.53%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 27. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: for 10-year period ended 4/30/09

Overall, both issue selection and sector allocation added to performance during the period. Security selection within Health Care added the most value during the period. Selection within the pharmaceuticals industry was notably positive. Selection within Consumer Discretionary also contributed to relative performance as our names within the hotels, restaurants & leisure industry performed well. Issue selection within Energy was additive. Selection within the oil, gas & consumable fuels industry added value too.

SECTOR ALLOCATION
As of April 30, 2009

Information Technology	24.5	%
Health Care	20.3
Energy	11.5
Industrials	8.6
Financials	7.7
Materials	7.4
Consumer Staples	7.1
Consumer Discretionary	6.5
Telecommunication Services	0.4

Sector allocations are based on net assets and may vary over time.

Selection within Financials detracted the most during the period, while selection within the diversified financial services industry was weak. Issue selection within Materials also hampered performance, as names within the metals & mining industry performed poorly. The Fund’s higher quality bias detracted from performance as speculative grade convertibles outperformed investment grade issues during the period. This is largely due to financial securities making up such a large part of the investment grade convertible universe and some truly distressed names bouncing up from extremely low levels.

  26
SEMIANNUAL REPORT Calamos Convertible Fund

Calamos Convertible Fund

 GROWTH OF $10,000: SINCE INCEPTION (6/21/85) THROUGH 4/30/09

	Calamos Convertible Fund
	S&P 500 Index1
	Value Line Convertible Index2

 AVERAGE ANNUAL TOTAL RETURN^†

										10 YEARS OR
	6 MONTHS			1 YEAR			5 YEARS			ÙSINCE INCEPTION
Class A Shares – Inception 6/21/85
Without Sales Charge		13.73	%		-16.34	%		1.16	%		5.25	%
With Sales Charge		8.36			-20.33			0.18			4.74
Class B Shares – Inception 9/11/00
Without Sales Charge		13.37			-16.96			0.41			3.03	Ù
With Sales Charge		8.37			-21.07			0.11			3.03	Ù
Class C Shares – Inception 7/5/96
Without Sales Charge		13.33			-16.96			0.42			4.56
With Sales Charge		12.33			-17.78			0.42			4.56
Class I Shares – Inception 6/25/97		13.88			-16.10			1.43			5.52
Class R Shares – Inception 3/1/07		13.60			-16.56			NA			-5.29	Ù
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	Performance of the Convertible Fund includes the effects of an overpayment of dividends and/or capital gains distributions to shareholders of certain share classes of the Fund (and corresponding capital contribution by Calamos Asset Management, Inc., the predecessor to Calamos Advisors LLC), which increased certain return figures. † Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income of taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

1 The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Index data shown for the Since Inception Growth of $10,000 graph is from 6/30/85, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

2 The Value Line Convertible Index is an equally-weighted index of the larger convertibles, representing 90% of the U.S. convertible securities market. Index data shown for the Since Inception Growth of $10,000 graph is from 6/30/85, since comparative index data is only available for full monthly periods. Source: Mellon Analytical Solutions, LLC.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

Calamos Convertible Fund SEMIANNUAL REPORT 27

Calamos Market Neutral Income Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CVSIX	CAMNX	CVSCX

FUND CUSIP NUMBERS
A Shares	128119203
B Shares	128119757
C Shares	128119849

Fund Objective

High current income consistent with stability of principal

Investment Strategy

•  Dynamically combines complementary income-producing strategies such as convertible arbitrage and covered call writing, varying the emphasis of each based on market conditions

•  The convertible arbitrage strategy invests in convertible securities and sells short underlying stocks to generate income and hedge against equity market risk

•  Through covered call writing, income is generated by writing (selling) options on the portfolio’s equities and market indexes

Investor Profile

This Fund may be suitable for investors who seek:

•  The potential for an attractive income stream with relative stability of principal

•  A strategy designed to provide added diversification and reduced volatility

Calamos Market Neutral Income Fund is an alternative strategy that seeks to capitalize on our 30 years of experience in the convertible market. It utilizes a combination of convertible arbitrage (a tactical approach involving the purchase of convertibles and shorting of common stocks), and covered call writing, that attempts to provide relative consistency versus the market over the long-term. While the Fund outperformed the S&P 500 Index³ over the past six months, it did not keep pace with its fixed income benchmark—bonds benefited from the rush to safety early in the period.

Calamos Market Neutral Income Fund was up 1.92% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the Barclays Capital US Government/Credit Bond Index was up 7.96% and the Citigroup 30-Day T-Bill Index was up 0.05%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 30. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: for 10-year period ended 4/30/09

The Fund utilizes complementary strategies: primarily convertible arbitrage and covered call writing, in an attempt to reduce the overall risk of the portfolio. The mix of these two strategies will change based on the investment teams assessment of market conditions.

The convertible arbitrage portion of the portfolio (37.6% of the portfolio’s allocation as of 4/30/09) produced positive returns during the 6 months ended 4/30/09. Monthly returns for each of the six months measured during the period were all positive.

The Fund benefited from an improvement in conditions favoring convertible arbitrage, namely that the huge discounts in convertibles that occurred just prior to the reporting period narrowed substantially (convertibles were nearly 11% undervalued on average at the end of October and 6% undervalued at the end of April, based on proprietary Calamos estimates).

  28
SEMIANNUAL REPORT Calamos Market Neutral Income Fund

Calamos Market Neutral Income Fund

 STRATEGY ALLOCATION

CREDIT QUALITY
ALLOCATION OF BONDS

The covered call writing portion of the portfolio had a negative impact on returns for the 6 months ended 4/30/09. This was largely due to the –8.53% decline in the S&P 500 over the same period which overshadowed the dividends collected from the common stock and the net premiums collected on the options in the portfolio. Covered Call writing did, however, outperform convertible arbitrage during March and April as equity market conditions improved.

  ;

 GROWTH OF $10,000: SINCE INCEPTION (9/4/90) THROUGH 4/30/09

	Calamos Market Neutral Income Fund
	Barclays Capital U.S. Government/Credit Bond Index1
	Citigroup 30-Day Treasury Bill Index2

Calamos Market Neutral Income Fund SEMIANNUAL REPORT 29

Calamos Market Neutral Income Fund

 AVERAGE ANNUAL TOTAL RETURN^†

										10 YEARS OR
	6 MONTHS			1 YEAR			5 YEARS			ÙSINCE INCEPTION
Class A Shares – Inception 9/4/90
Without Sales Charge		1.92	%		-11.02	%		0.52	%		4.61	%
With Sales Charge		-2.94			-15.27			-0.45			4.10
Class B Shares – Inception 9/11/00
Without Sales Charge		1.52			-11.69			-0.23			2.82	Ù
With Sales Charge		-3.25			-15.80			-0.53			2.82	Ù
Class C Shares – Inception 2/16/00
Without Sales Charge		1.58			-11.65			-0.22			3.16	Ù
With Sales Charge		0.63			-12.47			-0.22			3.16	Ù
Class I Shares – Inception 5/10/00		2.08			-10.72			0.79			3.93	Ù
Class R Shares – Inception 3/1/07		1.86			-11.16			NA			-3.83	Ù
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	Performance of the Market Neutral Income Fund includes the effects of an overpayment of dividends and/or capital gains distributions to shareholders of certain share classes for the Fund (and a corresponding capital contribution by Calamos Asset Management, Inc., the predecessor to Calamos Advisors LLC), which increased certain return figures. † Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2000. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

¹ The Barclays Capital U.S. Government/Credit Bond Index is comprised of long-term government and investment grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Index data shown for the Since Inception Growth of $10,000 graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Lipper, Inc. ² The Citigroup 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 a guarantee as to the repayment of principal and interest at maturity. Index data shown for the Since Inception Growth of $10,000 graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Mellon Analytical Solutions, LLC

³ The S&P 500 Index is generally considered representative of the U.S. stock market. Source: Lipper, Inc.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

  30
SEMIANNUAL REPORT Calamos Market Neutral Income Fund

Calamos High Yield Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CHYDX	CAHBX	CCHYX

FUND CUSIP NUMBERS
A Shares	128119815
B Shares	128119724
C Shares	128119799

Fund Objective

Highest level of current income obtainable with reasonable risk, with a secondary objective of capital gain where consistent with the Fund’s primary objective

Investment Strategy

•  Strategically combines higher-yielding fixed-income and convertible securities to construct a diversified portfolio with greater equity sensitivity than a traditional fixed income allocation, enhancing the prospects for total return while maintaining a sizable income component

•  Avoids truly distressed issues by focusing on companies that offer sustainable income and/or the potential for capital appreciation through credit upgrades, merger and acquisition activity and special situations

•  Strives to balance risk and reward throughout market cycles

Investor Profile

This Fund may be suitable for investors who seek:

•  The highest-yield potential available from fixed-income securities

•  Capital gain from the appreciation in value of high-yield securities

Calamos High Yield Fund is a fixed income portfolio with an emphasis on seeking opportunities in higher quality high yield debt securities (primarily below investment grade bonds). It leverages a key component of the Calamos investment process—credit analysis—one of the hallmarks upon which the firm was built. In analyzing a company’s credit structure, the investment team may take into consideration both quantitative factors (such as an issuer’s liquidity, profitability, and debt servicing capabilities) and qualitative factors (management quality, accounting methods and foreign business exposure). This disciplined, opportunistic process led the Fund to outperform its benchmark for the period.

Calamos High Yield Fund was up 15.77% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the Credit Suisse High Yield Index returned 12.39%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 32. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: since inception (8/2/99) through 4/30/09

Overall both security selection and sector allocation added to relative returns during the period. Security selection within Information Technology added the most value during the period, with positive results from our selection within the semiconductor industry. Our overweight in this sector worked. These bonds had been unduly punished, but as credit market issues began to ease, their stronger relative balance sheets were finally recognized and rewarded by the market. Issue selection and an underweight position to Consumer Discretionary also added to returns for the period, relative to the benchmark—these included holdings within the internet & catalog retail industry. The portfolio’s bias to higher quality issues proved out our conviction in this segment as their performance was notably positive. Moreover, within the benchmark index, the higher quality tiers (BBB & BB rated) outperformed the lower quality tiers (B & CCC rated) during the period.

Calamos High Yield Fund SEMIANNUAL REPORT 31

Calamos High Yield Fund

SECTOR ALLOCATION
As of April 30, 2009

Consumer Discretionary	15.5	%
Industrials	14.6
Information Technology	13.2
Energy	12.1
Materials	10.6
Financials	9.6
Consumer Staples	8.7
Health Care	6.2
Telecommunication Services	3.5
Utilities	1.5

Sector allocations are based on net assets and may vary over time.

Weak selection within Financials detracted the most value during the period, as our names within the diversified financial services industry performed poorly. High yield corporate bonds, in the Financials sector, were beaten down in the beginning of the period, but have recouped some value during the first 4 months of 2009—in fact, Financials performance was so strong, it was the best performing sector within the benchmark index during the period. An underweight position and weak selection within Telecommunication Services detracted from relative returns.

 AVERAGE ANNUAL TOTAL RETURN^†

	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 8/2/99
Without Sales Charge		15.77	%		-15.47	%		1.62	%		4.48	%
With Sales Charge		10.34			-19.46			0.63			3.95
Class B Shares – Inception 12/21/00
Without Sales Charge		15.34			-16.05			0.88			4.76
With Sales Charge		10.34			-20.03			0.59			4.76
Class C Shares – Inception 12/21/00
Without Sales Charge		15.30			-16.03			0.88			4.73
With Sales Charge		14.30			-16.82			0.88			4.73
Class I Shares – Inception 3/1/02		15.75			-15.26			1.88			4.72
Class R Shares – Inception 3/1/07		15.48			-15.70			NA			-6.63
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	Performance of the High Yield Fund includes the effects of an overpayment of dividends and/or capital gains distributions to shareholders of certain share classes of the Fund (and a corresponding capital contribution by Calamos Asset Management, Inc., the predecessor to Calamos Advisors LLC), which increased certain return figures. † Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2003. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes. ¹ The Credit Suisse High Yield Index is an unmanaged index of high-yield debt securities. Index data shown is from 7/31/99, since comparative index data is only available for full monthly periods. Source: Mellon Analytical Solutions, LLC

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

  32
SEMIANNUAL REPORT Calamos High Yield Fund

Calamos Total Return Bond Fund

Investment Team Discussion

FUND NASDAQ SYMBOLS
A Shares	B Shares	C Shares
CTRAX	CTXBX	CTRCX

FUND CUSIP NUMBERS
A Shares	128119310
B Shares	128119294
C Shares	128119286

Fund Objective

Total return, consistent with preservation of capital and prudent investment management

Investment Strategy

•  Invests across the broad sectors of the U.S. investment-grade bond market, including Treasurys and agencies, mortgage-backed securities, corporate debt, and asset-backed securities

•  Opportunistic sector allocations provide greater flexibility in managing risk and reward

•  Complementary allocations may include high-yield securities, international bonds and currencies, among others

•  Credit and interest-rate exposure may be further tailored via derivative-based strategies

Investor Profile

This Fund may be suitable for investors who seek:

•  Broad exposure to the major sectors of the U.S. bond market

•  A conservative total return approach, with an emphasis on yield and capital preservation

•  Income generation

•  Portfolio diversification when combined with other asset classes

Calamos Total Return Bond Fund is a centerpiece fixed income portfolio that offers a Core-Plus approach to the U.S. bond market, with an emphasis on yield and capital preservation. Core—it dynamically allocates across the broad sectors of the U.S. investment-grade bond market, including Treasurys and agencies, mortgage-backed securities, corporate debt and asset-backed securities. Plus—it makes complimentary allocations that may include high-yield bonds, international bonds, and currencies, among others. This tactical strategy helped the Fund outperform its benchmark for the period.

Calamos Total Return Bond Fund returned 10.23% (Class A shares, unadjusted for sales charges) for the 6-month period ended April 30, 2009. For the same period, the Barclays Capital U.S. Aggregate Bond Index returned 7.74%.

To review the Fund’s long-term performance results, please see the “Growth of $10,000” chart below and the Total Return table on page 34. For more up-to-date information, please see our website at www.calamos.com.

Growth of $10,000: since inception (6/27/07) through 4/30/09

Calamos Total Return Bond Fund SEMIANNUAL REPORT 33

Calamos Total Return Bond Fund

ASSET ALLOCATION
As of April 30, 2009

Residential Mortgage Backed (U.S. Agency)	44.8	%
Corporate Bonds	46.2
US Government Treasury	7.6
US Government Agency	2.8
Asset Backed Securities	0.7
Cash and Receivables/Payables	-2.1

The Fund’s holding of Treasury Inflation Protected Securities (TIPS) was a strong contributor during the period, as long term inflation expectations increased from previously depressed levels. Our aggressive overweight in non-financial corporate bonds was also a strong performance driver as the asset class enjoyed a sustained rally. An overweight in Mortgage-Backed Securities contributed to performance as the sector’s return well outpaced that of Treasurys.

An underweight in asset-backed securities was a drag on performance. They did well, playing very strongly into Government backed plans to prop up the sector. Our high quality bias within the allocation to corporates was a drag on performance, as lower quality and lower rated issuers generally outperformed higher quality and higher rated issuers over the past six months. In addition, the Fund’s yield curve exposure was a headwind to performance—longer dated securities were more impacted by the increase in yields in the treasury market.

With the consumer and business sectors of the economy both in de-leveraging mode, unemployment levels continue to increase and dis-inflationary forces are still abundant. The array of government programs announced and implemented to date have helped to begin the thawing process in credit markets, but many risks and opportunities still remain. We believe that the combination of these forces is likely to keep any near term move higher in Treasury yields orderly and will ultimately prove beneficial to high quality corporate bonds and mortgage-backed securities.

 AVERAGE ANNUAL TOTAL RETURN^†

	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 6/27/07
Without Sales Charge		10.23	%		5.66	%		7.50	%
With Sales Charge		6.12			1.66			5.29
Class B Shares – Inception 6/27/07
Without Sales Charge		9.83			4.88			6.71
With Sales Charge		6.33			1.38			5.29
Class C Shares – Inception 6/27/07
Without Sales Charge		9.83			4.88			6.71
With Sales Charge		8.83			3.88			6.71
Class I Shares – Inception 6/27/07		10.26			5.83			7.75
Class R Shares – Inception 6/27/07		10.10			5.40			7.23
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.	† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 3.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The graph does not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes. ¹ The Barclays Capital U.S. Aggregate Bond Index is considered generally representative of the investment-grade bond market. Index data shown for the Since Inception Growth of $10,000 graph is from 6/30/07, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

  34
SEMIANNUAL REPORT Calamos Total Return Bond Fund

Expense Overview

As a shareholder of a mutual fund, you incur two types of costs. You incur:

1) Transaction costs, including sales charges, or loads, on purchase payment and redemption fees.

2) Ongoing costs, including management fees, distribution and/or service (12b-1) fees and other fund expenses.

The examples in this report are based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2008 to April 30, 2009. It is intended to help you understand the ongoing costs associated with investing in each mutual fund and to compare these costs with the ongoing costs of investing in other mutual funds.

There are two parts of each Fund’s chart:

Actual

In this part of the chart, you’ll see the actual expenses you would have paid on a $1,000 investment made at the beginning of the period and held for the entire period in each fund from November 1, 2008 to April 30, 2009, the period covered by this report. This chart also shows the actual returns, after expenses, you would have earned during that time. This chart can help you estimate your own expenses. For example, if you invested $8,600 in Class A shares of the fund, simply divide $8,600 by $1,000, then multiply that result by the figure in the Actual Expenses per $1,000 row. In this example, you would multiply 8.6 times the figure.

Hypothetical

In this part of the chart, you’ll see the hypothetical expenses you would have paid on a $1,000 investment from November 1, 2008 to April 30, 2009, and the hypothetical returns, after expenses, you would have earned during that time. The Securities and Exchange Commission (SEC) has established the guidelines for this chart, including the assumed 5% annual rate of return before expenses, which is what you’ll see in the chart. Note that this chart will not help you determine your own expenses, but will help you compare expenses of the fund you own to the expenses of another fund since the information for that fund should be calculated using the same assumptions.

Please note that the expenses shown in the chart are meant to highlight your ongoing costs only and do not include any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line of the chart is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Expense Overview SEMIANNUAL REPORT 35

Expense Overview

The actual and hypothetical examples assume a $1,000 investment at the beginning of the period, November 1, 2008 and held through April 30, 2009.
	CLASS A		CLASS B		CLASS C		CLASS I		CLASS R
	SHARES		SHARES		SHARES		SHARES		SHARES
CALAMOS GROWTH FUND
Actual Expenses per $1,000*	$	6.78	$	10.53	$	10.53	$	5.53	$	8.03
Ending Value	$	1,025.20	$	1,021.50	$	1,021.50	$	1,026.40	$	1,023.70
Hypothetical Expenses per $1,000*	$	6.76	$	10.49	$	10.49	$	5.51	$	8.00
Ending Value	$	1,018.10	$	1,014.38	$	1,014.38	$	1,019.34	$	1,016.86
Annualized Expense Ratio		1.35%		2.10%		2.10%		1.10%		1.60%
CALAMOS GROWTH AND INCOME FUND
Actual Expenses per $1,000*	$	5.94	$	9.80	$	9.80	$	4.65	$	7.23
Ending Value	$	1,084.60	$	1,080.30	$	1,080.50	$	1,085.50	$	1,083.10
Hypothetical Expenses per $1,000*	$	5.76	$	9.49	$	9.49	$	4.51	$	7.00
Ending Value	$	1,019.09	$	1,015.37	$	1,015.37	$	1,020.33	$	1,017.85
Annualized Expense Ratio		1.15%		1.90%		1.90%		0.90%		1.40%
CALAMOS VALUE FUND
Actual Expenses per $1,000*	$	7.96	$	11.56	$	11.56	$	6.76	$	9.17
Ending Value	$	946.80	$	943.30	$	943.20	$	948.00	$	945.90
Hypothetical Expenses per $1,000*	$	8.25	$	11.98	$	11.98	$	7.00	$	9.49
Ending Value	$	1,016.61	$	1,012.89	$	1,012.89	$	1,017.85	$	1,015.37
Annualized Expense Ratio		1.65%		2.40%		2.40%		1.40%		1.90%
CALAMOS BLUE CHIP FUND
Actual Expenses per $1,000*	$	7.63	$	11.23	$	11.23	$	6.43	$	8.83
Ending Value	$	948.20	$	944.40	$	944.40	$	949.00	$	946.70
Hypothetical Expenses per $1,000*	$	7.90	$	11.63	$	11.63	$	6.66	$	9.15
Ending Value	$	1,016.96	$	1,013.24	$	1,013.24	$	1,018.20	$	1,015.72
Annualized Expense Ratio		1.58%		2.33%		2.33%		1.33%		1.83%
CALAMOS MULTI-FUND BLEND(1)
Actual Expenses per $1,000*	$	2.51	$	6.27	$	6.27	$	1.26	$	3.77
Ending Value	$	1,027.00	$	1,022.10	$	1,022.10	$	1,028.10	$	1,025.70
Hypothetical Expenses per $1,000*	$	2.51	$	6.26	$	6.26	$	1.25	$	3.76
Ending Value	$	1,022.32	$	1,018.60	$	1,018.60	$	1,023.55	$	1,021.08
Annualized Expense Ratio		0.50%		1.25%		1.25%		0.25%		0.75%
CALAMOS 130/30 EQUITY FUND(1)(2)
Actual Expenses per $1,000*	$	8.28	$	11.66	$	11.66	$	7.16	$	9.41
Ending Value	$	824.80	$	823.30	$	823.30	$	827.70	$	824.70
Hypothetical Expenses per $1,000*	$	9.15	$	12.87	$	12.87	$	7.90	$	10.39
Ending Value	$	1,015.72	$	1,012.00	$	1,012.00	$	1,016.96	$	1,014.48
Annualized Expense Ratio		1.83%		2.58%		2.58%		1.58%		2.08%
CALAMOS GLOBAL GROWTH AND INCOME FUND
Actual Expenses per $1,000*	$	7.68	$	11.54	$	11.54	$	6.39	$	8.97
Ending Value	$	1,092.20	$	1,087.80	$	1,088.00	$	1,094.70	$	1,091.90
Hypothetical Expenses per $1,000*	$	7.40	$	11.13	$	11.13	$	6.16	$	8.65
Ending Value	$	1,017.46	$	1,013.74	$	1,013.74	$	1,018.70	$	1,016.22
Annualized Expense Ratio		1.48%		2.23%		2.23%		1.23%		1.73%
CALAMOS INTERNATIONAL GROWTH FUND
Actual Expenses per $1,000*	$	8.02	$	11.82	$	11.83	$	6.74	$	9.28
Ending Value	$	1,059.60	$	1,054.90	$	1,056.20	$	1,060.50	$	1,057.40
Hypothetical Expenses per $1,000*	$	7.85	$	11.58	$	11.58	$	6.61	$	9.10
Ending Value	$	1,017.01	$	1,013.29	$	1,013.29	$	1,018.25	$	1,015.77
Annualized Expense Ratio		1.57%		2.32%		2.32%		1.32%		1.82%
CALAMOS GLOBAL EQUITY FUND(1)
Actual Expenses per $1,000*	$	9.71	$	13.52	$	13.50	$	8.45	$	10.98
Ending Value	$	1,051.00	$	1,049.20	$	1,047.00	$	1,053.40	$	1,049.80
Hypothetical Expenses per $1,000*	$	9.54	$	13.27	$	13.27	$	8.30	$	10.79
Ending Value	$	1,015.32	$	1,011.60	$	1,011.60	$	1,016.56	$	1,014.08
Annualized Expense Ratio		1.91%		2.66%		2.66%		1.66%		2.16%
Expenses for all Fund Classes A, B, C, I and R, are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365.
(1)  Annualized Expense Ratios for Multi-Fund Blend, 130/30 Equity Fund, Global Equity Fund, Evolving World Growth Fund and Total Return Bond Fund are adjusted to reflect fee waiver.
(2)  Includes 0.10% related to interest expense and dividend expense on short positions.
(3)  Includes 0.05% related to dividend expense on short positions.

  36
SEMIANNUAL REPORT Expense Overview

Expense Overview

The actual and hypothetical examples assume a $1,000 investment at the beginning of the period, November 1, 2008 and held through April 30, 2009. (continued)
	CLASS A		CLASS B		CLASS C		CLASS I		CLASS R
	SHARES		SHARES		SHARES		SHARES		SHARES
CALAMOS EVOLVING WORLD GROWTH FUND(1)
Actual Expenses per $1,000*	$	8.88	$	12.73	$	12.73	$	7.60	$	10.16
Ending Value	$	1,083.20	$	1,078.70	$	1,078.70	$	1,083.90	$	1,080.60
Hypothetical Expenses per $1,000*	$	8.60	$	12.33	$	12.33	$	7.35	$	9.84
Ending Value	$	1,016.27	$	1,012.55	$	1,012.55	$	1,017.50	$	1,015.03
Annualized Expense Ratio		1.72%		2.47%		2.47%		1.47%		1.97%
CALAMOS CONVERTIBLE FUND
Actual Expenses per $1,000*	$	5.78	$	9.73	$	9.73	$	4.45	$	7.10
Ending Value	$	1,137.30	$	1,133.70	$	1,133.30	$	1,138.80	$	1,136.00
Hypothetical Expenses per $1,000*	$	5.46	$	9.20	$	9.20	$	4.21	$	6.71
Ending Value	$	1,019.39	$	1,015.67	$	1,015.67	$	1,020.63	$	1,018.15
Annualized Expense Ratio		1.09%		1.84%		1.84%		0.84%		1.34%
CALAMOS MARKET NEUTRAL INCOME FUND(3)
Actual Expenses per $1,000*	$	6.01	$	9.74	$	9.75	$	4.76	$	7.26
Ending Value	$	1,019.20	$	1,015.20	$	1,015.80	$	1,020.80	$	1,018.60
Hypothetical Expenses per $1,000*	$	6.01	$	9.74	$	9.74	$	4.76	$	7.25
Ending Value	$	1,018.84	$	1,015.12	$	1,015.12	$	1,020.08	$	1,017.60
Annualized Expense Ratio**		1.20%		1.95%		1.95%		0.95%		1.45%
CALAMOS HIGH YIELD FUND
Actual Expenses per $1,000*	$	6.74	$	10.73	$	10.73	$	5.40	$	8.07
Ending Value	$	1,157.70	$	1,153.40	$	1,153.00	$	1,157.50	$	1,154.80
Hypothetical Expenses per $1,000*	$	6.31	$	10.04	$	10.04	$	5.06	$	7.55
Ending Value	$	1,018.55	$	1,014.83	$	1,014.83	$	1,019.79	$	1,017.31
Annualized Expense Ratio		1.26%		2.01%		2.01%		1.01%		1.51%
CALAMOS TOTAL RETURN BOND FUND(1)
Actual Expenses per $1,000*	$	4.43	$	8.32	$	8.32	$	3.13	$	5.73
Ending Value	$	1,102.30	$	1,098.30	$	1,098.30	$	1,102.60	$	1,101.00
Hypothetical Expenses per $1,000*	$	4.26	$	8.00	$	8.00	$	3.01	$	5.51
Ending Value	$	1,020.58	$	1,016.86	$	1,016.86	$	1,021.82	$	1,019.34
Annualized Expense Ratio		0.85%		1.60%		1.60%		0.60%		1.10%
Expenses for all Fund Classes A, B, C, I and R, are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365.
(1)  Annualized Expense Ratios for Multi-Fund Blend, 130/30 Equity Fund, Global Equity Fund, Evolving World Growth Fund and Total Return Bond Fund are adjusted to reflect fee waiver.
(2)  Includes 0.10% related to interest expense and dividend expense on short positions.
(3)  Includes 0.05% related to dividend expense on short positions.

Expense Overview SEMIANNUAL REPORT 37

Growth Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
COMMON STOCKS (95.7%)
		Consumer Discretionary (14.1%)
	3,550,000	Amazon.com, Inc.#	$	285,846,000
	5,400,000	Coach, Inc.		132,300,000
	3,650,000	GameStop Corp.#		110,084,000
	2,764,900	Guess?, Inc.		71,997,996
	2,150,000	LKQ Corp.#Ù		36,507,000
	800,000	New Oriental Education & Technology Group, Inc.#Ù		42,384,000
	4,550,000	Nike, Inc. - Class B		238,738,500
	325,000	priceline.com, Inc.#Ù		31,554,250
	14,274	Starbucks Corp.#		206,402
	700,000	WMS Industries, Inc.#		22,477,000
	400,000	Wynn Resorts, Ltd.#Ù		15,692,000
				987,787,148
		Consumer Staples (1.3%)
	1,500,000	Avon Products, Inc.		34,140,000
	1,350,000	Coca-Cola Company		58,117,500
				92,257,500
		Energy (9.5%)
	1,100,000	Apache Corp.		80,146,000
	750,000	Atwood Oceanics, Inc.#Ù		16,740,000
	2,000,000	Cameron International Corp.#Ù		51,160,000
	2,500,000	ENSCO International, Inc.Ù		70,700,000
	2,300,000	Halliburton Company		46,506,000
	449,781	Mariner Energy, Inc.#		5,118,508
	4,450,000	National Oilwell Varco, Inc.#		134,746,000
	2,400,000	Noble Corp.		65,592,000
	900,000	Noble Energy, Inc.		51,075,000
	385,000	Tidewater, Inc.		16,651,250
	1,949,500	Transocean, Ltd.#		131,552,260
				669,987,018
		Financials (6.2%)
	575,000	BlackRock, Inc.Ù		84,249,000
	375,000	CME Group, Inc.		83,006,250
	560,000	IntercontinentalExchange, Inc.#		49,056,000
	3,750,000	Janus Capital Group, Inc.Ù		37,612,500
	800,000	Lazard, Ltd.		21,840,000
	2,000,000	Raymond James Financial, Inc.Ù		31,380,000
	2,500,000	T. Rowe Price Group, Inc.Ù		96,300,000
	1,600,000	Waddell & Reed Financial, Inc.		35,856,000
				439,299,750
		Health Care (8.6%)
	800,000	Alexion Pharmaceuticals, Inc.#		26,736,000
	400,000	Allergan, Inc.		18,664,000
	550,000	Amedisys, Inc.#Ù		18,447,000
	350,000	C.R. Bard, Inc.		25,070,500
	1,400,000	Celgene Corp.#		59,808,000
	1,100,000	DENTSPLY International, Inc.Ù		31,482,000
	700,000	Emergent Biosolutions, Inc.#		7,497,000
	1,250,000	Gen-Probe, Inc.#Ù		60,200,000
	1,250,000	Gilead Sciences, Inc.#		57,250,000
	550,000	HMS Holdings Corp.#		16,489,000
	800,000	Illumina, Inc.#Ù		29,880,000
	1,200,000	IMS Health, Inc.		15,072,000
	350,000	Intuitive Surgical, Inc.#Ù		50,305,500
	500,000	LHC Group, Inc.#		11,410,000
	800,000	Mindray Medical International, Ltd.Ù		18,256,000
	2,296,508	Stryker Corp.		88,897,825
	1,000,000	Varian Medical Systems, Inc.#		33,370,000
	1,200,000	Volcano Corp.#		15,828,000
	475,000	Waters Corp.#		20,980,750
				605,643,575
		Industrials (14.3%)
	3,325,000	AGCO Corp.#		80,797,500
	1,500,000	Ametek, Inc.		48,315,000
	1,950,000	Bucyrus International, Inc.		42,334,500
	1,650,000	Emerson Electric Company		56,166,000
	447,111	Expeditors International of Washington, Inc.		15,519,223
	300,000	FedEx Corp.Ù		16,788,000
	400,000	First Solar, Inc.#Ù		74,916,000
	1,297,300	Fluor Corp.		49,128,751
	400,000	FTI Consulting, Inc.#		21,952,000
	1,250,000	General Dynamics Corp.		64,587,500
	550,000	Goodrich Corp.		24,354,000
	2,000,000	GrafTech International, Ltd.#		17,580,000
	2,975,000	Honeywell International, Inc.		92,849,750
	475,000	ITT Corp.		19,479,750
	2,450,000	Jacobs Engineering Group, Inc.#Ù		93,198,000
	900,000	Parker-Hannifin Corp.		40,815,000
	350,000	Precision Castparts Corp.		26,201,000
	875,000	SunPower Corp. - Class A#		23,957,500
	685,680	SunPower Corp. - Class B#		17,388,844
	2,150,000	United Technologies Corp.		105,006,000
	300,000	Valmont Industries, Inc.		19,134,000
	1,350,000	Westinghouse Air Brake Technologies Corp.Ù		51,489,000
				1,001,957,318
		Information Technology (37.9%)
	1,700,000	Accenture, Ltd.		50,031,000
	3,600,000	Altera Corp.		58,716,000
	1,550,000	Amphenol Corp. - Class A		52,452,000

  38
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Growth Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
	1,750,000	Ansys, Inc.#Ù	$	48,335,000
	2,650,000	Apple, Inc.#		333,449,500
	2,000,000	Atheros Communications, Inc.#		34,440,000
	575,000	Baidu.com, Inc.#Ù		133,917,500
	2,450,000	Broadcom Corp. - Class A#		56,815,500
	4,499,200	Brocade Communications Systems, Inc.#		26,005,376
	700,000	Check Point Software Technologies, Ltd.#		16,219,000
	6,050,000	Cisco Systems, Inc.#		116,886,000
	1,000,000	Cognizant Technology Solutions Corp.#		24,790,000
	4,750,000	Dell, Inc.#		55,195,000
	1,003,300	Dolby Laboratories, Inc.#		40,262,429
	5,000,000	eBay, Inc.#		82,350,000
	950,000	F5 Networks, Inc.#		25,906,500
	600,000	FactSet Research Systems, Inc.Ù		32,154,000
	2,025,000	FLIR Systems, Inc.#		44,914,500
	800,000	Google, Inc.#		316,776,000
	2,000,000	Jabil Circuit, Inc.		16,200,000
	1,150,000	Juniper Networks, Inc.#Ù		24,897,500
	1,250,000	Linear Technology Corp.		27,225,000
	5,500,000	LSI Logic Corp.#		21,120,000
	1,700,000	Marvell Technology Group, Ltd.#		18,666,000
	800,000	McAfee, Inc.#		30,032,000
	2,350,000	MEMC Electronic Materials, Inc.#		38,070,000
	500,000	Mettler-Toledo International, Inc.#		30,815,000
	800,000	Microchip Technology, Inc.Ù		18,400,000
	2,500,000	Network Appliance, Inc.#Ù		45,750,000
	2,349,600	Nintendo Company, Ltd.		78,541,019
	5,500,000	Nokia Corp.		77,770,000
	4,700,000	Nuance Communications, Inc.#Ù		62,745,000
	4,000,000	Oracle Corp.		77,360,000
	2,500,000	Parametric Technologies Corp.#		27,875,000
	1,200,000	Plexus Corp.#		26,580,000
	3,000,000	QUALCOMM, Inc.		126,960,000
	1,500,000	Quest Software, Inc.#		21,795,000
	2,200,000	Research In Motion, Ltd.#		152,900,000
	800,000	Rofin-Sinar Technologies, Inc.#Ù		17,048,000
	1,100,000	Silicon Laboratories, Inc.#		36,586,000
	950,000	SINA Corp.#Ù		26,609,500
	700,000	Solera Holdings, Inc.#		15,974,000
	1,950,000	Trimble Navigation, Ltd.#		41,808,000
	2,000,000	Varian Semiconductor Equipment Associates, Inc.#		51,180,000
				2,662,522,324
		Materials (2.5%)
	500,000	Agrium, Inc.#Ù		21,510,000
	1,500,000	Barrick Gold Corp.		43,650,000
	636,785	Cliffs Natural Resources, Inc.		14,684,262
	600,000	Mosaic Company		24,270,000
	500,000	Nucor Corp.Ù		20,345,000
	1,825,000	Terra Industries, Inc.		48,362,500
				172,821,762
		Telecommunication Services (1.3%)
	2,825,000	América Móvil, SAB de CV		92,801,250
		TOTAL COMMON STOCKS (Cost $7,684,202,321)		6,725,077,645
INVESTMENT IN AFFILIATED FUND (4.7%)
	329,759,710	Calamos Government Money Market Fund - Class I SharesΩ (Cost $329,759,710)		329,759,710
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (4.7%)
	8,615,578	Bank of New York Institutional Cash Reserve Series Bπ		1,120,025
	323,741,000	Goldman Sachs Financial Square Prime Obligations Fund		323,741,000
PRINCIPAL
AMOUNT			VALUE
	5,386,000	Deutsche Bank, AG, repurchase agreement, 0.160%, dated 04/30/09, due 05/01/09, repurchase price $5,386,024, collateralized by various U.S. Government Agency Securities 1.375% - 5.500%, 03/23/11 - 12/14/22 with a value of $5,448,940		5,386,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $337,742,578)		330,247,025
TOTAL INVESTMENTS (105.1%) (Cost $8,351,704,609)				7,385,084,380
PAYABLE UPON RETURN OF SECURITIES LOANED (-4.8%)				(337,742,578	)
LIABILITIES, LESS OTHER ASSETS (-0.3%)				(21,472,180	)
NET ASSETS (100.0%)			$	7,025,869,622

Schedule of Investments SEMIANNUAL REPORT 39

See accompanying Notes to Schedule of Investments

Growth Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.
Ù	Security, or portion of security, is on loan.
Ω	Investment in affiliated fund. During the period from November 1, 2008 through April 30, 2009, the fund had net purchases of $70,104,706 and earned $1,127,707 in dividends from the affiliated fund. As of October 31, 2008, the fund had holdings of $259,655,004 in the affiliated fund.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

  40
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Financial Statements

Growth and Income Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
CONVERTIBLE BONDS (38.0%)
		Consumer Discretionary (1.1%)
	16,000,000	Aristocrat Leisure, Ltd. (in default)** 5.000%, 05/31/06	$	18,379,200
	16,109,000	Best Buy Company, Inc.~ 2.250%, 01/15/22		16,088,864
				34,468,064
		Energy (5.1%)
	14,800,000	Cameron International Corp.Ù 2.500%, 06/15/26		16,187,500
		Chesapeake Energy Corp.
	28,500,000	2.250%, 12/15/38		15,924,375
	28,163,000	2.500%, 05/15/37		20,523,786
	27,000,000	2.750%, 11/15/35		23,118,750
	7,669,000	2.500%, 05/15/37		5,588,784
	30,000,000	Schlumberger, Ltd. - Class BÙ~ 2.125%, 06/01/23		41,700,000
	45,000,000	Superior Energy Services, Inc. ‡ 1.500%, 12/15/26		36,956,250
				159,999,445
		Financials (1.2%)
	25,500,000	Affiliated Managers Group, Inc.* 3.950%, 08/15/38		20,431,875
	16,747,000	Leucadia National Corp.Ù 3.750%, 04/15/14		18,505,435
				38,937,310
		Health Care (8.1%)
	52,659,000	Amgen, Inc. 0.375%, 02/01/13		47,853,866
	46,000,000	Gilead Sciences, Inc.Ù 0.500%, 05/01/11		58,305,000
	37,895,000	Kinetic Concepts, Inc.* 3.250%, 04/15/15		28,468,619
		Teva Pharmaceutical Industries, Ltd.
	42,000,000	0.250%, 02/01/24		53,287,500
	42,000,000	0.250%, 02/01/26		44,047,500
	20,500,000	0.500%, 02/01/24~		24,010,625
				255,973,110
		Industrials (3.0%)
	33,000,000	AGCO Corp. 1.250%, 12/15/36		28,256,250
	40,700,000	Danaher Corp. 0.000%, 01/22/21		36,731,750
	5,440,000	Ingersoll-Rand Company, Ltd. 4.500%, 04/15/12		7,629,600
		Suntech Power Holdings Company, Ltd.
	23,015,000	3.000%, 03/15/13		13,924,075
	9,050,000	0.250%, 02/15/12Ù		8,156,312
				94,697,987
		Information Technology (17.0%)
	130,780,000	EMC Corp. 1.750%, 12/01/13		135,030,350
	60,309,000	Intel Corp. 2.950%, 12/15/35		52,016,513
	114,553,000	Network Appliance, Inc.* 1.750%, 06/01/13		102,381,744
	47,654,000	Nuance Communications, Inc. 2.750%, 08/15/27		43,126,870
	69,500,000	ON Semiconductor Corp. 2.625%, 12/15/26		56,816,250
		Symantec Corp.
	52,000,000	1.000%, 06/15/13Ù		56,160,000
	51,500,000	0.750%, 06/15/11~		55,040,625
	45,000,000	VeriSign, Inc.Ù 3.250%, 08/15/37		32,850,000
				533,422,352
		Materials (2.5%)
		Newmont Mining Corp.
	33,689,000	1.250%, 07/15/14Ù		37,900,125
	28,500,000	1.625%, 07/15/17		31,136,250
	7,460,000	3.000%, 02/15/12		8,905,375
				77,941,750
		TOTAL CONVERTIBLE BONDS (Cost $1,215,111,847)		1,195,440,018
SYNTHETIC CONVERTIBLE SECURITIES (0.4%)
Corporate Bonds (0.3%)
		Industrials (0.3%)
	8,870,000	Caterpillar, Inc. 5.450%, 04/15/18		7,572,780
		TOTAL CORPORATE BONDS		7,572,780
NUMBER OF
CONTRACTS			VALUE
Purchased Options (0.1%)#
		Consumer Discretionary (0.1%)
		Amazon.com, Inc.
	1,070	Call, 01/16/10, Strike $70.00		2,137,325
	715	Call, 01/16/10, Strike $80.00		1,049,263
				3,186,588
		Information Technology (0.0%)
		EMC Corp.
	5,300	Call, 01/16/10, Strike $15.00		535,300
	4,000	Call, 01/16/10, Strike $17.50		192,000
				727,300
		TOTAL PURCHASED OPTIONS		3,913,888
		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $15,768,394)		11,486,668

Schedule of Investments SEMIANNUAL REPORT 41

See accompanying Notes to Schedule of Investments

Growth and Income Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (14.9%)
		Consumer Staples (3.8%)
	2,241,000	Archer Daniels Midland Company 6.250%	$	75,118,320
		Bunge, Ltd.
	485,375	4.875% Ù		33,430,203
	19,600	5.125%		9,555,000
				118,103,523
		Financials (4.5%)
	495,000	American International Group, Inc. 8.500%		2,529,450
	110,500	Bank of America Corp. 7.250%		64,642,500
	2,362,165	Citigroup, Inc. 6.500%		74,644,414
				141,816,364
		Health Care (3.5%)
	76,200	Mylan, Inc. 6.500%		64,922,400
	214,400	Schering-Plough Corp. 6.000%		45,289,856
				110,212,256
		Materials (3.1%)
	455,000	Freeport-McMoRan Copper & Gold, Inc. 6.750%		31,395,000
	1,921,105	Vale Capital, Ltd. (Companhia Vale do Rio Doce)Δ 5.500%		67,257,886
				98,652,886
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $552,611,054)		468,785,029
COMMON STOCKS (45.2%)
		Consumer Discretionary (5.0%)
	654,986	Amazon.com, Inc.#		52,739,473
	620,000	Apollo Group, Inc. - Class A#		39,029,000
	1,255,000	Nike, Inc. - Class B		65,849,850
				157,618,323
		Consumer Staples (3.2%)
	1,055,000	Coca-Cola Company		45,417,750
	330,000	Costco Wholesale Corp.		16,038,000
	798,225	PepsiCo, Inc.		39,719,676
				101,175,426
		Energy (6.7%)
	642,988	Cameron International Corp.#		16,447,633
	1,094,980	ENSCO International, Inc.		30,966,034
	1,868,835	Halliburton Company		37,787,844
	1,146,000	Noble Corp.		31,320,180
	1,909,137	Pride International, Inc.#		43,337,410
	650,000	Smith International, Inc.		16,802,500
	520,000	Transocean, Ltd.#		35,089,600
				211,751,201
		Financials (2.8%)
	122,000	BlackRock, Inc.		17,875,440
	1,020,000	Janus Capital Group, Inc.		10,230,600
	1,559,100	T. Rowe Price Group, Inc.~		60,056,532
				88,162,572
		Health Care (4.1%)
	250,000	Alcon, Inc.		23,002,500
	975,000	Johnson & Johnson		51,051,000
	528,030	Novo Nordisk, A/S		25,086,705
	760,000	Stryker Corp.		29,419,600
				128,559,805
		Industrials (5.9%)
	1,050,000	Emerson Electric Company		35,742,000
	1,990,000	Honeywell International, Inc.		62,107,900
	966,087	Illinois Tool Works, Inc.		31,687,654
	285,000	Precision Castparts Corp.~		21,335,100
	733,000	United Technologies Corp.		35,799,720
				186,672,374
		Information Technology (16.8%)
	1,800,000	Accenture, Ltd.		52,974,000
	3,223,425	Cisco Systems, Inc.#		62,276,571
	1,450,000	Dell, Inc.#		16,849,000
	3,120,000	eBay, Inc.#		51,386,400
	1,390,930	Infosys Technologies, Ltd.Ù		42,854,553
	1,200,000	Intel Corp.		18,936,000
	1,938,000	Intuit, Inc.#		44,825,940
	2,270,325	Microsoft Corp.		45,996,785
	1,479,825	Nintendo Company, Ltd.		49,466,702
	2,070,000	Nokia Corp.		29,269,800
	3,318,600	Oracle Corp.		64,181,724
	1,120,000	QUALCOMM, Inc.		47,398,400
				526,415,875
		Telecommunication Services (0.7%)
	650,000	América Móvil, SAB de CV		21,352,500
		TOTAL COMMON STOCKS (Cost $1,760,776,248)		1,421,708,076
INVESTMENT IN AFFILIATED FUND (1.8%)
	55,575,401	Calamos Government Money Market Fund - Class I Shares (Cost $55,575,401)Ω		55,575,401

  42
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Growth and Income Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (1.7%)
	533,042	Bank of New York Institutional Cash Reserve Series Bπ	$	69,295
	52,141,000	Goldman Sachs Financial Square Prime Obligations Fund		52,141,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $52,674,042)		52,210,295
TOTAL INVESTMENTS (102.0%) (Cost $3,652,516,986)				3,205,205,487
PAYABLE UPON RETURN OF SECURITIES LOANED (-1.7%)				(52,674,042	)
LIABILITIES, LESS OTHER ASSETS (-0.3%)				(10,482,250	)
NET ASSETS (100.0%)			$	3,142,049,195
NUMBER OF
CONTRACTS			VALUE
WRITTEN OPTIONS (-0.4%)~
		Financials (-0.3%)
	15,500	T. Rowe Price Group, Inc. Call, 07/18/09, Strike $35.00		(9,532,500	)
		Industrials (-0.1%)
	2,850	Precision Castparts Corp. Call, 06/20/09, Strike $70.00		(2,280,000	)
		TOTAL WRITTEN OPTIONS (Premium $3,544,009)		(11,812,500	)

NOTES TO SCHEDULE OF INVESTMENTS

**	In default status, such order being entered by a court in August 2005, and considered illiquid and non-income producing. The fund received a partial payment of $16,000,000 on August 10, 2006. The instrument has been priced at fair value following procedures approved by the board of trustees, and at April 30, 2009, involved the use of estimates and assumptions as determined by management personnel after evaluating information provided in the aforementioned court order and other relevant data.
~	Security, or portion of security, is held in a segregated account as collateral for written options aggregating a total value of $126,479,964.
Ù	Security, or portion of security, is on loan.
‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2009.
*	Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. At April 30, 2009, there were no 144A securities that could not be exchanged to the registered form. .
Δ	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
#	Non-income producing security.
Ω	Investment in an affiliated fund. During the period from November 1, 2008, through April 30, 2009, the fund had net redemptions of $566,408, and earned $299,239 in dividends from the affiliated fund. As of October 31, 2008, the fund had holdings of $56,141,809 in the affiliated fund.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

Note: The date shown on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

	��
Schedule of Investments SEMIANNUAL REPORT		43

See accompanying Notes to Financial Statements

Value Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
CONVERTIBLE PREFERRED STOCK (0.5%)
			Financials (0.5%)
	8,750		Citigroup, Inc. 6.500% (Cost $255,669)	$	276,500
COMMON STOCKS (97.6%)
			Consumer Discretionary (18.1%)
	12,000		Apollo Group, Inc. - Class A#		755,400
	40,000		Carnival Corp.		1,075,200
	120,000		International Game Technology		1,482,000
	50,000		Nike, Inc. - Class B		2,623,500
	68,000	JPY	Panasonic Corp.		996,510
	112,000		Starbucks Corp.#		1,619,520
	63,000		Walt Disney Company		1,379,700
					9,931,830
			Consumer Staples (8.7%)
	53,000		Coca-Cola Company		2,281,650
	15,000	CHF	Nestlé, SA		488,951
	26,000		PepsiCo, Inc.		1,293,760
	22,000		Walgreen Company		691,460
					4,755,821
			Energy (10.3%)
	17,000		Chevron Corp.		1,123,700
	15,000		Devon Energy Corp.		777,750
	15,000		Exxon Mobil Corp.		1,000,050
	60,000		Halliburton Company		1,213,200
	55,000		Pride International, Inc.#		1,248,500
	5,500		Schlumberger, Ltd.		269,445
					5,632,645
			Financials (11.9%)
	38,000		American International Group, Inc.#Ù		52,440
	57,000		Bank of America Corp.		509,010
	24,000		Franklin Resources, Inc.		1,451,520
	37,000		JPMorgan Chase & Company		1,221,000
	80,000		Leucadia National Corp.		1,698,400
	80,000		Wells Fargo & Company		1,600,800
					6,533,170
			Health Care (5.7%)
	18,000		Alcon, Inc.		1,656,180
	20,000		Johnson & Johnson		1,047,200
	17,500		Merck & Company, Inc.		424,200
					3,127,580
			Industrials (9.9%)
	30,000		Boeing Company		1,201,500
	25,000		FedEx Corp.		1,399,000
	115,000		General Electric Company		1,454,750
	17,000		Illinois Tool Works, Inc.		557,600
	17,000		United Technologies Corp.		830,280
					5,443,130
			Information Technology (33.0%)
	110,000		Cisco Systems, Inc.#		2,125,200
	210,000		Dell, Inc.#		2,440,200
	168,000		eBay, Inc.#		2,766,960
	36,000		Electronic Arts, Inc.#		732,600
	19,000		Infosys Technologies, Ltd.		585,390
	185,000	SEK	LM Ericsson Telephone Company		1,571,371
	63,000	CHF	Logitech International, SA#		841,946
	70,000		Microsoft Corp.		1,418,200
	185,000	EUR	Nokia OYJ		2,627,638
	80,000		Oracle Corp.		1,547,200
	23,000	EUR	SAP, AG		884,264
	105,000		Tellabs, Inc.#		550,200
					18,091,169
			TOTAL COMMON STOCKS (Cost $64,772,164)		53,515,345
INVESTMENT IN AFFILIATED FUND (1.6%)
	861,269		Calamos Government Money Market Fund - Class I SharesΩ (Cost $861,269)		861,269
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (0.1%)
	4,503		Bank of New York Institutional Cash Reserve Series Bπ		585
	52,000		Goldman Sachs Financial Square Prime Obligations Fund		52,000
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $56,503)		52,585
TOTAL INVESTMENTS (99.8%) (Cost $65,945,605)					54,705,699
PAYABLE UPON RETURN OF SECURITIES LOANED (-0.1%)					(56,503	)
OTHER ASSETS, LESS LIABILITIES (0.3%)					153,289
NET ASSETS (100.0%)				$	54,802,485

  44
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Value Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.
Ù	Security, or portion of security, is on loan.
Ω	Investment in affiliated fund. During the period from November 1, 2008 through April 30, 2009, the fund had net redemptions of $2,564,158 and earned $9,763 in dividends from the affiliated fund. As of October 31, 2008, the fund had holdings of $3,425,427 in the affiliated fund.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

FOREIGN CURRENCY ABBREVIATIONS

CHF	Swiss Franc
EUR	European Monetary Unit
JPY	Japanese Yen
SEK	Swedish Krona

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.

Schedule of Investments SEMIANNUAL REPORT 45

See accompanying Notes to Financial Statements

Blue Chip Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
COMMON STOCKS (98.7%)
		Consumer Discretionary (9.0%)
	36,000	Amazon.com, Inc.#	$	2,898,720
	47,000	Nike, Inc. - Class B		2,466,090
	25,000	Walt Disney Company		547,500
				5,912,310
		Consumer Staples (7.8%)
	42,000	Archer Daniels Midland Company		1,034,040
	15,000	Avon Products, Inc.		341,400
	27,000	Coca-Cola Company		1,162,350
	14,000	PepsiCo, Inc.		696,640
	10,000	Procter & Gamble Company		494,400
	17,000	Sysco Corp.		396,610
	31,000	Walgreen Company		974,330
				5,099,770
		Energy (9.4%)
	12,000	Chevron Corp.		793,200
	20,000	ConocoPhillips		820,000
	8,000	Exxon Mobil Corp.		533,360
	71,000	Halliburton Company		1,435,620
	24,000	Schlumberger, Ltd.		1,175,760
	20,500	Transocean, Ltd.#		1,383,340
				6,141,280
		Financials (4.4%)
	8,200	Franklin Resources, Inc.		495,936
	39,000	JPMorgan Chase & Company		1,287,000
	28,000	T. Rowe Price Group, Inc.		1,078,560
				2,861,496
		Health Care (9.5%)
	7,000	Abbott Laboratories		292,950
	13,000	Alcon, Inc.		1,196,130
	11,000	Amgen, Inc.#		533,170
	6,000	Gilead Sciences, Inc.#		274,800
	14,000	Johnson & Johnson		733,040
	36,000	St. Jude Medical, Inc.#		1,206,720
	34,000	Stryker Corp.		1,316,140
	19,000	Thermo Fisher Scientific, Inc.#		666,520
				6,219,470
		Industrials (13.1%)
	25,000	3M Company		1,440,000
	31,000	ABB, Ltd.		440,820
	13,000	Boeing Company		520,650
	25,000	Danaher Corp.		1,461,000
	21,000	Emerson Electric Company		714,840
	18,000	General Dynamics Corp.		930,060
	40,000	Honeywell International, Inc.		1,248,400
	14,000	Illinois Tool Works, Inc.		459,200
	29,000	United Technologies Corp.		1,416,360
				8,631,330
		Information Technology (38.9%)
	25,000	Accenture, Ltd.		735,750
	23,000	Apple, Inc.#		2,894,090
	96,000	Cisco Systems, Inc.#		1,854,720
	127,000	Dell, Inc.#		1,475,740
	94,000	eBay, Inc.#		1,548,180
	110,000	EMC Corp.#		1,378,300
	7,300	Google, Inc.#		2,890,581
	28,000	Infosys Technologies, Ltd.		862,680
	81,000	Intel Corp.		1,278,180
	3,000	International Business Machines Corp.		309,630
	2,500	MasterCard, Inc.Ù		458,625
	75,000	Microsoft Corp.		1,519,500
	33,000	Nintendo Company, Ltd.		1,103,104
	102,000	Nokia Corp.		1,442,280
	122,000	Oracle Corp.		2,359,480
	18,000	QUALCOMM, Inc.		761,760
	12,000	Research In Motion, Ltd.#		834,000
	24,000	SAP, AGÙ		914,160
	53,000	Symantec Corp.#		914,250
				25,535,010
		Materials (4.3%)
	23,500	Barrick Gold Corp.		683,850
	32,000	Freeport-McMoRan Copper & Gold, Inc.#		1,364,800
	18,500	Newmont Mining Corp.		744,440
				2,793,090
		Telecommunication Services (2.3%)
	47,000	América Móvil, SAB de CV		1,543,950
		TOTAL COMMON STOCKS (Cost $70,527,157)		64,737,706
INVESTMENT IN AFFILIATED FUND (0.7%)
	462,271	Calamos Government Money Market Fund - Class I SharesΩ (Cost $462,271)		462,271

  46
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Blue Chip Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (1.0%)
	107,498	Bank of New York Institutional Cash Reserve Series Bπ	$	13,975
	656,000	Goldman Sachs Financial Square Prime Obligations Fund		656,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $763,498)		669,975
TOTAL INVESTMENTS (100.4%) (Cost $71,752,926)				65,869,952
PAYABLE UPON RETURN OF SECURITIES LOAN (-1.2%)				(763,498	)
OTHER ASSETS, LESS LIABILITIES (0.8%)				532,459
NET ASSETS (100.0%)			$	65,638,913

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.
Ù	Security, or portion of security, is on loan.
Ω	Investment in an affiliated fund. During the period from November 1, 2008, through April 30, 2009, the fund had net redemptions $5,227,074, and earned $17,204 in dividends from the affiliated fund. As of October 31, 2008, the fund had holdings of $5,689,345 in the affiliated fund.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the Board of Trustees.

Schedule of Investments SEMIANNUAL REPORT 47

See accompanying Notes to Financial Statements

Multi-Fund Blend

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
INVESTMENTS IN AFFILIATED FUNDS (100.0%)
	587,488	Calamos Global Growth and Income Fund - Class I Shares (Cost $6,220,138)	$	4,629,406
	144,419	Calamos Growth Fund - Class I Shares (Cost $7,732,596)		5,170,207
	522,428	Calamos Value Fund - Class I Shares (Cost $6,826,062)		4,461,534
		TOTAL INVESTMENTS IN AFFILIATED FUNDS (Cost $20,778,796)		14,261,147
		TOTAL INVESTMENTS (100.0%) (Cost $20,778,796)		14,261,147
LIABILITIES, LESS OTHER ASSETS (0.0%)				(7,003	)
NET ASSETS (100.0%)			$	14,254,144

NOTES TO SCHEDULE OF INVESTMENTS

Investments in Affiliated Funds. The fund held the following investments in affiliated funds as of April 30, 2009. Purchases, sales, and dividend income are shown during the period from November 1, 2008, through April 30, 2009.

	Value				Proceeds from		Dividend
	October 31, 2008		Purchases		Sales		Income
Calamos Global Growth and Income Fund	$	5,612,255	$	1,235,417	$	2,391,982	$	151,828
Calamos Growth Fund		4,686,281		1,972,682		1,654,718		—
Calamos Value Fund		5,359,509		1,235,417		1,654,718		23,000
Total	$	15,658,045	$	4,443,516	$	5,701,418	$	174,828

  48
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Financial Statements

130/30 Equity Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
COMMON STOCKS (84.3%)
		Consumer Discretionary (12.0%)
	3,960	Aaron Rents, Inc.<>	$	132,898
	640	Apollo Group, Inc. - Class A#<>		40,288
	1,590	Bed Bath & Beyond, Inc.#		48,368
	3,000	Buckle, Inc.<>		112,110
	3,660	Cato Corp.<>		70,345
	3,220	Dollar Tree, Inc.#<>		136,335
	1,930	Family Dollar Stores, Inc.<>		64,057
	1,380	Genuine Parts Company<>		46,865
	3,320	Home Depot, Inc.<>		87,382
	660	ITT Educational Services, Inc.#<>		66,508
	2,880	Life Time Fitness, Inc.#		54,029
	3,700	Lincoln Educational Services Corp.#<>		61,383
	4,260	Marvel Entertainment, Inc.#<>		127,118
	970	McDonalds Corp.<>		51,691
	4,580	Monarch Casino and Resort, Inc.#		46,808
	90	NVR, Inc.#		45,483
	2,510	Panera Bread Company#<>		140,585
	3,530	RadioShack Corp.		49,702
	1,670	Ross Stores, Inc.<>		63,360
	3,910	Royal Caribbean Cruises, Ltd.#		57,594
	810	Sherwin-Williams Company		45,878
	240	Strayer Education, Inc.<>		45,458
	2,000	Tupperware Brands Corp.		50,061
				1,644,306
		Consumer Staples (2.0%)
	1,190	Coca-Cola Company<>		51,230
	3,470	Fresh Del Monte Produce, Inc.#<>		50,384
	1,410	Hershey Company		50,957
	2,890	Pantry, Inc.#<>		68,262
	1,400	Weis Markets, Inc.		51,786
				272,619
		Energy (6.2%)
	2,910	Buckeye Partners, LP<>		111,919
	1,520	Encana Corp.		69,510
	3,510	Encore Energy Partners, LP<>		58,617
	2,220	Holly Corp.<>		46,531
	3,660	Magellan Midstream Partners, LP<>		122,244
	1,240	SEACOR Holdings, Inc.#<>		81,493
	4,110	Southwestern Energy Company#<>		147,385
	1,490	Sunoco, Inc.<>		39,500
	3,210	Tesoro Corp.<>		48,953
	2,040	Valero Energy Corp.<>		40,474
	2,160	World Fuel Services Corp.<>		82,359
				848,985
		Financials (4.3%)
	1,950	Camden Property Trust<>		52,904
	1,170	Chubb Corp.<>		45,572
	1,630	Digital Realty Trust, Inc.<>		58,696
	5,370	Financial Federal Corp.<>		132,156
	1,890	Health Care REIT, Inc.<>		64,392
	2,910	Knight Capital Group, Inc.#<>		45,076
	1,090	ProAssurance Corp.#<>		47,895
	2,870	Stifel Financial Corp.#<>		141,289
				587,980
		Health Care (16.3%)
	2,140	Alexion Pharmaceuticals, Inc.#<>		71,519
	4,950	American Medical Systems Holdings, Inc.#<>		61,232
	1,430	AmerisourceBergen Corp.<>		48,105
	2,550	Amsurg Corp.#		52,377
	3,640	athenahealth, Inc.#<>		115,752
	1,390	Baxter International, Inc.<>		67,415
	1,090	Biogen Idec, Inc.#<>		52,691
	4,540	Centene Corp.#<>		83,400
	2,840	Chemed Corp.<>		120,217
	2,410	Community Health Systems, Inc.#		55,044
	1,770	Covidien, Ltd.<>		58,375
	16,040	Cyberonics, Inc.#<>		212,370
	1,330	Express Scripts, Inc.#<>		85,080
	2,020	Gen-Probe, Inc.#<>		97,283
	2,570	Genomic Health, Inc.#<>		57,825
	3,540	Gentiva Health Services, Inc.#<>		56,392
	1,090	Gilead Sciences, Inc.#<>		49,922
	5,160	Healthsouth Corp.#<>		48,349
	3,960	HMS Holdings Corp.#<>		118,721
	2,090	Lincare Holdings, Inc.#		50,432
	5,430	Luminex Corp.#<>		89,106
	3,160	Magellan Health Services, Inc.#<>		93,410
	4,660	Mylan, Inc.#<>		61,745
	3,840	Myriad Genetics, Inc.#<>		148,954
	1,360	NuVasive, Inc.#<>		51,544
	5,350	Omnicare, Inc.<>		137,549
	1,770	Quest Diagnostics, Inc.<>		90,852
				2,235,661
		Industrials (10.7%)
	640	Alliant Techsystems, Inc.#<>		50,976
	1,280	American Science and Engineering, Inc.<>		77,133
	2,330	Ametek, Inc.<>		75,049
	7,110	Beacon Roofing Supply, Inc.#<>		113,049
	940	C.H. Robinson Worldwide, Inc.		49,970
	3,580	Deluxe Corp.		51,910

Schedule of Investments SEMIANNUAL REPORT 49

See accompanying Notes to Schedule of Investments

130/30 Equity Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
	2,580	EMCOR Group, Inc.#<>	$	53,638
	1,670	Equifax, Inc.		48,697
	1,730	Expeditors International of Washington, Inc.<>		60,048
	380	First Solar, Inc.#<>		71,170
	1,900	Granite Construction, Inc.<>		74,955
	4,880	Insituform Technologies, Inc.#<>		74,810
	1,490	ITT Corp.<>		61,105
	2,780	Knight Transportation, Inc.		49,150
	10,040	MasTec, Inc.#<>		125,600
	990	Northrop Grumman Corp.		47,867
	2,240	Powell Industries, Inc.#<>		80,618
	5,410	Stanley, Inc.#<>		139,470
	1,310	Triumph Group, Inc.<>		54,142
	790	Valmont Industries, Inc.		50,386
	1,310	Westinghouse Air Brake Technologies Corp.		49,965
				1,459,708
		Information Technology (27.8%)
	2,510	Accenture, Ltd.<>		73,869
	8,660	ACI Worldwide, Inc.#<>		149,558
	4,330	Adtran, Inc.<>		91,580
	420	Apple, Inc.#		52,849
	13,470	ARRIS Group, Inc.#<>		143,725
	8,140	AsiaInfo Holdings, Inc.#<>		136,345
	2,580	Automatic Data Processing, Inc.<>		90,816
	2,040	BMC Software, Inc.#<>		70,727
	4,960	CA, Inc.<>		85,560
	4,080	Check Point Software Technologies, Ltd.#<>		94,534
	2,100	Citrix Systems, Inc.#<>		59,913
	7,440	Cogent Inc.#<>		84,370
	4,000	Compellent Technologies, Inc.#<>		44,640
	2,660	Cree, Inc.#<>		72,857
	6,850	Cybersource Corp.#<>		100,079
	2,850	Data Domain, Inc.#<>		47,253
	3,160	eBay, Inc.#		52,045
	6,670	Echelon Corp.#<>		53,093
	4,800	EMC Corp.#<>		60,144
	760	Equinix, Inc.#		53,375
	1,300	FactSet Research Systems Inc.<>		69,667
	2,690	FEI Company#<>		46,214
	140	Google, Inc.#		55,436
	7,850	Harris Stratex Networks, Inc.#<>		31,557
	3,240	Informatica Corp.#		51,516
	3,400	Intel Corp.		53,652
	780	International Business Machines Corp.<>		80,504
	5,540	Linear Technology Corp.<>		120,661
	1,940	ManTech International Corp.#<>		70,209
	3,560	Netscout Systems, Inc.#<>		32,004
	1,480	Oplink Communications, Inc.#		16,339
	12,070	QLogic Corp.#<>		171,153
	16,910	S1 Corp.#<>		104,842
	5,000	Shanda Interactive Entertainment, Ltd.#<>		239,150
	6,700	Solera Holdings, Inc.#<>		152,894
	3,240	Sybase, Inc.#<>		110,030
	2,170	Synaptics, Inc.#<>		70,482
	1,990	Syntel, Inc.		55,163
	8,110	Tekelec#<>		125,705
	2,980	Texas Instruments, Inc.		53,819
	22,490	TiVo, Inc.#<>		168,675
	9,330	Tyler Technologies, Inc.#<>		153,945
	4,710	Volterra Semiconductor Corp.#		54,118
	3,080	Western Union Company		51,590
	2,580	Xilinx, Inc.		52,733
				3,809,390
		Materials (0.8%)
	3,120	Crown Holdings, Inc.#<>		68,796
	4,150	Wausau Paper Corp.#		36,230
				105,026
		Telecommunication Services (0.5%)
	2,210	Verizon Communications, Inc.		67,051
		Utilities (3.7%)
	1,730	AmeriGas Partners, LP<>		53,128
	1,670	California Water Service Group<>		65,180
	4,350	CMS Energy Corp.<>		52,287
	1,580	Consolidated Edison, Inc.<>		58,665
	1,610	ITC Holdings Corp.<>		70,083
	1,190	Sempra Energy<>		54,764
	1,320	Suburban Propane Partners, LP<>		52,800
	1,630	WGL Holdings, Inc.<>		50,758
	1,170	Wisconsin Energy Corp.<>		46,755
				504,420
		TOTAL COMMON STOCKS (Cost $11,844,561)		11,535,146
EXCHANGE TRADED FUNDS (9.5%)
		Financials (9.5%)
	9,000	ProShares UltraShort MidCap400<>		384,030
	11,000	ProShares UltraShort QQQ<>		407,880
	8,000	ProShares UltraShort S&P500<>		509,440
				1,301,350
		TOTAL EXCHANGE TRADED FUNDS (Cost $1,639,571)		1,301,350

  50
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

130/30 Equity Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
INVESTMENT IN AFFILIATED FUND (10.5%)
	1,436,915	Calamos Government Money Market Fund - Class I SharesΩ (Cost $1,436,915)	$	1,436,915
TOTAL INVESTMENTS (104.3%) (Cost $14,921,047)				14,273,411
LIABILITIES, LESS OTHER ASSETS (-4.3%)				(592,968	)
NET ASSETS (100.0%)			$	13,680,443

NOTES TO SCHEDULE OF INVESTMENTS

<>	Security, or portion of security, is held in a segregated account as collateral for securities sold short aggregating a total value of $11,054,609.
#	Non-income producing security.
Ω	Investment in an affiliated fund. During the period from November 1, 2008 through April 30, 2009, the fund had net redemptions of $1,297,091, and earned $11,909 in dividends from the affiliated fund. As of October 31, 2008, the fund had holdings of $2,734,006 in the affiliated fund.

Schedule of Investments SEMIANNUAL REPORT 51

See accompanying Notes to Financial Statements

Global Growth and Income Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
CONVERTIBLE BONDS (42.3%)
			Consumer Discretionary (4.3%)
	8,500,000	EUR	Adidas, AG 2.500%, 10/08/18	$	13,472,538
	2,700,000		Aristocrat Leisure, Ltd. (in default)** 5.000%, 05/31/06		3,101,490
	2,880,000		Best Buy Company, Inc. 2.250%, 01/15/22		2,876,400
	300,000,000	JPY	NC International, Ltd. (Nikon Corp.)Δ 0.000%, 03/15/11		2,947,678
	320,000,000	JPY	Suzuki Motor Corp. 0.000%, 03/29/13		3,124,447
	195,000,000	JPY	Yamada Denki Company, Ltd. 0.000%, 03/31/15		1,574,199
					27,096,752
			Consumer Staples (1.8%)
	1,310,000,000	JPY	Asahi Breweries, Ltd. 0.000%, 05/26/28		11,308,156
			Energy (6.1%)
	5,710,000		Cameron International Corp.
			2.500%, 06/15/26		6,245,312
			Chesapeake Energy Corp.
	7,000,000		2.750%, 11/15/35		5,993,750
	4,990,000		2.500%, 05/15/37		3,636,463
	4,000,000		2.500%, 05/15/37		2,915,000
	45,500,000	HKD	China Petroleum & Chemical Corp. 0.000%, 04/24/14		6,056,755
	8,500,000		Petroleum Geo-Services ASA 2.700%, 12/03/12		4,250,000
	4,500,000		Petroplus Holdings, AG 3.375%, 03/26/13		3,768,750
	7,100,000		Superior Energy Services, Inc.‡~ 1.500%, 12/15/26		5,830,875
					38,696,905
			Financials (1.3%)
	5,260,000		Affiliated Managers Group, Inc.* 3.950%, 08/15/38		4,214,575
	3,310,000		Leucadia National Corp. 3.750%, 04/15/14		3,657,550
					7,872,125
			Health Care (5.4%)
	6,000,000	CHF	Actelion Finance, Ltd. 0.000%, 11/22/11		5,838,275
	9,390,000		Amgen, Inc. 0.375%, 02/01/13		8,533,162
	8,700,000		China Medical Technologies, Inc. 4.000%, 08/15/13		4,948,125
	4,800,000		Kinetic Concepts, Inc.* 3.250%, 04/15/15		3,606,000
	10,350,000		Teva Pharmaceutical Industries, Ltd.Ù 1.750%, 02/01/26		11,320,313
					34,245,875
			Industrials (4.8%)
	3,800,000		AGCO Corp. 1.250%, 12/15/36		3,253,750
	6,900,000		Danaher Corp. 0.000%, 01/22/21		6,227,250
	9,430,000		JA Solar Holdings Company, Ltd. 4.500%, 05/15/13		5,846,600
	5,300,000	EUR	SGL Carbon, AG 0.750%, 05/16/13		6,113,752
			Suntech Power Holdings Company, Ltd.~
	9,150,000		3.000%, 03/15/13		5,535,750
	3,860,000		0.250%, 02/15/12		3,478,825
					30,455,927
			Information Technology (13.2%)
	19,600,000	EUR	Cap Gemini, SA 1.000%, 01/01/12		10,536,477
	6,700,000		Compal Electronics, Inc. 0.000%, 08/19/10		6,978,914
	23,500,000		EMC Corp. 1.750%, 12/01/13		24,263,750
	5,800,000		Intel Corp.Ù 2.950%, 12/15/35		5,002,500
	11,200,000		Network Appliance, Inc.* 1.750%, 06/01/13		10,010,000
	3,350,000		Shanda Interactive Entertainment, Ltd.* 2.000%, 09/15/11		4,744,438
	16,500,000		Symantec Corp.~ 0.750%, 06/15/11		17,634,375
	800,000	CHF	Temenos Group, AG 1.500%, 03/21/13		675,797
	4,250,000		VeriSign, Inc. 3.250%, 08/15/37		3,102,500
					82,948,751
			Materials (3.4%)
			Newmont Mining Corp.
	9,866,000		1.625%, 07/15/17		10,778,605
	5,740,000		3.000%, 02/15/12		6,852,125
	3,250,000		1.250%, 07/15/14		3,656,250
					21,286,980
			Telecommunication Services (2.0%)
	13,900,000		NII Holdings, Inc. 2.750%, 08/15/25		12,805,375
			TOTAL CONVERTIBLE BONDS (Cost $292,222,560)		266,716,846

  52
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Global Growth and Income Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
CONVERTIBLE PREFERRED STOCKS (7.7%)
			Consumer Staples (3.3%)
	391,000		Archer Daniels Midland Company 6.250%	$	13,106,320
			Bunge, Ltd.
	57,000		4.875%		3,925,875
	7,500		5.125%		3,656,250
					20,688,445
			Financials (1.8%)
	110,000		American International Group, Inc. 8.500%		562,100
	8,100		Bank of America Corp. 7.250%		4,738,500
	190,000		Citigroup, Inc. 6.500%		6,004,000
					11,304,600
			Health Care (0.9%)
	28,000		Schering-Plough Corp. 6.000%		5,914,720
			Materials (1.7%)
	295,000		Vale Capital, Ltd. (Companhia Vale do Rio Doce)Delta 5.500%		10,327,950
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $53,711,235)		48,235,715
COMMON STOCKS (49.2%)
			Consumer Discretionary (6.9%)
	137,000		Apollo Group, Inc. - Class A#		8,624,150
	68,000		Nike, Inc. - Class B		3,567,960
	470,000	JPY	Nikon Corp.		6,229,027
	571,000	JPY	Panasonic Corp.		8,367,757
	574,957	CHF	Swatch Group, AG		16,489,246
					43,278,140
			Consumer Staples (1.5%)
	225,000		Coca-Cola Company		9,686,250
			Energy (5.6%)
	1,050,000	GBP	BP, PLC		7,419,960
	127,000		Cameron International Corp.#		3,248,660
	340,000		Halliburton Company		6,874,800
	230,000		Noble Corp.		6,285,900
	142,000	EUR	TOTAL, SA		7,105,074
	61,000		Transocean, Ltd.#		4,116,280
					35,050,674
			Financials (3.7%)
	210,000	CHF	Julius Baer Holding, AG - Class B		6,888,985
	605,000	GBP	Standard Chartered, PLC		9,358,893
	180,000		T. Rowe Price Group, Inc.		6,933,600
					23,181,478
			Health Care (4.7%)
	210,000		Alcon, Inc.		19,322,100
	127,000	DKK	Novo Nordisk, A/S - Class B		6,042,769
	110,000		Stryker Corp.		4,258,100
					29,622,969
			Industrials (2.6%)
	550,000	CHF	ABB, Ltd.#		7,785,988
	90,000	EUR	ALSTOM		5,610,369
	50,000	EUR	Siemens, AG		3,361,739
					16,758,096
			Information Technology (20.7%)
	210,000		Accenture, Ltd.		6,180,300
	965,000	GBP	Autonomy Corp., PLC#		20,244,818
	115,000	JPY	Canon, Inc.		3,441,457
	394,000		Cisco Systems, Inc.#		7,612,080
	1,495,000		Dell, Inc.#		17,371,900
	580,000		eBay, Inc.#		9,552,600
	235,000		Infosys Technologies, Ltd.		7,240,350
	190,000		Intel Corp.		2,998,200
	65,300	JPY	Nintendo Company, Ltd.		17,556,630
	1,575,000	EUR	Nokia OYJ		22,370,430
	10,500	KRW	Samsung Electronics Company, Ltd.		4,848,450
	285,000	EUR	SAP, AG		10,957,180
					130,374,395
			Materials (2.6%)
	293,000	GBP	Anglo American, PLC		6,304,837
	155,000	AUD	BHP Billiton, Ltd.		3,744,426
	31,000	CHF	Syngenta, AG		6,618,205
					16,667,468
			Telecommunication Services (0.9%)
	175,000		América Móvil, SAB de CV		5,748,750
			TOTAL COMMON STOCKS (Cost $379,533,586)		310,368,220
INVESTMENT IN AFFILIATED FUND (1.1%)
	6,739,296		Calamos Government Money Market Fund - Class I SharesΩ (Cost $6,739,296)		6,739,296

Schedule of Investments SEMIANNUAL REPORT 53

See accompanying Notes to Schedule of Investments

Global Growth and Income Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (0.3%)
	34,018	Bank of New York Institutional Cash Reserve Series Bπ	$	4,422
	1,646,000	Goldman Sachs Financial Square Prime Obligations Fund		1,646,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $1,680,018)		1,650,422
TOTAL INVESTMENTS (100.6%) (Cost $733,886,695)				633,710,499
PAYABLE UPON RETURN OF SECURITIES LOANED (-0.3%)				(1,680,018	)
LIABILITIES, LESS OTHER ASSETS (-0.3%)				(1,767,544	)
NET ASSETS (100.0%)			$	630,262,937
NUMBER OF
CONTRACTS			VALUE
WRITTEN OPTIONS (-0.2%)#
		Financials (-0.2%)
	1,800	T. Rowe Price Group, Inc. Call, 07/18/09, Strike $35.00 (Premium $338,074)		(1,107,000	)

FORWARD FOREIGN CURRENCY CONTRACTS
	Settlement		Local		Current		Unrealized
Short Contracts	Date		Currency		Value		Gain/Loss
Australian Dollar		7/23/09		3,918,000	$	2,833,048	$	(69,526	)
British Pound Sterling		7/23/09		24,540,000		36,303,847		(261,335	)
Danish Krone		7/23/09		30,899,000		5,478,265		(112,159	)
European Monetary Unit		7/23/09		56,537,000		74,778,847		(1,560,719	)
Hong Kong Dollar		7/23/09		37,054,000		4,783,943		(869	)
Indian Rupee		7/23/09		128,633,000		2,551,855		(10,203	)
Japanese Yen		7/23/09		4,171,599,000		42,349,816		32,207
Mexican Peso		7/23/09		27,368,000		1,956,136		100,874
New Taiwan Dollar		7/23/09		128,718,000		3,945,158		(151,546	)
Norwegian Krone		7/23/09		5,354,000		813,118		(27,106	)
South Korean Won		7/23/09		4,933,508,000		3,855,459		(161,746	)
Swiss Franc		7/23/09		49,381,000		43,320,999		(910,467	)
							$	(3,132,595	)

NOTES TO SCHEDULE OF INVESTMENTS

**	In default status, such order being entered by a court in August 2005, and considered illiquid and non-income producing. The fund has received partial payment of $2,700,000 as of August 10, 2006. The instrument has been priced at a fair value following procedures approved by the board of trustees, and at April 30, 2009, involved the use of estimates and assumptions as determined by management personnel after evaluating information provided in the aforementioned court order and other relevant data.
Δ	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2009.
~	Security, or portion of security, is held in a segregated account as collateral for written options aggregating a total value of $30,107,750.
*	Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. At April 30, 2009, there were no 144A securities that could not be exchanged to the registered form.
Ù	Security, or portion of security, is on loan.
#	Non-income producing security.
Ω	Investment in affiliated fund. During the period from November 1, 2008 through April 30, 2009, the fund had net redemptions of $31,025,460 and earned $52,767 in dividends from the affiliated fund. As of October 31, 2008, the fund had holdings of $37,764,756 in the affiliated fund.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

FOREIGN CURRENCY ABBREVIATIONS

AUD	Australian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	South Korean Won

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date shown on options represents the expiration date on the option contract. The option contract may be exercised at any date on or before the date shown.

  54
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Financial Statements

Global Growth and Income Fund

 CURRENCY EXPOSURE APRIL 30, 2009 (UNAUDITED) 

	Value	% of Total Investments
US Dollar	$391,316,185	61.7%
European Monetary Unit	79,527,559	12.5%
Japanese Yen	54,549,351	8.6%
Swiss Franc	44,296,496	7.0%
British Pound Sterling	43,328,508	6.8%
Hong Kong Dollar	6,056,755	1.0%
Danish Krone	6,042,769	1.0%
South Korean Won	4,848,450	0.8%
Australian Dollar	3,744,426	0.6%
Total Investments	$633,710,499	100.0%

Currency exposure may vary over time.

Schedule of Investments SEMIANNUAL REPORT 55

See accompanying Notes to Financial Statements

International Growth Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
COMMON STOCKS (99.3%)
			Consumer Discretionary (10.6%)
	24,000	EUR	Adidas, AG	$	906,776
	750,000	MXN	Grupo Televisa, SA		2,321,273
	20,000		New Oriental Education & Technology Group, Inc.#		1,059,600
	150,000	JPY	Nikon Corp.		1,987,987
	25,000	EUR	Puma, AG Rudolf Dassler Sport		5,357,479
	215,000	CHF	Swatch Group, AG		6,166,005
					17,799,120
			Consumer Staples (2.9%)
	27,000	EUR	Beiersdorf, AG		1,112,470
	1,365,000	MXN	Wal-Mart de Mexico, SAB de CV		3,707,627
					4,820,097
			Energy (7.9%)
	3,700,000	HKD	CNOOC, Ltd.		4,130,381
	200,000	BRL	Petróleo Brasileiro, SA		3,365,997
	60,000	ZAR	Sasol, Ltd.		1,806,615
	125,000	NOK	StatoilHydro, ASA		2,329,687
	40,000	EUR	Technip, SA		1,718,406
					13,351,086
			Financials (7.2%)
	79,000	CHF	Julius Baer Holding, AG - Class B		2,591,571
	150,000	GBP	Schroders, PLC		1,816,685
	550,000	SGD	Singapore Exchange, Ltd.		2,307,040
	350,000	GBP	Standard Chartered, PLC		5,414,236
					12,129,532
			Health Care (8.8%)
	65,000		Alcon, Inc.		5,980,650
	150,000	SEK	Elekta, AB - Class B		1,730,502
	92,000		Mindray Medical International, Ltd.		2,099,440
	67,000	DKK	Novo Nordisk, A/S - Class B		3,187,918
	250,000	GBP	Smith & Nephew, PLC		1,758,904
					14,757,414
			Industrials (10.8%)
	323,500	CHF	ABB, Ltd.#		4,579,577
	80,000	EUR	ALSTOM		4,986,995
	130,000	JPY	JGC Corp.		1,704,588
	70,000	JPY	Komatsu, Ltd.		873,343
	165,000	GBP	Rolls-Royce Group, PLC		817,964
	80,000	DKK	Vestas Wind Systems A/S#		5,192,919
					18,155,386
			Information Technology (38.7%)
	360,000	GBP	Autonomy Corp., PLC#		7,552,471
	15,000		Baidu.com, Inc.#		3,493,500
	135,000		Check Point Software Technologies, Ltd.#		3,127,950
	75,000	EUR	Gemalto, NV#		2,361,548
	300,000	TWD	Hon Hai Precision Industry Company, Ltd.		866,111
	190,000	TWD	HTC Corp.		2,572,914
	140,000		Infosys Technologies, Ltd.		4,313,400
	250,000	CHF	Logitech International, SA#		3,341,055
	120,000		Nice-Systems, Ltd.#		3,073,200
	24,000	JPY	Nintendo Company, Ltd.		6,452,666
	430,000	EUR	Nokia OYJ		6,107,483
	250,000	BRL	Redecard, SA		3,146,486
	8,000	KRW	Samsung Electronics Company, Ltd.		3,694,057
	75,000	EUR	SAP, AG		2,883,469
	23,000		Shanda Interactive Entertainment, Ltd.#		1,100,090
	225,000	NOK	Tandberg, ASA		3,165,697
	330,000	HKD	Tencent Holdings, Ltd.		2,916,743
	90,000	EUR	Ubisoft Entertainment, SA#		1,758,308
	660,000	HKD	VTech Holdings, Ltd.		3,301,021
					65,228,169
			Materials (9.6%)
	115,000	GBP	Anglo American, PLC		2,474,595
	35,000	ZAR	AngloGold Ashanti, Ltd.		1,075,134
	80,000	AUD	BHP Billiton, Ltd.		1,932,607
	120,000		Companhia Vale do Rio Doce		1,981,200
	37,000	CAD	Goldcorp Inc.		1,011,430
	17,500	CHF	Syngenta, AG		3,736,084
	95,000	NOK	Yara International, ASA		2,546,065
	1,800,000	HKD	Zijin Mining Group Company, Ltd.		1,378,633
					16,135,748
			Telecommunication Services (2.8%)
	145,000		América Móvil, SAB de CV		4,763,250
			TOTAL COMMON STOCKS (Cost $207,273,374)		167,139,802
INVESTMENT IN AFFILIATED FUND (0.5%)
	841,269		Calamos Government Money Market Fund - Class I SharesΩ (Cost $841,269)		841,269
TOTAL INVESTMENTS (99.8%) (Cost $208,114,643)					167,981,071
OTHER ASSETS, LESS LIABILITIES (0.2%)					411,813
NET ASSETS (100.0%)				$	168,392,884

  56
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

International Growth Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.
Ω	Investment in an affiliated fund. During the period from November 1, 2008 through April 30, 2009, the fund had net redemptions of $11,417,679, and earned $34,079 in dividends from the affiliated fund. As of October 31, 2008, the fund had holdings of $12,258,948 in the affiliated fund.

FOREIGN CURRENCY ABBREVIATIONS

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	New Taiwanese Dollar
ZAR	South African Rand

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.

Schedule of Investments SEMIANNUAL REPORT 57

See accompanying Notes to Financial Statements

International Growth Fund

 CURRENCY EXPOSURE APRIL 30, 2009 (UNAUDITED) 

	Value	% of Total Investments
US Dollar	$31,833,549	19.0%
European Monetary Unit	27,192,934	16.0%
Swiss Franc	20,414,292	12.2%
British Pound Sterling	19,834,855	11.8%
Hong Kong Dollar	11,726,778	7.0%
Japanese Yen	11,018,584	6.6%
Danish Krone	8,380,837	5.0%
Norwegian Krone	8,041,449	4.8%
Brazilian Real	6,512,483	3.9%
Mexican Peso	6,028,900	3.6%
South Korean Won	3,694,057	2.2%
New Taiwanese Dollar	3,439,025	2.0%
South African Rand	2,881,749	1.7%
Singapore Dollar	2,307,040	1.4%
Australian Dollar	1,932,607	1.2%
Swedish Krona	1,730,502	1.0%
Canadian Dollar	1,011,430	0.6%
Total Investments	$167,981,071	100.0%

Currency exposure may vary over time.

  58
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Financial Statements

Global Equity Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
COMMON STOCKS (98.4%)
			Consumer Discretionary (13.1%)
	8,200		Amazon.com, Inc.#	$	660,264
	2,300		Apollo Group, Inc. - Class A#		144,785
	11,500		Coach, Inc.		281,750
	80,000	MXN	Grupo Televisa, SA		247,603
	10,000		Guess?, Inc.		260,400
	11,900		Nike, Inc. - Class B		624,393
	9,000	JPY	Nikon Corp.		119,279
	2,100	EUR	Puma, AG Rudolf Dassler Sport		450,028
	20,000	CHF	Swatch Group, AG		573,582
					3,362,084
			Consumer Staples (3.1%)
	8,900		Coca-Cola Company		383,145
	150,000	MXN	Wal-Mart de Mexico, SAB de CV		407,432
					790,577
			Energy (10.1%)
	3,300		Apache Corp.		240,438
	230,000	HKD	CNOOC, Ltd.		256,753
	6,000		ENSCO International, Inc.		169,680
	13,000		Halliburton Company		262,860
	14,000		National Oilwell Varco, Inc.#		423,920
	11,300		Noble Corp.		308,829
	12,000	BRL	Petróleo Brasileiro, SA		201,960
	4,500	ZAR	Sasol, Ltd.		135,496
	8,000	NOK	StatoilHydro, ASA		149,100
	3,000	EUR	Technip, SA		128,881
	4,600		Transocean, Ltd.#		310,408
					2,588,325
			Financials (6.6%)
	2,000		BlackRock, Inc.		293,040
	9,500	CHF	Julius Baer Holding, AG - Class B		311,644
	11,000	GBP	Schroders, PLC		133,224
	22,200	GBP	Standard Chartered, PLC		343,417
	11,500		T. Rowe Price Group, Inc.		442,980
	8,000		Waddell & Reed Financial, Inc.		179,280
					1,703,585
			Health Care (6.1%)
	7,800		Alcon, Inc.		717,678
	2,700		Celgene Corp.#		115,344
	1,250		Intuitive Surgical, Inc.#		179,663
	4,600	DKK	Novo Nordisk, A/S - Class B		218,872
	9,000		Stryker Corp.		348,390
					1,579,947
			Industrials (11.3%)
	28,400	CHF	ABB, Ltd.#		402,040
	5,100		AGCO Corp.#		123,930
	6,200	EUR	ALSTOM		386,492
	3,700		Fluor Corp.		140,119
	5,500		General Dynamics Corp.		284,185
	6,300		Honeywell International, Inc.		196,623
	7,800		Jacobs Engineering Group, Inc.#		296,712
	10,000	JPY	Komatsu, Ltd.		124,763
	2,100		Precision Castparts Corp.		157,206
	25,000	GBP	Rolls-Royce Group, PLC		123,934
	6,000		United Technologies Corp.		293,040
	6,000	DKK	Vestas Wind Systems, A/S#		389,469
					2,918,513
			Information Technology (39.7%)
	9,000		Apple, Inc.#		1,132,470
	48,000	GBP	Autonomy Corp., PLC#		1,006,996
	750		Baidu.com, Inc.#		174,675
	9,200		Check Point Software Technologies, Ltd.#		213,164
	15,000		Dell, Inc.#		174,300
	27,000		eBay, Inc.#		444,690
	2,750		Google, Inc.#		1,088,917
	9,900	TWD	HTC Corp.		134,062
	15,500		Infosys Technologies, Ltd.		477,555
	25,000	CHF	Logitech International, SA#		334,106
	1,150		MasterCard, Inc.		210,968
	7,000		Nice-Systems, Ltd.#		179,270
	3,100	JPY	Nintendo Company, Ltd.		833,469
	50,000	EUR	Nokia, OYJ		710,172
	7,500		Open Text Corp.#		246,225
	7,000		Oracle Corp.		135,380
	26,000		Parametric Technologies Corp.#		289,900
	9,250		QUALCOMM, Inc.		391,460
	23,000	BRL	Redecard, SA		289,477
	3,800		Research In Motion, Ltd.#		264,100
	615	KRW	Samsung Electronics Company, Ltd.		283,981
	6,900	EUR	SAP, AG		265,279
	2,300		Shanda Interactive Entertainment, Ltd.#		110,009
	23,000	NOK	Tandberg, ASA		323,605
	12,300		Trimble Navigation, Ltd.#		263,712
	48,000	HKD	VTech Holdings, Ltd.		240,074
					10,218,016
			Materials (6.5%)
	14,000	GBP	Anglo American, PLC		301,255
	3,000		Barrick Gold Corp.		87,300
	11,500	AUD	BHP Billiton, Ltd.		277,812
	16,450		Companhia Vale do Rio Doce		271,590
	5,400	CAD	Goldcorp Inc.		147,614
	1,250	CHF	Syngenta, AG		266,863

Schedule of Investments SEMIANNUAL REPORT 59

See accompanying Notes to Schedule of Investments

Global Equity Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
	6,000	NOK	Yara International, ASA	$	160,804
	224,000	HKD	Zijin Mining Group Company, Ltd.		171,563
					1,684,801
			Telecommunication Services (1.9%)
	15,000		América Móvil, SAB de CV		492,750
			TOTAL COMMON STOCKS (Cost $32,472,387)		25,338,598
INVESTMENT IN AFFILIATED FUND (2.3%)
	609,165		Calamos Government Money Market Fund - Class I Shares (Cost $609,165)Ω		609,165
TOTAL INVESTMENTS (100.7%) (Cost $33,081,552)					25,947,763
LIABILITIES, LESS OTHER ASSETS (-0.7%)					(191,469	)
NET ASSETS (100.0%)				$	25,756,294

FORWARD FOREIGN CURRENCY CONTRACTS
	Settlement		Local		Current		Unrealized
Short Contracts	Date		Currency		Value		Gain/Loss
British Pound Sterling		7/23/09		1,149,000	$	1,699,801	$	(12,237	)
Danish Krone		7/23/09		2,821,000		500,152		(10,240	)
European Monetary Unit		7/23/09		1,372,000		1,814,680		(37,874	)
Norwegian Krone		7/23/09		3,929,000		596,702		(19,891	)
Swiss Franc		7/23/09		1,993,000		1,748,420		(36,746	)
							$	(116,988	)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.
Ω	Investment in affiliated fund. During the period from November 1, 2008 through April 30, 2009, the fund had net redemptions of $2,402,342 and earned $6,124 in dividends from the affiliated fund. As of October 31, 2008, the fund had holdings of $3,011,507 in the affiliated fund.

FOREIGN CURRENCY ABBREVIATIONS

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
TWD	New Taiwanese Dollar
ZAR	South African Rand

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars.

  60
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Financial Statements

Global Equity Fund

 CURRENCY EXPOSURE APRIL 30, 2009 (UNAUDITED) 

	Value	% of Total Investments
US Dollar	$15,096,662	58.1%
European Monetary Unit	1,940,852	7.5%
British Pound Sterling	1,908,826	7.4%
Swiss Franc	1,888,235	7.3%
Japanese Yen	1,077,511	4.2%
Hong Kong Dollar	668,390	2.6%
Mexican Peso	655,035	2.5%
Norwegian Krone	633,509	2.4%
Danish Krone	608,341	2.3%
Brazilian Real	491,437	1.9%
South Korean Won	283,981	1.1%
Australian Dollar	277,812	1.1%
Canadian Dollar	147,614	0.6%
South African Rand	135,496	0.5%
New Taiwanese Dollar	134,062	0.5%
Total Investments	$25,947,763	100.0%

Currency exposure may vary over time.

Schedule of Investments SEMIANNUAL REPORT 61

See accompanying Notes to Financial Statements

Evolving World Growth Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
CONVERTIBLE BONDS(21.6%)
			Consumer Staples (1.6%)
	1,500,000	HKD	Hengan International Group Company, Ltd. 0.000%, 05/16/11	$	327,962
			Energy (0.5%)
	90,000		Cameron International Corp. 2.500%, 06/15/26		98,438
			Health Care (3.7%)
			China Medical Technologies, Inc.
	630,000		4.000%, 08/15/13		358,313
	230,000		3.500%, 11/15/11		189,750
	220,000		Teva Pharmaceutical Industries, Ltd. 1.750%, 02/01/26		240,625
					788,688
			Industrials (4.9%)
	2,200,000		China High Speed Transmission Equipment Group Company, Ltd. 0.000%, 05/14/11		312,864
	610,000		JA Solar Holdings Company, Ltd. 4.500%, 05/15/13		378,200
			Suntech Power Holdings Company, Ltd.
	270,000		0.250%, 02/15/12		243,337
	170,000		3.000%, 03/15/13		102,850
					1,037,251
			Information Technology (5.5%)
	235,000		Compal Electronics, Inc. 0.000%, 08/19/10		244,783
	250,000		Quanta Computer, Inc. 0.000%, 07/26/10		265,203
	250,000		Shanda Interactive Entertainment, Ltd.* 2.000%, 09/15/11		354,062
	245,000		SINA Corp. 0.000%, 07/15/23		298,594
					1,162,642
			Materials (3.6%)
			Newmont Mining Corp.
	280,000		1.625%, 07/15/17		305,900
	240,000		3.000%, 02/15/12		286,500
	1,150,000	HKD	Sinochem Hong Kong Holdings, Ltd. 0.000%, 08/07/11		176,194
					768,594
			Telecommunication Services (1.8%)
	420,000		NII Holdings, Inc. 2.750%, 08/15/25		386,925
			TOTAL CONVERTIBLE BONDS (Cost $4,765,441)		4,570,500
NUMBER OF
SHARES				VALUE
CONVERTIBLE PREFERRED STOCKS (4.0%)
			Consumer Staples (0.9%)
	2,700		Bunge, Ltd. 4.875%	$	185,963
			Financials (1.1%)
	2,500		American International Group, Inc. 8.500%		12,775
	6,700		Citigroup, Inc. 6.500%		211,720
					224,495
			Materials (2.0%)
	12,300		Vale Capital, Ltd. (Companhia Vale do Rio Doce)Δ 5.500%		430,623
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,148,255)		841,081
COMMON STOCKS (73.4%)
			Consumer Discretionary (8.5%)
	6,500	EUR	Adidas, AG		245,585
	125,000	MXN	Grupo Televisa, SA		386,879
	90,000	HKD	Li & Fung, Ltd.		252,847
	2,200		New Oriental Education & Technology Group, Inc.#		116,556
	16,000	JPY	Nikon Corp.		212,052
	13,000	CHF	Swatch Group, AG		372,828
	6,500		Yum! Brands, Inc.		216,775
					1,803,522
			Consumer Staples (8.3%)
	4,000	EUR	Beiersdorf, AG		164,810
	9,300		Coca-Cola Company		400,365
	19,000	GBP	Diageo, PLC		226,665
	16,500	BRL	Natura Cosméticos, SA		195,985
	10,400	CHF	Nestlé, SA		339,006
	162,000	MXN	Wal-Mart de Mexico, SAB de CV		440,026
					1,766,857
			Energy (12.4%)
	4,000		Cameron International Corp.#		102,320
	425,000	HKD	CNOOC, Ltd.		474,436
	12,000		Halliburton Company		242,640
	7,300		Noble Corp.		199,509
	30,000	BRL	Petróleo Brasileiro, SA		504,899
	15,000	ZAR	Sasol, Ltd.		451,654
	5,000	EUR	Technip, SA		214,801

  62
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Evolving World Growth Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
	2,700	EUR	TOTAL, SA	$	135,096
	4,600		Transocean, Ltd.#		310,408
					2,635,763
			Financials (2.1%)
	29,000	GBP	Standard Chartered, PLC		448,608
			Health Care (2.6%)
	6,200		Mindray Medical International, Ltd.		141,484
	8,600	DKK	Novo Nordisk, A/S - Class B		409,195
					550,679
			Industrials (5.2%)
	21,000	CHF	ABB, Ltd.#		297,283
	28,000	ZAR	Aveng, Ltd.		107,084
	20,000	HKD	Hutchison Whampoa, Ltd.		117,799
	16,000	JPY	JGC Corp.		209,796
	12,000	JPY	Komatsu, Ltd.		149,716
	3,150	EUR	Siemens, AG		211,790
					1,093,468
			Information Technology (23.1%)
	60,000	TWD	Acer, Inc.		114,676
	1,200		Baidu.com, Inc.#		279,480
	20,400		Check Point Software Technologies, Ltd.#		472,668
	115,000	TWD	Hon Hai Precision Industry Company, Ltd.		332,009
	17,000	TWD	HTC Corp.		230,208
	15,000		Infosys Technologies, Ltd.		462,150
	13,000		Nice-Systems, Ltd.#		332,930
	37,000	EUR	Nokia OYJ		525,528
	10,000		Parametric Technologies Corp.#		111,500
	9,200		QUALCOMM, Inc.		389,344
	34,000	BRL	Redecard, SA		427,922
	700	KRW	Samsung Electronics Company, Ltd.		323,230
	130,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		219,991
	53,000	HKD	Tencent Holdings, Ltd.		468,447
	40,000	HKD	VTech Holdings, Ltd.		200,062
					4,890,145
			Materials (7.0%)
	15,000	GBP	Anglo American, PLC		322,773
	4,000	ZAR	AngloGold Ashanti, Ltd.		122,872
	13,000	AUD	BHP Billiton, Ltd.		314,049
	15,000	BRL	Fertilizantes Fosfatados SA Fosfertil		113,959
	4,200	CAD	Goldcorp Inc.		114,811
	1,600	CHF	Syngenta, AG		341,585
	210,000	HKD	Zijin Mining Group Company, Ltd.		160,841
					1,490,890
			Telecommunication Services (4.2%)
	200,000	MXN	América Móvil, SAB de CV		327,684
	3,000		Millicom International Cellular, SA#		145,380
	20,000	ZAR	MTN Group, Ltd.		259,664
	10,000	BRL	Vivo Participações, SA		161,127
					893,855
			TOTAL COMMON STOCKS (Cost $18,708,532)		15,573,787
INVESTMENT IN AFFILIATED FUND (2.4%)
	506,341		Calamos Government Money Market Fund - Class I SharesΩ (Cost $506,341)		506,341
TOTAL INVESTMENTS (101.4%) (Cost $25,128,569)					21,491,709
LIABILITIES, LESS OTHER ASSETS (-1.4%)					(290,168	)
NET ASSETS (100.0%)				$	21,201,541

NOTES TO SCHEDULE OF INVESTMENTS

*	Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. At April 30, 2009, there were no 144A securities that could not be exchanged to the registered form.
Ù	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
#	Non-income producing security.
Ω	Investment in affiliated fund. During the period from November 1, 2008 through April 30, 2009, the fund had net redemptions of $3,772,202 and earned $15,799 in dividends from the affiliated fund. As of October 31, 2008, the fund had holdings of $4,278,543 in the affiliated fund.

FOREIGN CURRENCY ABBREVIATIONS

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
TWD	New Taiwanese Dollar
ZAR	South African Rand

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency.

Schedule of Investments SEMIANNUAL REPORT 63

See accompanying Notes to Financial Statements

Evolving World Growth Fund

 CURRENCY EXPOSURE APRIL 30, 2009 (UNAUDITED)

		Value	% of Total Investments
US Dollar	$	9,337,275	43.4%
Hong Kong Dollar		2,178,588	10.1%
European Monetary Unit		1,497,610	7.0%
Brazilian Real		1,403,892	6.5%
Swiss Franc		1,350,702	6.3%
Mexican Peso		1,154,589	5.4%
British Pound Sterling		998,046	4.6%
South African Rand		941,274	4.4%
New Taiwanese Dollar		896,884	4.2%
Japanese Yen		571,564	2.7%
Danish Krone		409,195	1.9%
South Korean Won		323,230	1.5%
Australian Dollar		314,049	1.5%
Canadian Dollar		114,811	0.5%
Total Investments	$	21,491,709	100.0%

Currency exposure may vary over time.

  64
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Financial Statements

Convertible Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
CONVERTIBLE BONDS (63.0%)
			Consumer Discretionary (3.9%)
	6,825,000		Best Buy Company, Inc. 2.250%, 01/15/22	$	6,816,469
	6,560,000		Borgwarner, Inc. 3.500%, 04/15/12		7,609,600
	23,000,000		Carnival Corp. 2.000%, 04/15/21		22,482,500
			Interpublic Group of Companies, Inc.
	11,980,000		4.750%, 03/15/23		10,467,525
	5,500,000		4.250%, 03/15/23		4,970,625
	800,000,000	JPY	NC International, Ltd. (Nikon Corp.)Δ 0.000%, 03/15/11		7,860,474
	800,000,000	JPY	Suzuki Motor Corp. 0.000%, 03/29/13		7,811,117
					68,018,310
			Consumer Staples (1.0%)
	10,000,000		Archer Daniels Midland Company 0.875%, 02/15/14		9,212,500
	8,300,000		Molson Coors Brewing Company 2.500%, 07/30/13		8,849,875
					18,062,375
			Energy (7.8%)
			Cameron International Corp.
	18,000,000		2.500%, 06/15/26		19,687,500
	9,290,000		1.500%, 05/15/24		13,842,100
			Chesapeake Energy Corp.
	26,500,000		2.750%, 11/15/35		22,690,625
	7,830,000		2.500%, 05/15/37		5,706,112
	6,300,000		2.250%, 12/15/38		3,520,125
	12,000,000		Hornbeck Offshore Services, Inc.~‡ 1.625%, 11/15/26		8,700,000
	10,000,000		Oil States International, Inc. 2.375%, 07/01/25		8,712,500
	11,455,000		Pioneer Natural Resources Company 2.875%, 01/15/38		9,235,594
	5,080,000		Schlumberger, Ltd. - Class B 2.125%, 06/01/23		7,061,200
	17,000,000		SEACOR Holdings, Inc. 2.875%, 12/15/24		17,361,250
	11,000,000		St. Mary Land & Exploration Company 3.500%, 04/01/27		8,593,750
	13,000,000		Transocean, Ltd. - Class A 1.625%, 12/15/37		12,171,250
					137,282,006
			Financials (3.6%)
	8,275,000		Affiliated Managers Group, Inc.* 3.950%, 08/15/38		6,630,344
	4,194,000		BlackRock, Inc. 2.625%, 02/15/35		6,353,910
	3,500,000		Health Care REIT, Inc. 4.750%, 12/01/26		3,351,250
			Host Hotels & Resorts, Inc.*
	16,000,000		2.625%, 04/15/27		12,940,000
	6,000,000		3.250%, 04/15/24		5,797,500
	14,250,000		Leucadia National Corp. 3.750%, 04/15/14		15,746,250
	16,575,000		NASDAQ OMX Group, Inc. 2.500%, 08/15/13		13,280,719
					64,099,973
			Health Care (15.6%)
	8,000,000	CHF	Actelion Finance, Ltd. 0.000%, 11/22/11		7,784,367
	27,500,000		Amgen, Inc. 0.375%, 02/01/13		24,990,625
	17,800,000		Beckman Coulter, Inc. 2.500%, 12/15/36		18,044,750
	13,500,000		Endo Pharmaceuticals Holdings, Inc.*Ù 1.750%, 04/15/15		10,344,375
	13,150,000		Gilead Sciences, Inc.Ù 0.500%, 05/01/11		16,667,625
	7,000,000		Henry Schein, Inc. 3.000%, 08/15/34		7,621,250
	9,500,000		Hologic, Inc.‡ 2.000%, 12/15/37		6,768,750
	42,820,000		Kinetic Concepts, Inc.* 3.250%, 04/15/15		32,168,525
	9,000,000		Life Technologies Corp. 1.500%, 02/15/24		8,550,000
			LifePoint Hospitals, Inc.
	9,500,000		3.250%, 08/15/25		7,861,250
	2,100,000		3.500%, 05/15/14		1,693,125
	9,370,000		Medicis Pharmaceutical Corp. 2.500%, 06/04/32		8,034,775
			Medtronic, Inc.
	21,000,000		1.625%, 04/15/13		19,031,250
	6,000,000		1.500%, 04/15/11		5,692,500
	35,000,000		Mylan, Inc.* 3.750%, 09/15/15		39,725,000
			Teva Pharmaceutical Industries, Ltd.
	42,000,000		0.250%, 02/01/26		44,047,500
	7,500,000		1.750%, 02/01/26Ù		8,203,125
	6,000,000		Thermo Fisher Scientific, Inc.‡ 0.070%, 12/15/33		7,227,600
					274,456,392
			Industrials (7.4%)
	15,000,000		AGCO Corp. 1.750%, 12/31/33		18,637,500
			Alliant Techsystems, Inc.
	11,500,000		2.750%, 02/15/24		12,175,625
	9,300,000		2.750%, 09/15/11		9,520,875

Schedule of Investments SEMIANNUAL REPORT 65

See accompanying Notes to Schedule of Investments

Convertible Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
	10,000,000	Barnes Group, Inc. 3.375%, 03/15/27	$	7,837,500
	26,000,000	Danaher Corp. 0.000%, 01/22/21		23,465,000
	35,000,000	Energy Conversion Devices, Inc. 3.000%, 06/15/13		21,743,750
	22,500,000	General Cable Corp. 0.875%, 11/15/13		18,421,875
	5,637,000	Ingersoll-Rand Company, Ltd.Ù 4.500%, 04/15/12		7,905,892
	3,500,000	L-3 Communications Holdings, Inc. 3.000%, 08/01/35		3,517,500
	3,100,000	Quanta Services, Inc. 3.750%, 04/30/26		3,549,500
	4,400,000	Trinity Industries, Inc. 3.875%, 06/01/36		2,469,500
				129,244,517
		Information Technology (20.3%)
		Anixter International, Inc.
	7,950,000	1.000%, 02/15/13		6,717,750
	6,000,000	0.000%, 07/07/33		3,817,500
	14,500,000	ARRIS Group, Inc. 2.000%, 11/15/26		13,013,750
	11,826,000	CA, Inc. 1.625%, 12/15/09		12,343,387
	16,000,000	CACI International, Inc. 2.125%, 05/01/14		14,600,000
	8,439,000	DST Systems, Inc. - Class A‡ 4.125%, 08/15/23		8,333,513
	84,000,000	EMC Corp. 1.750%, 12/01/13		86,730,000
	3,168,000	FEI Company 2.875%, 06/01/13		2,760,120
	10,300,000	Informatica Corp. 3.000%, 03/15/26		10,621,875
	14,500,000	Intel Corp. 2.950%, 12/15/35		12,506,250
	46,940,000	Network Appliance, Inc.* 1.750%, 06/01/13		41,952,625
		ON Semiconductor Corp.
	6,200,000	0.000%, 04/15/24		5,789,250
	5,000,000	2.625%, 12/15/26		4,087,500
	32,350,000	Sybase, Inc. 1.750%, 02/22/25		45,290,000
		Symantec Corp.
	39,000,000	1.000%, 06/15/13		42,120,000
	27,500,000	0.750%, 06/15/11		29,390,625
	24,000,000	VeriSign, Inc. 3.250%, 08/15/37		17,520,000
				357,594,145
		Materials (3.1%)
		Newmont Mining Corp.
	27,000,000	1.625%, 07/15/17		29,497,500
	18,650,000	1.250%, 07/15/14		20,981,250
	3,180,000	3.000%, 02/15/12		3,796,125
				54,274,875
		Telecommunication Services (0.3%)
	5,000,000	NII Holdings, Inc. 2.750%, 08/15/25		4,606,250
		TOTAL CONVERTIBLE BONDS (Cost $1,060,750,011)		1,107,638,843
SYNTHETIC CONVERTIBLE SECURITIES (0.6%)
Corporate Bonds (0.5%)
		Consumer Discretionary (0.1%)
	2,500,000	Target Corp. 6.000%, 01/15/18		2,523,192
		Industrials (0.3%)
	2,500,000	Caterpillar, Inc. 5.450%, 04/15/18		2,134,380
	3,000,000	General Electric Company 5.250%, 12/06/17		2,843,706
				4,978,086
		Telecommunication Services (0.1%)
	2,750,000	Verizon Communications, Inc. 5.500%, 04/01/17		2,741,313
		TOTAL CORPORATE BONDS		10,242,591
NUMBER OF
CONTRACTS			VALUE
Purchased Options (0.1%)#
		Consumer Discretionary (0.1%)
	150	Amazon.com, Inc. Call, 01/16/10, Strike $70.00		299,625
	760	Nike, Inc. - Class B Call, 01/16/10, Strike $60.00		338,200
				637,825
		Information Technology (0.0%)
	125	Apple, Inc. Call, 01/16/10, Strike $170.00		56,875
		Linear Technology Corp.
	1,000	Call, 01/16/10, Strike $35.00		10,000
	275	Call, 01/16/10, Strike $30.00		11,000
	415	QUALCOMM, Inc. Call, 01/16/10, Strike $45.00		177,413
				255,288
		Total Purchased Options		893,113
		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $13,670,409)		11,135,704

  66
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Convertible Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES					VALUE
CONVERTIBLE PREFERRED STOCKS (14.6%)
				Consumer Discretionary (0.2%)
	5,365			Stanley Works‡ 5.125%	$	3,589,185
				Consumer Staples (4.4%)
	1,300,000			Archer Daniels Midland Company 6.250%		43,576,000
				Bunge, Ltd.
	200,000			4.875%		13,775,000
	39,600			5.125%		19,305,000
						76,656,000
				Financials (3.0%)
				Affiliated Managers Group, Inc.
	570,000		��	5.100%		15,247,500
	162,400			5.150%		3,461,150
	55,000			American International Group, Inc. 8.500%		281,050
	24,500			Bank of America Corp. 7.250%		14,332,500
	625,000			Citigroup, Inc. 6.500%		19,750,000
						53,072,200
				Health Care (2.7%)
	7,000			Mylan, Inc. 6.500%		5,964,000
	200,000			Schering-Plough Corp. 6.000%		42,248,000
						48,212,000
				Materials (4.3%)
	550,000			Freeport-McMoRan Copper & Gold, Inc. 6.750%		37,950,000
	1,050,000			Vale Capital, Ltd. (Companhia Vale do Rio Doce)Δ 5.500%		36,760,500
						74,710,500
				TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $247,910,374)		256,239,885
COMMON STOCKS (15.8%)
				Consumer Discretionary (2.2%)
	90,000			Amazon.com, Inc.#		7,246,800
	52,000			Apollo Group, Inc. - Class A#		3,273,400
	315,000			Carnival Corp.		8,467,200
	200,000			Nike, Inc. - Class B		10,494,000
	700,000	JPY		Nikon Corp.		9,277,274
						38,758,674
				Consumer Staples (1.7%)
	310,000			Coca-Cola Company		13,345,500
	305,000			Costco Wholesale Corp.		14,823,000
	87,000			Sysco Corp.		2,029,710
						30,198,210
				Energy (3.7%)
	530,000			ENSCO International, Inc.Ù		14,988,400
	875,000			Halliburton Company		17,692,500
	600,000			Noble Corp.		16,398,000
	250,000			Transocean, Ltd.#		16,870,000
						65,948,900
				Financials (1.1%)
	700,000			Leucadia National Corp.		14,861,000
	119,500			T. Rowe Price Group, Inc.		4,603,140
						19,464,140
				Health Care (2.0%)
	90,000			Alcon, Inc.		8,280,900
	165,000			Amgen, Inc.#		7,997,550
	250,000			Medtronic, Inc.		8,000,000
	270,000			Stryker Corp.		10,451,700
						34,730,150
				Industrials (0.9%)
	480,000			Honeywell International, Inc.		14,980,800
				Information Technology (4.2%)
	430,000			CA, Inc.		7,417,500
	263,500			Cisco Systems, Inc.#		5,090,820
	800,000			Dell, Inc.#		9,296,000
	610,000			eBay, Inc.#		10,046,700
	15,000			Google, Inc.#		5,939,550
	760,000			Intel Corp.		11,992,800
	658,000			Nokia Corp.		9,304,120
	460,000			Oracle Corp.		8,896,400
	150,000			QUALCOMM, Inc.		6,348,000
						74,331,890
				TOTAL COMMON STOCKS (Cost $271,342,763)		278,412,764
INVESTMENT IN AFFILIATED FUND (5.0%)
	88,786,839			Calamos Government Money Market Fund - Class I SharesΩ (Cost $88,786,839)		88,786,839

Schedule of Investments SEMIANNUAL REPORT 67

See accompanying Notes to Schedule of Investments

Convertible Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (0.6%)
	166,357	Bank of New York Institutional Cash Reserve Series Bπ	$	21,626
	9,943,000	Goldman Sachs Financial Square Prime Obligations Fund		9,943,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $10,109,357)		9,964,626
TOTAL INVESTMENTS (99.6%) (Cost $1,692,569,753)				1,752,178,661
PAYABLE UPON RETURN OF SECURITIES LOANED (-0.6%)				(10,109,357	)
OTHER ASSETS, LESS LIABILITIES (1.0%)				16,698,878
NET ASSETS (100.0%)			$	1,758,768,182

FORWARD FOREIGN CURRENCY CONTRACTS
	Settlement		Local		Current		Unrealized
Short Contracts	Date		Currency		Value		Gain/Loss
European Monetary Unit		7/23/09		3,474,000	$	4,594,897	$	(95,901	)
Japanese Yen		7/23/09		1,933,740,000		19,631,210		31,643
Swiss Franc		7/23/09		7,911,000		6,940,168		(145,860	)
							$	(210,118	)

NOTES TO SCHEDULE OF INVESTMENTS

Δ	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
~	Security, or portion of security, is held in a segregated account as collateral for written options aggregating a total value of $3,625,000.
‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2009.
*	Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. At April 30, 2009, the value of 144A securities that could not be exchanged to the registered form is $39,725,000 or 2.3% of net assets.
Ù	Security, or portion of security, is on loan.
#	Non-income producing security.
Ω	Investment in affiliated fund. During the period from November 1, 2008 through April 30, 2009, the fund had net purchases of $32,814,164 and earned $357,164 in dividends from the affiliated fund As of October 31, 2008, the fund had holdings of $55,972,675 in the affiliated fund.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

FOREIGN CURRENCY ABBREVIATIONS

CHF	Swiss Franc
JPY	Japanese Yen

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date shown on options represents the expiration date on the option contract. The option contract may be exercised at any date on or before the date shown.

  68
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Financial Statements

Market Neutral Income Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
CONVERTIBLE BONDS (27.5%)
		Consumer Discretionary (3.5%)
	3,200,000	Eddie Bauer Holdings, Inc.** 5.250%, 04/01/14	$	292,000
	9,750,000	Interpublic Group of Companies, Inc. 4.250%, 03/15/23		8,811,562
	5,000,000	Johnson Controls, Inc. 6.500%, 09/30/12		9,025,000
	9,670,000	Newell Rubbermaid, Inc. 5.500%, 03/15/14		14,202,812
	4,000,000	priceline.com, Inc.Ù 0.500%, 09/30/11		9,645,000
				41,976,374
		Consumer Staples (2.3%)
	6,900,000	Archer Daniels Midland Company<> 0.875%, 02/15/14		6,356,625
	4,700,000	Central European Distribution Corp. 3.000%, 03/15/13		2,720,125
	10,650,000	Smithfield Foods, Inc.<> 4.000%, 06/30/13		7,481,625
	6,800,000	Spartan Stores, Inc.<> 3.375%, 05/15/27		4,343,500
	6,900,000	Tyson Foods, Inc. - Class A<> 3.250%, 10/15/13		6,667,125
				27,569,000
		Energy (0.7%)
	4,000,000	Alpha Natural Resources, Inc.<> 2.375%, 04/15/15		2,885,000
	5,400,000	Hornbeck Offshore Services, Inc.‡<> 1.625%, 11/15/26		3,915,000
	5,150,000	Trico Marine Services, Inc.<> 3.000%, 01/15/27		1,100,813
				7,900,813
		Financials (1.2%)
	7,000,000	Affiliated Managers Group, Inc.* 3.950%, 08/15/38		5,608,750
	5,000,000	NASDAQ OMX Group, Inc. 2.500%, 08/15/13		4,006,250
	4,779,000	US Bancorp‡<> 0.000%, 09/20/36		4,331,208
				13,946,208
		Health Care (4.1%)
	9,100,000	Charles River Laboratories International, Inc. 2.250%, 06/15/13		7,769,125
	4,000,000	Conceptus, Inc.<> 2.250%, 02/15/27		3,075,000
	7,450,000	HLTH Corp.<> 3.125%, 09/01/25		6,667,750
	5,000,000	Integra LifeSciences Holdings Corp.* 2.375%, 06/01/12		3,756,250
	17,250,000	Millipore Corp.<> 3.750%, 06/01/26		16,538,438
	5,000,000	Mylan, Inc. 1.250%, 03/15/12		4,443,750
	2,900,000	SonoSite, Inc. 3.750%, 07/15/14		2,508,500
	4,750,000	Thoratec Corp.‡ 1.380%, 05/16/34		4,239,375
				48,998,188
		Industrials (5.7%)
	12,100,000	Alliant Techsystems, Inc.<> 2.750%, 09/15/11		12,387,375
	12,000,000	Covanta Holding Corp.<> 1.000%, 02/01/27		9,855,000
	8,670,000	Energy Conversion Devices, Inc.<> 3.000%, 06/15/13		5,386,237
	7,400,000	General Cable Corp. 0.875%, 11/15/13		6,058,750
	9,000,000	JA Solar Holdings Company, Ltd. 4.500%, 05/15/13		5,580,000
	5,400,000	Orbital Sciences Corp. 2.438%, 01/15/27		4,873,500
	13,500,000	School Specialty, Inc. 3.750%, 11/30/26		10,023,750
		Suntech Power Holdings Company, Ltd.
	5,000,000	3.000%, 03/15/13*		3,025,000
	2,000,000	3.000%, 03/15/13		1,210,000
	3,500,000	Textron, Inc. 4.500%, 05/01/13		3,784,375
	5,200,000	WESCO International, Inc.<> 2.625%, 10/15/25		4,940,000
				67,123,987
		Information Technology (8.2%)
	8,700,000	Ciena Corp. 0.875%, 06/15/17		4,480,500
	16,800,000	EMC Corp.<> 1.750%, 12/01/11		17,619,000
	820,000	Equinix, Inc. 2.500%, 04/15/12		746,200
	5,400,000	FEI Company 2.875%, 06/01/13		4,704,750
	13,100,000	Informatica Corp.<> 3.000%, 03/15/26		13,509,375
	8,050,000	Lawson Software Americas, Inc.<> 2.500%, 04/15/12		6,641,250
	8,900,000	Macrovision Solutions Corp. 2.625%, 08/15/11		8,566,250

Schedule of Investments SEMIANNUAL REPORT 69

See accompanying Notes to Schedule of Investments

Market Neutral Income Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
		Mentor Graphics Corp.
	7,160,000	6.250%, 03/01/26	$	5,540,050
	3,150,000	2.657%, 08/06/23‡		2,740,500
	11,800,000	Network Appliance, Inc.* 1.750%, 06/01/13		10,546,250
	8,000,000	SPSS, Inc.<> 2.500%, 03/15/12		7,570,000
	2,200,000	Sybase, Inc. 1.750%, 02/22/25		3,080,000
	5,250,000	Teradyne, Inc. 4.500%, 03/15/14		6,765,938
	6,000,000	VeriSign, Inc.<> 3.250%, 08/15/37		4,380,000
				96,890,063
		Materials (1.2%)
	5,300,000	Kinross Gold Corp. 1.750%, 03/15/28		4,783,250
	5,000,000	Sino-Forest Corp.* 5.000%, 08/01/13		3,875,000
	5,500,000	United States Steel Corp. 4.000%, 05/15/14		5,891,875
				14,550,125
		Telecommunication Services (0.6%)
		SBA Communications Corp.*
	5,000,000	1.875%, 05/01/13		4,225,000
	3,200,000	4.000%, 10/01/14		3,308,000
				7,533,000
		TOTAL CONVERTIBLE BONDS (Cost $363,919,586)		326,487,758
SYNTHETIC CONVERTIBLE SECURITIES (7.3%)
Corporate Bonds (7.2%)
		Consumer Discretionary (0.2%)
	2,452,000	Royal Caribbean Cruises, Ltd. 8.750%, 02/02/11		2,304,880
		Consumer Staples (1.5%)
	5,000,000	Anheuser-Busch InBev, NV*<> 7.200%, 01/15/14		5,217,830
	455,000	Constellation Brands, Inc. 8.125%, 01/15/12		455,000
	4,700,000	Kraft Foods, Inc.<> 6.000%, 02/11/13		4,947,088
	2,000,000	Philip Morris International, Inc. 4.875%, 05/16/13		2,070,924
	4,700,000	Reynolds American, Inc.<> 7.250%, 06/01/12		4,568,156
				17,258,998
		Energy (1.3%)
	3,900,000	Arch Western Finance, LLC 6.750%, 07/01/13		3,422,250
		Chesapeake Energy Corp.
	2,300,000	9.500%, 02/15/15		2,334,500
	2,300,000	7.500%, 09/15/13		2,196,500
	2,000,000	Forest Oil Corp. 8.500%, 02/15/14		1,950,000
		Williams Companies, Inc.
	5,000,000	6.375%, 10/01/10*<>		4,953,200
	400,000	8.125%, 03/15/12		410,000
				15,266,450
		Financials (0.2%)
		Leucadia National Corp.
	2,800,000	8.125%, 09/15/15		2,366,000
	500,000	7.000%, 08/15/13		432,500
				2,798,500
		Health Care (0.3%)
	2,900,000	Amgen, Inc. 5.700%, 02/01/19		2,988,122
		Industrials (1.7%)
	5,000,000	Caterpillar, Inc.<> 4.250%, 02/08/13		4,870,040
	5,000,000	Deere & Company<> 4.500%, 04/03/13		5,026,015
	10,000,000	General Electric Company<> 5.250%, 10/19/12		9,987,980
				19,884,035
		Information Technology (1.2%)
	5,000,000	Anixter International, Inc. 10.000%, 03/15/14		4,800,000
	5,000,000	Jabil Circuit, Inc.<> 5.875%, 07/15/10		4,775,000
	4,700,000	Xerox Corp.<> 6.875%, 08/15/11		4,716,455
				14,291,455
		Materials (0.2%)
	2,000,000	Anglo American, PLC* 9.375%, 04/08/14		2,077,420
		Telecommunication Services (0.5%)
		AT&T Inc.
	5,000,000	4.950%, 01/15/13<>		5,184,655
	500,000	4.850%, 02/15/14		519,037
				5,703,692
		Utilities (0.1%)
	1,900,000	Edison Mission Energy 7.500%, 06/15/13		1,624,500
		TOTAL CORPORATE BONDS		84,198,052

  70
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Market Neutral Income Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
CONTRACTS			VALUE
Purchased Options (0.1%)#
		Consumer Staples (0.0%)
	500	Central European Distribution Corp. Call, 01/16/10, Strike $70.00	$	5,000
		Health Care (0.0%)
		Gen-Probe, Inc.
	440	Call, 01/16/10, Strike $50.00		233,200
	440	Call, 01/16/10, Strike $60.00		83,600
				316,800
		Information Technology (0.1%)
	1,300	Altera Corp. Call, 01/16/10, Strike $20.00		126,750
		MasterCard, Inc.
	200	Call, 01/22/11, Strike $185.00		843,000
	125	Call, 01/16/10, Strike $240.00		125,625
	760	Silicon Laboratories, Inc. Call, 01/16/10, Strike $30.00		486,400
				1,581,775
		TOTAL PURCHASED OPTIONS		1,903,575
		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $89,353,990)		86,101,627
NUMBER OF
SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (2.8%)
		Consumer Discretionary (0.4%)
	90,000	Autoliv, Inc. 8.000%		3,237,300
	2,958	Stanley Works‡ 5.125%		1,978,902
				5,216,202
		Consumer Staples (0.5%)
	20,000	Archer Daniels Midland Company 6.250%		670,400
	10,500	Bunge, Ltd. 5.125%		5,118,750
				5,789,150
		Energy (0.7%)
	241,000	Bristow Group, Inc.Ù 5.500%		7,950,590
		Financials (0.8%)
	36,000	Citigroup, Inc. 6.500%		1,137,600
	387,500	Legg Mason, Inc. 7.000%		8,342,875
				9,480,475
		Telecommunication Services (0.4%)
	95,000	Crown Castle International Corp.<> 6.250%		4,436,500
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $37,420,698)		32,872,917
COMMON STOCKS (61.5%)
		Consumer Discretionary (5.6%)
	80,000	Amazon.com, Inc.#		6,441,600
	22,500	Apollo Group, Inc. - Class A#		1,416,375
	235,000	Coach, Inc.		5,757,500
	273,500	Comcast Corp. - Class A		4,228,310
	14,465	Genesco, Inc.#		329,513
	250,000	Home Depot, Inc.		6,580,000
	262,500	News Corp. - Class BÙ		2,394,000
	168,700	Nike, Inc. - Class B		8,851,689
	241,300	Target Corp.		9,956,038
	65,000	Tiffany & Company		1,881,100
	27,903	Time Warner Cable, Inc.		899,313
	111,166	Time Warner, Inc.		2,426,754
	669,300	Walt Disney Company		14,657,670
				��
				65,819,862
		Consumer Staples (7.0%)
	204,500	Altria Group, Inc.		3,339,485
	205,000	Coca-Cola Company		8,825,250
	57,300	Colgate-Palmolive Company		3,380,700
	350,000	CVS Caremark Corp.		11,123,000
	156,800	PepsiCo, Inc.		7,802,368
	199,500	Philip Morris International, Inc.		7,221,900
	352,800	Procter & Gamble Company		17,442,432
	180,000	Sysco Corp.		4,199,400
	239,500	Wal-Mart Stores, Inc.		12,070,800
	260,000	Walgreen Company		8,171,800
				83,577,135
		Energy (9.0%)
	85,000	Cameron International Corp.#		2,174,300
	268,500	Chevron Corp.		17,747,850
	155,000	ConocoPhillips		6,355,000
	93,200	Devon Energy Corp.		4,832,420
	80,000	ENSCO International, Inc.		2,262,400
	510,550	Exxon Mobil Corp.		34,038,369
	312,000	Halliburton Company		6,308,640
	80,000	Noble Corp.		2,186,400
	155,000	Occidental Petroleum Corp.		8,724,950
	234,200	Schlumberger, Ltd.		11,473,458
	120,000	Smith International, Inc.		3,102,000

Schedule of Investments SEMIANNUAL REPORT 71

See accompanying Notes to Schedule of Investments

Market Neutral Income Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
	107,984	Transocean, Ltd.#	$	7,286,760
				106,492,547
		Financials (6.6%)
	220,000	American Express Company		5,548,400
	145,100	American International Group, Inc.#Ù		200,238
	85,000	Aon Corp.		3,587,000
	225,900	Bank of America Corp.		2,017,287
	65,600	Franklin Resources, Inc.		3,967,488
	43,500	Goldman Sachs Group, Inc.		5,589,750
	35,500	Hartford Financial Services Group, Inc.		407,185
	647,700	JPMorgan Chase & Company		21,374,100
	134,140	MetLife, Inc.		3,990,665
	126,000	Morgan Stanley		2,978,640
	135,000	Prudential Financial, Inc.		3,898,800
	115,000	T. Rowe Price Group, Inc.		4,429,800
	560,000	US Bancorp		10,203,200
	505,000	Wells Fargo & CompanyÙ		10,105,050
				78,297,603
		Health Care (8.6%)
	347,800	Abbott Laboratories		14,555,430
	90,000	Baxter International, Inc.		4,365,000
	430,200	Bristol-Myers Squibb Company		8,259,840
	205,000	Eli Lilly and Company		6,748,600
	150,000	Gilead Sciences, Inc.#		6,870,000
	439,500	Johnson & Johnson		23,012,220
	230,000	Medtronic, Inc.		7,360,000
	194,200	Merck & Company, Inc.		4,707,408
	693,600	Pfizer, Inc.		9,266,496
	120,000	St. Jude Medical, Inc.#		4,022,400
	85,000	Stryker Corp.		3,290,350
	65,000	Thermo Fisher Scientific, Inc.#		2,280,200
	195,000	UnitedHealth Group, Inc.		4,586,400
	55,000	Zimmer Holdings, Inc.#		2,419,450
				101,743,794
		Industrials (6.5%)
	170,000	3M Company		9,792,000
	304,600	Boeing Company		12,199,230
	30,000	Burlington Northern Santa Fe Corp.		2,024,400
	35,000	Caterpillar, Inc.		1,245,300
	58,000	FedEx Corp.		3,245,680
	60,000	Fluor Corp.		2,272,200
	66,000	General Dynamics Corp.		3,410,220
	727,500	General Electric Company		9,202,875
	229,000	Honeywell International, Inc.		7,147,090
	70,000	Jacobs Engineering Group, Inc.#		2,662,800
	58,400	Lockheed Martin Corp.		4,586,152
	48,800	Raytheon Company		2,207,224
	45,000	Union Pacific Corp.		2,211,300
	82,500	United Parcel Service, Inc.		4,318,050
	205,000	United Technologies Corp.		10,012,200
				76,536,721
		Information Technology (13.6%)
	180,000	Adobe Systems, Inc.#		4,923,000
	138,000	Apple, Inc.#		17,364,540
	570,000	Cisco Systems, Inc.#		11,012,400
	150,000	Corning, Inc.		2,193,000
	665,000	Dell, Inc.#		7,727,300
	280,000	eBay, Inc.#		4,611,600
	37,000	Google, Inc.#		14,650,890
	198,400	Hewlett-Packard Company		7,138,432
	715,500	Intel Corp.		11,290,590
	209,700	International Business Machines Corp.		21,643,137
	1,078,400	Microsoft Corp.		21,848,384
	817,000	Oracle Corp.		15,800,780
	402,100	QUALCOMM, Inc.		17,016,872
	270,000	Symantec Corp.#		4,657,500
				161,878,425
		Materials (1.9%)
	415,000	E.I. du Pont de Nemours and Company		11,578,500
	80,000	Freeport-McMoRan Copper & Gold, Inc.#		3,412,000
	141,300	Newmont Mining Corp.		5,685,912
	45,000	PPG Industries, Inc.		1,982,250
				22,658,662
		Telecommunication Services (1.7%)
	405,100	AT&T Inc.		10,378,662
	305,000	Verizon Communications, Inc.		9,253,700
				19,632,362
		Utilities (1.0%)
	244,600	Duke Energy Corp.		3,377,926
	55,000	Entergy Corp.		3,562,350
	117,000	Exelon Corp.		5,397,210
				12,337,486
		TOTAL COMMON STOCKS (Cost $998,865,173)		728,974,597
NUMBER OF
CONTRACTS			VALUE
PURCHASED OPTIONS (0.4%)#
		Consumer Staples (0.0%)
	310	Central European Distribution Corp. Put, 06/20/09, Strike $7.50		3,100
		Financials (0.4%)
		S & P 500 Index
	800	Put, 06/20/09, Strike $825.00		2,084,000

  72
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Market Neutral Income Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
CONTRACTS				VALUE
	600		Put, 06/20/09, Strike $775.00	$	867,000
	800		Put, 05/16/09, Strike $675.00		56,000
	825		Put, 05/16/09, Strike $700.00		72,187
	1,000		Put, 06/20/09, Strike $800.00		1,950,000
					5,029,187
			TOTAL PURCHASED OPTIONS (Cost $13,858,008)		5,032,287
NUMBER OF
SHARES				VALUE
INVESTMENT IN AFFILIATED FUND (3.5%)
	41,175,640		Calamos Government Money Market Fund - Class I SharesΩ (Cost $41,175,640)		41,175,640
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (0.8%)
	130,808		Bank of New York Institutional Cash Reserve Fund Series Bπ		17,005
	10,004,000		Goldman Sachs Financial Square Prime Obligations Fund		10,004,000
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $10,134,808)		10,021,005
TOTAL INVESTMENTS (103.8%) (Cost $1,554,727,903)					1,230,665,831
PAYABLE UPON RETURN OF SECURITIES LOANED (-0.9%)					(10,134,808	)
LIABILITIES, LESS OTHER ASSETS (-2.9%)					(34,269,206	)
NET ASSETS (100.0%)				$	1,186,261,817
COMMON STOCKS SOLD SHORT (-11.7%)
			Consumer Discretionary (-2.6%)
	(115,300	)	Autoliv, Inc.		(2,844,451	)
	(109,050	)	Eddie Bauer Holdings, Inc.		(35,801	)
	(196,000	)	Interpublic Group of Companies, Inc.		(1,226,960	)
	(312,300	)	Johnson Controls, Inc.		(5,936,823	)
	(884,000	)	Newell Rubbermaid, Inc.		(9,237,800	)
	(98,900	)	priceline.com, Inc.		(9,602,201	)
	(45,000	)	Stanley Works		(1,711,350	)
					(30,595,386	)
			Consumer Staples (-0.9%)
	(108,100	)	Archer Daniels Midland Company		(2,661,422	)
	(70,900	)	Bunge, Ltd.		(3,403,909	)
	(13,000	)	Central European Distribution Corp.		(291,200	)
	(243,700	)	Smithfield Foods, Inc.		(2,105,568	)
	(67,500	)	Spartan Stores, Inc.		(1,098,225	)
	(121,300	)	Tyson Foods, Inc. - Class A		(1,278,502	)
					(10,838,826	)
			Energy (-0.7%)
	(40,200	)	Alpha Natural Resources, Inc.		(823,296	)
	(252,450	)	Bristow Group, Inc.		(5,745,762	)
	(56,400	)	Hornbeck Offshore Services, Inc.		(1,310,172	)
	(29,400	)	Trico Marine Services, Inc.		(114,072	)
					(7,993,302	)
			Financials (-0.5%)
	(20,140	)	Affiliated Managers Group, Inc.		(1,144,959	)
	(247,100	)	Legg Mason, Inc.		(4,959,297	)
					(6,104,256	)
			Health Care (-1.4%)
	(74,125	)	Charles River Laboratories International, Inc.		(2,049,556	)
	(80,900	)	Conceptus, Inc.		(1,095,386	)
	(15,700	)	Gen-Probe, Inc.		(756,112	)
	(241,697	)	HLTH Corp.		(2,658,667	)
	(23,000	)	Integra LifeSciences Holdings Corp.		(593,860	)
	(67,900	)	Millipore Corp.		(4,012,890	)
	(110,000	)	Mylan, Inc.		(1,457,500	)
	(46,135	)	SonoSite, Inc.		(832,275	)
	(111,544	)	Thoratec Corp.		(3,241,469	)
					(16,697,715	)
			Industrials (-1.5%)
	(62,500	)	Alliant Techsystems, Inc.		(4,978,125	)
	(163,530	)	Covanta Holding Corp.		(2,307,408	)
	(32,750	)	Energy Conversion Devices, Inc.		(601,945	)
	(85,900	)	General Cable Corp.		(2,331,326	)
	(58,150	)	JA Solar Holdings Company, Ltd.		(204,107	)
	(128,250	)	Orbital Sciences Corp.		(1,982,745	)
	(66,405	)	School Specialty, Inc.		(1,246,422	)
	(42,000	)	Suntech Power Holdings Company, Ltd.		(627,060	)
	(200,000	)	Textron, Inc.		(2,146,000	)
	(30,600	)	WESCO International, Inc.		(795,600	)
					(17,220,738	)
			Information Technology (-3.2%)
	(26,000	)	Altera Corp.		(424,060	)
	(114,100	)	Ciena Corp.		(1,363,495	)
	(340,500	)	EMC Corp.		(4,266,465	)
	(2,200	)	Equinix, Inc.		(154,506	)
	(81,100	)	FEI Company		(1,393,298	)
	(330,825	)	Informatica Corp.		(5,260,117	)
	(274,300	)	Lawson Software Americas, Inc.		(1,478,477	)
	(162,300	)	Macrovision Solutions Corp.		(3,281,706	)
	(11,700	)	MasterCard, Inc.		(2,146,365	)
	(61,150	)	Mentor Graphics Corp.		(410,928	)

Schedule of Investments SEMIANNUAL REPORT 73

See accompanying Notes to Schedule of Investments

Market Neutral Income Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES				VALUE
	(217,800	)	Network Appliance, Inc.	$	(3,985,740	)
	(53,000	)	Silicon Laboratories, Inc.		(1,762,780	)
	(68,000	)	SPSS, Inc.		(2,101,200	)
	(76,600	)	Sybase, Inc.		(2,601,336	)
	(719,300	)	Teradyne, Inc.		(4,272,642	)
	(124,200	)	VeriSign, Inc.		(2,556,036	)
					(37,459,151	)
			Materials (-0.5%)
	(93,000	)	Kinross Gold Corp.		(1,436,850	)
	(74,200	) CAD	Sino-Forest Corp.		(649,165	)
	(124,200	)	United States Steel Corp.		(3,297,510	)
					(5,383,525	)
			Telecommunication Services (-0.4%)
	(57,700	)	Crown Castle International Corp.		(1,414,804	)
	(136,200	)	SBA Communications Corp.		(3,432,240	)
					(4,847,044	)
			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $138,892,486)		(137,139,943	)
NUMBER OF
CONTRACTS				VALUE
WRITTEN OPTIONS (-4.2%)#
			Consumer Discretionary (0.0%)
	180		Genesco, Inc. Call, 09/19/09, Strike $17.50		(122,400	)
			Consumer Staples (0.0%)
	985		Tyson Foods, Inc. - Class A Call, 01/16/10, Strike $7.50		(369,375	)
			Financials (-4.2%)
	355		Hartford Financial Services Group, Inc. Call, 06/20/09, Strike $11.00		(84,313	)
	1,250		Johnson Controls, Inc. Call, 01/22/11, Strike $20.00		(618,750	)
	2,600		JPMorgan Chase & Company Call, 06/20/09, Strike $27.50		(1,761,500	)
	870		MetLife, Inc. Call, 09/19/09, Strike $25.00		(722,100	)
	630		Morgan Stanley Call, 07/18/09, Strike $30.00		(59,850	)
	900		Prudential Financial, Inc. Call, 06/20/09, Strike $30.00		(315,000	)
			S & P 500 Index
	1,500		Call, 05/16/09, Strike $775.00		(14,932,500	)
	1,100		Call, 06/20/09, Strike $850.00		(5,989,500	)
	1,000		Call, 08/22/09, Strike $950.00		(2,850,000	)
	800		Call, 05/16/09, Strike $800.00		(6,124,000	)
	600		Call, 06/20/09, Strike $800.00		(5,367,000	)
	500		Call, 06/20/09, Strike $845.00		(2,882,500	)
	500		Call, 06/20/09, Strike $775.00		(5,467,500	)
	350		Call, 06/20/09, Strike $925.00		(647,500	)
	3,500		US Bancorp Call, 09/19/09, Strike $15.00		(1,855,000	)
	1,000		Wells Fargo & Company Call, 05/16/09, Strike $19.00		(235,000	)
					(49,912,013	)
			Industrials (0.0%)
			Suntech Power Holdings Company, Ltd.
	280		Call, 06/20/09, Strike $15.00		(51,100	)
	185		Call, 01/16/10, Strike $10.00		(119,325	)
	125		Call, 01/16/10, Strike $12.50		(61,250	)
					(231,675	)
			TOTAL WRITTEN OPTIONS (Premium $16,920,840)		(50,635,463	)

NOTES TO SCHEDULE OF INVESTMENTS

**	Eddie Bauer Holdings, Inc. filed for bankruptcy protection on June 17, 2009.
Ù	Security, or portion of security, is on loan.
<>	Security, or portion of security, is held in a segregated account as collateral for written options, or securities sold short aggregating a total value of $174,410,472.
*	Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. At April 30, 2009, the value of 144A securities that could not be exchanged to the registered form is $19,431,450 or 1.6% of net assets.
‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2009.
#	Non-income producing security.
Ω	Investment in affiliated fund. During the period from November 1, 2008 through April 30, 2009, the fund had net purchases of $17,315,005 and earned $279,005 in dividends from the affiliated fund. As of October 31, 2008, the fund had holdings of $23,860,635 in the affiliated fund.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

FOREIGN CURRENCY ABBREVIATIONS

CAD Canadian Dollar

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The date shown on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

  74
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Financial Statements

High Yield Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
CORPORATE BONDS (66.9%)
			Consumer Discretionary (12.7%)
	2,974,000		Brinker International, Inc. 5.750%, 06/01/14	$	2,550,264
	2,974,000		DISH Network Corp. 7.750%, 05/31/15		2,840,170
	3,123,000		Expedia, Inc. 7.456%, 08/15/18		2,841,930
			General Motors Corp.Ù**
	2,478,000		7.200%, 01/15/11		284,970
	198,000		7.125%, 07/15/13		19,800
			Goodyear Tire & Rubber Company
	1,784,000		7.857%, 08/15/11Ù		1,668,040
	1,784,000		7.000%, 03/15/28		1,061,480
	2,726,000		Hanesbrands, Inc.‡ 5.698%, 12/15/14		2,099,020
	2,974,000		J.C. Penney Company, Inc. 5.750%, 02/15/18		2,592,130
	1,983,000		Liberty Media Corp. 8.250%, 02/01/30		1,267,565
	2,974,000		Mandalay Resort Group 7.625%, 07/15/13		847,590
	297,000		Phillips-Van Heusen Corp. 8.125%, 05/01/13		292,545
	1,190,000		Pulte Homes, Inc. 8.125%, 03/01/11		1,195,950
			Royal Caribbean Cruises, Ltd.
	2,726,000		7.500%, 10/15/27		1,717,380
	991,000		7.250%, 03/15/18		634,240
	2,726,000		Service Corp. International 7.500%, 04/01/27		2,119,465
	496,000		Sotheby’s Holdings, Inc.* 7.750%, 06/15/15		359,600
	744,000		Toll Brothers, Inc. 8.250%, 02/01/11		742,140
	2,231,000		Warnaco Group, Inc.~ 8.875%, 06/15/13		2,242,155
	991,000	GBP	Warner Music Group Corp. 8.125%, 04/15/14		842,970
					28,219,404
			Consumer Staples (5.5%)
	1,314,000		Chattem, Inc. 7.000%, 03/01/14		1,274,580
	2,726,000		Constellation Brands, Inc. 7.250%, 09/01/16		2,644,220
	1,190,000		NBTY, Inc. 7.125%, 10/01/15		1,076,950
	2,974,000		Pilgrim’s Pride Corp.Ù** 7.625%, 05/01/15		2,401,505
	2,974,000		Reynolds American, Inc. 7.625%, 06/01/16		2,706,340
	2,974,000		Smithfield Foods, Inc. 7.750%, 05/15/13		2,111,540
					12,215,135
			Energy (10.1%)
	991,000		Arch Western Finance, LLC 6.750%, 07/01/13		869,603
	1,437,000		Bristow Group, Inc. 7.500%, 09/15/17		1,171,155
	1,983,000		Chesapeake Energy Corp. 9.500%, 02/15/15		2,012,745
	2,875,000		Complete Production Services, Inc. 8.000%, 12/15/16		2,141,875
	1,487,000		Comstock Resources, Inc. 6.875%, 03/01/12		1,353,170
	2,359,000		Frontier Oil Corp.Ù 8.500%, 09/15/16		2,347,205
	3,073,000		GulfMark Offshore, Inc. 7.750%, 07/15/14		2,596,685
	1,378,000		Helix Energy Solutions Group, Inc.* 9.500%, 01/15/16		985,270
	3,708,000		Hornbeck Offshore Services, Inc. 6.125%, 12/01/14		3,077,640
	2,379,000		Petrohawk Energy Corp. 7.125%, 04/01/12		2,230,312
	1,983,000		Superior Energy Services, Inc. 6.875%, 06/01/14		1,745,040
	1,983,000		Williams Companies, Inc. 8.750%, 03/15/32		1,868,436
					22,399,136
			Financials (3.3%)
	2,231,000		Ford Motor Credit Company, LLC 7.875%, 06/15/10		2,053,149
	991,000		Host Hotels & Resorts, Inc. 7.125%, 11/01/13		936,495
	2,949,000		Leucadia National Corp. 7.000%, 08/15/13		2,550,885
	2,776,000		Nuveen Investments, Inc.* 10.500%, 11/15/15		1,415,760
	347,000		Omega Healthcare Investors, Inc. 7.000%, 04/01/14		325,313
					7,281,602
			Health Care (1.5%)
	2,478,000		Bio-Rad Laboratories, Inc. 7.500%, 08/15/13		2,440,830
	991,000		Community Health Systems, Inc. 8.875%, 07/15/15		991,000
					3,431,830

Schedule of Investments SEMIANNUAL REPORT 75

See accompanying Notes to Schedule of Investments

High Yield Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
		Industrials (11.7%)
	3,271,000	BE Aerospace, Inc. 8.500%, 07/01/18	$	2,968,432
	1,289,000	Belden, Inc. 7.000%, 03/15/17		1,140,765
	2,305,000	Cummins, Inc. 7.125%, 03/01/28		1,709,621
	3,633,000	Deluxe Corp. 7.375%, 06/01/15		2,815,575
	991,000	Gardner Denver, Inc. 8.000%, 05/01/13		869,603
	3,395,000	General Cable Corp.Ù 7.125%, 04/01/17		2,970,625
	1,834,000	Interline Brands, Inc. 8.125%, 06/15/14		1,760,640
	1,066,000	Joy Global, Inc. 6.625%, 11/15/36		681,405
	3,058,000	Kansas City Southern 13.000%, 12/15/13		3,256,770
	2,478,000	SPX Corp. 7.625%, 12/15/14		2,459,415
		Terex Corp.
	1,715,000	7.375%, 01/15/14		1,526,350
	793,000	8.000%, 11/15/17		654,225
	3,990,000	Wesco Distribution, Inc.~ 7.500%, 10/15/17		3,062,325
					��
				25,875,751
		Information Technology (12.6%)
	1,834,000	Affiliated Computer Services, Inc. 5.200%, 06/01/15		1,600,165
	1,983,000	Agilent Technologies, Inc. 6.500%, 11/01/17		1,642,069
	1,784,000	Amkor Technology, Inc. 9.250%, 06/01/16		1,561,000
	2,553,000	Anixter International, Inc. 10.000%, 03/15/14		2,450,880
	991,000	Celestica, Inc. 7.625%, 07/01/13		946,405
	3,321,000	Flextronics International, Ltd. 6.500%, 05/15/13		3,130,042
	3,257,000	Jabil Circuit, Inc. 8.250%, 03/15/18		2,703,310
	1,983,000	Lender Processing Services, Inc. 8.125%, 07/01/16		1,973,085
		Lexmark International, Inc.
	3,271,000	5.900%, 06/01/13		2,958,613
	732,000	6.650%, 06/01/18		585,600
	1,239,000	Motorola, Inc. 8.000%, 11/01/11		1,237,332
		National Semiconductor Corp.
	1,685,000	6.150%, 06/15/12		1,518,632
	1,120,000	6.600%, 06/15/17		879,288
	1,487,000	Seagate Technology 6.800%, 10/01/16		1,078,075
		SunGard Data Systems, Inc.
	1,487,000	10.625%, 05/15/15*		1,431,238
	1,006,000	9.125%, 08/15/13		965,760
	1,983,000	Xerox Corp.~ 8.000%, 02/01/27		1,388,992
				28,050,486
		Materials (5.1%)
	397,000	Airgas, Inc.* 7.125%, 10/01/18		387,075
	2,875,000	Anglo American, PLC* 9.375%, 04/08/14		2,986,291
	1,480,000	Boise Cascade Holdings, LLC 7.125%, 10/15/14		662,300
	1,081,000	Century Aluminum Company 7.500%, 08/15/14		589,145
	2,776,000	Southern Copper Corp. 7.500%, 07/27/35		2,200,535
	1,933,000	Steel Dynamics, Inc.* 7.750%, 04/15/16		1,536,735
	2,389,000	Terra Industries, Inc. 7.000%, 02/01/17		2,257,605
		Union Carbide Corp.
	639,000	7.875%, 04/01/23		469,673
	347,000	7.500%, 06/01/25		228,877
				11,318,236
		Telecommunication Services (2.9%)
	99,000	Frontier Communications Corp. 9.000%, 08/15/31		79,200
	991,000	Leap Wireless International, Inc. 9.375%, 11/01/14		986,045
	2,974,000	Qwest Communications International, Inc. 7.750%, 02/15/31		2,126,410
	3,901,000	Syniverse Technologies, Inc. 7.750%, 08/15/13		3,335,355
				6,527,010
		Utilities (1.5%)
	3,123,000	Edison Mission Energy 7.500%, 06/15/13		2,670,165
	991,000	Energy Future Holdings Corp. 10.250%, 11/01/15		567,348
				3,237,513
		TOTAL CORPORATE BONDS (Cost $166,220,287)		148,556,103
CONVERTIBLE BONDS (14.1%)
		Consumer Discretionary (2.6%)
	1,500,000	Ford Motor Company 4.250%, 12/15/36		1,160,625

  76
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

High Yield Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT				VALUE
			Interpublic Group of Companies, Inc.
	1,820,000		4.750%, 03/15/23	$	1,590,225
	650,000		4.250%, 03/15/23		587,437
	2,900,000		Liberty Media Corp. (Time Warner, Inc.)Δ 3.125%, 03/30/23		2,388,875
					5,727,162
			Energy (1.9%)
	1,000,000		Bristow Group, Inc. 3.000%, 06/15/38		636,250
	1,600,000		Petroleum Geo-Services ASA 2.700%, 12/03/12		800,000
	1,770,000		Pioneer Natural Resources Company~ 2.875%, 01/15/38		1,427,063
	1,890,000		St. Mary Land & Exploration Company 3.500%, 04/01/27		1,476,562
					4,339,875
			Financials (2.4%)
	1,500,000		Affiliated Managers Group, Inc.* 3.950%, 08/15/38		1,201,875
	2,710,000		Health Care REIT, Inc. 4.750%, 07/15/27		2,537,237
	700,000		Host Hotels & Resorts, Inc.* 2.625%, 04/15/27		566,125
	900,000		Leucadia National Corp. 3.750%, 04/15/14		994,500
					5,299,737
			Health Care (1.8%)
	1,400,000		China Medical Technologies, Inc. 3.500%, 11/15/11		1,155,000
	3,770,000		Kinetic Concepts, Inc.* 3.250%, 04/15/15		2,832,213
					3,987,213
			Industrials (2.8%)
	2,800,000		Barnes Group, Inc. 3.375%, 03/15/27		2,194,500
	2,500,000		Energy Conversion Devices, Inc. 3.000%, 06/15/13		1,553,125
	4,300,000		Trinity Industries, Inc. 3.875%, 06/01/36		2,413,375
					6,161,000
			Information Technology (0.5%)
	1,300,000		ON Semiconductor Corp. 2.625%, 12/15/26		1,062,750
			Materials (1.5%)
	2,770,000		Newmont Mining Corp. 3.000%, 02/15/12		3,306,688
			Telecommunication Services (0.6%)
	1,500,000		NII Holdings, Inc. 2.750%, 08/15/25		1,381,875
			TOTAL CONVERTIBLE BONDS (Cost $33,310,857)		31,266,300
SYNTHETIC CONVERTIBLE SECURITIES (0.7%)
Corporate Bonds (0.6%)
			Consumer Discretionary (0.1%)
	26,000		Brinker International, Inc. 5.750%, 06/01/14		22,295
	26,000		DISH Network Corp. 7.750%, 05/31/15		24,830
	27,000		Expedia, Inc. 7.456%, 08/15/18		24,570
			General Motors Corp.Ù**
	22,000		7.200%, 01/15/11		2,530
	2,000		7.125%, 07/15/13		200
			Goodyear Tire & Rubber Company
	16,000		7.857%, 08/15/11Ù		14,960
	16,000		7.000%, 03/15/28		9,520
	24,000		Hanesbrands, Inc.‡ 5.698%, 12/15/14		18,480
	26,000		J.C. Penney Company, Inc. 5.750%, 02/15/18		22,661
	17,000		Liberty Media Corp. 8.250%, 02/01/30		10,867
	26,000		Mandalay Resort Group 7.625%, 07/15/13		7,410
	3,000		Phillips-Van Heusen Corp. 8.125%, 05/01/13		2,955
	10,000		Pulte Homes, Inc. 8.125%, 03/01/11		10,050
			Royal Caribbean Cruises, Ltd.
	24,000		7.500%, 10/15/27		15,120
	9,000		7.250%, 03/15/18		5,760
	24,000		Service Corp. International 7.500%, 04/01/27		18,660
	4,000		Sotheby’s Holdings, Inc.* 7.750%, 06/15/15		2,900
	6,000		Toll Brothers, Inc. 8.250%, 02/01/11		5,985
	19,000		Warnaco Group, Inc.~ 8.875%, 06/15/13		19,095
	9,000	GBP	Warner Music Group Corp. 8.125%, 04/15/14		7,656
					246,504
			Consumer Staples (0.1%)
	11,000		Chattem, Inc. 7.000%, 03/01/14		10,670
	24,000		Constellation Brands, Inc. 7.250%, 09/01/16		23,280

Schedule of Investments SEMIANNUAL REPORT 77

See accompanying Notes to Schedule of Investments

High Yield Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
	10,000	NBTY, Inc. 7.125%, 10/01/15	$	9,050
	26,000	Pilgrim’s Pride Corp.Ù** 7.625%, 05/01/15		20,995
	26,000	Reynolds American, Inc. 7.625%, 06/01/16		23,660
	26,000	Smithfield Foods, Inc. 7.750%, 05/15/13		18,460
				106,115
		Energy (0.1%)
	9,000	Arch Western Finance, LLC 6.750%, 07/01/13		7,898
	13,000	Bristow Group, Inc. 7.500%, 09/15/17		10,595
	17,000	Chesapeake Energy Corp. 9.500%, 02/15/15		17,255
	25,000	Complete Production Services, Inc. 8.000%, 12/15/16		18,625
	13,000	Comstock Resources, Inc. 6.875%, 03/01/12		11,830
	21,000	Frontier Oil Corp.Ù 8.500%, 09/15/16		20,895
	27,000	GulfMark Offshore, Inc. 7.750%, 07/15/14		22,815
	12,000	Helix Energy Solutions Group, Inc.* 9.500%, 01/15/16		8,580
	32,000	Hornbeck Offshore Services, Inc. 6.125%, 12/01/14		26,560
	21,000	Petrohawk Energy Corp. 7.125%, 04/01/12		19,687
	17,000	Superior Energy Services, Inc. 6.875%, 06/01/14		14,960
	17,000	Williams Companies, Inc. 8.750%, 03/15/32		16,018
				195,718
		Financials (0.0%)
	19,000	Ford Motor Credit Company, LLC 7.875%, 06/15/10		17,485
	9,000	Host Hotels & Resorts, Inc. 7.125%, 11/01/13		8,505
	26,000	Leucadia National Corp. 7.000%, 08/15/13		22,490
	24,000	Nuveen Investments, Inc.* 10.500%, 11/15/15		12,240
	3,000	Omega Healthcare Investors, Inc. 7.000%, 04/01/14		2,813
				63,533
		Health Care (0.0%)
	22,000	Bio-Rad Laboratories, Inc. 7.500%, 08/15/13		21,670
	9,000	Community Health Systems, Inc. 8.875%, 07/15/15		9,000
				30,670
		Industrials (0.1%)
	29,000	BE Aerospace, Inc. 8.500%, 07/01/18		26,317
	11,000	Belden, Inc. 7.000%, 03/15/17		9,735
	20,000	Cummins, Inc. 7.125%, 03/01/28		14,834
	32,000	Deluxe Corp. 7.375%, 06/01/15		24,800
	9,000	Gardner Denver, Inc. 8.000%, 05/01/13		7,898
	30,000	General Cable Corp.Ù 7.125%, 04/01/17		26,250
	16,000	Interline Brands, Inc. 8.125%, 06/15/14		15,360
	9,000	Joy Global, Inc. 6.625%, 11/15/36		5,753
	27,000	Kansas City Southern 13.000%, 12/15/13		28,755
	22,000	SPX Corp. 7.625%, 12/15/14		21,835
		Terex Corp.
	15,000	7.375%, 01/15/14		13,350
	7,000	8.000%, 11/15/17		5,775
	35,000	Wesco Distribution, Inc.~ 7.500%, 10/15/17		26,862
				227,524
		Information Technology (0.1%)
	16,000	Affiliated Computer Services, Inc. 5.200%, 06/01/15		13,960
	17,000	Agilent Technologies, Inc. 6.500%, 11/01/17		14,077
	16,000	Amkor Technology, Inc. 9.250%, 06/01/16		14,000
	22,000	Anixter International, Inc. 10.000%, 03/15/14		21,120
	9,000	Celestica, Inc. 7.625%, 07/01/13		8,595
	29,000	Flextronics International, Ltd. 6.500%, 05/15/13		27,332
	28,000	Jabil Circuit, Inc. 8.250%, 03/15/18		23,240
	17,000	Lender Processing Services, Inc. 8.125%, 07/01/16		16,915

  78
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

High Yield Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
		Lexmark International, Inc.
	29,000	5.900%, 06/01/13	$	26,230
	6,000	6.650%, 06/01/18		4,800
	11,000	Motorola, Inc. 8.000%, 11/01/11		10,985
		National Semiconductor Corp.
	15,000	6.150%, 06/15/12		13,519
	10,000	6.600%, 06/15/17		7,851
	13,000	Seagate Technology 6.800%, 10/01/16		9,425
		SunGard Data Systems, Inc.
	13,000	10.625%, 05/15/15*		12,513
	9,000	9.125%, 08/15/13		8,640
	17,000	Xerox Corp.~ 8.000%, 02/01/27		11,908
				245,110
		Materials (0.1%)
	3,000	Airgas, Inc.* 7.125%, 10/01/18		2,925
	25,000	Anglo American, PLC* 9.375%, 04/08/14		25,968
	13,000	Boise Cascade Holdings, LLC 7.125%, 10/15/14		5,817
	9,000	Century Aluminum Company 7.500%, 08/15/14		4,905
	24,000	Southern Copper Corp. 7.500%, 07/27/35		19,025
	17,000	Steel Dynamics, Inc.* 7.750%, 04/15/16		13,515
	21,000	Terra Industries, Inc. 7.000%, 02/01/17		19,845
		Union Carbide Corp.
	6,000	7.875%, 04/01/23		4,410
	3,000	7.500%, 06/01/25		1,979
				98,389
		Telecommunication Services (0.0%)
	1,000	Frontier Communications Corp. 9.000%, 08/15/31		800
	9,000	Leap Wireless International, Inc. 9.375%, 11/01/14		8,955
	26,000	Qwest Communications International, Inc. 7.750%, 02/15/31		18,590
	34,000	Syniverse Technologies, Inc. 7.750%, 08/15/13		29,070
				57,415
		Utilities (0.0%)
	27,000	Edison Mission Energy 7.500%, 06/15/13		23,085
	9,000	Energy Future Holdings Corp. 10.250%, 11/01/15		5,153
				28,238
		TOTAL CORPORATE BONDS		1,299,216
NUMBER OF
CONTRACTS			VALUE
Purchased Options (0.1%)#
		Consumer Discretionary (0.1%)
	55	Amazon.com, Inc. Call, 01/16/10, Strike $70.00		109,863
	100	Nike, Inc. - Class B Call, 01/16/10, Strike $60.00		44,500
				154,363
		Information Technology (0.0%)
	25	Apple, Inc. Call, 01/16/10, Strike $170.00		11,375
		QUALCOMM, Inc.
	100	Call, 01/16/10, Strike $45.00		42,750
	80	Call, 01/16/10, Strike $50.00		20,480
				74,605
		TOTAL PURCHASED OPTIONS		228,968
		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $1,942,704)		1,528,184
NUMBER OF
SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (13.8%)
		Consumer Staples (3.1%)
	120,000	Archer Daniels Midland Company 6.250%		4,022,400
		Bunge, Ltd.
	14,000	4.875%		964,250
	3,900	5.125%		1,901,250
				6,887,900
		Financials (3.9%)
	89,600	Affiliated Managers Group, Inc. 5.150%		1,909,600
	27,000	American International Group, Inc. 8.500%		137,970
	3,950	Bank of America Corp. 7.250%		2,310,750
	83,400	Citigroup, Inc. 6.500%		2,635,440

Schedule of Investments SEMIANNUAL REPORT 79

See accompanying Notes to Schedule of Investments

High Yield Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

NUMBER OF
SHARES			VALUE
	2,850	Wells Fargo & Company 7.500%	$	1,761,300
				8,755,060
		Health Care (2.9%)
	3,500	Mylan, Inc. 6.500%		2,982,000
	16,500	Schering-Plough Corp. 6.000%		3,485,460
				6,467,460
		Materials (3.9%)
	65,750	Freeport-McMoRan Copper & Gold, Inc. 6.750%		4,536,750
	115,000	Vale Capital, Ltd. (Companhia Vale do Rio Doce)Δ 5.500%		4,026,150
				8,562,900
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $37,026,340)		30,673,320
INVESTMENT IN AFFILIATED FUND (3.6%)
	8,071,350	Calamos Government Money Market Fund - Class I SharesΩ (Cost $8,071,350)		8,071,350
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (3.4%)
	22,675	Bank of New York Institutional Cash Reserve Series Bπ		2,948
	7,538,000	Goldman Sachs Financial Square Prime Obligations Fund		7,538,000
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $7,560,675)		7,540,948
TOTAL INVESTMENTS (102.5%) (Cost $254,132,213)				227,636,205
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.4%)				(7,560,675	)
OTHER ASSETS, LESS LIABILITIES (0.9%)				1,996,520
NET ASSETS (100.0%)			$	222,072,050
NUMBER OF
CONTRACTS			VALUE
WRITTEN OPTIONS (-0.3%)#
		Financials (-0.1%)
	200	Leucadia National Corp. Call, 09/19/09, Strike $25.00	$	(37,000	)
	175	SPDR Trust Series 1 Call, 06/20/09, Strike $81.00		(143,063	)
				(180,063	)
		Materials (-0.2%)
	400	Freeport-McMoRan Copper & Gold, Inc. Call, 08/22/09, Strike $35.00		(414,000	)
		TOTAL WRITTEN OPTIONS (Premium $253,047)		(594,063	)

NOTES TO SCHEDULE OF INVESTMENTS

Ù	Security, or portion of security, is on loan.
‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2009.
*	Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. At April 30, 2009, the value of 144A securities that could not be exchanged to the registered form is $3,012,259 or 1.4% of net assets.
~	Security, or portion of security, is held in a segregated account as collateral for written options aggregating a total value of $7,396,338.
**	Pilgrim’s Pride Corp. and General Motors Corp filed for bankruptcy protection on December 1, 2008 and June 1, 2009, respectively.
Δ	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
#	Non-income producing security.
Ω	Investment in affiliated fund. During the period from November 1, 2008 through April 30, 2009, the fund had net purchases of $5,060,234 and earned $24,230 in dividends from the affiliated fund. As of October 31, 2008, the fund had holdings of $3,011,116 in the affiliated fund.
π	On September 15, 2008, Lehman Brothers Holdings, Inc., the sole holding of the Bank of New York Institutional Cash Reserve Fund Series B (a series of such fund created to isolate such Lehman exposure), filed for bankruptcy protection. Such securities are being valued in accordance with valuation procedures approved by the board of trustees.

FOREIGN CURRENCY ABBREVIATIONS

GBP British Pound Sterling

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date shown on options represents the expiration date on the option contract. The option contract may be exercised at any date on or before the date shown.

  80
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Financial Statements

Total Return Bond Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
CORPORATE BONDS (46.2%)
		Consumer Discretionary (1.8%)
	500,000	DIRECTV Financing Company, Inc. 8.375%, 03/15/13	$	510,000
	1,000,000	McDonald’s Corp. 6.300%, 10/15/37		1,023,388
	1,500,000	Walt Disney Company 6.375%, 03/01/12		1,617,236
				3,150,624
		Consumer Staples (9.3%)
	1,000,000	Altria Group, Inc. 10.200%, 02/06/39		1,103,687
	1,500,000	Anheuser-Busch InBev, NV* 8.200%, 01/15/39		1,507,199
	2,000,000	Coca-Cola Company 3.625%, 03/15/14		2,045,606
	2,000,000	Costco Wholesale Corp. 5.300%, 03/15/12		2,143,616
	1,700,000	General Mills, Inc. 5.250%, 08/15/13		1,778,261
	1,500,000	Kimberly-Clark Corp. 7.500%, 11/01/18		1,756,432
		Kraft Foods, Inc.
	1,000,000	6.250%, 06/01/12		1,062,961
	1,000,000	6.000%, 02/11/13		1,052,572
	1,000,000	PepsiCo, Inc. 7.900%, 11/01/18		1,208,969
	1,000,000	Philip Morris International, Inc. 6.875%, 03/17/14		1,097,434
	1,000,000	Procter & Gamble Company 4.600%, 01/15/14		1,060,105
				15,816,842
		Energy (4.9%)
	500,000	Chesapeake Energy Corp. 7.500%, 09/15/13		477,500
	2,000,000	Chevron Corp. 3.450%, 03/03/12		2,058,774
	1,000,000	ConocoPhillips 5.750%, 02/01/19		1,022,727
	1,000,000	Hess Corp. 8.125%, 02/15/19		1,097,426
	500,000	Tennessee Gas Pipeline Company* 8.000%, 02/01/16		512,500
	1,000,000	Transocean, Ltd. 5.250%, 03/15/13		1,013,307
		Virginia Electric and Power Company
	500,000	8.875%, 11/15/38		648,831
	500,000	5.100%, 11/30/12		515,325
	1,000,000	XTO Energy, Inc. 4.625%, 06/15/13		980,176
				8,326,566
		Financials (5.5%)
	1,500,000	Bank of America Corp. 5.300%, 03/15/17		1,126,575
	1,500,000	Berkshire Hathaway Finance Corp. 5.000%, 08/15/13		1,555,252
	1,500,000	BP Capital Markets, PLC 5.250%, 11/07/13		1,618,887
	2,000,000	CME Group, Inc. 5.750%, 02/15/14		2,106,338
	1,500,000	JPMorgan Chase & Company 6.000%, 10/01/17		1,401,713
	1,500,000	Shell International Finance, BV 6.375%, 12/15/38		1,601,913
				9,410,678
		Health Care (5.1%)
	1,000,000	Amgen, Inc. 6.400%, 02/01/39		1,009,833
	1,000,000	Biogen Idec, Inc. 6.875%, 03/01/18		979,225
	2,000,000	Eli Lilly and Company 3.550%, 03/06/12		2,055,220
	500,000	HCA, Inc.* 9.875%, 02/15/17		502,500
	2,000,000	Pfizer, Inc. 5.350%, 03/15/15		2,152,678
	2,000,000	Roche Holding, AG* 4.500%, 03/01/12		2,098,432
				8,797,888
		Industrials (4.8%)
	1,500,000	Emerson Electric Company 4.125%, 04/15/15		1,519,038
	2,000,000	ITT Corp. 6.125%, 05/01/19		2,057,140
	500,000	Tyco International, Ltd. 8.500%, 01/15/19		536,093
	2,000,000	United Parcel Service, Inc. 3.875%, 04/01/14		2,063,988
	1,000,000	United Technologies Corp. 6.125%, 02/01/19		1,078,729
	1,000,000	Waste Management, Inc. 7.375%, 08/01/10		1,022,034
				8,277,022
		Information Technology (3.9%)
	1,500,000	Cisco Systems, Inc. 5.900%, 02/15/39		1,424,437
	1,500,000	Hewlett-Packard Company 6.125%, 03/01/14		1,651,212
	500,000	Jabil Circuit, Inc. 5.875%, 07/15/10		477,500
		Nokia Corp.¹
	1,000,000	6.625%, 05/15/39		1,009,510

Schedule of Investments SEMIANNUAL REPORT 81

See accompanying Notes to Schedule of Investments

Total Return Bond Fund

 SCHEDULE OF INVESTMENTS APRIL 30, 2009 (UNAUDITED)

PRINCIPAL
AMOUNT			VALUE
	1,000,000	5.375%, 05/15/19	$	1,007,070
	1,000,000	Xerox Corp. 7.125%, 06/15/10		1,010,550
				6,580,279
		Materials (3.7%)
	1,500,000	Anglo American, PLC* 9.375%, 04/08/14		1,558,065
	1,000,000	Barrick Gold Corp. 6.950%, 04/01/19		1,059,449
	2,000,000	BHP Billiton, Ltd. 6.500%, 04/01/19		2,176,354
	500,000	Mosaic Company* 7.375%, 12/01/14		496,809
	1,000,000	Vulcan Materials Company 6.300%, 06/15/13		983,679
				6,274,356
		Telecommunication Services (6.0%)
	2,000,000	AT&T, Inc. 5.800%, 02/15/19		2,037,296
	2,150,000	Deutsche Telekom, AG 8.500%, 06/15/10		2,260,686
	2,000,000	Koninklijke KPN, NV 8.000%, 10/01/10		2,098,360
	2,000,000	Telefonica Europe, BV 7.750%, 09/15/10		2,100,966
	1,500,000	Verizon Wireless Capital, Inc.* 7.375%, 11/15/13		1,670,570
				10,167,878
		Utilities (1.2%)
	1,000,000	Consolidated Edison, Inc. 6.750%, 04/01/38		1,022,168
	1,000,000	Exelon Corp. 6.950%, 06/15/11		1,038,538
				2,060,706
		TOTAL CORPORATE BONDS (Cost $76,348,241)		78,862,839
U.S. GOVERNMENT AND AGENCY SECURITIES (10.4%)
	2,000,000	Federal National Mortgage Association 2.500%, 02/17/12		2,019,536
	2,810,117	Overseas Private Investment Corp.‡ 1.714%, 01/17/17		2,810,117
		United States Treasury Note
	6,000,000	1.750%, 01/31/14		5,945,658
	3,952,640	2.125%, 01/15/19		4,135,450
	1,967,700	1.375%, 07/15/18		1,922,813
	1,000,000	2.750%, 02/15/19		968,903
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $17,944,336)		17,802,477
ASSET BACKED SECURITIES (0.7%)
	1,145,000	Honda Auto Receivables Owner Trust 4.880%, 09/18/14 (Cost $1,135,672)		1,173,482
RESIDENTIAL MORTGAGE BACKED SECURITIES (44.8%)
	6,000,000	Federal Home Loan Mortgage Corp.¹ 6.000%, 05/01/39		6,263,436
		Federal National Mortgage Association
	14,000,000	5.000%, 05/01/39¹		14,400,316
	13,000,000	5.500%, 05/01/39¹		13,469,222
	7,000,000	4.500%, 05/01/24¹		7,192,500
	6,021,321	6.000%, 06/01/37		6,302,273
	6,000,000	5.000%, 05/01/24¹		6,207,186
	5,669,615	5.643%, 11/01/37‡		5,913,965
	5,000,000	4.500%, 05/01/39¹		5,089,060
	3,996,358	5.500%, 06/01/37		4,145,360
	2,960,880	5.000%, 05/01/37		3,048,902
	1,825,652	4.704%, 05/01/38‡		1,883,776
	1,636,458	6.000%, 05/01/37		1,712,814
	961,007	6.500%, 06/01/36		1,019,734
		TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES (Cost $75,784,466)		76,648,544
NUMBER OF
SHARES			VALUE
INVESTMENT IN AFFILIATED FUND (29.3%)
	49,993,119	Calamos Government Money Market Fund - Class I SharesΩ (Cost $49,993,119)		49,993,119
		TOTAL INVESTMENTS (131.4%) (Cost $221,205,834)		224,480,461
LIABILITIES, LESS OTHER ASSETS (-31.4%)				(53,669,778	)
NET ASSETS (100.0%)			$	170,810,683

NOTES TO SCHEDULE OF INVESTMENTS

*	Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. At April 30, 2009, the value of 144A securities that could not be exchanged to the registered form is $5,163,696 or 3.0% of net assets.
¹	Security or a portion of the security purchased on a delayed delivery or when-issued basis.
‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2009.
Ω	Investment in affiliated fund. During the period from November 1, 2008 through April 30, 2009, the fund had net purchases of $18,474,651 and earned $197,651 in dividends from the affiliated fund. As of October 31, 2008, the fund had holdings of $31,518,468 in the affiliated fund.

  82
SEMIANNUAL REPORT Schedule of Investments

See accompanying Notes to Financial Statements

Statements of Assets and Liabilities

	Growth			Growth and			Value			Blue Chip
April 30, 2009 (unaudited)	Fund			Income Fund			Fund			Fund
ASSETS
Investments in securities, at value (cost $8,021,944,899; $3,596,941,585; $65,084,336; $71,290,655)*	$	7,055,324,670		$	3,149,630,086		$	53,844,430		$	65,407,681
Investments in affiliated funds, at value (cost $329,759,710; $55,575,401; $861,269; $462,271)		329,759,710			55,575,401			861,269			462,271
Cash with custodian (interest bearing)		219			212			379			407
Foreign currency (cost $48,133)		—			—			48,123			—
Receivables:
Accrued interest and dividends		4,693,651			13,045,168			141,018			66,266
Investments sold		—			—			—			502,725
Fund shares sold		14,650,156			3,259,695			44,547			48,099
Prepaid expenses		350,593			160,568			40,005			39,114
Other assets		336,553			153,042			35,991			30,552
Total assets	$	7,405,115,552		$	3,221,824,172		$	55,015,762		$	66,557,115
LIABILITIES AND NET ASSETS
Options written, at value (premium $3,544,009)		—			11,812,500			—			—
Payables:
Cash collateral for securities loaned		337,742,578			52,674,042			56,503			763,498
Investments purchased		12,849,549			6,000,027			—			—
Fund shares redeemed		20,285,962			5,969,622			36,388			27,019
Affiliates:
Investment advisory fees		4,451,416			1,703,053			43,068			52,473
Distribution fees		257,026			149,382			1,435			1,813
Deferred compensation to Trustees		336,553			153,042			35,991			30,552
Financial accounting fees		63,746			29,548			501			611
Trustees’ fees and officer compensation		3,444			1,745			184			213
Other accounts payable and accrued liabilities		3,255,656			1,282,016			39,207			42,023
Total liabilities		379,245,930			79,774,977			213,277			918,202
NET ASSETS	$	7,025,869,622		$	3,142,049,195		$	54,802,485		$	65,638,913
ANALYSIS OF NET ASSETS
Paid in capital	$	8,885,236,908		$	3,787,678,009		$	74,732,709		$	96,178,563
Undistributed net investment income (loss)		(16,131,580	)		11,568,077			79,176			37,451
Accumulated net realized gain (loss) on investments, short positions, written options,
and foreign currency transactions		(876,636,667	)		(201,616,901	)		(8,765,138	)		(24,694,127	)
Unrealized appreciation (depreciation) of investments, short positions, written options,
and foreign currency translations		(966,599,039	)		(455,579,990	)		(11,244,262	)		(5,882,974	)
NET ASSETS	$	7,025,869,622		$	3,142,049,195		$	54,802,485		$	65,638,913
CLASS A SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	4,497,233,605		$	1,505,704,418		$	28,730,947		$	32,070,293
Shares outstanding		136,258,880			66,190,183			3,411,895			3,815,194
Net asset value and redemption price per share	$	33.01		$	22.75		$	8.42		$	8.41
Maximum offering price per share (Net asset value, plus 4.99% of net asset value or 4.75% of offering price)	$	34.66		$	23.88		$	8.84		$	8.83
CLASS B SHARES (no par value; unlimited number of shares authorized)**
Net assets applicable to shares outstanding	$	538,322,075		$	348,959,494		$	4,518,973		$	4,585,419
Shares outstanding		16,201,978			13,577,306			566,377			562,931
Net asset value and redemption price per share	$	33.23		$	25.70		$	7.98		$	8.15
CLASS C SHARES (no par value; unlimited number of shares authorized)**
Net assets applicable to shares outstanding	$	1,504,608,283		$	1,098,929,945		$	5,970,174		$	9,492,908
Shares outstanding		49,481,634			48,067,088			748,693			1,164,927
Net asset value and redemption price per share	$	30.41		$	22.86		$	7.97		$	8.15
CLASS I SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	484,126,035		$	187,182,198		$	15,513,967		$	19,389,692
Shares outstanding		13,524,538			8,408,234			1,815,708			2,298,235
Net asset value and redemption price per share	$	35.80		$	22.26		$	8.54		$	8.44
CLASS R SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	1,579,624		$	1,273,140		$	68,424		$	100,601
Shares outstanding		48,139			56,140			8,155			12,000
Net asset value and redemption price per share	$	32.81		$	22.68		$	8.39		$	8.38

*	Includes securities on loan with a value of $344,730,286, $49,713,909, $52,440, $760,260 for Growth Fund, Growth and Income Fund, Value Fund, and Blue Chip Fund, respectively
**	Redemption price may be reduced by contingent deferred sales charge.

Statements of Assets and Liabilities SEMIANNUAL REPORT 83

See accompanying Notes to Financial Statements

Statements of Assets and Liabilities

	Multi-Fund			130/30			Global Growth and			International
April 30, 2009 (unaudited)	Blend			Equity Fund			Income Fund			Growth Fund
ASSETS
Investments in securities, at value (cost $13,484,132; $727,147,399; $207,273,374)*	$	—		$	12,836,496		$	626,971,203		$	167,139,802
Investments in affiliated funds, at value (cost $20,778,796; $1,436,915; $6,739,296; $841,269)		14,261,147			1,436,915			6,739,296			841,269
Cash with custodian (interest bearing)		200			928			246			494
Due from investment advisor		12,782			14,837			—			—
Foreign currency (cost $191,374, $88,686)		—			—			191,058			88,539
Receivables:
Accrued interest and dividends		—			3,506			3,810,132			939,074
Investments sold		—			1,120,854			—			1,205,875
Fund shares sold		1,512			—			439,520			178,065
Prepaid expenses		29,352			17,685			71,831			51,294
Deferred offering costs		—			15,538			—			—
Other assets		13,754			5,530			54,834			26,358
Total assets		14,318,747			15,452,289			638,278,120			170,470,770
LIABILITIES AND NET ASSETS
Options written, at value (premium $338,074)		—			—			1,107,000			—
Payables:
Cash collateral for securities loaned		—			—			1,680,018			—
Investments purchased		198			1,734,043			—			1,472,151
Fund shares redeemed		26,250			—			1,227,421			307,411
Affiliates:
Investment advisory fees		—			13,286			501,555			133,429
Distribution fees		720			131			25,340			5,747
Deferred compensation to Trustees		13,754			5,530			54,834			26,358
Financial accounting fees		131			130			5,897			1,553
Trustees’ fees and officer compensation		138			123			474			235
Unrealized depreciation on forward foreign currency contracts		—			—			3,132,595			—
Other accounts payable and accrued liabilities		23,412			18,603			280,049			131,002
Total liabilities		64,603			1,771,846			8,015,183			2,077,886
NET ASSETS	$	14,254,144		$	13,680,443		$	630,262,937		$	168,392,884
ANALYSIS OF NET ASSETS
Paid in capital	$	23,021,574		$	25,548,457		$	837,202,749		$	303,016,391
Undistributed net investment income (loss)		95,263			281,216			431,183			(141,729	)
Accumulated net realized gain (loss) on investments, short positions, written options, and foreign currency transactions		(2,345,044	)		(11,501,593	)		(103,274,014	)		(94,318,787	)
Unrealized appreciation (depreciation) of investments, short positions, written options, and foreign currency translations		(6,517,649	)		(647,637	)		(104,096,981	)		(40,162,991	)
NET ASSETS	$	14,254,144		$	13,680,443		$	630,262,937		$	168,392,884
CLASS A SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	6,965,565		$	764,870		$	239,779,226		$	87,278,951
Shares outstanding		871,231			143,681			30,813,401			9,255,374
Net asset value and redemption price per share	$	8.00		$	5.32		$	7.78		$	9.43
Maximum offering price per share (Net asset value, plus 4.99% of net asset value or 4.75% of offering price)	$	8.40		$	5.59		$	8.17		$	9.90
CLASS B SHARES (no par value; unlimited number of shares authorized)**
Net assets applicable to shares outstanding	$	1,903,091		$	554,785		$	47,115,872		$	13,801,549
Shares outstanding		242,018			104,551			5,922,991			1,495,936
Net asset value and redemption price per share	$	7.86		$	5.31		$	7.95		$	9.22
CLASS C SHARES (no par value; unlimited number of shares authorized)**
Net assets applicable to shares outstanding	$	5,196,571		$	588,384		$	204,180,747		$	35,702,320
Shares outstanding		661,077			110,877			27,384,228			3,874,818
Net asset value and redemption price per share	$	7.86		$	5.31		$	7.45		$	9.21
CLASS I SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	116,625		$	11,239,487		$	138,896,087		$	31,481,879
Shares outstanding		14,514			2,109,915			17,624,679			3,321,830
Net asset value and redemption price per share	$	8.04		$	5.33		$	7.88		$	9.47
CLASS R SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	72,292		$	532,917		$	291,005		$	128,185
Shares outstanding		9,076			100,146			37,543			13,638
Net asset value and redemption price per share	$	7.97		$	5.32		$	7.75		$	9.39

*	Includes securities on loan with a value of $1,649,256 for Global Growth and Income Fund.
**	Redemption price may be reduced by contingent deferred sales charge.

  84
SEMIANNUAL REPORT Statements of Assets and Liabilities

See accompanying Notes to Financial Statements

Statements of Assets and Liabilities

	Global			Evolving World			Convertible			Market Neutral
April 30, 2009 (unaudited)	Equity Fund			Growth Fund			Fund			Income Fund
ASSETS
Investments in securities, at value (cost $32,472,387; $24,622,228; $1,603,782,914; $1,513,552,263)*	$	25,338,598		$	20,985,368		$	1,663,391,822		$	1,189,490,191
Investments in affiliated funds, at value (cost $609,165; $506,341; $88,786,839; $41,175,640)		609,165			506,341			88,786,839			41,175,640
Cash with custodian (interest bearing)		627			675			970			8,069,359
Due from investment advisor		7,630			15,560			—			—
Restricted cash for short positions (interest bearing)		—			—			—			128,392,753
Restricted foreign currency for short positions (cost $1,816,705)		—			—			—			1,605,086
Foreign currency (cost $5,975; $8,330)		5,965			8,292			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			31,643			—
Receivables:
Accrued interest and dividends		91,657			96,993			8,250,162			4,813,712
Investments sold		—			—			—			13,509,483
Fund shares sold		300			500			30,885,236			13,430,902
Prepaid expenses		43,227			17,954			88,782			106,654
Deferred offering costs		—			33,128			—			—
Other assets		12,717			5,480			52,513			62,946
Total assets		26,109,886			21,670,291			1,791,487,967			1,400,656,726
LIABILITIES AND NET ASSETS
Common stocks sold short, at value (proceeds $138,892,486)		—			—			—			137,139,943
Options written, at value (premium $16,920,840)		—			—			—			50,635,463
Payables:
Cash collateral for securities loaned		—			—			10,109,357			10,134,808
Investments purchased		137,494			422,642			13,018,408			11,360,509
Fund shares redeemed		31,919			—			8,182,323			3,964,631
Affiliates:
Investment advisory fees		25,602			18,154			906,040			671,742
Distribution fees		771			204			59,053			42,758
Deferred compensation to Trustees		12,717			5,480			52,513			62,946
Financial accounting fees		235			193			15,373			11,038
Trustees’ fees and officer compensation		146			136			877			776
Unrealized depreciation on forward foreign currency contracts		116,988			—			241,761			—
Other accounts payable and accrued liabilities		27,720			21,941			134,080			370,295
Total liabilities		353,592			468,750			32,719,785			214,394,909
NET ASSETS	$	25,756,294		$	21,201,541		$	1,758,768,182		$	1,186,261,817
ANALYSIS OF NET ASSETS
Paid in capital	$	43,717,887		$	26,542,509		$	1,705,757,752		$	1,523,522,653
Undistributed net investment income (loss)		(339,762	)		111,500			4,942,897			(34,917,418	)
Accumulated net realized gain (loss) on investments, short positions, written options, and foreign currency transactions		(10,368,524	)		(1,813,138	)		(11,331,146	)		53,892,353
Unrealized appreciation (depreciation) of investments, short positions, written options, and foreign currency translations		(7,253,307	)		(3,639,330	)		59,398,679			(356,235,771	)
NET ASSETS	$	25,756,294		$	21,201,541		$	1,758,768,182		$	1,186,261,817
CLASS A SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	16,451,484		$	2,085,530		$	1,065,761,747		$	734,783,806
Shares outstanding		2,301,787			264,988			67,487,004			70,355,239
Net asset value and redemption price per share	$	7.14		$	7.87		$	15.79		$	10.44
Maximum offering price per share (Net asset value, plus 4.99% of net asset value or 4.75% of offering price)	$	7.50		$	8.26		$	16.58		$	10.96
CLASS B SHARES (no par value; unlimited number of shares authorized)**
Net assets applicable to shares outstanding	$	1,611,614		$	814,083		$	84,766,556		$	38,446,883
Shares outstanding		227,291			103,664			4,586,711			3,507,160
Net asset value and redemption price per share	$	7.09		$	7.85		$	18.48		$	10.96
CLASS C SHARES (no par value; unlimited number of shares authorized)**
Net assets applicable to shares outstanding	$	3,396,049		$	799,120		$	377,995,158		$	302,088,027
Shares outstanding		479,868			101,760			24,018,726			28,504,480
Net asset value and redemption price per share	$	7.07		$	7.85		$	15.74		$	10.60
CLASS I SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	3,547,918		$	16,710,132		$	229,971,442		$	110,630,624
Shares outstanding		496,829			2,120,741			15,423,872			10,690,320
Net asset value and redemption price per share	$	7.14		$	7.87		$	14.91		$	10.35
CLASS R SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	749,229		$	792,676		$	273,279		$	312,477
Shares outstanding		105,276			100,769			17,329			29,972
Net asset value and redemption price per share	$	7.11		$	7.86		$	15.77		$	10.43

*	Includes securities on loan with a value of $9,924,061 and $9,936,113 for Convertible Fund and Market Neutral Income Fund respectively.
**	Redemption price may be reduced by contingent deferred sales charge.

Statements of Assets and Liabilities SEMIANNUAL REPORT 85

See accompanying Notes to Financial Statements

Statements of Assets and Liabilities

				Total Return
April 30, 2009 (unaudited)	High Yield Fund			Bond Fund
ASSETS
Investments in securities, at value (cost $246,060,863; $171,212,715)*	$	219,564,855		$	174,487,342
Investments in affiliated funds, at value (cost $8,071,350; $49,993,119)		8,071,350			49,993,119
Cash with custodian (interest bearing)		978			909
Due from investment advisor		—			16,370
Receivables:
Accrued interest and dividends		4,286,566			1,308,868
Investments sold		—			3,480,934
Fund shares sold		1,166,738			1,000,629
Prepaid expenses		43,271			35,669
Other assets		38,609			13,184
Total assets		233,172,367			230,337,024
LIABILITIES AND NET ASSETS
Options written, at value (premium $253,047)		594,063			—
Payables:
Cash collateral for securities loaned		7,560,675			—
Investments purchased		2,443,763			58,736,998
Fund shares redeemed		254,160			588,743
Affiliates:
Investment advisory fees		124,691			68,155
Distribution fees		7,480			6,175
Deferred compensation to Trustees		38,609			13,184
Financial accounting fees		1,955			1,603
Trustees’ fees and officer compensation		243			242
Other accounts payable and accrued liabilities		74,678			111,241
Total liabilities		11,100,317			59,526,341
NET ASSETS	$	222,072,050		$	170,810,683
ANALYSIS OF NET ASSETS
Paid in capital	$	262,335,162		$	165,688,164
Undistributed net investment income (loss)		1,876,690			(1,664,101	)
Accumulated net realized gain (loss) on investments, written options, and foreign currency transactions		(15,302,792	)		3,511,993
Unrealized appreciation (depreciation) of investments, written options, and foreign currency translations		(26,837,010	)		3,274,627
NET ASSETS	$	222,072,050		$	170,810,683
CLASS A SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	162,482,775		$	74,146,193
Shares outstanding		20,284,530			7,009,326
Net asset value and redemption price per share	$	8.01		$	10.58
Maximum offering price per share (Net asset value, plus 4.99% of net asset value or 4.75% of offering price)	$	8.41		$	11.11	#
CLASS B SHARES (no par value; unlimited number of shares authorized)**
Net assets applicable to shares outstanding	$	17,362,386		$	21,080,915
Shares outstanding		2,095,299			1,992,822
Net asset value and redemption price per share	$	8.29		$	10.58
CLASS C SHARES (no par value; unlimited number of shares authorized)**
Net assets applicable to shares outstanding	$	34,646,409		$	34,983,325
Shares outstanding		4,206,270			3,307,687
Net asset value and redemption price per share	$	8.24		$	10.58
CLASS I SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	7,494,236		$	39,461,583
Shares outstanding		935,480			3,731,919
Net asset value and redemption price per share	$	8.01		$	10.57
CLASS R SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	86,244		$	1,138,667
Shares outstanding		10,774			107,655
Net asset value and redemption price per share	$	8.00		$	10.58

*	Includes securities on loan with a value of $7,305,355 for High Yield Fund.
**	Redemption price may be reduced by contingent deferred sales charge.
Ù	For Total Return Bond Fund, includes $54,638,300 purchased on a delayed delivery basis.
#	For Total Return Bond Fund, maximum offering price per share is Net asset value plus 3.75% of offering price.

  86
SEMIANNUAL REPORT Statements of Assets and Liabilities

See accompanying Notes to Financial Statements

Statements of Operations

	Growth			Growth and			Value			Blue Chip
Six Months Ended April 30, 2009 (unaudited)	Fund			Income Fund			Fund			Fund
INVESTMENT INCOME
Interest	$	95,570		$	30,142,182		$	—		$	—
Dividends		26,639,132			31,899,519			722,145			1,042,001
Dividends from affiliates		1,127,707			299,239			9,763			17,204
Securities lending income		2,404,186			105,008			3,104			3,647
Total investment income*		30,266,595			62,445,948			735,012			1,062,852
EXPENSES
Investment advisory fees		26,424,085			10,379,283			294,928			405,434
Distribution fees
Class A		5,154,839			1,890,898			41,501			59,817
Class B		2,502,414			1,723,745			22,323			22,064
Class C		7,004,778			5,435,559			30,004			47,663
Class R		2,872			2,463			156			234
Financial accounting fees		371,991			178,202			3,411			4,693
Transfer agent fees		6,189,469			2,345,575			49,966			60,367
Accounting fees		220,262			105,555			2,285			3,046
Audit fees		149,366			75,332			9,994			10,532
Legal fees		67,472			31,570			3,134			3,315
Custodian fees		83,079			38,711			3,379			1,731
Printing and mailing fees		1,529,183			467,733			7,536			8,089
Registration fees		170,542			62,075			26,773			27,463
Trustees’ fees and officer compensation		162,004			80,882			8,135			8,758
Other		205,989			91,433			5,601			6,869
Total expenses		50,238,345			22,909,016			509,126			670,075
Less expense reductions		(210,859	)		(54,548	)		(1,347	)		(2,189	)
Net expenses		50,027,486			22,854,468			507,779			667,886
NET INVESTMENT INCOME (LOSS)		(19,760,891	)		39,591,480			227,233			394,966
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		(596,951,458	)		(208,290,752	)		(8,557,121	)		(23,091,636	)
Purchased options		—			8,657,447			—			—
Foreign currency transactions		(13,812	)		(14,351	)		(4,867	)		(201	)
Written options		—			(3,552,156	)		—			—
Change in net unrealized appreciation/depreciation on:
Investments, excluding purchased options		632,702,784			396,911,346			2,101,175			13,449,837
Purchased options		—			(9,099,542	)		—			—
Foreign currency translations		22,501			—			306			—
Written options		—			(8,268,491	)		—			—
NET GAIN (LOSS) ON INVESTMENTS		35,760,015			176,343,501			(6,460,507	)		(9,642,000	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	15,999,124		$	215,934,981		$	(6,233,274	)	$	(9,247,034	)

* Net of foreign taxes withheld of $431,475, $246,812, $23,988, and $7,925 for the Growth Fund, Growth and Income Fund, Value Fund, and Blue Chip Fund respectively.

Statements of Operations SEMIANNUAL REPORT 87

See accompanying Notes to Financial Statements

Statements of Operations

	Multi-Fund			130/30			Global Growth and			International
Six Months Ended April 30, 2009 (unaudited)	Blend			Equity Fund			Income Fund			Growth Fund
INVESTMENT INCOME
Interest	$	—		$	—		$	8,424,858		$	—
Dividends		—			475,500			5,657,122			1,440,082
Dividends from affiliates		174,828			11,909			52,767			34,079
Securities lending income		—			—			24,361			—
Total investment income*		174,828			487,409			14,159,108			1,474,161
EXPENSES
Investment advisory fees		—			85,112			3,127,655			896,395
Performance fees**		—			—			—			(65,177	)
Distribution fees
Class A		9,101			981			315,165			114,066
Class B		9,249			2,921			235,534			66,757
Class C		24,321			3,006			1,034,891			176,610
Class R		161			1,384			635			279
Financial accounting fees		819			822			36,574			10,343
Transfer agent fees		20,930			4,712			432,619			172,372
Accounting fees		751			753			21,876			6,392
Audit fees		8,966			8,904			22,513			12,884
Legal fees		2,739			2,508			9,109			4,912
Custodian fees		424			2,645			40,663			39,811
Printing and mailing fees		3,673			2,582			82,892			34,215
Registration fees		28,200			5,681			51,436			35,212
Trustees’ fees and officer compensation		6,955			6,922			22,100			11,362
Dividend expense on short positions		—			5,328			—			—
Interest expense		—			1,606			—			—
Offering costs		—			61,669			—			—
Other		4,940			18,089			42,503			24,101
Total expenses		121,229			215,625			5,476,165			1,540,534
Less expense reductions		(59,970	)		(95,607	)		(7,580	)		(3,707	)
Net expenses		61,259			120,018			5,468,585			1,536,827
NET INVESTMENT INCOME (LOSS)		113,569			367,391			8,690,523			(62,666	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		(2,316,757	)		(10,408,525	)		(94,064,255	)		(76,703,603	)
Purchased options		—			—			(1,527,488	)		—
Foreign currency transactions		—			—			9,031,009			(304,916	)
Short positions		—			565,630			—			—
Change in net unrealized appreciation/depreciation on:
Investments, excluding purchased options		2,177,763			7,004,948			135,604,364			78,658,246
Purchased options		—			—			1,101,622			—
Foreign currency translations		—			—			(8,226,406	)		(5,383	)
Written options		—			—			(768,926	)		—
Short positions		—			(401,264	)		—			—
NET GAIN (LOSS) ON INVESTMENTS		(138,994	)		(3,239,211	)		41,149,920			1,644,344
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(25,425	)	$	(2,871,820	)	$	49,840,443		$	1,581,678

*	Net of foreign taxes withheld of $287,785 and $110,916 for Global Growth and Income Fund and International Growth Fund respectively.
**	Performance fees are in effect for International Growth Fund.

  88
SEMIANNUAL REPORT Statements of Operations

See accompanying Notes to Financial Statements

Statements of Operations

	Global Equity			Evolving World			Convertible			Market Neutral
Six Months Ended April 30, 2009 (unaudited)	Fund			Growth Fund			Fund			Income Fund
INVESTMENT INCOME
Interest	$	—		$	171,406		$	19,880,882		$	12,720,522
Dividends		178,005			187,420			7,665,094			12,636,933
Dividends from affiliates		6,124			15,799			357,164			279,005
Securities lending income		—			—			58,580			19,583
Total investment income*		184,129			374,625			27,961,720			25,656,043
EXPENSES
Investment advisory fees		125,782			99,857			3,562,398			4,228,801
Performance fees**		20,754			—			—			—
Distribution fees
Class A		20,606			1,896			725,351			910,359
Class B		6,949			3,476			359,528			196,855
Class C		17,569			3,470			1,237,975			1,586,022
Class R		1,631			1,729			386			659
Financial accounting fees		1,454			1,051			57,717			68,733
Transfer agent fees		24,366			5,156			403,802			753,457
Accounting fees		1,127			888			34,268			40,905
Audit fees		9,206			10,557			24,604			34,344
Legal fees		2,892			3,109			7,534			11,779
Custodian fees		13,273			5,901			9,453			20,353
Printing and mailing fees		3,381			2,226			98,378			140,557
Registration fees		27,468			5,470			37,901			68,775
Trustees’ fees and officer compensation		7,285			7,046			25,143			35,661
Dividend expense on short positions		—			—			—			269,258
Offering costs		—			73,603			—			—
Other		5,591			7,715			14,271			31,270
Total expenses		289,334			233,150			6,598,709			8,397,788
Less expense reductions		(33,953	)		(88,745	)		(76,681	)		(50,594	)
Net expenses		255,381			144,405			6,522,028			8,347,194
NET INVESTMENT INCOME (LOSS)		(71,252	)		230,220			21,439,692			17,308,849
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		(8,580,704	)		(1,583,289	)		(15,095,206	)		(74,507,524	)
Purchased options		—			—			(3,053,870	)		11,657,257
Foreign currency transactions		380,824			2,670			955,933			(46,807	)
Written options		—			—			—			56,069,874
Short positions		—			—			—			33,259,789
Change in net unrealized appreciation/depreciation on:
Investments, excluding purchased options		9,102,606			2,967,988			162,565,495			66,750,310
Purchased options		—			—			1,916,403			(14,151,471	)
Foreign currency translations		(327,261	)		(2,724	)		(253,386	)		65,445
Written options		—			—			—			(36,029,741	)
Short positions		—			—			—			(44,725,862	)
NET GAIN (LOSS) ON INVESTMENTS		575,465			1,384,645			147,035,369			(1,658,730	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	504,213		$	1,614,865		$	168,475,061		$	15,650,119

*	Net of foreign taxes withheld of $10,794, $11,112, and $57,346 for Global Equity Fund, Evolving World Growth Fund, and Convertible Fund respectively.
**	Performance fees are in effect for Global Equity Fund.

Statements of Operations SEMIANNUAL REPORT 89

See accompanying Notes to Financial Statements

Statements of Operations

	High Yield			Total Return
Six Months Ended April 30, 2009 (unaudited)	Fund			Bond Fund
INVESTMENT INCOME
Interest	$	6,269,268		$	2,808,725
Dividends		1,390,341			—
Dividends from affiliates		24,230			197,651
Securities lending income		15,864			—
Total investment income		7,699,703			3,006,376
EXPENSES
Investment advisory fees		590,709			385,746
Distribution fees
Class A		134,782			72,939
Class B		72,315			86,030
Class C		143,937			134,662
Class R		189			2,743
Financial accounting fees		9,128			8,145
Transfer agent fees		116,208			59,218
Accounting fees		5,656			5,068
Audit fees		11,756			11,312
Legal fees		3,642			3,195
Custodian fees		3,122			5,609
Printing and mailing fees		16,661			7,374
Registration fees		31,770			31,251
Trustees’ fees and officer compensation		10,135			9,811
Other		5,848			4,729
Total expenses		1,155,858			827,832
Less expense reductions		(5,964	)		(112,076	)
Net expenses		1,149,894			715,756
NET INVESTMENT INCOME (LOSS)		6,549,809			2,290,620
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		(12,500,253	)		3,391,156
Purchased options		(1,358,807	)		—
Foreign currency transactions		209			1,466,752
Written options		1,026,080			—
Change in net unrealized appreciation/depreciation on:
Investments, excluding purchased options		32,062,505			7,161,351
Purchased options		1,062,986			—
Foreign currency translations		193			(1,495,930	)
Written options		(331,944	)		—
NET GAIN (LOSS) ON INVESTMENTS		19,960,969			10,523,329
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	26,510,778		$	12,813,949

  90
SEMIANNUAL REPORT Statements of Operations

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	Growth Fund						Growth and Income Fund						Value Fund
	(Unaudited)						(Unaudited)						(Unaudited)
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30, 2009			October 31, 2008			April 30, 2009			October 31, 2008			April 30, 2009			October 31, 2008
OPERATIONS
Net Investment income (loss)	$	(19,760,891	)	$	(92,744,859	)	$	39,591,480		$	49,943,831		$	227,233		$	182,038
Net realized gain (loss) from investments in securities, written options, and foreign currency transactions		(596,965,270	)		(280,344,662	)		(203,199,812	)		23,945,986			(8,561,988	)		(359,835	)
Change in net unrealized appreciation/depreciation on investments in securities, written options and foreign currency translations		632,725,285			(7,568,798,160	)		379,543,313			(2,210,522,700	)		2,101,481			(42,828,783	)
Net increase (decrease) in net assets resulting from operations		15,999,124			(7,941,887,681	)		215,934,981			(2,136,632,883	)		(6,233,274	)		(43,006,580	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			—			(11,243,553	)		(50,208,062	)		(26,945	)		(439,452	)
Class B		—			—			(886,398	)		(5,839,660	)		—			—
Class C		—			—			(3,830,535	)		(22,254,819	)		—			—
Class I		—			—			(1,105,624	)		(3,054,792	)		(75,845	)		(272,829	)
Class R		—			—			(6,845	)		(8,045	)		—			(577	)
Net realized gains
Class A		—			(1,287,307,945	)		—			(235,122,387	)		—			(4,576,311	)
Class B		—			(147,382,139	)		—			(45,159,544	)		—			(690,184	)
Class C		—			(435,024,344	)		—			(152,789,026	)		—			(913,396	)
Class I		—			(22,816,573	)		—			(12,177,540	)		—			(1,805,055	)
Class R		—			(43,718	)		—			(7,924	)		—			(6,853	)
Total distributions		—			(1,892,574,719	)		(17,072,955	)		(526,621,799	)		(102,790	)		(8,704,657	)
CAPITAL SHARE TRANSACTIONS		(853,336,389	)		203,954,395			(545,086,472	)		(448,499,100	)		(14,689,944	)		(4,106,144	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(837,337,265	)		(9,630,508,005	)		(346,224,446	)		(3,111,753,782	)		(21,026,008	)		(55,817,381	)
NET ASSETS
Beginning of period	$	7,863,206,887		$	17,493,714,892		$	3,488,273,641		$	6,600,027,423		$	75,828,493		$	131,645,874
End of period		7,025,869,622			7,863,206,887			3,142,049,195			3,488,273,641			54,802,485			75,828,493
Undistributed net investment income (loss)	$	(16,131,580	)	$	3,629,311		$	11,568,077		$	(10,950,448	)	$	79,176		$	(45,267	)

Statements of Changes in Net Assets SEMIANNUAL REPORT 91

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	Blue Chip Fund						Multi-Fund Blend						130/30 Equity Fund*
	(Unaudited)						(Unaudited)						(Unaudited)
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Period Ended
	April 30, 2009			October 31, 2008			April 30, 2009			October 31, 2008			April 30, 2009			October 31, 2008
OPERATIONS
Net Investment income (loss)	$	394,966		$	636,323		$	113,569		$	(152,859	)	$	367,391		$	(26,060	)
Net realized gain (loss) from investments in securities, short positions, written options, and foreign currency transactions		(23,091,837	)		(1,819,035	)		(2,316,757	)		137,615			(9,842,895	)		(1,658,698	)
Change in net unrealized appreciation/depreciation on investments in securities, short positions, written options, and foreign currency translations		13,449,837			(56,875,279	)		2,177,763			(14,151,489	)		6,603,684			(7,251,321	)
Net increase (decrease) in net assets resulting from operations		(9,247,034	)		(58,057,991	)		(25,425	)		(14,166,733	)		(2,871,820	)		(8,936,079	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(255,368	)		(241,142	)		—			(96,758	)		(2,514	)		—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		(174,446	)		(162,490	)		—			(530	)		(56,764	)		—
Class R		(314	)		(118	)		—			(291	)		(837	)		—
Net realized gains
Class A		—			(6,520,065	)		—			(147,433	)		—			—
Class B		—			(532,563	)		—			(38,037	)		—			—
Class C		—			(891,501	)		—			(95,185	)		—			—
Class I		—			(2,083,633	)		—			(971	)		—			—
Class R		—			(6,986	)		—			(936	)		—			—
Total distributions		(430,128	)		(10,438,498	)		—			(380,141	)		(60,115	)		—
CAPITAL SHARE TRANSACTIONS		(27,678,668	)		5,554,836			(1,374,843	)		(5,493,490	)		146,076			25,402,381
TOTAL INCREASE (DECREASE) IN NET ASSETS		(37,355,830	)		(62,941,653	)		(1,400,268	)		(20,040,364	)		(2,785,859	)		16,466,302
NET ASSETS
Beginning of period	$	102,994,743		$	165,936,396		$	15,654,412		$	35,694,776		$	16,466,302		$	—
End of period		65,638,913			102,994,743			14,254,144			15,654,412			13,680,443			16,466,302
Undistributed net investment income (loss)	$	37,451		$	72,613		$	95,263		$	(18,306	)	$	281,216		$	(26,060	)

* 130/30 Equity Fund commenced operations on June 20, 2008.

  92
SEMIANNUAL REPORT Statements of Changes in Net Assets

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	Global Growth and
	Income Fund						International Growth Fund						Global Equity Fund
	(Unaudited)						(Unaudited)						(Unaudited)
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30, 2009			October 31, 2008			April 30, 2009			October 31, 2008			April 30, 2009			October 31, 2008
OPERATIONS
Net Investment income (loss)	$	8,690,523		$	10,655,092		$	(62,666	)	$	677,968		$	(71,252	)	$	(319,255	)
Net realized gain (loss) from investments in securities, written options, and foreign currency transactions		(86,560,734	)		(8,508,459	)		(77,008,519	)		(17,625,505	)		(8,199,880	)		(991,135	)
Change in net unrealized appreciation/depreciation on investments in securities, written options and foreign currency translations		127,710,654			(542,330,345	)		78,652,863			(289,933,551	)		8,775,345			(28,315,559	)
Net increase (decrease) in net assets resulting from operations		49,840,443			(540,183,712	)		1,581,678			(306,881,088	)		504,213			(29,625,949	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(8,574,434	)		—			—			(1,170,647	)		(718,542	)		—
Class B		(1,409,961	)		—			—			—			(60,647	)		—
Class C		(6,736,508	)		—			—			—			(176,313	)		—
Class I		(3,712,441	)		—			—			(937,872	)		(183,488	)		—
Class R		(6,428	)		—			—			(346	)		(33,396	)		—
Net realized gains
Class A		—			(35,894,843	)		—			(8,722,004	)		—			—
Class B		—			(5,363,892	)		—			(1,317,088	)		—			—
Class C		—			(25,357,039	)		—			(3,156,399	)		—			—
Class I		—			(13,272,507	)		—			(5,005,794	)		—			—
Class R		—			(6,835	)		—			(4,283	)		—			—
Total distributions		(20,439,772	)		(79,895,116	)		—			(20,314,433	)		(1,172,386	)		—
CAPITAL SHARE TRANSACTIONS		(134,477,711	)		(23,385,349	)		(101,760,105	)		29,921,053			(7,497,681	)		8,605,910
TOTAL INCREASE (DECREASE) IN NET ASSETS		(105,077,040	)		(643,464,177	)		(100,178,427	)		(297,274,468	)		(8,165,854	)		(21,020,039	)
NET ASSETS
Beginning of period	$	735,339,977		$	1,378,804,154		$	268,571,311		$	565,845,779		$	33,922,148		$	54,942,187
End of period		630,262,937			735,339,977			168,392,884			268,571,311			25,756,294			33,922,148
Undistributed net investment income (loss)	$	431,183		$	12,180,432		$	(141,729	)	$	(79,063	)	$	(339,762	)	$	903,876

Statements of Changes in Net Assets SEMIANNUAL REPORT 93

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	Evolving World Growth Fund*						Convertible Fund						Market Neutral Income Fund
	(Unaudited)						(Unaudited)						(Unaudited)
	Six Months Ended			Period Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30, 2009			October 31, 2008			April 30, 2009			October 31, 2008			April 30, 2009			October 31, 2008
OPERATIONS
Net Investment income (loss)	$	230,220		$	38,482		$	21,439,692		$	10,871,793		$	17,308,849		$	34,287,952
Net realized gain (loss) from investments in securities, short positions, written options, and foreign currency transactions		(1,580,619	)		(222,476	)		(17,193,143	)		13,834,488			26,432,589			86,992,756
Change in net unrealized appreciation/depreciation on investments in securities, short positions, written options, and foreign currency translations		2,965,264			(6,604,594	)		164,228,512			(211,973,267	)		(28,091,319	)		(357,712,535	)
Net increase (decrease) in net assets resulting from operations		1,614,865			(6,788,588	)		168,475,061			(187,266,986	)		15,650,119			(236,431,827	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(12,873	)		—			(8,881,639	)		(6,662,125	)		(29,621,390	)		(41,674,278	)
Class B		(4,102	)		—			(648,952	)		(2,226,621	)		(1,379,853	)		(1,613,288	)
Class C		(4,134	)		—			(3,048,641	)		(5,519,551	)		(11,673,761	)		(14,658,274	)
Class I		(140,736	)		—			(1,628,605	)		(442,518	)		(4,250,920	)		(1,840,402	)
Class R		(5,400	)		—			(1,939	)		(2,508	)		(10,575	)		(4,668	)
Net realized gains
Class A		—			—			(830,040	)		(896,233	)		(20,378,870	)		—
Class B		—			—			(138,438	)		(333,572	)		(1,056,570	)		—
Class C		—			—			(481,820	)		(808,586	)		(8,958,798	)		—
Class I		—			—			(89,428	)		(57,904	)		(2,810,312	)		—
Class R		—			—			(198	)		(346	)		(7,201	)		—
Total distributions		(167,245	)		—			(15,749,700	)		(16,949,964	)		(80,148,250	)		(59,790,910	)
CAPITAL SHARE TRANSACTIONS		957,797			25,584,712			1,136,894,334			(39,716,127	)		(75,056,910	)		73,642,033
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,405,417			18,796,124			1,289,619,695			(243,933,077	)		(139,555,041	)		(222,580,704	)
NET ASSETS
Beginning of period	$	18,796,124		$	—		$	469,148,487		$	713,081,564		$	1,325,816,858		$	1,548,397,562
End of period		21,201,541			18,796,124			1,758,768,182			469,148,487			1,186,261,817			1,325,816,858
Undistributed net investment income (loss)	$	111,500		$	48,525		$	4,942,897		$	(2,287,019	)	$	(34,917,418	)	$	(5,289,768	)

* Evolving World Growth Fund commenced operations on August 15, 2008.

  94
SEMIANNUAL REPORT Statements of Changes in Net Assets

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets

	High Yield Fund						Total Return Bond Fund
	(Unaudited)						(Unaudited)
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30, 2009			October 31, 2008			April 30, 2009			October 31, 2008
OPERATIONS
Net Investment income (loss)	$	6,549,809		$	11,092,752		$	2,290,620		$	3,195,699
Net realized gain (loss) from investments in securities, written options, and foreign currency transactions		(12,832,771	)		(1,737,323	)		4,857,908			(2,074,077	)
Change in net unrealized appreciation/depreciation on investments in securities, written options and foreign currency translations		32,793,740			(70,754,181	)		5,665,421			(2,798,452	)
Net increase (decrease) in net assets resulting from operations		26,510,778			(61,398,752	)		12,813,949			(1,676,830	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(2,653,071	)		(9,940,711	)		(1,277,758	)		(1,863,183	)
Class B		(308,837	)		(1,494,930	)		(322,209	)		(182,328	)
Class C		(623,070	)		(2,720,702	)		(487,135	)		(214,388	)
Class I		(160,157	)		(550,635	)		(891,234	)		(1,455,429	)
Class R		(1,902	)		(7,034	)		(24,044	)		(39,296	)
Net realized gains
Class A		—			(3,114,352	)		—			—
Class B		—			(535,619	)		—			—
Class C		—			(960,813	)		—			—
Class I		—			(141,744	)		—			—
Class R		—			(2,237	)		—			—
Total distributions		(3,747,037	)		(19,468,777	)		(3,002,380	)		(3,754,624	)
CAPITAL SHARE TRANSACTIONS		57,011,395			(49,048,107	)		38,502,409			50,091,186
TOTAL INCREASE (DECREASE) IN NET ASSETS		79,775,136			(129,915,636	)		48,313,978			44,659,732
NET ASSETS
Beginning of period	$	142,296,914		$	272,212,550		$	122,496,705		$	77,836,973
End of period		222,072,050			142,296,914			170,810,683			122,496,705
Undistributed net investment income (loss)	$	1,876,690		$	(926,082	)	$	(1,664,101	)	$	(952,341	)

Statements of Changes in Net Assets SEMIANNUAL REPORT 95

See accompanying Notes to Financial Statements

Notes to Financial Statements (unaudited)

NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization. CALAMOS INVESTMENT TRUST, a Massachusetts business trust organized December 21, 1987 (the “Trust”), consists of fifteen series, Growth Fund, Growth and Income Fund, Value Fund, Blue Chip Fund, Multi-Fund Blend, 130/30 Equity Fund, Global Growth and Income Fund, International Growth Fund, Global Equity Fund, Evolving World Growth Fund, Convertible Fund, Market Neutral Income Fund, High Yield Fund, Total Return Bond Fund and Government Money Market Fund (the “Funds”). The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Trust currently offers Class A, Class B, Class C, Class I and Class R shares of each of the Funds except Government Money Market Fund, which offered Class A, Class B, Class C and Class I shares through April 30, 2009. Government Money Market Fund closed to purchases on May 1, 2009 and liquidated as of May 15, 2009, and its semiannual report to shareholders is provided separately.

Portfolio Valuation. The valuation of the Funds’ portfolio securities is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Portfolio securities that are traded on U.S. securities exchanges, except option securities, are valued at the last current reported sales price at the time a Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV.

When a most recent last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other securities traded in the over the-counter market are valued at the mean between the most recent bid and asked quotations in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities are generally traded in the over-the-counter market and are valued by independent pricing services or by dealers who make markets in such securities. Valuations of fixed income securities consider yield or price of bonds of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Fund’s NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

Each Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or exchange on which the security is

  96
SEMIANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (unaudited)

listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by a Fund to calculate its NAV may differ from market quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

Investment Transactions. Investment transactions are recorded on a trade date basis as of April 30, 2009. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. 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 after the ex-dividend date.

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency gains or losses arise from disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at period end.

Allocation of Expenses Among Funds and Classes. Expenses directly attributable to a Fund are charged to that Fund; certain other common expenses of the Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund and Calamos Global Dynamic Income Fund are allocated proportionately among each Fund to which the expenses relate in relation to the net assets of each Fund or on another reasonable basis. Expenses directly attributable to a particular class of a Fund are charged directly to such class. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day plus current day fund share activity.

Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

Income Taxes. No provision has been made for U.S. income taxes because the Trust’s policy is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, and distribute to shareholders substantially all of its taxable income and net realized gains.

Dividends and distributions paid to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these “book/tax” differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. These differences are primarily due to differing treatments for foreign currency transactions, contingent payment debt instruments and methods of amortizing and accreting on fixed income securities. A Fund also may treat a portion of the proceeds from each redemption of capital shares as a

Notes to Financial Statements SEMIANNUAL REPORT 97

Notes to Financial Statements (unaudited)

distribution of taxable net investment income and/or realized capital gain. The financial statements are not adjusted for temporary differences.

The Funds recognized no liability for unrecognized tax benefits in connection with Financial Accounting Standards Board (FASB) Interpretation No. 48 Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2005 – 2007 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

Indemnifications. Under the Trust’s organizational documents, the Trust is obligated to indemnify its officers and trustees against certain liabilities incurred by them by reason of having been an officer or trustee of the Trust. In addition, in the normal course of business, the Trust may enter into contracts that provide general indemnifications to other parties. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Funds’ management expects the risk of material loss in connection to a potential claim to be remote.

New Accounting Pronouncements. Effective November 1, 2008, the Trust adopted the provisions of the Statement of Financial Accounting Standard No. 157, Fair Value Measurements (“SFAS 157”). SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 requires disclosure surrounding the various inputs used to determine a valuation, and these inputs are segregated into three levels. Tables summarizing the Funds investments under these levels are shown in the Notes to Financial Statements, Note 10 – Valuation.

Effective November 1, 2008, the Trust adopted the Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161). SFAS 161 requires that objectives for using derivative instruments be disclosed in terms of underlying risk and accounting designation. The required disclosures are reflected in the Schedules of Investments, Statements of Operations, and in the Notes to Financial Statements, Note 6 – Derivative Instruments.

NOTE 2 — INVESTMENT ADVISER AND TRANSACTIONS WITH AFFILIATES OR CERTAIN OTHER PARTIES

Pursuant to an investment advisory agreement with Calamos Advisors LLC (“Calamos Advisors”), each Fund pays a monthly investment advisory fee based on the average daily net assets of the Fund, as shown below:

													Value Fund, Blue
													Chip Fund, Global
													Growth and Income
													Fund, International
							Evolving World			Total Return			Growth Fund*, and
	Growth Fund			130/30 Equity Fund			Growth Fund			Bond Fund			Global Equity Fund*
Average Daily Net Assets	Annual Rate			Annual Rate			Annual Rate			Annual Rate			Annual Rate
First $500 million		1.00	%		1.20	%		1.10	%		0.55	%		1.00	%
Next $500 million		0.90	%		1.15	%		1.05	%		0.53	%		0.95	%
Next $5 billion		0.80	%		1.10	%		1.00	%		0.51	%		0.90	%
Next $5 billion		0.78	%		1.08	%		0.98	%		0.49	%		0.88	%
Next $5 billion		0.76	%		1.06	%		0.96	%		0.48	%		0.86	%
Next $5 billion		0.74	%		1.04	%		0.94	%		0.47	%		0.84	%
Next $5 billion		0.72	%		1.02	%		0.92	%		0.46	%		0.82	%
Over $26 billion		0.70	%		1.00	%		0.90	%		0.45	%		0.80	%

* International Growth Fund and Global Equity Fund are subject to a possible adjustment based on performance as described below.

	Growth and Income Fund, Convertible
	Fund, Market Neutral Income Fund and
	High Yield Fund
Average Daily Net Assets	Annual Rate
First $500 million		0.75	%
Next $500 million		0.70	%
Over $1 billion		0.65	%

  98
SEMIANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (unaudited)

Multi-Fund Blend does not directly pay Calamos Advisors a fee pursuant to the management agreement in recognition of the fact that, under the management agreement between Calamos Advisors and the Trust, each underlying Fund pays Calamos Advisors a management fee. Multi-Fund Blend indirectly bears the management fees (and other expenses) of the underlying Funds.

Each of the International Growth Fund and Global Equity Fund pays a fee based on average daily net assets of the Fund that is accrued daily and paid on a monthly basis, subject to possible adjustment based on the Fund’s investment performance, and is paid on a monthly basis, (since March 2006 for International Growth Fund and since February 2008 for Global Equity Fund). The performance adjustment increases or decreases the management fee, on a monthly basis, by 1/12 of 0.03% of the Fund’s average daily net assets over the performance period for each full 1% increment amount by which the Fund outperforms or underperforms the benchmark index (“Index”), on an annualized basis, over the performance measurement period. The benchmark indexes are the MSCI EAFE Growth Index and the MSCI World Index for the International Growth Fund and Global Equity Fund, respectively.

The base fee is shown in the table above. The performance adjustment rate is calculated by comparing over the performance measurement period the Fund’s Class A share performance to that of the respective Index. The performance measurement period commenced at the beginning of each Fund’s first full month of operation (April 2005 and March 2007 for the International Growth Fund and Global Equity Fund, respectively). The first performance adjustment was applied to the advisory fee at the end of the twelfth month. Each month subsequent to the twelfth month, a new month is added to the performance measurement period until the performance measurement period includes 36 months. Thereafter, the performance measurement period consists of the most recent month plus the previous 35 months.

The performance comparison is made at the end of each month. The maximum annualized performance adjustment rate is +/- 0.30% of the Fund’s average daily net assets over the performance measurement period. The performance adjustment rate is divided by twelve and multiplied by the Fund’s average daily net assets over the performance measurement period, and the resulting dollar amount is then added to or subtracted from the base fee. Calamos Advisors may receive a positive performance adjustment even if the Fund has a negative return over a performance measurement period if it otherwise outperforms the Index during that period.

Each Fund other than Multi-Fund Blend and Government Money Market Fund (“GMMF”) invested in shares of GMMF. Calamos Advisors agreed to waive a portion of its advisory fee charged to the Fund equal to the advisory fee paid by GMMF attributable to the Fund’s investment in GMMF, based on daily net assets. For the period ended April 30, 2009, the total advisory fees waived pursuant to such agreement were $210,859; $54,548; $1,347; $2,189; $1,597; $7,580; $3,707; $814; $2,334; $76,681; $50,594; $5,964 and $36,499, for Growth Fund, Growth and Income Fund, Value Fund, Blue Chip Fund, 130/30 Equity Fund, Global Growth and Income Fund, International Growth Fund, Global Equity Fund, Evolving World Growth Fund, Convertible Fund, Market Neutral Income Fund, High Yield Fund, and Total Return Bond Fund, respectively, and are included in the Statements of Operations under the caption “Expense reductions”.

Pursuant to a financial accounting services agreement, the Funds also pay Calamos Advisors a fee for financial accounting services payable monthly at the annual rate of 0.0175% on the first $1 billion of combined assets, 0.0150% on the next $1 billion of combined assets and 0.0110% on combined assets above $2 billion (for purposes of this calculation “combined assets” means the sum of the total average daily net assets of Calamos Investment Trust, Calamos Advisors Trust, and the total average weekly managed net assets of Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Convertible Opportunities and Income Fund, Calamos Global Total Return Fund and Calamos Global Dynamic Income Fund). “Managed assets” means a Funds’ total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage). Financial accounting services include, but are not limited to, the following: managing expenses and expense payment processing; monitoring the calculation of expense accrual amounts; calculating, tracking and reporting tax adjustments on all assets; and monitoring trustee deferred compensation plan accruals and valuations. The Funds pay

Notes to Financial Statements SEMIANNUAL REPORT 99

Notes to Financial Statements (unaudited)

their pro rata share of the financial accounting services fee payable to Calamos Advisors based on their relative portion of combined assets used in calculating the fee.

The Trust reimburses Calamos Advisors for a portion of compensation paid to the Trust’s Chief Compliance Officer. This compensation is reported as part of “Trustees’ fees and officer compensation” expense on the Statements of Operations.

Calamos Advisors has contractually agreed to limit the annual ordinary operating expenses of each Fund as a percentage of the average daily net assets of the particular class of shares. For all Funds except Multi-Fund Blend and Total Return Bond Fund, expenses are limited to: 1.75% for Class A shares, 2.50% for Class B shares, 2.50% for Class C shares, 1.50% for Class I shares, and 2.00% for Class R shares. For Multi-Fund Blend, expenses are limited to: 0.50% for Class A shares, 1.25% for Class B shares, 1.25% for Class C shares, 0.25% for Class I shares, and 0.75% for Class R shares. For Total Return Bond Fund, expenses are limited to: 0.90% for Class A shares, 1.65% for Class B shares, 1.65% for Class C shares, 0.65% for Class I shares, and 1.15% for Class R shares. These agreements are binding on Calamos Advisors through June 30, 2010. As of April 30, 2009, there were $59,970; $94,010; $33,139; $86,411 and $75,577 of expenses waived or absorbed for Multi-Fund Blend, 130/30 Equity Fund, Global Equity Fund, Evolving World Growth Fund and Total Return Bond Fund, respectively, included in the Statements of Operations under the caption “Expense reductions”.

As Distributor, Calamos Financial Services LLC (“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 1940 Act whereby the Fund pays to CFS a distribution and/or service fee at the annual rate of 0.25% of the average daily net assets of the Fund’s Class A shares; a service fee at the annual rate of 0.25% and a distribution fee at the rate of 0.75% of the average daily net assets of the Fund’s Class B and Class C Shares; and a service fee at the annual rate of 0.25% and a distribution fee of 0.25% of the average daily net assets of the Fund’s Class R shares.

CFS also receives a sales commission and/or an underwriting fee on certain sales of each Fund’s Class A shares. During the period ended April 30, 2009, CFS received commissions and underwriting fees of $176,935; $67,813; $2,968; $3,934; $2,491; $182, $12,349; $5,358; $725; $178; $319,830; $23,833; $5,762; and $4,222 from the sale of shares of Growth Fund, Growth and Income Fund, Value Fund, Blue Chip Fund, Multi-Fund Blend, 130/30 Equity Fund, Global Growth and Income Fund, International Growth Fund, Global Equity Fund, Evolving World Growth Fund, Convertible Fund, Market Neutral Income Fund, High Yield Fund, and Total Return Bond Fund, respectively.

Pursuant to an agreement with US Bancorp Fund Services, LLC, the Funds’ transfer agent (“US Bancorp”), CFS provides certain shareholder administrative services to US Bancorp. CFS receives from US Bancorp an annual aggregate fee of $175,000, paid in monthly installments, for providing these services which relate to Calamos Investment Trust and Calamos Advisors Trust. Also, US Bancorp pays license fees to unaffiliated third parties for CFS’ utilization of certain transfer agent and phone systems in providing the shareholder administrative services. The fees paid to CFS and the payment of license fees to third parties are borne by US Bancorp. The Funds have not assumed or incurred any additional expenses in connection with CFS providing these services to US Bancorp, and the transfer agency fees payable by the Funds to US Bancorp have not increased as a result thereof.

A trustee and certain officers of the Trust are also officers and directors of CFS and Calamos Advisors. Such trustee and officers serve without direct compensation from the Trust. The Funds’ Statement of Additional Information contains additional information about the Funds’ trustees and is available upon request without charge by calling our toll free number 800.582.6959.

Certain affiliates of Calamos Advisors hold material investments in the Funds. As of April 30, 2009, they held 98%, 50% and 94% of the outstanding shares of 130/30 Equity Fund, Global Equity Fund and Evolving World Growth Fund, respectively.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, a trustee who is not an “interested person” (as defined in the 1940 Act) and has elected to participate in the Plan (a “participating trustee”) may defer receipt of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee’s deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more

  100
SEMIANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (unaudited)

funds of the Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares. Deferred compensation investments of $336,553 for Growth Fund; $153,042 for Growth and Income Fund; $35,991 for Value Fund; $30,552 for Blue Chip Fund; $13,754 for Multi-Fund Blend; $5,530 for 130/30 Equity Fund; $54,834 for Global Growth and Income Fund; $26,358 for International Growth Fund; $12,717 for Global Equity Fund; $5,480 for Evolving World Growth Fund; $52,513 for Convertible Fund; $62,946 for Market Neutral Income Fund; $38,609 for High Yield Fund; and $13,184 for Total Return Bond Fund are included in “Other assets” on the Statements of Assets and Liabilities at April 30, 2009. Each Fund’s obligation to make payments under the Plan is a general obligation of that Fund and is included in “Payable for deferred compensation to Trustees” on the Statements of Assets and Liabilities at April 30, 2009.

NOTE 3 – INVESTMENTS

Purchases and sales of investments, other than short term investments, by the Funds, for the period ended April 30, 2009 were as follows:

	Growth		Growth and		Value		Blue Chip
	Fund		Income Fund		Fund		Fund
Purchases	$	1,408,699,644	$	850,958,959	$	11,596,380	$	21,928,373
Proceeds from sales	$	2,185,674,940	$	1,298,354,558	$	23,758,551	$	45,712,363
					Global Growth		International
	Multi-Fund		130/30 Equity		and Income		Growth
	Blend		Fund		Fund		Fund
Purchases	$	4,443,515	$	12,645,797	$	225,926,286	$	40,173,534
Proceeds from sales	$	5,701,419	$	10,307,519	$	338,243,972	$	126,414,290
	Global Equity		Evolving World		Convertible		Market Neutral
	Fund		Growth Fund		Fund		Income Fund
Purchases	$	7,177,123	$	8,001,882	$	1,209,414,075	$	311,347,822
Proceeds from sales	$	13,104,552	$	3,035,689	$	142,955,308	$	350,052,088
					High Yield		Total Return
					Fund		Bond Fund
Purchases					$	104,690,197	$	165,914,231
Proceeds from sales					$	41,432,962	$	139,801,843

Purchases and sales of investments in U.S. Government securities, other than short term investments in U.S. Government securities, by the Funds, for the period ended April 30, 2009 were as follows:

	Total Return
	Bond Fund
Purchases	$	102,810,076
Proceeds from sales	$	105,310,462

Notes to Financial Statements SEMIANNUAL REPORT 101

Notes to Financial Statements (unaudited)

The following information is presented on a federal income tax basis as of April 30, 2009. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at April 30, 2009 was as follows:

	Growth			Growth and			Value			Blue Chip
	Fund			Income Fund			Fund			Fund
Cost basis of investments	$	8,351,621,712		$	3,634,777,285		$	66,626,686		$	72,026,526
Gross unrealized appreciation	$	792,678,321		$	202,211,104		$	1,923,252		$	5,763,553
Gross unrealized depreciation	$	(1,759,215,653	)	$	(631,782,902	)	$	(13,844,239	)	$	(11,920,127	)
Net unrealized appreciation (depreciation)	$	(966,537,332	)	$	(429,571,798	)	$	(11,920,987	)	$	(6,156,574	)

							Global Growth			International
	Multi-Fund			130/30 Equity			and Income			Growth
	Blend			Fund			Fund			Fund
Cost basis of investments	$	21,539,456		$	14,953,007		$	729,965,794		$	208,465,180
Gross unrealized appreciation	$	225,812		$	783,734		$	43,468,507		$	12,840,315
Gross unrealized depreciation	$	(7,504,121	)	$	(1,463,330	)	$	(139,723,802	)	$	(53,324,424	)
Net unrealized appreciation (depreciation)	$	(7,278,309	)	$	(679,596	)	$	(96,255,295	)	$	(40,484,109	)

	Global Equity			Evolving World			Convertible			Market Neutral
	Fund			Growth Fund			Fund			Income Fund
Cost basis of investments	$	33,479,385		$	25,063,132		$	1,691,862,581		$	1,523,613,560
Gross unrealized appreciation	$	1,032,079		$	1,245,779		$	137,887,036		$	42,855,025
Gross unrealized depreciation	$	(8,563,701	)	$	(4,817,202	)	$	(77,570,956	)	$	(335,802,754	)
Net unrealized appreciation (depreciation)	$	(7,531,622	)	$	(3,571,423	)	$	60,316,080		$	(292,947,729	)

	High Yield			Total Return
	Fund			Bond Fund
Cost basis of investments	$	255,095,615		$	221,506,218
Gross unrealized appreciation	$	9,113,687		$	3,607,721
Gross unrealized depreciation	$	(36,573,097	)	$	(633,478	)
Net unrealized appreciation (depreciation)	$	(27,459,410	)	$	2,974,243

NOTE 4 – INCOME TAXES

The tax character of distributions for the period ended April 30, 2009 will be determined at the end of each Fund’s current fiscal year. Distributions during the fiscal period ended October 31, 2008, were characterized for federal income tax purposes as follows:

			Growth and				Blue Chip
	Growth Fund		Income Fund		Value Fund		Fund
	October 31,		October 31,		October 31,		October 31,
	2008		2008		2008		2008
Distributions paid from:
Ordinary Income	$	—	$	101,223,312	$	907,626	$	610,638
Long-Term Capital Gain	$	1,892,574,719	$	445,262,001	$	7,956,807	$	10,034,728

  102
SEMIANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (unaudited)

					Global Growth
	Multi-Fund		130/30 Equity		and Income		International
	Blend		Fund*		Fund		Growth Fund
	October 31,		October 31,		October 31,		October 31,
	2008		2008		2008		2008
Distributions paid from:
Ordinary Income	$	39,792	$	—	$	3,861,905	$	3,545,187
Long-Term Capital Gain	$	930,735	$	—	$	76,973,306	$	18,205,820

	Global Equity		Evolving World		Convertible		Market Neutral
	Fund		Growth Fund*		Fund		Income Fund
	October 31,		October 31,		October 31,		October 31,
	2008		2008		2008		2008
Distributions paid from:
Ordinary Income	$	48,199	$	—	$	14,853,323	$	59,790,910
Long-Term Capital Gain	$	—	$	—	$	10,248,006	$	7,861,531

	High Yield		Total Return
	Fund		Bond Fund
	October 31,		October 31,
	2008		2008
Distributions paid from:
Ordinary Income	$	16,962,032	$	3,780,616
Long-Term Capital Gain	$	4,754,782	$	—

* 130/30 Equity Fund and Evolving World Growth Fund commenced operations on June 20, 2008 and August 15, 2008, respectively.

As of October 31, 2008, the components of accumulated earnings/(loss) on a tax basis were as follows:

	Growth			Growth and			Value			Blue Chip
	Fund			Income Fund			Fund			Fund
Undistributed ordinary income	$	—		$	—		$	—		$	149,872
Undistributed capital gains		—			—			—			—
Total undistributed earnings		—			—			—			149,872
Accumulated capital and other losses		(279,169,075	)		(31,545,485	)		(203,150	)		(1,602,290	)
Net unrealized gain/(losses)		(1,593,953,832	)		(812,768,215	)		(13,345,743	)		(19,332,811	)
Total accumulated earnings/(losses)		(1,873,122,907	)		(844,313,700	)		(13,548,893	)		(20,785,229	)
Other		(2,243,503	)		(177,140	)		(45,267	)		(77,259	)
Paid-in capital		9,738,573,297			4,332,764,481			89,422,653			123,857,231
	$	7,863,206,887		$	3,488,273,641		$	75,828,493		$	102,994,743

Notes to Financial Statements SEMIANNUAL REPORT 103

Notes to Financial Statements (unaudited)

							Global Growth			International
	Multi-Fund			130/30 Equity			and Income			Growth
	Blend			Fund			Fund			Fund
Undistributed ordinary income	$	—		$	56,691		$	20,438,641		$	—
Undistributed capital gains		—			—			—			—
Total undistributed earnings		—			56,691			20,438,641			—
Accumulated capital and other losses		—			(1,617,361	)		(22,422,429	)		(17,310,268	)
Net unrealized gain/(losses)		(8,723,699	)		(7,292,658	)		(234,292,141	)		(118,820,523	)
Total accumulated earnings/(losses)		(8,723,699	)		(8,853,328	)		(236,275,929	)		(136,130,791	)
Other		(18,306	)		(82,751	)		(64,554	)		(74,394	)
Paid-in capital		24,396,417			25,402,381			971,680,460			404,776,496
	$	15,654,412		$	16,466,302		$	735,339,977		$	268,571,311

	Global Equity			Evolving World			Convertible			Market Neutral
	Fund			Growth Fund			Fund			Income Fund
Undistributed ordinary income	$	1,134,141		$	133,377		$	2,011,206		$	33,628,510
Undistributed capital gains		—			—			1,540,022			33,212,047
Total undistributed earnings		1,134,141			133,377			3,551,228			66,840,557
Accumulated capital and other losses		(2,048,873	)		(232,519	)		—			(6,259,281	)
Net unrealized gain/(losses)		(16,361,562	)		(6,604,594	)		(103,205,772	)		(333,273,913	)
Total accumulated earnings/(losses)		(17,276,294	)		(6,703,736	)		(99,654,544	)		(272,692,637	)
Other		(17,126	)		(84,852	)		(60,387	)		(70,068	)
Paid-in capital		51,215,568			25,584,712			568,863,418			1,598,579,563
	$	33,922,148		$	18,796,124		$	469,148,487		$	1,325,816,858

	High Yield			Total Return
	Fund			Bond Fund
Undistributed ordinary income	$	17,580		$	561,267
Undistributed capital gains		—			—
Total undistributed earnings		17,580			561,267
Accumulated capital and other losses		(2,440,147	)		(1,042,351	)
Net unrealized gain/(losses)		(60,554,933	)		(4,192,132	)
Total accumulated earnings/(losses)		(62,977,500	)		(4,673,216	)
Other		(49,353	)		(15,834	)
Paid-in capital		205,323,767			127,185,755
	$	142,296,914		$	122,496,705

The Funds intend to retain realized gains to the extent of available capital loss carryforwards for federal income tax purposes. For the fiscal year ended October 31, 2008, Market Neutral Income Fund utilized capital loss carryforwards of $19,847,488.

As of October 31, 2008, the Funds had capital loss carryforwards which, if not used, will expire as follows:

	Growth			Growth and						Blue Chip
	Fund			Income Fund			Value Fund			Fund
2014	$	—		$	—		$	—		$	—
2015		—			—			—			—
2016		(279,169,075	)		(31,545,485	)		(203,150	)		(1,602,290	)

  104
SEMIANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (unaudited)

						Global Growth
	Multi-Fund		130/30 Equity			and Income			International
	Blend		Fund			Fund			Growth Fund
2014	$	—	$	—		$	—		$	—
2015		—		—			—			—
2016		—		(1,617,361	)		(22,422,429	)		(17,310,268	)

	Global Equity			Evolving World			Convertible		Market Neutral
	Fund			Growth Fund			Fund		Income Fund
2014	$	—		$	—		$	—	$	—
2015		—			—			—		—
2016		(2,048,873	)		(232,519	)		—		—

		High Yield			Total Return
		Fund			Bond Fund
2014	��	$	—		$	—
2015			—			—
2016			(2,440,147	)		(1,042,351	)

NOTE 5 – SHORT SALES

Securities sold short represent obligations to deliver the securities at a future date. A Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Dividends paid on securities sold short are disclosed as an expense on the Statements of Operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale.

To secure its obligation to deliver to the broker-dealer the securities sold short, the Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, the Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.

NOTE 6 – DERIVATIVE INSTRUMENTS

Foreign Currency Risk. The Funds may engage in portfolio hedging with respect to changes in currency exchange rates by entering into foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, 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 foreign exchange rates and an unrealized gain or loss is recorded. The Fund realizes a gain or loss when a position is closed or upon settlement of the contracts. The counterparties to all forward foreign currency contracts at April 30, 2009, were multinational banks.

As of April 30, 2009 the Funds had outstanding forwards as listed on the Schedules of Investments.

Equity Risk. Each Fund may engage in option transactions and in doing so achieve the similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.

Notes to Financial Statements SEMIANNUAL REPORT 105

Notes to Financial Statements (unaudited)

To seek to offset some of the risk of a potential decline in value of certain long positions, each Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange traded funds (“ETFs”). Each Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund’s portfolio, on broad-based securities indexes, or certain ETFs.

When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase in determining whether the Fund has realized a gain or loss. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options is presented separately as net realized gain or loss on written options.

As of April 30, 2009, the Funds had outstanding purchased options and written options as listed on the Schedules of Investments. For the period ended April 30, 2009 the Fund had the following transactions in options written:

							Global Growth and
	Growth and Income Fund						Income Fund
	Number			Premiums			Number		Premiums
	of Contracts			Received			of Contracts		Received
Options outstanding at October 31, 2008		—		$	—			—	$	—
Options written		26,740			6,211,202			1,800		338,074
Options closed		(8,390	)		(2,667,193	)		—		—
Options outstanding at April 30, 2009		18,350		$	3,544,009			1,800	$	338,074

	Market Neutral Income Fund						High Yield Fund
	Number			Premiums			Number			Premiums
	of Contracts			Received			of Contracts			Received
Options outstanding at October 31, 2008		20,500		$	22,148,368			510		$	277,966
Options written		52,475			79,123,498			3,120			1,121,833
Options closed		(50,565	)		(80,924,930	)		(2,490	)		(992,399	)
Options exercised		(2,390	)		(1,933,911	)		—			—
Options expired		(810	)		(1,492,185	)		(365	)		(154,353	)
Options outstanding at April 30, 2009		19,210		$	16,920,840			775		$	253,047

 ��106
SEMIANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (unaudited)

Below are the types of derivatives in the Funds by gross value as of April 30, 2009:

		Assets			Liabilities
		Statement of Assets &			Statement of Assets &
Fund	Derivative Type	Liabilities Location	Value		Liabilities Location	Value
Growth and Income	Options purchased	Investments in securities	$	3,913,888	Options written	$	11,812,500
Global Growth and Income	Foreign Exchange contracts	Unrealized depreciation on forward foreign currency contracts		133,081	Unrealized depreciation on forward foreign currency contracts		3,265,676
Global Equity	Foreign Exchange contracts	Unrealized appreciation on forward foreign currency contracts		—	Unrealized depreciation on forward foreign currency contracts		116,988
Convertible	Options purchased	Investments in securities		893,113	Options written		—
	Foreign Exchange contracts	Unrealized depreciation on forward foreign currency contracts		31,643	Unrealized depreciation on forward foreign currency contracts		241,761
Market Neutral Income	Options purchased	Investments in securities		6,935,862	Options written		50,635,463
High Yield	Options purchased	Investments in securities		228,968	Options written		594,063

VOLUME OF DERIVATIVE ACTIVITY FOR THE SIX MONTHS ENDED APRIL 30, 2009*

Fund	Derivative Type	Volume
Growth and Income Fund	Equity: Purchased options		—
	Written options		26,740
Global Growth and Income Fund	Equity: Purchased options		—
	Written options		1,800
	Foreign currency contracts		542,839,155
Global Equity Fund	Foreign currency contracts		15,769,735
Convertible Fund	Equity: Purchased options		—
	Foreign currency contracts		33,910,670
Market Neutral Income Fund	Equity: Purchased options		9,685
	Written options		52,475
High Yield Fund	Equity: Purchased options		—
	Written options		3,120
Total Return Bond Fund	Foreign currency contracts		10,400,246

* Activity during the period is measured by opened number of contracts for options and opened foreign currency contracts with foreign currency exposure measured in U.S. dollar notional.

NOTE 7 – SYNTHETIC CONVERTIBLE SECURITIES

The Funds may establish a “synthetic” convertible instrument by combining separate securities that possess the economic characteristics similar to a convertible security, i.e., fixed-income securities (“fixed-income component”), which may be a convertible or non-convertible security and the right to acquire equity securities (“convertible component”). The fixed-income component is achieved by investing in fixed income securities such as bonds, preferred stocks, and money market instruments. The convertible component is achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index. In establishing a synthetic instrument, the Funds may pool a basket of fixed-income securities and a basket of warrants or purchased options that produce the economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.

The Funds may also purchase synthetic securities created by other parties, typically investment banks, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated

Notes to Financial Statements SEMIANNUAL REPORT 107

Notes to Financial Statements (unaudited)

with the investment, rather than the issuer of the underlying common stock into which the note is convertible. Purchasing synthetic convertible securities may offer more flexibility than purchasing a convertible security.

NOTE 8 – WHEN-ISSUED AND DELAYED DELIVERY SECURITIES

A Fund may purchase securities on a when-issued or delayed-delivery basis. Although the payment and interest terms of these securities are established at the time the Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed. A Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if Calamos Advisors deems it advisable for investment reasons. A Fund may utilize spot and forward foreign currency exchange transactions to reduce the risk inherent in fluctuations in the exchange rate between one currency and another when securities are purchased or sold on a when-issued or delayed-delivery basis.

At the time when a Fund enters into a binding obligation to purchase securities on a when-issued basis, liquid assets (cash, U.S. Government securities or other “high-grade” debt obligations) of the Fund having a value at least as great as the purchase price of the securities to be purchased will be segregated on the books of the Fund and held by the custodian throughout the period of the obligation. The use of this investment strategy may increase net asset value fluctuation.

NOTE 9 – SECURITIES LENDING

The Funds may loan one or more of their securities to broker-dealers and banks. Any such loan must be secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the value of the securities loaned by the Funds. The Funds continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receive an additional return that may be in the form of a fixed fee or a percentage of the collateral. Upon receipt of cash or cash equivalent collateral, the Funds’ securities lending agent invests the collateral into short term investments following investment guidelines approved by Calamos Advisors. The Funds record the investment of collateral as an asset and the value of the collateral as a liability on the Statements of Assets and Liabilities. If the value of the invested collateral declines below the value of the collateral deposited by the borrower, the Funds will record unrealized depreciation equal to the decline in value of the invested collateral. The Funds may pay reasonable fees to persons unaffiliated with the Funds for services in arranging these loans. The Funds have the right to call a loan and obtain the securities loaned at any time. The Funds do not have the right to vote the securities during the existence of the loan but could call the loan in an attempt to permit voting of the securities in certain circumstances. Upon return of the securities loaned, the cash or cash equivalent collateral will be returned to the borrower. In the event of bankruptcy or other default of the borrower, the Funds could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Funds seek to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) the expenses of enforcing their rights. In an effort to reduce these risks, the Funds’ security lending agent monitors and reports to Calamos Advisors on the creditworthiness of the firms to which a Fund lends securities. At April 30, 2009, Growth Fund, Growth and Income Fund, Value Fund, Blue Chip Fund, Global Growth and Income Fund, Convertible Fund, Market Neutral Income Fund and High Yield Fund held securities valued at $344,730,286; $49,713,909; $52,440; $760,260; $1,649,256; $9,924,061; $9,936,113; and $7,305,355; respectively, on loan to broker-dealers and banks, received $337,742,578; $52,674,042; $56,503; $763,498; $1,680,018; $10,109,357; $10,134,808; and $7,560,675; respectively, in cash or cash equivalent collateral which is currently valued at $330,247,025; $52,210,295; $52,585; $669,975; $1,650,422; $9,964,626; $10,021,005; and $7,540,948; respectively.

On September 15th, 2008, Lehman Brothers Holdings, Inc. (LBHI) and certain of its affiliates sought protection under the insolvency laws of their jurisdictions of organization, including the United States, the United Kingdom, and Japan. The Bank of New York Institutional Cash Reserve Fund (“BNY Institutional Cash Reserve Fund”), an investment vehicle utilized by the Funds for securities lending collateral investment, had exposure to LBHI debt. The BNY Institutional Cash Reserve Fund subsequently distributed Series B shares of the BNY Institutional Cash Reserve Fund to investors with positions as of September 15, 2008. The Series B shares were

  108
SEMIANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (unaudited)

allocated based upon the LBHI exposure and the respective investment in the BNY Institutional Cash Reserve Fund. Series B holdings consist entirely of the BNY Institutional Cash Reserve Fund LBHI debt. The Funds’ holdings of the Series B shares are disclosed on the Schedules of Investments.

NOTE 10 – VALUATIONS

Various inputs are used to determine the value of the Funds investments. These inputs are categorized into three broad levels as follows:

•  Level 1 holdings use inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange).

•  Level 2 holdings reflect inputs other than quoted prices, but use observable market data (including quoted prices of similar securities, interest rates, credit risk, ect.).

•  Level 3 holdings are valued using unobservable inputs (including the Funds’ own judgments about assumptions market participants would use in determining fair value).

The following is a summary of the inputs used in valuing the Funds’ holdings at fair value:

	Growth Fund
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	7,383,964,355	$	—	$	—
Level 2 – Other significant observable inputs		1,120,025		—		—
Level 3 – Significant unobservable inputs		—		—		—
Total	$	7,385,084,380	$	—	$	—

* Other Financial Instruments may include written options and forwards contracts.

	Growth and Income Fund
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	1,863,100,691	$	—	($	11,812,500	)
Level 2 – Other significant observable inputs		1,323,725,596		—		—
Level 3 – Significant unobservable inputs		18,379,200		—		—
Total	$	3,205,205,487	$	—	($	11,812,500	)

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

			Other Financial
	Investment Securities		Instruments*		Total
Beginning Balance (as of November 1, 2008)	$	18,379,200	$	—	$	18,379,200
Net realized gain (loss)		—		—		—
Change in net unrealized appreciation/depreciation		—		—		—
Purchases, issuances, and settlements		—		—		—
Transfers in and/or out of Level 3		—		—		—
Ending Balance (as of April 30, 2009)	$	18,379,200	$	—	$	18,379,200

* Other Financial Instruments may include written options and forwards contracts.

Notes to Financial Statements SEMIANNUAL REPORT 109

Notes to Financial Statements (unaudited)

	Value Fund
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	47,294,433	$	—	$	—
Level 2 – Other significant observable inputs		7,411,266		—		—
Level 3 – Significant unobservable inputs		—		—		—
Total	$	54,705,699	$	—	$	—

* Other Financial Instruments may include written options and forwards contracts.

	Blue Chip Fund
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	65,855,977	$	—	$	—
Level 2 – Other significant observable inputs		13,975		—		—
Level 3 – Significant unobservable inputs		—		—		—
Total	$	65,869,952	$	—	$	—

* Other Financial Instruments may include written options and forwards contracts.

	Multi-Fund Blend
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	14,261,147	$	—	$	—
Level 2 – Other significant observable inputs		—		—		—
Level 3 – Significant unobservable inputs		—		—		—
Total	$	14,261,147	$	—	$	—

* Other Financial Instruments may include written options and forwards contracts.

	130/30 Equity Fund
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	14,273,411	$	—	$	—
Level 2 – Other significant observable inputs		—		—		—
Level 3 – Significant unobservable inputs		—		—		—
Total	$	14,273,411	$	—	$	—

* Other Financial Instruments may include written options and forwards contracts.

	Global Growth and Income Fund
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	173,922,367	$	—	($	4,239,595	)
Level 2 – Other significant observable inputs		456,686,642		—		—
Level 3 – Significant unobservable inputs		3,101,490		—		—
Total	$	633,710,499	$	—	($	4,239,595	)

  110
SEMIANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (unaudited)

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

			Other Financial
	Investment Securities		Instruments*		Total
Beginning Balance (as of November 1, 2008)	$	3,101,490	$	—	$	3,101,490
Net realized gain (loss)		—		—		—
Change in net unrealized appreciation/depreciation		—		—		—
Purchases, issuances, and settlements		—		—		—
Transfers in and/or out of Level 3		—		—		—
Ending Balance (as of April 30, 2009)	$	3,101,490	$	—	$	3,101,490

* Other Financial Instruments may include written options and forwards contracts.

	International Growth Fund
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	45,386,363	$	—	$	—
Level 2 – Other significant observable inputs		122,594,708		—		—
Level 3 – Significant unobservable inputs		—		—		—
Total	$	167,981,071	$	—	$	—

* Other Financial Instruments may include written options and forwards contracts.

	Global Equity Fund
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	16,390,746	$	—	($	116,988	)
Level 2 – Other significant observable inputs		9,557,017		—		—
Level 3 – Significant unobservable inputs		—		—		—
Total	$	25,947,763	$	—	($	116,988	)

* Other Financial Instruments may include written options and forwards contracts.

	Evolving World Growth Fund
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	7,758,260	$	—	$	—
Level 2 – Other significant observable inputs		13,733,449		—		—
Level 3 – Significant unobservable inputs		—		—		—
Total	$	21,491,709	$	—	$	—

* Other Financial Instruments may include written options and forwards contracts.

	Convertible Fund
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	517,337,991	$	—	($	210,118	)
Level 2 – Other significant observable inputs		1,234,840,670		—		—
Level 3 – Significant unobservable inputs		—		—		—
Total	$	1,752,178,661	$	—	($	210,118	)

* Other Financial Instruments may include written options and forwards contracts.

Notes to Financial Statements SEMIANNUAL REPORT 111

Notes to Financial Statements (unaudited)

	Market Neutral Income Fund
	Value of Investment		Value of Investment			Other Financial
Valuation Inputs	Securities		Securities Sold Short			Instruments*
Level 1 – Quoted Prices	$	808,428,864	($	137,139,944	)	($	50,635,463	)
Level 2 – Other significant observable inputs		422,236,967		—			—
Level 3 – Significant unobservable inputs		—		—			—
Total	$	1,230,665,831	($	137,139,944	)	($	50,635,463	)

* Other Financial Instruments may include written options and forwards contracts.

	High Yield Fund
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	34,889,037	$	—	($	594,063	)
Level 2 – Other significant observable inputs		192,747,168		—		—
Level 3 – Significant unobservable inputs		—		—		—
Total	$	227,636,205	$	—	($	594,063	)

* Other Financial Instruments may include written options and forwards contracts.

	Total Return Bond Fund
	Value of Investment		Value of Investment		Other Financial
Valuation Inputs	Securities		Securities Sold Short		Instruments*
Level 1 – Quoted Prices	$	64,985,478	$	—	$	—
Level 2 – Other significant observable inputs		159,494,983		—		—
Level 3 – Significant unobservable inputs		—		—		—
Total	$	224,480,461	$	—	$	—

* Other Financial Instruments may include written options and forwards contracts.

  112
SEMIANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (unaudited)

NOTE 11 – CAPITAL SHARE TRANSACTIONS

The following table summarizes the activity in capital shares of the Funds:

For the Period Ended April 30, 2009
	Growth Fund						Growth & Income Fund						Value Fund						Blue Chip Fund
A Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		16,658,540		$	482,601,829			5,127,487		$	107,051,403			328,076		$	2,649,781			619,375		$	5,015,965
Shares issued in reinvestment of distributions		—			—			451,076			9,481,762			2,656			21,857			25,335			207,750
Less shares redeemed		(37,299,492	)		(1,046,451,202	)		(22,174,677	)		(453,284,105	)		(2,016,606	)		(15,158,867	)		(4,374,200	)		(33,138,092	)
Net Increase (decrease)		(20,640,952	)	$	(563,849,373	)		(16,596,114	)	$	(336,750,940	)		(1,685,874	)	$	(12,487,229	)		(3,729,490	)	$	(27,914,377	)
B Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		354,458		$	10,371,346			277,508		$	6,531,919			57,204		$	433,699			134,680		$	1,061,111
Shares issued in reinvestment of distributions		—			—			27,600			656,085			—			—			—			—
Less shares redeemed		(2,877,343	)		(81,081,776	)		(2,877,290	)		(66,627,318	)		(126,563	)		(892,896	)		(131,951	)		(966,343	)
Net Increase (decrease)		(2,522,885	)	$	(70,710,430	)		(2,572,182	)	$	(59,439,314	)		(69,359	)	$	(459,197	)		2,729		$	94,768
C Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,277,760		$	60,797,531			2,471,029		$	51,699,568			161,441		$	1,223,272			913,019		$	7,223,109
Shares issued in reinvestment of distributions		—			—			130,354			2,756,892			—			—			—			—
Less shares redeemed		(10,976,222	)		(283,070,444	)		(11,647,482	)		(239,364,950	)		(275,755	)		(2,032,255	)		(731,733	)		(5,624,607	)
	��
Net Increase (decrease)		(8,698,462	)	$	(222,272,913	)		(9,046,099	)	$	(184,908,490	)		(114,314	)	$	(808,983	)		181,286		$	1,598,502
I Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		3,190,850		$	98,094,787			3,544,668		$	74,364,637			194,523		$	1,561,561			58,081		$	437,937
Shares issued in reinvestment of distributions		—			—			52,842			1,086,483			6,293			52,486			21,004			172,654
Less shares redeemed		(3,110,245	)		(95,242,271	)		(1,972,079	)		(39,917,871	)		(341,104	)		(2,548,582	)		(271,746	)		(2,068,466	)
Net Increase (decrease)		80,605		$	2,852,516			1,625,431		$	35,533,249			(140,288	)	$	(934,535	)		(192,661	)	$	(1,457,875	)
R Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		31,430		$	870,966			28,143		$	575,579			—		$	—			11		$	95
Shares issued in reinvestment of distributions		—			—			173			3,620			—			—			27			219
Less shares redeemed		(7,624	)		(227,155	)		(4,922	)		(100,176	)		—			—			—			—
Net Increase (decrease)		23,806		$	643,811			23,394		$	479,023			—		$	—			38		$	314
Total Increase (decrease)		(31,757,888	)	$	(853,336,389	)		(26,565,570	)	$	(545,086,472	)		(2,009,835	)	$	(14,689,944	)		(3,738,098	)	$	(27,678,668	)

Notes to Financial Statements SEMIANNUAL REPORT 113

Notes to Financial Statements (unaudited)

													Global Growth & Income
	Multi-Fund Blend						130/30 Equity Fund						and Income Fund						International Growth Fund
A Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		446,133		$	3,255,018			10,518		$	58,519			2,899,754		$	20,956,249			946,654		$	7,931,761
Shares issued in reinvestment of distributions		—			—			437			2,514			935,446			6,697,794			—			—
Less shares redeemed		(606,404	)		(4,230,369	)		(4,426	)		(23,275	)		(13,938,808	)		(98,205,545	)		(6,379,103	)		(51,730,587	)
Net Increase (decrease)		(160,271	)	$	(975,351	)		6,529		$	37,758			(10,103,608	)	$	(70,551,502	)		(5,432,449	)	$	(43,798,826	)
B Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		19,177		$	134,384			4,262		$	24,641			214,599		$	1,595,361			39,541		$	330,686
Shares issued in reinvestment of distributions		—			—			—			—			139,979			1,027,431			—			—
Less shares redeemed		(69,409	)		(475,290	)		(4,053	)		(21,729	)		(1,447,194	)		(10,419,590	)		(372,250	)		(2,958,639	)
Net Increase (decrease)		(50,232	)	$	(340,906	)		209		$	2,912			(1,092,616	)	$	(7,796,798	)		(332,709	)	$	(2,627,953	)
C Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		170,194		$	1,204,807			10,261		$	58,917			1,816,520		$	12,512,704			174,174		$	1,394,003
Shares issued in reinvestment of distributions		—			—			—			—			675,530			4,647,646			—			—
Less shares redeemed		(182,679	)		(1,255,556	)		(2,188	)		(11,112	)		(8,551,282	)		(57,765,661	)		(1,273,730	)		(10,028,091	)
Net Increase (decrease)		(12,485	)	$	(50,749	)		8,073		$	47,805			(6,059,232	)	$	(40,605,311	)		(1,099,556	)	$	(8,634,088	)
I Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		5,823		$	42,280			—		$	—			3,008,065		$	20,809,230			177,447		$	1,435,184
Shares issued in reinvestment of distributions		—			—			9,872			56,764			490,431			3,550,718			—			—
Less shares redeemed		(6,870	)		(50,117	)		—			—			(5,483,625	)		(39,950,567	)		(5,638,530	)		(48,171,964	)
Net Increase (decrease)		(1,047	)	$	(7,837	)		9,872		$	56,764			(1,985,129	)	$	(15,590,619	)		(5,461,083	)	$	(46,736,780	)
R Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			14,423		$	105,120			5,448		$	47,835
Shares issued in reinvestment of distributions		—			—			146			837			409			2,920			—			—
Less shares redeemed		—			—			—			—			(5,852	)		(41,521	)		(1,233	)		(10,293	)
Net Increase (decrease)		—		$	—			146		$	837			8,980		$	66,519			4,215		$	37,542
Total Increase (decrease)		(224,035	)	$	(1,374,843	)		24,829		$	146,076			(19,231,605	)	$	(134,477,711	)		(12,321,582	)	$	(101,760,105	)

  114
SEMIANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (unaudited)

																			Market Neutral
	Global Equity Fund						Evolving World Growth Fund						Convertible Fund						Income Fund
A Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		494,204		$	3,108,647			106,883		$	812,197			58,065,317		$	842,694,969			17,627,952		$	181,134,024
Shares issued in reinvestment of distributions		102,797			652,765			1,396			9,804			503,332			7,283,426			3,990,902			40,613,176
Less shares redeemed		(1,635,541	)		(10,668,684	)		(6,191	)		(46,436	)		(6,813,611	)		(97,982,894	)		(25,600,947	)		(263,092,641	)
Net Increase (decrease)		(1,038,540	)	$	(6,907,272	)		102,088		$	775,565			51,755,038		$	751,995,501			(3,982,093	)	$	(41,345,441	)
B Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		21,172		$	134,906			3,080		$	20,281			1,279,252		$	21,675,307			421,597		$	4,516,131
Shares issued in reinvestment of distributions		9,182			58,028			584			4,102			28,880			486,923			152,999			1,635,925
Less shares redeemed		(19,821	)		(124,485	)		—			—			(805,083	)		(13,498,165	)		(887,130	)		(9,545,412	)
Net Increase (decrease)		10,533		$	68,449			3,664		$	24,383			503,049		$	8,664,065			(312,534	)	$	(3,393,356	)
C Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		166,811		$	1,059,954			872		$	6,379			14,275,056		$	206,346,179			2,528,160		$	26,211,721
Shares issued in reinvestment of distributions		15,598			98,270			589			4,134			146,137			2,104,103			1,310,080			13,552,103
Less shares redeemed		(316,588	)		(1,972,967	)		—			—			(2,071,493	)		(29,465,734	)		(7,989,532	)		(83,211,394	)
Net Increase (decrease)		(134,179	)	$	(814,743	)		1,461		$	10,513			12,349,700		$	178,984,548			(4,151,292	)	$	(43,447,570	)
I Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		26,363		$	166,870			156		$	1,200			15,105,199		$	208,536,590			4,117,082		$	41,758,469
Shares issued in reinvestment of distributions		28,941			183,488			20,048			140,736			93,159			1,277,013			469,226			4,727,970
Less shares redeemed		(36,449	)		(227,869	)		—			—			(909,786	)		(12,734,771	)		(3,336,946	)		(33,514,645	)
Net Increase (decrease)		18,855		$	122,489			20,204		$	141,936			14,288,572		$	197,078,832			1,249,362		$	12,971,794
R Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			11,637		$	169,266			19,685		$	202,179
Shares issued in reinvestment of distributions		5,276			33,396			769			5,400			148			2,137			765			7,768
Less shares redeemed		—			—			—			—			(1	)		(15	)		(5,282	)		(52,284	)
Net Increase (decrease)		5,276		$	33,396			769		$	5,400			11,784		$	171,388			15,168		$	157,663
Total Increase (decrease)		(1,138,055	)	$	(7,497,681	)		128,186		$	957,797			78,908,143		$	1,136,894,334			(7,181,389	)	$	(75,056,910	)

Notes to Financial Statements SEMIANNUAL REPORT 115

Notes to Financial Statements (unaudited)

	High Yield Fund						Total Return Bond Fund
A Shares	Shares			Dollars			Shares			Dollars
Shares sold		13,756,540		$	99,862,035			4,593,241		$	47,827,963
Shares issued in reinvestment of distributions		341,813			2,360,539			96,597			1,008,317
Less shares redeemed		(6,603,409	)		(47,223,058	)		(3,368,454	)		(34,835,121	)
Net Increase (decrease)		7,494,944		$	54,999,516			1,321,384		$	14,001,159
B Shares	Shares			Dollars			Shares			Dollars
Shares sold		456,735		$	3,453,737			1,070,875		$	11,118,938
Shares issued in reinvestment of distributions		27,384			195,014			18,764			196,271
Less shares redeemed		(423,698	)		(3,081,058	)		(373,352	)		(3,879,349	)
Net Increase (decrease)		60,421		$	567,693			716,287		$	7,435,860
C Shares	Shares			Dollars			Shares			Dollars
Shares sold		963,583		$	7,150,692			2,042,435		$	21,287,983
Shares issued in reinvestment of distributions		50,648			358,878			28,116			293,994
Less shares redeemed		(675,097	)		(4,888,196	)		(699,483	)		(7,307,199	)
Net Increase (decrease)		339,134		$	2,621,374			1,371,068		$	14,274,778
I Shares	Shares			Dollars			Shares			Dollars
Shares sold		191,711		$	1,404,849			199,914		$	2,093,808
Shares issued in reinvestment of distributions		23,240			160,094			85,221			889,988
Less shares redeemed		(405,291	)		(2,744,034	)		(21,070	)		(219,019	)
Net Increase (decrease)		(190,340	)	$	(1,179,091	)		264,065		$	2,764,777
R Shares	Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			148		$	1,794
Shares issued in reinvestment of distributions		277			1,903			2,301			24,041
Less shares redeemed		—			—			—			—
Net Increase (decrease)		277		$	1,903			2,449		$	25,835
Total Increase (decrease)		7,704,436		$	57,011,395			3,675,253		$	38,502,409

  116
SEMIANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (unaudited)

The following table summarizes the activity in capital shares of the Funds:

For the Fiscal Year Ended October 31, 2008
							Growth and
	Growth Fund						Income Fund						Value Fund						Blue Chip Fund
A Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		38,905,139		$	2,016,857,167			15,946,637		$	464,283,851			514,793		$	6,003,019			1,219,955		$	14,117,641
Shares issued in reinvestment of distributions		20,507,949			1,168,605,701			7,751,182			242,761,078			337,811			4,423,975			467,809			6,186,733
Less shares redeemed		(74,222,799	)		(3,657,625,875	)		(36,954,327	)		(1,019,428,988	)		(978,148	)		(11,594,830	)		(1,429,872	)		(16,146,920	)
Net Increase (decrease)		(14,809,711	)	$	(472,163,007	)		(13,256,508	)	$	(312,384,059	)		(125,544	)	$	(1,167,836	)		257,892		$	4,157,454

B Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,127,643		$	60,825,436			891,165		$	29,832,671			54,884		$	586,919			96,706		$	1,013,257
Shares issued in reinvestment of distributions		2,115,716			122,697,806			1,047,417			37,177,684			46,140			575,331			30,089			387,251
Less shares redeemed		(4,079,140	)		(199,981,305	)		(4,246,133	)		(132,266,872	)		(240,743	)		(2,721,240	)		(168,574	)		(1,919,599	)
Net Increase (decrease)		(835,781	)	$	(16,458,063	)		(2,307,551	)	$	(65,256,517	)		(139,719	)	$	(1,558,990	)		(41,779	)	$	(519,091	)

C Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		8,682,532		$	428,209,243			7,124,325		$	210,850,326			172,276		$	1,852,343			287,368		$	3,041,799
Shares issued in reinvestment of distributions		5,888,206			312,507,890			3,983,338			126,000,287			60,668			756,483			45,907			590,826
Less shares redeemed		(13,945,941	)		(621,471,324	)		(16,266,961	)		(450,159,734	)		(395,613	)		(4,371,858	)		(345,462	)		(3,937,227	)
Net Increase (decrease)		624,797		$	119,245,809			(5,159,298	)	$	(113,309,121	)		(162,669	)	$	(1,763,032	)		(12,187	)	$	(304,602	)

I Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		13,291,372		$	715,970,157			4,173,096		$	106,639,958			412,972		$	5,228,219			128,387		$	1,581,106
Shares issued in reinvestment of distributions		330,229			20,334,403			477,599			14,579,305			97,300			1,296,511			167,661			2,232,893
Less shares redeemed		(3,182,735	)		(163,857,549	)		(2,810,420	)		(79,565,643	)		(539,497	)		(6,148,447	)		(139,070	)		(1,642,209	)
Net Increase (decrease)		10,438,866		$	572,447,011			1,840,275		$	41,653,620			(29,225	)	$	376,283			156,978		$	2,171,790

R Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares		Dollars
Shares sold		25,707		$	1,189,829			35,603		$	937,207			—		$	—			3,611	$	42,182
Shares issued in reinvestment of distributions		768			43,720			515			15,236			568			7,431			538		7,103
Less shares redeemed		(7,904	)		(350,904	)		(6,593	)		(155,466	)		—			—			—		—
Net Increase (decrease)		18,571		$	882,645			29,525		$	796,977			568		$	7,431			4,149	$	49,285
Total Increase (decrease)		(4,563,258	)	$	203,954,395			(18,853,557	)	$	(448,499,100	)		(456,589	)	$	(4,106,144	)		365,053	$	5,554,836

Notes to Financial Statements SEMIANNUAL REPORT 117

Notes to Financial Statements (unaudited)

													Global Growth						International
	Multi-Fund Blend						130/30 Equity Fund						and Income Fund						Growth Fund
A Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		846,648		$	10,021,644			180,314		$	1,690,215			15,860,297		$	169,891,814			7,711,961		$	119,845,475
Shares issued in reinvestment of distributions		17,833			221,955			—			—			2,584,090			29,606,011			513,228			8,681,480
Less shares redeemed		(1,248,790	)		(13,285,548	)		(43,162	)		(349,069	)		(26,268,375	)		(251,370,878	)		(7,672,415	)		(106,630,076	)
Net Increase (decrease)		(384,309	)	$	(3,041,949	)		137,152		$	1,341,146			(7,823,988	)	$	(51,873,053	)		552,774		$	21,896,879

B Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		62,709		$	703,012			105,970		$	1,049,611			1,478,384		$	16,195,750			306,209		$	4,798,531
Shares issued in reinvestment of distributions		2,286			27,863			—			—			323,926			3,824,508			61,571			1,027,014
Less shares redeemed		(131,307	)		(1,380,691	)		(1,628	)		(12,039	)		(2,293,984	)		(23,345,826	)		(692,167	)		(9,086,209	)
Net Increase (decrease)		(66,312	)	$	(649,816	)		104,342		$	1,037,572			(491,674	)	$	(3,325,568	)		(324,387	)	$	(3,260,664	)

C Shares	Shares			Dollars			Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		232,956		$	2,706,082			102,804	$	1,022,298		8,923,843		$	92,520,857			1,217,479		$	19,323,004
Shares issued in reinvestment of distributions		6,332			77,191			—		—		1,528,207			16,958,006			129,360			2,155,140
Less shares redeemed		(441,029	)		(4,654,463	)		—		—		(11,472,999	)		(105,496,752	)		(1,473,743	)		(19,248,970	)
Net Increase (decrease)		(201,741	)	$	(1,871,190	)		102,804	$	1,022,298		(1,020,949	)	$	3,982,111			(126,904	)	$	2,229,174

I Shares	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		12,152		$	131,507			2,100,652		$	21,006,480			7,766,618		$	80,877,141			433,074		$	6,088,127
Shares issued in reinvestment of distributions		120			1,501			—			—			1,086,910			12,572,309			350,194			5,939,315
Less shares redeemed		(5,658	)		(64,770	)		(609	)		(5,115	)		(6,639,859	)		(65,820,774	)		(220,606	)		(2,988,216	)
Net Increase (decrease)		6,614		$	68,238			2,100,043		$	21,001,365			2,213,669		$	27,628,676			562,662		$	9,039,226

R Shares	Shares			Dollars			Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			100,000	$	1,000,000		18,558		$	195,650			36,128		$	526,275
Shares issued in reinvestment of distributions		99			1,227			—		—		598			6,835			274			4,629
Less shares redeemed		—			—			—		—		—			—			(34,026	)		(514,466	)
Net Increase (decrease)		99		$	1,227			100,000	$	1,000,000		19,156		$	202,485			2,376		$	16,438
Total Increase (decrease)		(645,649	)	$	(5,493,490	)		2,544,341	$	25,402,381		(7,103,786	)	$	(23,385,349	)		666,521		$	29,921,053

  118
SEMIANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements (unaudited)

							Evolving World										Market Neutral
	Global Equity Fund						Growth Fund				Convertible Fund						Income Fund
A Shares	Shares			Dollars			Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		872,332		$	10,155,415			162,900	$	1,576,562		4,327,663		$	60,460,201			45,925,882		$	575,551,127
Shares issued in reinvestment of distributions		—			—			—		—		288,404			5,187,133			2,613,467			33,100,835
Less shares redeemed		(665,095	)		(6,779,053	)		—		—		(3,190,529	)		(57,281,223	)		(50,282,360	)		(614,976,589	)
Net Increase (decrease)		207,237		$	3,376,362			162,900	$	1,576,562		1,425,538		$	8,366,111			(1,743,011	)	$	(6,324,627	)

B Shares	Shares			Dollars			Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		62,697		$	695,213			100,000	$	1,000,000		57,158		$	1,112,765			1,266,348		$	16,643,055
Shares issued in reinvestment of distributions		—			—			—		—		64,975			1,678,410			76,191			1,012,018
Less shares redeemed		(35,251	)		(359,089	)		—		—		(1,364,294	)		(29,062,724	)		(1,299,819	)		(16,809,256	)
Net Increase (decrease)		27,446		$	336,124			100,000	$	1,000,000		(1,242,161	)	$	(26,271,549	)		42,720		$	845,817

C Shares	Shares			Dollars			Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		439,502		$	4,995,832			100,299	$	1,003,000		932,827		$	13,506,076			10,525,225		$	134,989,687
Shares issued in reinvestment of distributions		—			—			—		—		177,814			3,895,410			689,431			8,873,879
Less shares redeemed		(69,386	)		(678,889	)		—		—		(2,352,268	)		(42,561,930	)		(12,519,720	)		(155,577,984	)
Net Increase (decrease)		370,116		$	4,316,943			100,299	$	1,003,000		(1,241,627	)	$	(25,160,444	)		(1,305,064	)	$	(11,714,418	)

I Shares	Shares			Dollars			Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		68,219		$	731,887			2,100,537	$	21,005,150		361,228		$	5,528,498			8,761,029		$	104,151,978
Shares issued in reinvestment of distributions		—			—			—		—		11,679			243,109			121,228			1,491,599
Less shares redeemed		(14,725	)		(155,406	)		—		—		(144,087	)		(2,424,867	)		(1,330,775	)		(14,893,422	)
Net Increase (decrease)		53,494		$	576,481			2,100,537	$	21,005,150		228,820		$	3,346,740			7,551,482		$	90,750,155

R Shares	Shares		Dollars		Shares		Dollars		Shares			Dollars			Shares			Dollars
Shares sold		—	$	—		100,000	$	1,000,000		—		$	—			6,826		$	84,037
Shares issued in reinvestment of distributions		—		—		—		—		144			3,015			339			4,286
Less shares redeemed		—		—		—		—		—			—			(285	)		(3,217	)
Net Increase (decrease)		—	$	—		100,000	$	1,000,000		144		$	3,015			6,880		$	85,106
Total Increase (decrease)		658,293	$	8,605,910		2,563,736	$	25,584,712		(829,286	)	$	(39,716,127	)		4,553,007		$	73,642,033

Notes to Financial Statements SEMIANNUAL REPORT 119

Notes to Financial Statements (unaudited)

	High Yield						Total Return
	Fund						Bond Fund
A Shares	Shares			Dollars			Shares			Dollars
Shares sold		4,418,552		$	44,080,267			2,249,772		$	23,105,015
Shares issued in reinvestment of distributions		1,163,202			11,533,973			172,424			1,769,237
Less shares redeemed		(9,841,072	)		(98,777,718	)		(598,275	)		(6,109,553	)
Net Increase (decrease)		(4,259,318	)	$	(43,163,478	)		1,823,921		$	18,764,699
B Shares	Shares			Dollars			Shares			Dollars
Shares sold		261,318		$	2,603,396			1,442,263		$	14,806,338
Shares issued in reinvestment of distributions		116,110			1,192,296			11,845			121,161
Less shares redeemed		(807,321	)		(7,934,662	)		(371,063	)		(3,784,628	)
Net Increase (decrease)		(429,893	)	$	(4,138,970	)		1,083,045		$	11,142,871
C Shares	Shares			Dollars			Shares			Dollars
Shares sold		709,612		$	6,929,302			2,223,032		$	22,733,600
Shares issued in reinvestment of distributions		207,182			2,114,487			14,467			147,438
Less shares redeemed		(1,359,743	)		(13,211,602	)		(449,906	)		(4,563,285	)
Net Increase (decrease)		(442,949	)	$	(4,167,813	)		1,787,593		$	18,317,753
I Shares	Shares			Dollars			Shares			Dollars
Shares sold		617,655		$	5,574,596			54,674		$	556,692
Shares issued in reinvestment of distributions		51,243			512,058			141,761			1,455,416
Less shares redeemed		(374,085	)		(3,673,771	)		(18,274	)		(185,545	)
Net Increase (decrease)		294,813		$	2,412,883			178,161		$	1,826,563
R Shares	Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of distributions		936			9,271			3,826			39,300
Less shares redeemed		—			—			—			—
Net Increase (decrease)		936		$	9,271			3,826		$	39,300
Total Increase (decrease)		(4,836,411	)	$	(49,048,107	)		4,876,546		$	50,091,186

  120
SEMIANNUAL REPORT Notes to Financial Statements

Calamos Growth Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$32.20			$70.29			$55.12			$58.31			$49.90			$47.62			$31.68
Income from investment operations:
Net investment income (loss)#		(0.06	)		(0.24	)		(0.35	)		(0.23	)		(0.30	)		(0.36	)		(0.14	)
Net realized and unrealized gain (loss) on investments		0.87			(30.29	)		17.49			(2.96	)		11.05			2.78			16.08
Total from investment operations		0.81			(30.53	)		17.14			(3.19	)		10.75			2.42			15.94
Distributions:
Dividends from net investment income		—			—			—			—			—			—			—
Dividends from net realized gains		—			(7.56	)		(1.97	)		—			(2.34	)		(0.14	)		—
Total distributions		—			(7.56	)		(1.97	)		—			(2.34	)		(0.14	)		—
Net asset value, end of period		$33.01			$32.20			$70.29			$55.12			$58.31			$49.90			$47.62
Ratios and supplemental data:
Total return(a)		2.52	%		(48.11	%)		32.15	%		(5.47	%)		21.96	%		5.08	%		50.32	%
Net assets, end of period (000)		$4,497,234			$5,052,016			$12,068,660			$12,573,503			$14,242,247			$10,161,403			$5,789,210
Ratio of net expenses to average net assets		1.35	%*		1.21	%		1.20	%		1.19	%*		1.20	%		1.23	%		1.31	%
Ratio of net investment income (loss) to average net assets		(0.41	%)*		(0.46	%)		(0.61	%)		(0.71	%)*		(0.55	%)		(0.74	%)		(0.96	%)
Ratio of gross expenses to average net assets prior to expense reductions		1.36	%*		1.22	%		1.21	%		1.19	%*		1.20	%		1.23	%		1.31	%

	(unaudited)						April 1,
	Six Months						2006
	Ended		Year Ended				through
	April 30,		October 31,				October 31,		Year Ended March 31,
	2009		2008		2007		2006		2006		2005		2004
Portfolio turnover rate		21.9%		73.9%		75.8%		41.2%		74.7%		63.1%		53.7%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized

Financial Highlights SEMIANNUAL REPORT 121

Calamos Growth Fund

	CLASS B
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$ 32.53			$ 71.41			$ 56.37			$ 59.91			$ 51.59			$ 49.59			$ 33.24
Income from investment operations:
Net investment income (loss)#		(0.17	)		(0.63	)		(0.80	)		(0.48	)		(0.72	)		(0.75	)		(0.32	)
Net realized and unrealized gain (loss) on investments		0.87			(30.69	)		17.81			(3.06	)		11.38			2.89			16.67
Total from investment operations		0.70			(31.32	)		17.01			(3.54	)		10.66			2.14			16.35
Distributions:
Dividends from net investment income		—			—			—			—			—			—			—
Dividends from net realized gains		—			(7.56	)		(1.97	)		—			(2.34	)		(0.14	)		—
Total distributions		—			(7.56	)		(1.97	)		—			(2.34	)		(0.14	)		—
Net asset value, end of period		$33.23			$32.53			$71.41			$56.37			$59.91			$51.59			$49.59
Ratios and supplemental data:
Total return(a)		2.15	%		(48.50	%)		31.18	%		(5.91	%)		21.05	%		4.31	%		49.19	%
Net assets, end of period (000)		$538,322			$609,200			$1,396,806			$1,280,227			$1,424,960			$1,110,017			$749,897
Ratio of net expenses to average net assets		2.10	%*		1.96	%		1.95	%		1.94	%*		1.95	%		1.98	%		2.06	%
Ratio of net investment income (loss) to average net assets		(1.16	%)*		(1.21	%)		(1.36	%)		(1.46	%)*		(1.30	%)		(1.49	%)		(1.71	%)
Ratio of gross expenses to average net assets prior to expense reductions		2.11	%*		1.97	%		1.96	%		1.94	%*		1.95	%		1.98	%		2.06	%

	CLASS C
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$29.77			$66.05			$52.29			$55.57			$48.00			$46.15			$30.94
Income from investment operations:
Net investment income (loss)#		(0.15	)		(0.58	)		(0.74	)		(0.44	)		(0.67	)		(0.69	)		(0.28	)
Net realized and unrealized gain (loss) on investments		0.79			(28.14	)		16.47			(2.84	)		10.58			2.68			15.49
Total from investment operations		0.64			(28.72	)		15.73			(3.28	)		9.91			1.99			15.21
Distributions:
Dividends from net investment income		—			—			—			—			—			—			—
Dividends from net realized gains		—			(7.56	)		(1.97	)		—			(2.34	)		(0.14	)		—
Total distributions		—			(7.56	)		(1.97	)		—			(2.34	)		(0.14	)		—
Net asset value, end of period		$30.41			$29.77			$66.05			$52.29			$55.57			$48.00			$46.15
Ratios and supplemental data:
Total return(a)		2.15	%		(48.50	%)		31.16	%		(5.90	%)		21.06	%		4.31	%		49.16	%
Net assets, end of period (000)		$1,504,608			$1,732,305			$3,801,620			$3,716,923			$4,152,698			$3,038,513			$1,882,171
Ratio of net expenses to average net assets		2.10	%*		1.96	%		1.95	%		1.94	%*		1.95	%		1.98	%		2.06	%
Ratio of net investment income (loss) to average net assets		(1.16	%)*		(1.21	%)		(1.36	%)		(1.46	%)*		(1.30	%)		(1.49	%)		(1.71	%)
Ratio of gross expenses to average net assets prior to expense reductions		2.11	%*		1.97	%		1.96	%		1.94	%*		1.95	%		1.98	%		2.06	%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized.

  122
SEMIANNUAL REPORT Financial Highlights

Calamos Growth Fund

	CLASS I
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$34.88			$75.28			$58.75			$62.06			$52.85			$50.30			$33.38
Income from investment operations:
Net investment income (loss)#		(0.02	)		(0.11	)		(0.23	)		(0.16	)		(0.17	)		(0.25	)		(0.13	)
Net realized and unrealized gain (loss) on investments		0.94			(32.73	)		18.73			(3.15	)		11.72			2.94			17.05
Total from investment operations		0.92			(32.84	)		18.50			(3.31	)		11.55			2.69			16.92
Distributions:
Dividends from net investment income		—			—			—			—			—			—			—
Dividends from net realized gains		—			(7.56	)		(1.97	)		—			(2.34	)		(0.14	)		—
Total distributions		—			(7.56	)		(1.97	)		—			(2.34	)		(0.14	)		—
Net asset value, end of period		$35.80			$34.88			$75.28			$58.75			$62.06			$52.85			$50.30
Ratios and supplemental data:
Total return(a)		2.64	%		(47.97	%)		32.49	%		(5.33	%)		22.25	%		5.35	%		50.69	%
Net assets, end of period (000)		$484,126			$468,906			$226,225			$140,089			$198,409			$156,641			$123,933
Ratio of net expenses to average net assets		1.10	%*		0.96	%		0.95	%		0.94	%*		0.95	%		0.98	%		1.06	%
Ratio of net investment income (loss) to average net assets		(0.16	%)*		(0.21	%)		(0.36	%)		(0.46	%)*		(0.30	%)		(0.49	%)		(0.71	%)
Ratio of gross expenses to average net assets prior to expense reductions		1.11	%*		0.97	%		0.96	%		0.94	%*		0.95	%		0.98	%		1.06	%

	CLASS R
	(unaudited)						March 1,
	Six Months			Year			2007Ù
	Ended			Ended			through
	April 30,			October 31,			October 31,
	2009			2008			2007
Net asset value, beginning of period		$32.05			$70.16			$53.60
Income from investment operations:
Net investment income (loss)#		(0.09	)		(0.35	)		(0.36	)
Net realized and unrealized gain (loss) on investments		0.85			(30.20	)		16.92
Total from investment operations		0.76			(30.55	)		16.56
Distributions:
Dividends from net investment income		—			—			—
Dividends from net realized gains		—			(7.56	)		—
Total distributions		—			(7.56	)		—
Net asset value, end of period		$32.81			$32.05			$70.16
Ratios and supplemental data:
Total return(a)		2.37	%		(48.24	%)		30.90	%
Net assets, end of period (000)		$1,580			$780			$404
Ratio of net expenses to average net assets		1.60	%*		1.46	%		1.45	%*
Ratio of net investment income (loss) to average net assets		(0.66	%)*		(0.71	%)		(0.86	%)*
Ratio of gross expenses to average net assets prior to expense reductions		1.61	%*		1.47	%		1.46	%*

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

Financial Highlights SEMIANNUAL REPORT 123

Calamos Growth and Income Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$21.13			$35.83			$32.71			$32.64			$29.40			$28.71			$22.30
Income from investment operations:
Net investment income (loss)		0.30	#		0.37	#		0.32			0.27			0.42			0.40			0.34
Net realized and unrealized gain (loss) on investments		1.47			(12.09	)		5.04			0.25			4.18			0.85			6.48
Total from investment operations		1.77			(11.72	)		5.36			0.52			4.60			1.25			6.82
Distributions:
Dividends from net investment income		(0.15	)		(0.52	)		(0.50	)		(0.45	)		(0.60	)		(0.40	)		(0.41	)
Dividends from net realized gains		—			(2.46	)		(1.74	)		—			(0.76	)		(0.16	)		—
Total distributions		(0.15	)		(2.98	)		(2.24	)		(0.45	)		(1.36	)		(0.56	)		(0.41	)
Net asset value, end of period		$22.75			$21.13			$35.83			$32.71			$32.64			$29.40			$28.71
Ratios and supplemental data:
Total return(a)		8.46	%		(35.31	%)		17.38	%		1.66	%		16.01	%		4.40	%		30.74	%
Net assets, end of period (000)		$1,505,704			$1,749,433			$3,441,626			$3,536,121			$3,352,933			$2,580,205			$2,031,032
Ratio of net expenses to average net assets		1.15	%*		1.06	%		1.06	%		1.05	%*		1.06	%		1.08	%		1.14	%
Ratio of net investment income (loss) to average net assets		2.91	%*		1.26	%		1.16	%		1.35	%*		1.31	%		1.42	%		1.63	%
Ratio of gross expenses to average net assets prior to expense reductions		1.15	%*		1.07	%		1.06	%		1.05	%*		1.06	%		1.08	%		1.14	%

	(unaudited)						April 1,
	Six Months						2006
	Ended		Year Ended				through
	April 30,		October 31,				October 31,		Year Ended March 31,
	2009		2008		2007		2006		2006		2005		2004
Portfolio turnover rate		27.8%		83.4%		66.0%		42.2%		65.4%		65.0%		50.0%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized

  124
SEMIANNUAL REPORT Financial Highlights

Calamos Growth and Income Fund

	CLASS B
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$23.85			$40.09			$36.32			$36.15			$32.42			$31.66			$24.57
Income from investment operations:
Net investment income (loss)		0.25	#		0.17	#		0.12			0.12			0.19			0.19			0.16
Net realized and unrealized gain (loss) on investments		1.66			(13.63	)		5.60			0.30			4.64			0.95			7.14
Total from investment operations		1.91			(13.46	)		5.72			0.42			4.83			1.14			7.30
Distributions:
Dividends from net investment income		(0.06	)		(0.32	)		(0.21	)		(0.25	)		(0.34	)		(0.22	)		(0.21	)
Dividends from net realized gains		—			(2.46	)		(1.74	)		—			(0.76	)		(0.16	)		—
Total distributions		(0.06	)		(2.78	)		(1.95	)		(0.25	)		(1.10	)		(0.38	)		(0.21	)
Net asset value, end of period		$25.70			$23.85			$40.09			$36.32			$36.15			$32.42			$31.66
Ratios and supplemental data:
Total return(a)		8.03	%		(35.80	%)		16.53	%		1.21	%		15.15	%		3.62	%		29.78	%
Net assets, end of period (000)		$348,960			$385,128			$739,884			$736,256			$742,721			$639,253			$541,360
Ratio of net expenses to average net assets		1.90	%*		1.81	%		1.81	%		1.80	%*		1.81	%		1.83	%		1.89	%
Ratio of net investment income (loss) to average net assets		2.16	%*		0.51	%		0.41	%		0.60	%*		0.56	%		0.67	%		0.88	%
Ratio of gross expenses to average net assets prior to expense reductions		1.90	%*		1.82	%		1.81	%		1.80	%*		1.81	%		1.83	%		1.89	%

	CLASS C
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$21.23			$36.05			$32.89			$32.78			$29.53			$28.90			$22.47
Income from investment operations:
Net investment income (loss)		0.22	#		0.15	#		0.10			0.13			0.20			0.19			0.17
Net realized and unrealized gain (loss) on investments		1.48			(12.16	)		5.05			0.26			4.19			0.84			6.50
Total from investment operations		1.70			(12.01	)		5.15			0.39			4.39			1.03			6.67
Distributions:
Dividends from net investment income		(0.07	)		(0.35	)		(0.25	)		(0.28	)		(0.38	)		(0.24	)		(0.24	)
Dividends from net realized gains		—			(2.46	)		(1.74	)		—			(0.76	)		(0.16	)		—
Total distributions		(0.07	)		(2.81	)		(1.99	)		(0.28	)		(1.14	)		(0.40	)		(0.24	)
Net asset value, end of period		$22.86			$21.23			$36.05			$32.89			$32.78			$29.53			$28.90
Ratios and supplemental data:
Total return(a)		8.05	%		(35.82	%)		16.53	%		1.20	%		15.16	%		3.59	%		29.77	%
Net assets, end of period (000)		$1,098,930			$1,212,715			$2,244,752			$2,178,512			$2,095,534			$1,615,096			$1,260,818
Ratio of net expenses to average net assets		1.90	%*		1.81	%		1.81	%		1.80	%*		1.81	%		1.83	%		1.89	%
Ratio of net investment income (loss) to average net assets		2.16	%*		0.51	%		0.41	%		0.60	%*		0.56	%		0.67	%		0.88	%
Ratio of gross expenses to average net assets prior to expense reductions		1.90	%*		1.82	%		1.81	%		1.80	%*		1.81	%		1.83	%		1.89	%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized

Financial Highlights SEMIANNUAL REPORT 125

Calamos Growth and Income Fund

	CLASS I
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$20.69			$35.13			$32.11			$32.06			$28.90			$28.21			$21.91
Income from investment operations:
Net investment income (loss)		0.32	#		0.42	#		0.46			0.32			0.51			0.45			0.44
Net realized and unrealized gain (loss) on investments		1.43			(11.82	)		4.88			0.24			4.08			0.85			6.33
Total from investment operations		1.75			(11.40	)		5.34			0.56			4.59			1.30			6.77
Distributions:
Dividends from net investment income		(0.18	)		(0.58	)		(0.58	)		(0.51	)		(0.67	)		(0.45	)		(0.47	)
Dividends from net realized gains		—			(2.46	)		(1.74	)		—			(0.76	)		(0.16	)		—
Total distributions		(0.18	)		(3.04	)		(2.32	)		(0.51	)		(1.43	)		(0.61	)		(0.47	)
Net asset value, end of period		$22.26			$20.69			$35.13			$32.11			$32.06			$28.90			$28.21
Ratios and supplemental data:
Total return(a)		8.55	%		(35.14	%)		17.70	%		1.78	%		16.33	%		4.67	%		31.06	%
Net assets, end of period (000)		$187,182			$140,308			$173,650			$153,049			$142,702			$82,793			$44,192
Ratio of net expenses to average net assets		0.90	%*		0.81	%		0.81	%		0.80	%*		0.81	%		0.83	%		0.89	%
Ratio of net investment income (loss) to average net assets		3.16	%*		1.51	%		1.41	%		1.60	%*		1.56	%		1.67	%		1.88	%
Ratio of gross expenses to average net assets prior to expense reductions		0.90	%*		0.82	%		0.81	%		0.80	%*		0.81	%		0.83	%		0.89	%

	CLASS R
	(unaudited)						March 1,
	Six Months			Year			2007Ù
	Ended			Ended			Ended
	April 30,			October 31,			October 31,
	2009			2008			2007
Net asset value, beginning of period		$21.08			$35.80			$31.32
Income from investment operations:
Net investment income (loss)		0.27	#		0.28	#		0.20
Net realized and unrealized gain (loss) on investments		1.47			(12.05	)		4.57
Total from investment operations		1.74			(11.77	)		4.77
Distributions:
Dividends from net investment income		(0.14	)		(0.49	)		(0.29	)
Dividends from net realized gains		—			(2.46	)		—
Total distributions		(0.14	)		(2.95	)		(0.29	)
Net asset value, end of period		$22.68			$21.08			$35.80
Ratios and supplemental data:
Total return(a)		8.31	%		(35.49	%)		15.32	%
Net assets, end of period (000)		$1,273			$690			$115
Ratio of net expenses to average net assets		1.40	%*		1.31	%		1.31	%*
Ratio of net investment income (loss) to average net assets		2.66	%*		1.01	%		0.91	%*
Ratio of gross expenses to average net assets prior to expense reductions		1.40	%*		1.32	%		1.31	%*

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

  126
SEMIANNUAL REPORT Financial Highlights

Calamos Value Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$8.90			$14.68			$13.63			$13.03			$12.01			$11.27			$7.70
Income from investment operations:
Net investment income (loss)		0.03	#		0.03	#		0.01	#		(0.00	)#*		0.01			0.02			(0.02	)
Net realized and unrealized gain (loss) on investments		(0.50	)		(4.83	)		1.73			0.60			1.51			0.72			3.59
Total from investment operations		(0.47	)		(4.80	)		1.74			0.60			1.52			0.74			3.57
Distributions:
Dividends from net investment income		(0.01	)		(0.08	)		—			—			—			—			—
Dividends from net realized gains		—			(0.90	)		(0.69	)		—			(0.50	)		—			—
Total distributions		(0.01	)		(0.98	)		(0.69	)		—			(0.50	)		—			—
Net asset value, end of period		$8.42			$8.90			$14.68			$13.63			$13.03			$12.01			$11.27
Ratios and supplemental data:
Total return(a)		(5.32	%)		(34.79	%)		13.33	%		4.60	%		12.91	%		6.57	%		46.36	%
Net assets, end of period (000)		$28,731			$45,372			$76,676			$101,016			$95,264			$88,040			$40,024
Ratio of net expenses to average net assets		1.65	%**		1.48	%		1.46	%		1.46	%**		1.47	%		1.61	%		1.75	%
Ratio of net investment income (loss) to average net assets		0.84	%**		0.24	%		0.05	%		(0.04	%)**		0.10	%		0.07	%		(0.40	%)
Ratio of gross expenses to average net assets prior to expense reductions		1.66	%**		1.49	%		1.46	%		1.46	%**		1.47	%		1.61	%		2.02	%

	(unaudited)						April 1,
	Six Months						2006
	Ended		Year Ended				through
	April 30,		October 31,				October 31,		Year Ended March 31,
	2009		2008		2007		2006		2006		2005		2004
Portfolio turnover rate		19.7%		61.0%		29.6%		35.7%		63.3%		50.3%		24.4%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Amount is less than $0.005 per share.
**	Annualized

Financial Highlights SEMIANNUAL REPORT 127

Calamos Value Fund

	CLASS B
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$ 8.46			$14.01			$13.13			$12.61			$11.73			$11.08			$7.63
Income from investment operations:
Net investment income (loss)		0.00	#*		(0.06	)#		(0.09	)#		(0.06	)#		(0.07	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(0.48	)		(4.59	)		1.66			0.58			1.45			0.68			3.47
Total from investment operations		(0.48	)		(4.65	)		1.57			0.52			1.38			0.65			3.45
Distributions:
Dividends from net investment income		—			—			—			—			—			—			—
Dividends from net realized gains		—			(0.90	)		(0.69	)		—			(0.50	)		—			—
Total distributions		—			(0.90	)		(0.69	)		—			(0.50	)		—			—
Net asset value, end of period		$ 7.98			$8.46			$14.01			$13.13			$12.61			$11.73			$11.08
Ratios and supplemental data:
Total return(a)		(5.67	%)		(35.24	%)		12.50	%		4.12	%		12.01	%		5.87	%		45.22	%
Net assets, end of period (000)		$4,519			$5,377			$10,867			$9,898			$9,205			$7,676			$3,865
Ratio of net expenses to average net assets		2.40	%**		2.23	%		2.21	%		2.21	%**		2.22	%		2.36	%		2.50	%
Ratio of net investment income (loss) to average net assets		0.09	%**		(0.51	%)		(0.70	%)		(0.79	%)**		(0.65	%)		(0.68	%)		(1.15	%)
Ratio of gross expenses to average net assets prior to expense reductions		2.41	%**		2.24	%		2.21	%		2.21	%**		2.22	%		2.36	%		2.77	%

	CLASS C
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$ 8.45			$14.00			$13.12			$12.60			$11.72			$11.08			$7.63
Income from investment operations:
Net investment income (loss)		0.00	#*		(0.06	)#		(0.09	)#		(0.06	)#		(0.07	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(0.48	)		(4.59	)		1.66			0.58			1.45			0.68			3.46
Total from investment operations		(0.48	)		(4.65	)		1.57			0.52			1.38			0.64			3.45
Distributions:
Dividends from net investment income		—			—			—			—			—			—			—
Dividends from net realized gains		—			(0.90	)		(0.69	)		—			(0.50	)		—			—
Total distributions		—			(0.90	)		(0.69	)		—			(0.50	)		—			—
Net asset value, end of period		$ 7.97			$8.45			$14.00			$13.12			$12.60			$11.72			$11.08
Ratios and supplemental data:
Total return(a)		(5.68	%)		(35.27	%)		12.51	%		4.13	%		12.02	%		5.78	%		45.22	%
Net assets, end of period (000)		$5,970			$7,295			$14,364			$15,621			$14,999			$12,991			$6,894
Ratio of net expenses to average net assets		2.40	%**		2.23	%		2.21	%		2.21	%**		2.22	%		2.36	%		2.50	%
Ratio of net investment income (loss) to average net assets		0.09	%**		(0.51	%)		(0.70	%)		(0.79	%)**		(0.65	%)		(0.68	%)		(1.15	%)
Ratio of gross expenses to average net assets prior to expense reductions		2.41	%**		2.24	%		2.21	%		2.21	%**		2.22	%		2.36	%		2.77	%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Amount is less than $0.005 per share.
**	Annualized

  128
SEMIANNUAL REPORT Financial Highlights

Calamos Value Fund

	CLASS I
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$ 9.05			$ 14.92			$13.81			$13.18			$12.11			$11.33			$7.72
Income from investment operations:
Net investment income (loss)		0.04	#		0.06	#		0.04	#		0.02	#		0.04			0.03			(0.01	)
Net realized and unrealized gain (loss) on investments		(0.51	)		(4.91	)		1.76			0.61			1.53			0.75			3.62
Total from investment operations		(0.47	)		(4.85	)		1.80			0.63			1.57			0.78			3.61
Distributions:
Dividends from net investment income		(0.04	)		(0.12	)		—			—			—			—			—
Dividends from net realized gains		—			(0.90	)		(0.69	)		—			(0.50	)		—			—
Total distributions		(0.04	)		(1.02	)		(0.69	)		—			(0.50	)		—			—
Net asset value, end of period		$8.54			$9.05			$14.92			$13.81			$13.18			$12.11			$11.33
Ratios and supplemental data:
Total return(a)		(5.20	%)		(34.64	%)		13.60	%		4.78	%		13.22	%		6.88	%		46.76	%
Net assets, end of period (000)		$15,514			$17,711			$29,628			$6,951			$4,120			$3,174			$2,461
Ratio of net expenses to average net assets		1.40	%**		1.23	%		1.21	%		1.21	%**		1.22	%		1.36	%		1.50	%
Ratio of net investment income (loss) to average net assets		1.09	%**		0.49	%		0.30	%		0.21	%**		0.35	%		0.32	%		(0.15	%)
Ratio of gross expenses to average net assets prior to expense reductions		1.41	%**		1.24	%		1.21	%		1.21	%**		1.22	%		1.36	%		1.77	%

	CLASS R
	(unaudited)						March 1,
	Six Months			Year			2007Ù
	Ended			Ended			through
	April 30,			October 31,			October 31,
	2009			2008			2007
Net asset value, beginning of period		$8.87			$14.66			$13.18
Income from investment operations:
Net investment income (loss)#		0.02			0.00	*		(0.02	)
Net realized and unrealized gain (loss) on investments		(0.50	)		(4.82	)		1.50
Total from investment operations		(0.48	)		(4.82	)		1.48
Distributions:
Dividends from net investment income		—			(0.07	)		—
Dividends from net realized gains		—			(0.90	)		—
Total distributions		—			(0.97	)		—
Net asset value, end of period		$8.39			$8.87			$14.66
Ratios and supplemental data:
Total return(a)		(5.41	%)		(34.96	%)		11.23	%
Net assets, end of period (000)		$68			$72			$111
Ratio of net expenses to average net assets		1.90	%**		1.73	%		1.71	%**
Ratio of net investment income (loss) to average net assets		0.59	%**		(0.01	%)		(0.20	%)**
Ratio of gross expenses to average net assets prior to expense reductions		1.91	%**		1.74	%		1.71	%**

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Amount is less than $0.005 per share.
**	Annualized
Ù	Commencement of operations

Financial Highlights SEMIANNUAL REPORT 129

Calamos Blue Chip

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(unaudited)									April 1,									December 1,
	Six Months									2006									2003Ù
	Ended			Year Ended						through			Year Ended						through
	April 30,			October 31,						October 31,			March 31,						March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$8.91			$14.82			$12.75			$12.12			$10.91			$10.27			$10.00
Income from investment operations:
Net investment income (loss)		0.04	#		0.06	#		0.04	#		0.02			0.02			0.02			(0.01	)
Net realized and unrealized gain (loss) on investments		(0.50	)		(5.05	)		2.11			0.61			1.19			0.63			0.28
Total from investment operations		(0.46	)		(4.99	)		2.15			0.63			1.21			0.65			0.27
Distributions:
Dividends from net investment income		(0.04	)		(0.03	)		(0.04	)		—			—			(0.01	)		—
Dividends from net realized gains		—			(0.89	)		(0.04	)		—			—			—			—
Total distributions		(0.04	)		(0.92	)		(0.08	)		—			—			(0.01	)		—
Net asset value, end of period		$8.41			$8.91			$14.82			$12.75			$12.12			$10.91			$10.27
Ratios and supplemental data:
Total return(a)		(5.18	%)		(35.66	%)		16.93	%		5.20	%		11.09	%		6.33	%		2.70	%
Net assets, end of period (000)		$32,070			$67,229			$107,955			$105,014			$95,552			$76,809			$28,499
Ratio of net expenses to average net assets		1.58	%*		1.45	%		1.44	%		1.43	%*		1.46	%		1.70	%		1.75	%*
Ratio of net investment income (loss) to average net assets		1.04	%*		0.49	%		0.33	%		0.29	%*		0.16	%		0.25	%		(0.42	%)*
Ratio of gross expenses to average net assets prior to expense reductions		1.58	%*		1.46	%		1.45	%		1.43	%*		1.46	%		1.70	%		2.56	%*

		(unaudited)						April 1,						December 1,
	��	Six Months						2006						2003
		Ended		Year Ended				through		Year Ended				through
		April 30,		October 31,				October 31,		March 31,				March 31,
		2009		2008		2007		2006		2006		2005		2004
Portfolio turnover rate			27.4%		39.8%		45.9%		25.5%		27.7%		37.6%		4.3%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

  130
SEMIANNUAL REPORT Financial Highlights

Calamos Blue Chip

	CLASS B
	(unaudited)									April 1,									December 1,
	Six Months									2006									2003Ù
	Ended			Year Ended						through			Year Ended						through
	April 30,			October 31,						October 31,			March 31,						March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$ 8.63			$14.44			$12.49			$11.92			$10.82			$10.25			$10.00
Income from investment operations:
Net investment income (loss)		0.01	#		(0.03	)#		(0.06	)#		(0.05	)		(0.07	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(0.49	)		(4.89	)		2.05			0.62			1.17			0.60			0.27
Total from investment operations		(0.48	)		(4.92	)		1.99			0.57			1.10			0.57			0.25
Distributions:
Dividends from net investment income		—			—			—			—			—			—			—
Dividends from net realized gains		—			(0.89	)		(0.04	)		—			—			—			—
Total distributions		—			(0.89	)		(0.04	)		—			—			—			—
Net asset value, end of period		$8.15			$8.63			$14.44			$12.49			$11.92			$10.82			$10.25
Ratios and supplemental data:
Total return(a)		(5.56	%)		(36.08	%)		15.96	%		4.78	%		10.17	%		5.56	%		2.50	%
Net assets, end of period (000)		$4,585			$4,833			$8,694			$8,007			$8,452			$7,219			$3,894
Ratio of net expenses to average net assets		2.33	%*		2.20	%		2.19	%		2.18	%*		2.21	%		2.45	%		2.50	%*
Ratio of net investment income (loss) to average net assets		0.29	%*		(0.26	%)		(0.42	%)		(0.46	%)*		(0.59	%)		(0.50	%)		(1.17	%)*
Ratio of gross expenses to average net assets prior to expense reductions		2.33	%*		2.21	%		2.20	%		2.18	%*		2.21	%		2.45	%		3.31	%*

	CLASS C
	(unaudited)									April 1,									December 1,
	Six Months									2006									2003Ù
	Ended			Year Ended						through			Year Ended						through
	April 30,			October 31,						October 31,			March 31,						March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$ 8.63			$14.45			$12.49			$11.93			$10.82			$10.25			$10.00
Income from investment operations:
Net investment income (loss)		0.01	#		(0.03	)#		(0.06	)#		(0.04	)		(0.07	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(0.49	)		(4.90	)		2.06			0.60			1.18			0.60			0.27
Total from investment operations		(0.48	)		(4.93	)		2.00			0.56			1.11			0.57			0.25
Distributions:
Dividends from net investment income		—			—			—			—			—			—			—
Dividends from net realized gains		—			(0.89	)		(0.04	)		—			—			—			—
Total distributions		—			(0.89	)		(0.04	)		—			—			—			—
Net asset value, end of period		$8.15			$8.63			$14.45			$12.49			$11.93			$10.82			$10.25
Ratios and supplemental data:
Total return(a)		(5.56	%)		(36.13	%)		16.04	%		4.69	%		10.26	%		5.56	%		2.50	%
Net assets, end of period (000)		$9,493			$8,489			$14,389			$14,430			$14,233			$12,337			$4,822
Ratio of net expenses to average net assets		2.33	%*		2.20	%		2.19	%		2.18	%*		2.21	%		2.45	%		2.50	%*
Ratio of net investment income (loss) to average net assets		0.29	%*		(0.26	%)		(0.42	%)		(0.46	%)*		(0.59	%)		(0.50	%)		(1.17	%)*
Ratio of gross expenses to average net assets prior to expense reductions		2.33	%*		2.21	%		2.20	%		2.18	%*		2.21	%		2.45	%		3.31	%*

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

Financial Highlights SEMIANNUAL REPORT 131

Calamos Blue Chip

	CLASS I
	(unaudited)									April 1,									December 1,
	Six Months									2006									2003Ù
	Ended			Year Ended						through			Year Ended						through
	April 30,			October 31,						October 31,			March 31,						March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$ 8.97			$14.90			$12.84			$12.19			$10.94			$10.28			$10.00
Income from investment operations:
Net investment income (loss)		0.05#			0.09#			0.08#			0.04			0.01			0.04			(0.00	)*
Net realized and unrealized gain (loss) on investments		(0.51	)		(5.06	)		2.11			0.61			1.24			0.64			0.28
Total from investment operations		(0.46	)		(4.97	)		2.19			0.65			1.25			0.68			0.28
Distributions:
Dividends from net investment income		(0.07	)		(0.07	)		(0.09	)		—			—			(0.02	)		—
Dividends from net realized gains		—			(0.89	)		(0.04	)		—			—			—			—
Total distributions		(0.07	)		(0.96	)		(0.13	)		—			—			(0.02	)		—
Net asset value, end of period		$8.44			$ 8.97			$14.90			$12.84			$12.19			$10.94			$10.28
Ratios and supplemental data:
Total return(a)		(5.10	%)		(35.44	%)		17.15	%		5.33	%		11.43	%		6.64	%		2.80	%
Net assets, end of period (000)		$19,390			$22,337			$34,783			$19,153			$17,881			$2,686			$1,427
Ratio of net expenses to average net assets		1.33	%**		1.20	%		1.19	%		1.18	%**		1.21	%		1.45	%		1.50	%**
Ratio of net investment income (loss) to average net assets		1.29	%**		0.74	%		0.58	%		0.54	%**		0.41	%		0.50	%		(0.17	%)**
Ratio of gross expenses to average net assets prior to expense reductions		1.33	%**		1.21	%		1.20	%		1.18	%**		1.21	%		1.45	%		2.31	%**

	CLASS R
	(unaudited)						March 1,
	Six Months			Year			2007Ù
	Ended			Ended			through
	April 30,			October 31,			October 31,
	2009			2008			2007
Net asset value, beginning of period		$8.88			$14.79			$12.80
Income from investment operations:
Net investment income (loss)#		0.03			0.03			0.01
Net realized and unrealized gain (loss) on investments		(0.50	)		(5.04	)		1.98
Total from investment operations		(0.47	)		(5.01	)		1.99
Distributions:
Dividends from net investment income		(0.03	)		(0.01	)		—
Dividends from net realized gains		—			(0.89	)		—
Total distributions		(0.03	)		(0.90	)		—
Net asset value, end of period		$8.38			$8.88			$14.79
Ratios and supplemental data:
Total return(a)		(5.33	%)		(35.82	%)		15.55	%
Net assets, end of period (000)		$101			$106			$116
Ratio of net expenses to average net assets		1.83	%**		1.70	%		1.69	%**
Ratio of net investment income (loss) to average net assets		0.79	%**		0.24	%		0.08	%**
Ratio of gross expenses to average net assets prior to expense reductions		1.83	%**		1.71	%		1.70	%**

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Amount is less than $0.005 per share
**	Annualized
Ù	Commencement of operations

  132
SEMIANNUAL REPORT Financial Highlights

Calamos Multi-Fund Blend

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A												CLASS B
	(unaudited)									June 28,			(unaudited)									June 28,
	Six Months			Year						2006Ù			Six Months			Year						2006Ù
	Ended			Ended						through			Ended			Ended						through
	April 30,			October 31,						October 31,			April 30,			October 31,						October 31,
	2009			2008			2007			2006			2009			2008			2007			2006
Net asset value, beginning of period		$7.79			$13.44			$10.92			$10.00			$7.69			$13.31			$10.89			$10.00
Income from investment operations:
Net investment income (loss)		0.07#			(0.02	)#		(0.04	)		(0.01	)		0.04	#		(0.10	)#		(0.09	)		(0.02	)
Net realized and unrealized gain (loss) on investments		0.14			(5.47	)		2.56			0.93			0.13			(5.42	)		2.51			0.91
Total from investment operations		0.21			(5.49	)		2.52			0.92			0.17			(5.52	)		2.42			0.89
Distributions:
Dividends from net investment income		—			(0.06	)		—			—			—			—			—			—
Dividends from net realized gains		—			(0.10	)		—			—			—			(0.10	)		—			—
Total distributions		—			(0.16	)		—			—			—			(0.10	)		—			—
Net asset value, end of period		$8.00			$ 7.79			$13.44			$10.92			$7.86			$ 7.69			$13.31			$10.89
Ratios and supplemental data:
Total return(a)		2.70	%		(41.28	%)		23.08	%		9.20	%		2.21	%		(41.73	%)		22.22	%		8.90	%
Net assets, end of period (000)		$6,965			$8,035			$19,034			$3,934			$1,903			$2,248			$4,772			$715
Ratio of net expenses to average net assets		0.50	%*		0.50	%		0.50	%		0.50	% *		1.25	% *		1.25	%		1.25	%		1.25	%
Ratio of net investment income (loss) to average net assets		1.96	%*		(0.17	%)		(0.50	%)		(0.50	%)*		1.21	% *		(0.92	%)		(1.25	%)		(1.25	%)
Ratio of gross expenses to average net assets prior to expense reductions		1.34	%*		0.76	%		1.27	%		10.91	% *		2.10	% *		1.51	%		2.02	%		11.66	%

	(unaudited)						June 28,
	Six Months		Year				2006
	Ended		Ended				through
	April 30,		October 31,				October 31,
	2009		2008		2007		2006
Portfolio turnover rate		30.7%		37.7%		9.9%		0.0%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

Financial Highlights SEMIANNUAL REPORT 133

Calamos Multi-Fund Blend

	CLASS C												CLASS I
	(unaudited)									June 28,			(unaudited)									June 28,
	Six Months									2006Ù			Six Months									2006Ù
	Ended			Year Ended						through			Ended									through
	April 30,			October 31,						October 31,			April 30,			Year Ended October 31,						October 31,
	2009			2008			2007			2006			2009			2008			2007			2006
Net asset value, beginning of period		$7.69			$13.31			$10.89			$10.00			$7.82			$13.48			$10.93			$10.00
Income from investment operations:
Net investment income (loss)		0.04	#		(0.10	)#		(0.10	)		(0.02	)		0.08	#		0.01	#		(0.02	)		(0.00	)
Net realized and unrealized gain (loss) on investments		0.13			(5.42	)		2.52			0.91			0.14			(5.49	)		2.57			0.93
Total from investment operations		0.17			(5.52	)		2.42			0.89			0.22			(5.48	)		2.55			0.93
Distributions:
Dividends from net investment income		—			—			—			—			—			(0.08	)		—			—
Dividends from net realized gains		—			(0.10	)		—			—			—			(0.10	)		—			—
Total distributions		—			(0.10	)		—			—			—			(0.18	)		—			—
Net asset value, end of period		$7.86			$ 7.69			$13.31			$10.89			$8.04			$7.82			$13.48			$10.93
Ratios and supplemental data:
Total return(a)		2.21	%		(41.73	%)		22.22	%		8.90	%		2.81	%		(41.13	%)		23.33	%		9.30	%
Net assets, end of period (000)		$5,197			$5,179			$11,648			$2,032			$117			$122			$121			$23
Ratio of net expenses to average net assets		1.25	%**		1.25	%		1.25	%		1.25	%**		0.25	%**		0.25	%		0.25	%		0.25	%**
Ratio of net investment income (loss) to average net assets		1.21	%**		(0.92	%)		(1.25	%)		(1.25	%)**		2.21	%**		0.08	%		(0.25	%)		(0.25	%)**
Ratio of gross expenses to average net assets prior to expense reductions		2.10	%**		1.51	%		2.02	%		11.66	%**		1.11	%**		0.51	%		1.02	%		10.66	% **

	CLASS R
	(unaudited)						March 1,
	Six Months						2007Ù
	Ended			Year Ended			through
	April 30,			October 31,			October 31,
	2009			2008			2007
Net asset value, beginning of period		$7.77			$13.42			$11.14
Income from investment operations:
Net investment income (loss)		0.06	#		(0.05	)#		(0.06	)
Net realized and unrealized gain (loss) on investments		0.14			(5.47	)		2.34
Total from investment operations		0.20			(5.52	)		2.28
Distributions:
Dividends from net investment income		—			(0.03	)		—
Dividends from net realized gains		—			(0.10	)		—
Total distributions		—			(0.13	)		—
Net asset value, end of period		$7.97			$7.77			$13.42
Ratios and supplemental data:
Total return(a)		2.57	%		(41.46	%)		20.47	%
Net assets, end of period (000)		$ 72			$    71			$ 120
Ratio of net expenses to average net assets		0.75	%*		0.75	%		0.75	%*
Ratio of net investment income (loss) to average net assets		1.71	%*		(0.42	%)		(0.75	%)*
Ratio of gross expenses to average net assets prior to expense reductions		1.61	%*		1.01	%		1.52	%*

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Amount is less than $0.005 per share.
**	Annualized
Ù	Commencement of operations

  134
SEMIANNUAL REPORT Financial Highlights

Calamos 130/30 Equity Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A						CLASS B						CLASS C
	(unaudited)						(unaudited)						(unaudited)
	Six Months			June 20, 2008Ù			Six Months			June 20, 2008Ù			Six Months			June 20, 2008Ù
	Ended			through			Ended			through			Ended			through
	April 30,			October 31,			April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008			2009			2008
Net asset value, beginning of period		$ 6.47			$10.00			$6.45			$10.00			$6.45			$10.00
Income from investment operations:
Net investment income (loss)#		0.14			(0.01	)		0.12			(0.04	)		0.12			(0.04	)
Net realized and unrealized gain (loss) on investments		(1.27	)		(3.52	)		(1.26	)		(3.51	)		(1.26	)		(3.51	)
Total from investment operations		(1.13	)		(3.53	)		(1.14	)		(3.55	)		(1.14	)		(3.55	)
Distributions:
Dividends from net investment income		(0.02	)		—			—			—			—			—
Dividends from net realized gains		—			—			—			—			—			—
Total distributions		(0.02	)		—			—			—			—			—
Net asset value, end of period		$5.32			$ 6.47			$ 5.31			$ 6.45			$5.31			$6.45
Ratios and supplemental data:
Total return(a)		(17.52	%)		(35.30	%)		(17.67	%)		(35.50	%)		(17.67	%)		(35.50	%)
Net assets, end of period (000)		$765			$887			$555			$673			$588			$663
Ratio of net expenses to average net assets(b)		1.83	%*		1.98	%*		2.58	%*		2.73	%*		2.58	%*		2.73	% *
Ratio of net investment income (loss) to average net assets		5.05	%*		(0.48	%)*		4.30	%*		(1.23	%)*		4.30	%*		(1.23	%) *
Ratio of gross expenses to average net assets prior to waiver of expenses by the Advisor		3.17	%*		2.92	%*		3.92	%*		3.67	%*		3.92	%*		3.67	%*

	(unaudited)		June 20,
	Six Months		2008
	Ended		through
	April 30,		October 31,
	2009		2008
Portfolio turnover rate		75.0%		72.0%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions.
(b)	Includes 0.10% 0.27% for the six months ended April 30, 2009, and the period ended October 31, 2008, respectively, related to interest and dividend expense on short positions.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

Financial Highlights SEMIANNUAL REPORT 135

Calamos 130/30 Equity Fund

	CLASS I						CLASS R
	(unaudited)			June 20,			(unaudited)			June 20,
	Six Months			2008Ù			Six Months			2008Ù
	Ended			through			Ended			through
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008
Net asset value, beginning of period		$6.47			$10.00			$6.46			$10.00
Income from investment operations:
Net investment income (loss)#		0.15			(0.01	)		0.13			(0.02	)
Net realized and unrealized gain (loss) on investments		(1.26	)		(3.52	)		(1.26	)		(3.52	)
Total from investment operations		(1.11	)		(3.53	)		(1.13	)		(3.54	)
Distributions:
Dividends from net investment income		(0.03	)		—			(0.01	)		—
Dividends from net realized gains		—			—			—			—
Total distributions		(0.03	)		—			(0.01	)		—
Net asset value, end of period		$5.33			$6.47			$5.32			$6.46
Ratios and supplemental data:
Total return(a)		(17.23	%)		(35.30	%)		(17.53	%)		(35.40	%)
Net assets, end of period (000)		$11,239			$13,597			$533			$646
Ratio of net expenses to average net assets (b)		1.58	%*		1.73	%*		2.08	%*		2.23	%*
Ratio of net investment income (loss) to average net assets		5.30	%*		(0.23	%)*		4.80	%*		(0.73	%)*
Ratio of gross expenses to average net assets prior to waiver of expenses by the Advisor		2.92	%*		2.67	%*		3.42	%*		3.17	%*

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions.
(b)	Includes 0.10% 0.27% for the six months ended April 30, 2009, and the period ended October 31, 2008, respectively, related to interest and dividend expense on short positions.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

  136
SEMIANNUAL REPORT Financial Highlights

Calamos Global Growth and Income Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(unaudited)									April 1,
	Six Months									2006
	Ended									through
	April 30,			Year Ended October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$ 7.35			$ 12.83			$10.50			$10.18			$ 8.27			$ 8.04			$6.27
Income from investment operations:
Net investment income (loss)#		0.11	#		0.12			0.07			0.04			0.12			0.14			0.13
Net realized and unrealized gain (loss) on investments		0.55			(4.88	)		2.60			0.38			2.19			0.09			1.65
Total from investment operations		0.66			(4.76	)		2.67			0.42			2.31			0.23			1.78
Distributions:
Dividends from net investment income		(0.23	)		—			—			(0.10	)		(0.24	)		—			(0.01	)
Dividends from net realized gains		—			(0.72	)		(0.34	)		—			(0.16	)		(0.00	)*		—
Total distributions		(0.23	)		(0.72	)		(0.34	)		(0.10	)		(0.40	)		—			(0.01	)
Net asset value, end of period		$ 7.78			$ 7.35			$12.83			$10.50			$10.18			$ 8.27			$8.04
Ratios and supplemental data:
Total return(a)		9.22	%		(39.08	%)		26.17	%		4.19	%		28.25	%		2.90	%		28.42	%
Net assets, end of period (000)		$239,779			$300,563			$625,429			$451,280			$387,476			$183,797			$93,830
Ratio of net expenses to average net assets		1.48	%**		1.36	%		1.38	%		1.41	%**		1.44	%		1.51	%		1.69	%
Ratio of net investment income (loss) to average net assets		3.00	%**		1.12	%		0.61	%		0.67	%**		1.29	%		1.78	%		1.72	%
Ratio of gross expenses to average net assets prior to expense reductions		1.48	%**		1.36	%		1.38	%		1.42	%**		1.44	%		1.51	%		1.69	%

	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through			Year Ended
	April 30,			October 31,						October 31,			March 31,
	2009			2008			2007			2006			2006			2005			2004
Portfolio turnover rate		36.0	%		117.7	%		83.3	%		42.2	%		59.0	%		45.5	%		48.5	%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Amount is less than $0.005 per share.
**	Annualized

Financial Highlights SEMIANNUAL REPORT 137

Calamos Global Growth and Income Fund

	CLASS B
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$ 7.52			$13.21			$10.88			$10.57			$8.60			$8.43			$6.63
Income from investment operations:
Net investment income (loss)#		0.08	#		0.04			(0.02	)		(0.01	)		0.05			0.09			0.08
Net realized and unrealized gain (loss) on investments		0.56			(5.01	)		2.69			0.40			2.28			0.08			1.73
Total from investment operations		0.64			(4.97	)		2.67			0.39			2.33			0.17			1.81
Distributions:
Dividends from net investment income		(0.21	)		—			—			(0.08	)		(0.20	)		—			(0.01	)
Dividends from net realized gains		—			(0.72	)		(0.34	)		—			(0.16	)		(0.00	)*		—
Total distributions		(0.21	)		(0.72	)		(0.34	)		(0.08	)		(0.36	)		—			(0.01	)
Net asset value, end of period		$ 7.95			$ 7.52			$13.21			$10.88			$10.57			$8.60			$8.43
Ratios and supplemental data:
Total return(a)		8.78	%		(39.57	%)		25.23	%		3.75	%		27.39	%		2.06	%		27.30	%
Net assets, end of period (000)		$47,116			$52,729			$99,134			$61,675			$52,547			$24,378			$13,878
Ratio of net expenses to average net assets		2.23	%**		2.11	%		2.13	%		2.16	%**		2.19	%		2.26	%		2.44	%
Ratio of net investment income (loss) to average net assets		2.25	%**		0.37	%		(0.14	%)		(0.08	%)**		0.54	%		1.03	%		0.97	%
Ratio of gross expenses to average net assets prior to expense reductions		2.23	%**		2.11	%		2.13	%		2.17	%**		2.19	%		2.26	%		2.44	%

	CLASS C
	(unaudited)									April 1,
	Six Months									2006
	Ended									through
	April 30,			Year Ended October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$7.06			$12.45			$10.27			$9.99			$8.15			$7.98			$6.28
Income from investment operations:
Net investment income (loss)#		0.08	#		0.04			(0.02	)		(0.00	)*		0.05			0.08			0.07
Net realized and unrealized gain (loss) on investments		0.52			(4.71	)		2.54			0.37			2.15			0.09			1.64
Total from investment operations		0.60			(4.67	)		2.52			0.37			2.20			0.17			1.71
Distributions:
Dividends from net investment income		(0.21	)		—			—			(0.09	)		(0.20	)		—			(0.01	)
Dividends from net realized gains		—			(0.72	)		(0.34	)		—			(0.16	)		(0.00	)*		—
Total distributions		(0.21	)		(0.72	)		(0.34	)		(0.09	)		(0.36	)		—			(0.01	)
Net asset value, end of period		$7.45			$7.06			$12.45			$10.27			$9.99			$8.15			$7.98
Ratios and supplemental data:
Total return(a)		8.80	%		(39.58	%)		25.27	%		3.69	%		27.31	%		2.17	%		27.23	%
Net assets, end of period (000)		$204,181			$236,088			$429,028			$273,198			$221,122			$101,794			$63,425
Ratio of net expenses to average net assets		2.23	%**		2.11	%		2.13	%		2.16	%**		2.19	%		2.26	%		2.44	%
Ratio of net investment income (loss) to average net assets		2.25	%**		0.37	%		(0.14	%)		(0.08	%)**		0.54	%		1.03	%		0.97	%
Ratio of gross expenses to average net assets prior to expense reductions		2.23	%**		2.11	%		2.13	%		2.17	%**		2.19	%		2.26	%		2.44	%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Amount is less than $0.005 per share.
**	Annualized

  138
SEMIANNUAL REPORT Financial Highlights

Calamos Global Growth and Income Fund

	CLASS I
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through						Year Ended
	April 30,			October 31,						October 31,						March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$7.43			$12.94			$10.57			$10.23			$8.30			$8.05			$6.27
Income from investment operations:
Net investment income (loss)#		0.12	#		0.14			0.10			0.05			0.15			0.16			0.15
Net realized and unrealized gain (loss) on investments		0.56			(4.93	)		2.61			0.40			2.19			0.09			1.64
Total from investment operations		0.68			(4.79	)		2.71			0.45			2.34			0.25			1.79
Distributions:
Dividends from net investment income		(0.23	)		—			—			(0.11	)		(0.25	)		—			(0.01	)
Dividends from net realized gains		—			(0.72	)		(0.34	)		—			(0.16	)		(0.00	)*		—
Total distributions		(0.23	)		(0.72	)		(0.34	)		(0.11	)		(0.41	)		—			(0.01	)
Net asset value, end of period		$7.88			$7.43			$12.94			$10.57			$10.23			$8.30			$8.05
Ratios and supplemental data:
Total return(a)		9.47	%		(38.97	%)		26.38	%		4.43	%		28.56	%		3.15	%		28.59	%
Net assets, end of period (000)		$138,896			$145,751			$225,092			$37,758			$28,532			$4,645			$4,251
Ratio of net expenses to average net assets		1.23	%**		1.11	%		1.13	%		1.16	%**		1.19	%		1.26	%		1.44	%
Ratio of net investment income (loss) to average net assets		3.25	%**		1.37	%		0.86	%		0.92	%**		1.54	%		2.03	%		1.97	%
Ratio of gross expenses to average net assets prior to expense reductions		1.23	%**		1.11	%		1.13	%		1.17	%**		1.19	%		1.26	%		1.44	%

	CLASS R
	(unaudited)						March 1,
	Six Months			Year			2007Ù
	Ended			Ended			through
	April 30,			October 31,			October 31,
	2009			2008			2007
Net asset value, beginning of period		$7.32			$12.81			$10.63
Income from investment operations:
Net investment income (loss)#		0.10	#		0.09			0.03
Net realized and unrealized gain (loss) on investments		0.55			(4.86	)		2.15
Total from investment operations		0.65			(4.77	)		2.18
Distributions:
Dividends from net investment income		(0.22	)		—			—
Dividends from net realized gains		—			(0.72	)		—
Total distributions		(0.22	)		(0.72	)		—
Net asset value, end of period		$7.75			$7.32			$12.81
Ratios and supplemental data:
Total return(a)		9.19	%		(39.23	%)		20.51	%
Net assets, end of period (000)		$291			$209			$121
Ratio of net expenses to average net assets		1.73	%*		1.61	%		1.63	%*
Ratio of net investment income (loss) to average net assets		2.75	%*		0.87	%		0.36	%*
Ratio of gross expenses to average net assets prior to expense reductions		1.73	%*		1.61	%		1.63	%*

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Amount is less than $0.005 per share.
**	Annualized
Ù	Commencement of operations

Financial Highlights SEMIANNUAL REPORT 139

Calamos International Growth Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(unaudited)									April 1,						March 16,
	Six Months									2006			Year			2005Ù
	Ended									through			Ended			through
	April 30,			Year Ended October 31,						October 31,			March 31,			March 31,
	2009			2008			2007			2006			2006			2005
Net asset value, beginning of period		$8.90			$19.16			$13.34			$13.10			$9.76			$10.00
Income from investment operations:
Net investment income (loss)		0.00	#*		0.04	#		0.06			0.03			0.07			0.01
Net realized and unrealized gain (loss) on investments		0.53			(9.61	)		5.85			0.21			3.33			(0.25	)
Total from investment operations		0.53			(9.57	)		5.91			0.24			3.40			(0.24	)
Distributions:
Dividends from net investment income		—			(0.08	)		(0.05	)		—			(0.06	)		—
Dividends from net realized gains		—			(0.61	)		(0.04	)		—			—			—
Total distributions		—			(0.69	)		(0.09	)		—			(0.06	)		—
Net asset value, end of period		$9.43			$8.90			$19.16			$13.34			$13.10			$9.76
Ratios and supplemental data:
Total return(a)		5.96	%		(51.67	%)		44.59	%		1.83	%		34.87	%		(2.40	%)
Net assets, end of period (000)		$82,279			$130,686			$270,864			$163,662			$127,471			$43,722
Ratio of net expenses to average net assets		1.57	%**		1.48	%		1.49	%		1.52	%**		1.62	%		1.75	%**
Ratio of net investment income (loss) to average net assets		0.08	%**		0.25	%		0.40	%		0.49	%**		0.80	%		2.00	%**
Ratio of gross expenses to average net assets prior to expense reductions		1.57	%**		1.48	%		1.49	%		1.53	%**		1.62	%		3.00	%**

	(unaudited)						April 1,				March 16,
	Six Months						2006		Year		2005
	Ended		Year Ended				through		Ended		through
	April 30,		October 31,				October 31,		March 31,		March 31,
	2009		2008		2007		2006		2006		2005
Portfolio turnover rate		22.1%		87.7%		80.1%		39.5%		49.3%		0.0%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Amounts are less than $0.005 per share.
**	Annualized
Ù	Commencement of operations

  140
SEMIANNUAL REPORT Financial Highlights

Calamos International Growth Fund

	CLASS B
	(unaudited)									April 1,						March 16,
	Six Months									2006			Year			2005Ù
	Ended			Year Ended						through			Ended			through
	April 30,			October 31,						October 31,			March 31,			March 31,
	2009			2008			2007			2006			2006			2005
Net asset value, beginning of period		$8.74			$18.88			$13.20			$13.02			$9.76			$10.00
Income from investment operations:
Net investment income (loss)		(0.03	)#		(0.07	)#		(0.04	)		(0.01	)		0.01			0.01
Net realized and unrealized gain (loss) on investments		0.51			(9.46	)		5.76			0.19			3.29			(0.25	)
Total from investment operations		0.48			(9.53	)		5.72			0.18			3.30			(0.24	)
Distributions:
Dividends from net investment income		—			—			—			—			(0.04	)		—
Dividends from net realized gains		—			(0.61	)		(0.04	)		—			—			—
Total distributions		—			(0.61	)		(0.04	)		—			(0.04	)		—
Net asset value, end of period		$9.22			$8.74			$18.88			$13.20			$13.02			$9.76
Ratios and supplemental data:
Total return(a)		5.49	%		(52.02	%)		43.49	%		1.38	%		33.81	%		(2.40	%)
Net assets, end of period (000)		$13,802			$15,978			$40,659			$19,227			$11,928			$98
Ratio of net expenses to average net assets		2.32	%*		2.23	%		2.24	%		2.27	%*		2.37	%		2.50	% *
Ratio of net investment income (loss) to average net assets		(0.67	%)*		(0.50	%)		(0.35	%)		(0.26	%)*		0.05	%		1.25	%*
Ratio of gross expenses to average net assets prior to expense reductions		2.32	%*		2.23	%		2.24	%		2.28	% *		2.37	%		3.75	%*

	CLASS C
	(unaudited)									April 1,						March 16,
	Six Months									2006			Year			2005Ù
	Ended			Year Ended						through			Ended			through
	April 30,			October 31,						October 31,			March 31,			March 31,
	2009			2008			2007			2006			2006			2005
Net asset value, beginning of period		$8.72			$18.85			$13.18			$13.00			$9.76			$10.00
Income from investment operations:
Net investment income (loss)		(0.03	)#		(0.07	)#		(0.04	)		(0.01	)		0.02			0.01
Net realized and unrealized gain (loss) on investments		0.52			(9.45	)		5.75			0.19			3.27			(0.25	)
Total from investment operations		0.49			(9.52	)		5.71			0.18			3.29			(0.24	)
Distributions:
Dividends from net investment income		—			—			—			—			(0.05	)		—
Dividends from net realized gains		—			(0.61	)		(0.04	)		—			—			—
Total distributions		—			(0.61	)		(0.04	)		—			(0.05	)		—
Net asset value, end of period		$9.21			$8.72			$18.85			$13.18			$13.00			$9.76
Ratios and supplemental data:
Total return(a)		5.62	%		(52.05	%)		43.48	%		1.38	%		33.73	%		(2.40	%)
Net assets, end of period (000)		$35,702			$43,401			$96,202			$56,899			$38,959			$98
Ratio of net expenses to average net assets		2.32	%*		2.23	%		2.24	%		2.27	%*		2.37	%		2.50	%*
Ratio of net investment income (loss) to average net assets		(0.67	%)*		(0.50	%)		(0.35	%)		(0.26	%)*		0.05	%		1.25	%*
Ratio of gross expenses to average net assets prior to expense reductions		2.32	%*		2.23	%		2.24	%		2.28	%*		2.37	%		3.75	%*

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

Financial Highlights SEMIANNUAL REPORT 141

Calamos International Growth Fund

	CLASS I
	(unaudited)									April 1,						March 16,
	Six Months									2006			Year			2005Ù
	Ended			Year Ended						through			Ended			through
	April 30,			October 31,						October 31,			March 31,			March 31,
	2009			2008			2007			2006			2006			2005
Net asset value, beginning of period		$8.93			$19.22			$13.37			$13.11			$9.76			$10.00
Income from investment operations:
Net investment income (loss)		0.01	#		0.08	#		0.07			0.05			0.09			0.01
Net realized and unrealized gain (loss) on investments		0.53			(9.65	)		5.90			0.21			3.33			(0.25	)
Total from investment operations		0.54			(9.57	)		5.97			0.26			3.42			(0.24	)
Distributions:
Dividends from net investment income		—			(0.11	)		(0.08	)		—			(0.07	)		—
Dividends from net realized gains		—			(0.61	)		(0.04	)		—			—			—
Total distributions		—			(0.72	)		(0.12	)		—			(0.07	)		—
Net asset value, end of period		$9.47			$8.93			$19.22			$13.37			$13.11			$9.76
Ratios and supplemental data:
Total return(a)		6.05	%		(51.56	%)		45.01	%		1.98	%		35.13	%		(2.40	%)
Net assets, end of period (000)		$31,482			$78,423			$157,986			$59,108			$52,011			$6,835
Ratio of net expenses to average net assets		1.32	%**		1.23	%		1.24	%		1.27	%**		1.37	%		1.50	%**
Ratio of net investment income (loss) to average net assets		0.33	%**		0.50	%		0.65	%		0.74	%**		1.05	%		2.25	%**
Ratio of gross expenses to average net assets prior to expense reductions		1.32	%**		1.23	%		1.24	%		1.28	%**		1.37	%		2.75	%**

	CLASS R
	(unaudited)						March 1,
	Six Months			Year			2007Ù
	Ended			Ended			through
	April 30,			October 31,			October 31,
	2009			2008			2007
Net asset value, beginning of period		$8.88			$19.13			$14.19
Income from investment operations:
Net investment income (loss)		(0.01	)#		—	#*		0.02
Net realized and unrealized gain (loss) on investments		0.52			(9.59	)		4.92
Total from investment operations		0.51			(9.59	)		4.94
Distributions:
Dividends from net investment income		—			(0.05	)		—
Dividends from net realized gains		—			(0.61	)		—
Total distributions		—			(0.66	)		—
Net asset value, end of period		$9.39			$8.88			$19.13
Ratios and supplemental data:
Total return(a)		5.74	%		(51.78	%)		34.81	%
Net assets, end of period (000)		$128			$83			$135
Ratio of net expenses to average net assets		1.82	%**		1.73	%		1.74	%**
Ratio of net investment income (loss) to average net assets		(0.17	%)**		0.00	%		0.15	%**
Ratio of gross expenses to average net assets prior to expense reductions		1.82	%**		1.73	%		1.74	%**

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Amounts are less than $0.005 per share.
**	Annualized
Ù	Commencement of operations

  142
SEMIANNUAL REPORT Financial Highlights

Calamos Global Equity Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A									CLASS B
	(unaudited)						March 1,			,(unaudited)						March 1,
	Six Months			Year			2007Ù			Six Months			Year			2007Ù
	Ended			Ended			through			Ended			Ended			through
	April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
	2009			2008			2007			2009			2008			2007
Net asset value, beginning of period		$7.16			$13.44			$10.00			$7.06			$13.36			$10.00
Income from investment operations:
Net investment income (loss)#		(0.01	)		(0.06	)		(0.02	)		(0.04	)		(0.14	)		(0.08	)
Net realized and unrealized gain (loss) on investments		0.33			(6.22	)		3.46			0.35			(6.16	)		3.44
Total from investment operations		0.32			(6.28	)		3.44			0.31			(6.30	)		3.36
Distributions:
Dividends from net investment income		(0.34	)		—			—			(0.28	)		—			—
Dividends from net realized gains		—			—			—			—			—			—
Total distributions		(0.34	)		—			—			(0.28	)		—			—
Net asset value, end of period		$7.14			$7.16			$13.44			$7.09			$7.06			$13.36
Ratios and supplemental data:
Total return(a)		5.10	%		(46.73	%)		34.40	%		4.92	%		(47.16	%)		33.60	%
Net assets, end of period (000)		$16,451			$23,904			$42,097			$1,612			$1,531			$2,529
Ratio of net expenses to average net assets		1.91	%*		1.82	%		1.75	%*		2.66	%*		2.57	%		2.50	%*
Ratio of net investment income (loss) to average net assets		(0.44	%)*		(0.52	%)		(0.30	%)*		(1.19	%)*		(1.27	%)		(1.05	%)*
Ratio of gross expenses to average net assets prior to expense reductions		2.18	%*		1.82	%		1.92	%*		2.93	%*		2.57	%		2.67	%*

	(unaudited)				March 1,
	Six Months		Year		2007
	Ended		Ended		through
	April 30,		October 31,		October 31,
	2009		2008		2007
Portfolio turnover rate		28.5%		83.7%		45.8%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

Financial Highlights SEMIANNUAL REPORT 143

Calamos Global Equity Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS C									CLASS I
	(unaudited)						March 1,			(unaudited)			Year			March 1,
	Six Months			Year			2007Ù			Six Months			Ended			2007Ù
	Ended			Ended			through			Ended			October 31,			through
	April 30,			October 31,			October 31,			April 30,			2008			October 31,
	2009			2008			2007			2009			2008			2007
Net asset value, beginning of period		$7.07			$13.37			$10.00			$7.19			$13.46			$10.00
Income from investment operations:
Net investment income (loss)#		(0.04	)		(0.14	)		(0.08	)		(0.01	)		(0.03	)		(0.00	) *
Net realized and unrealized gain (loss) on investments		0.34			(6.16	)		3.45			0.35			(6.24	)		3.46
Total from investment operations		0.30			(6.30	)		3.37			0.34			(6.27	)		3.46
Distributions:
Dividends from net investment income		(0.30	)		—			—			(0.39	)		—			—
Dividends from net realized gains					—			—						—			—
Total distributions		(0.30	)		—			—			(0.39	)		—			—
Net asset value, end of period		$7.07			$7.07			$13.37			$7.14			$7.19			$13.46
Ratios and supplemental data:
Total return(a)		4.70	%		(47.12	%)		33.70	%		5.34	%		(46.58	%)		34.60	%
Net assets, end of period (000)		$3,396			$4,339			$3,261			$3,548			$3,436			$5,714
Ratio of net expenses to average net assets		2.66	%**		2.57	%		2.50	%**		1.66	%**		1.57	%		1.50	%**
Ratio of net investment income (loss) to average net assets		(1.19	%)**		(1.27	%)		(1.05	%)**		(0.19	%)**		(0.27	%)		(0.05	%)**
Ratio of gross expenses to average net assets prior to expense reductions		2.93	%**		2.57	%		2.67	%**		1.93	%**		1.57	%		1.67	% **

	CLASS R
	(unaudited)						March 1,
	Six Months			Year			2007
	Ended			Ended			through
	April 30,			October 31,			October 31,
	2009			2008			2007
Net asset value, beginning of period		$7.13			$13.41			$10.00
Income from investment operations:
Net investment income (loss)#		(0.02	)		(0.08	)		(0.04	)
Net realized and unrealized gain (loss) on investments		0.33			(6.20	)		3.45
Total from investment operations		0.31			(6.28	)		3.41
Distributions:
Dividends from net investment income		(0.33	)		—			—
Dividends from net realized gains		—			—			—
Total distributions		(0.33	)		—			—
Net asset value, end of period		$7.11			$7.13			$13.41
Ratios and supplemental data:
Total return(a)		4.98	%		(46.83	%)		34.10	%
Net assets, end of period (000)		$749			$713			$1,341
Ratio of net expenses to average net assets		2.16	% **		2.07	%		2.00	% **
Ratio of net investment income (loss) to average net assets		(0.69	%)**		(0.77	%)		(0.55	%)**
Ratio of gross expenses to average net assets prior to expense reductions		2.43	% **		2.07	%		2.17	%**

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Amounts are less than $0.005 per share.
**	Annualized
Ù	Commencement of operations

  144
SEMIANNUAL REPORT Financial Highlights

Calamos Evolving World Growth Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A						CLASS B
	(unaudited)			August 15,			(unaudited)			August 15,
	Six Months			2008Ù			Six Months			2008Ù
	Ended			through			Ended			through
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008
Net asset value, beginning of period		$7.33			$10.00			$7.32			$10.00
Income from investment operations:
Net investment income (loss)#		0.08			0.01			0.06			(0.00	)*
Net realized and unrealized gain (loss) on investments		0.52			(2.68	)		0.51			(2.68	)
Total from investment operations		0.60			(2.67	)		0.57			(2.68	)
Distributions:
Dividends from net investment income		(0.06	)		—			(0.04	)		—
Dividends from net realized gains		—			—			—			—
Total distributions		(0.06	)		—			(0.04	)		—
Net asset value, end of period		$7.87			$7.33			$7.85			$7.32
Ratios and supplemental data:
Total return(a)		8.32	%		(26.70	%)		7.87	%		(26.80	%)
Net assets, end of period (000)		$2,086			$1,194			$814			$732
Ratio of net expenses to average net assets		1.72	%**		1.68	%**		2.47	%**		2.43	%**
Ratio of net investment income (loss) to average net assets		2.40	%**		0.71	%**		1.65	%**		(0.04	%)**
Ratio of gross expenses to average net assets prior to waiver of expenses by the Advisor		2.70	%**		3.01	%**		3.45	%**		3.76	%**

	(unaudited)		August 15,
	Six Months		2008
	Ended		through
	April 30,		October 31,
	2009		2008
Portfolio turnover rate		18.8%		1.2%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions.
#	Net investment income allocated based on average shares method.
*	Amounts are less than $0.005
**	Annualized
Ù	Commencement of operations

Financial Highlights SEMIANNUAL REPORT 145

Calamos Evolving World Growth Fund

	CLASS C						CLASS I
	(unaudited)			August 15,			(unaudited)			August 15,
	Six Months			2008Ù			Six Months			2008Ù
	Ended			through			Ended			through
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008
Net asset value, beginning of period		$7.32			$10.00			$7.33			$10.00
Income from investment operations:
Net investment income (loss)#		0.06			(0.00	)*		0.09			0.02
Net realized and unrealized gain (loss) on investments		0.51			(2.68	)		0.52			(2.69	)
Total from investment operations		0.57			(2.68	)		0.61			(2.67	)
Distributions:
Dividends from net investment income		(0.04	)		—			(0.07	)		—
Dividends from net realized gains		—			—			—			—
Total distributions		(0.04	)		—			(0.07	)
Net asset value, end of period		$7.85			$7.32			$7.87			$7.33
Ratios and supplemental data:
Total return(a)		7.87	%		(26.80	%)		8.39	%		(26.70	%)
Net assets, end of period (000)		$799			$734			$16,710			$15,404
Ratio of net expenses to average net assets		2.47	%**		2.43	%**		1.47	%**		1.43	%**
Ratio of net investment income (loss) to average net assets		1.65	%**		(0.04	%)**		2.65	%**		0.96	%**
Ratio of gross expenses to average net assets prior to waiver of expenses by the Advisor		3.45	%**		3.76	%**		2.45	%**		2.76	%**

	CLASS R
	(unaudited)			August 15,
	Six Months			2008Ù
	Ended			through
	April 30,			October 31,
	2009			2008
Net asset value, beginning of period		$7.33			$10.00
Income from investment operations:
Net investment income (loss)#		0.07			0.01
Net realized and unrealized gain (loss) on investments		0.51			(2.68	)
Total from investment operations		0.58			(2.67	)
Distributions:
Dividends from net investment income		(0.05	)		—
Dividends from net realized gains		—			—
Total distributions		(0.05	)		—
Net asset value, end of period		$7.86			$7.33
Ratios and supplemental data:
Total return(a)		8.06	%		(26.70	%)
Net assets, end of period (000)		$793			$732
Ratio of net expenses to average net assets		1.97	%**		1.93	%**
Ratio of net investment income (loss) to average net assets		2.15	%**		0.46	%**
Ratio of gross expenses to average net assets prior to waiver of expenses by the Advisor		2.95	%**		3.26	%**

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions.
#	Net investment income allocated based on average shares method.
*	Amounts are less than $0.005
**	Annualized
Ù	Commencement of operations

  146
SEMIANNUAL REPORT Financial Highlights

Calamos Convertible Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(unaudited)									April 1,
	Six Months									2006
	Ended									Through
	April 30,			Year Ended October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$14.13			$20.77			$19.98			$19.98			$20.42			$22.18			$17.15
Income from investment operations:
Net investment income (loss)		0.33	#		0.42	#		0.41	#		0.20	#		0.33			0.40			0.51
Net realized and unrealized gain (loss) on investments		1.58			(6.52	)		2.33			0.32			1.78			(0.76	)		5.13
Total from investment operations		1.91			(6.10	)		2.74			0.52			2.11			(0.36	)		5.64
Distributions:
Dividends from net investment income		(0.22	)		(0.48	)		(0.86	)		(0.52	)		(0.93	)		(0.36	)		(0.61	)
Dividends from net realized gains		(0.03	)		(0.06	)		(1.09	)		—			(1.62	)		(1.04	)		—
Total distributions		(0.25	)		(0.54	)		(1.95	)		(0.52	)		(2.55	)		(1.40	)		(0.61	)
Net asset value, end of period		$15.79			$14.13			$20.77			$19.98			$19.98			$20.42			$22.18
Ratios and supplemental data:
Total return(a)		13.73	%		(30.12	%)		14.80	%		2.70	%		10.97	%		(1.69	%)		33.16	%
Net assets, end of period (000)		$1,065,762			$222,243			$297,122			$356,203			$400,392			$498,262			$629,461
Ratio of net expenses to average net assets		1.09	%*		1.14	%		1.13	%		1.12	%*		1.12	%		1.11	%		1.15	%
Ratio of net investment income (loss) to average net assets		4.53	%*		2.22	%		2.11	%		1.78	%*		1.85	%		1.80	%		2.36	%
Ratio of gross expenses to average net assets prior to expense reductions		1.11	%*		1.15	%		1.13	%		1.12	%*		1.12	%		1.11	%		1.15	%

	(unaudited)						April 1,
	Six Months						2006
	Ended		Year Ended				Through		Year Ended
	April 30,		October 31,				October 31,		March 31,
	2009		2008		2007		2006		2006		2005		2004
Portfolio turnover rate		15.2%		90.9%		92.7%		33.7%		63.4%		50.6%		67.0%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized.

Financial Highlights SEMIANNUAL REPORT 147

Calamos Convertible Fund

	CLASS B
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						Through			Year Ended
	April 30,			October 31,						October 31,			March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$16.48			$24.27			$23.02			$22.90			$23.04			$24.88			$19.18
Income from investment operations:
Net investment income (loss)		0.32	#		0.32	#		0.31	#		0.14	#		0.24			0.26			0.37
Net realized and unrealized gain (loss) on investments		1.86			(7.62	)		2.71			0.37			1.99			(0.84	)		5.77
Total from investment operations		2.18			(7.30	)		3.02			0.51			2.23			(0.58	)		6.14
Distributions:
Dividends from net investment income		(0.15	)		(0.43	)		(0.68	)		(0.39	)		(0.75	)		(0.22	)		(0.44	)
Dividends from net realized gains		(0.03	)		(0.06	)		(1.09	)		—			(1.62	)		(1.04	)		—
Total distributions		(0.18	)		(0.49	)		(1.77	)		(0.39	)		(2.37	)		(1.26	)		(0.44	)
Net asset value, end of period		$18.48			$16.48			$24.27			$23.02			$22.90			$23.04			$24.88
Ratios and supplemental data:
Total return(a)		13.37	%		(30.66	%)		13.91	%		2.24	%		10.18	%		(2.43	%)		32.16	%
Net assets, end of period (000)		$84,767			$67,313			$129,258			$153,263			$171,282			$194,383			$229,323
Ratio of net expenses to average net assets		1.84	%*		1.89	%		1.88	%		1.87	%*		1.87	%		1.86	%		1.90	%
Ratio of net investment income (loss) to average net assets		3.78	%*		1.47	%		1.36	%		1.03	%*		1.10	%		1.05	%		1.61	%
Ratio of gross expenses to average net assets prior to expense reductions		1.86	%*		1.90	%		1.88	%		1.87	%*		1.87	%		1.86	%		1.90	%

	CLASS C
	(unaudited)									April 1,
	Six Months									2006
	Ended									Through
	April 30,			Year Ended October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$14.09			$20.82			$20.02			$19.99			$20.42			$22.22			$17.19
Income from investment operations:
Net investment income (loss)		0.27	#		0.28	#		0.27	#		0.12	#		0.18			0.23			0.33
Net realized and unrealized gain (loss) on investments		1.58			(6.51	)		2.33			0.32			1.79			(0.76	)		5.16
Total from investment operations		1.85			(6.23	)		2.60			0.44			1.97			(0.53	)		5.49
Distributions:
Dividends from net investment income		(0.17	)		(0.44	)		(0.71	)		(0.41	)		(0.78	)		(0.23	)		(0.46	)
Dividends from net realized gains		(0.03	)		(0.06	)		(1.09	)		—			(1.62	)		(1.04	)		—
Total distributions		(0.20	)		(0.50	)		(1.80	)		(0.41	)		(2.40	)		(1.27	)		(0.46	)
Net asset value, end of period		$15.74			$14.09			$20.82			$20.02			$19.99			$20.42			$22.22
Ratios and supplemental data:
Total return(a)		13.33	%		(30.62	%)		13.93	%		2.23	%		10.20	%		(2.45	%)		32.11	%
Net assets, end of period (000)		$377,995			$164,363			$268,809			$310,918			$346,000			$415,044			$522,146
Ratio of net expenses to average net assets		1.84	%*		1.89	%		1.88	%		1.87	%*		1.87	%		1.86	%		1.90	%
Ratio of net investment income (loss) to average net assets		3.78	%*		1.47	%		1.36	%		1.03	%*		1.10	%		1.05	%		1.61	%
Ratio of gross expenses to average net assets prior to expense reductions		1.86	%*		1.90	%		1.88	%		1.87	%*		1.87	%		1.86	%		1.90	%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized

  148
SEMIANNUAL REPORT Financial Highlights

Calamos Convertible Fund

	CLASS I
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						Through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$13.35			$19.62			$18.98			$19.01			$19.55			$21.29			$16.49
Income from investment operations:
Net investment income (loss)		0.33	#		0.43	#		0.44	#		0.22	#		0.35			0.43			0.51
Net realized and unrealized gain (loss) on investments		1.49			(6.15	)		2.20			0.30			1.72			(0.73	)		4.95
Total from investment operations		1.82			(5.72	)		2.64			0.52			2.07			(0.30	)		5.46
Distributions:
Dividends from net investment income		(0.23	)		(0.49	)		(0.91	)		(0.55	)		(0.99	)		(0.40	)		(0.66	)
Dividends from net realized gains		(0.03	)		(0.06	)		(1.09	)		—			(1.62	)		(1.04	)		—
Total distributions		(0.26	)		(0.55	)		(2.00	)		(0.55	)		(2.61	)		(1.44	)		(0.66	)
Net asset value, end of period		$14.91			$13.35			$19.62			$18.98			$19.01			$19.55			$21.29
Ratios and supplemental data:
Total return(a)		13.88	%		(29.95	%)		15.11	%		2.83	%		11.31	%		(1.47	%)		33.45	%
Net assets, end of period (000)		$229,971			$15,152			$17,781			$21,126			$26,304			$35,235			$51,614
Ratio of net expenses to average net assets		0.84	%*		0.89	%		0.88	%		0.87	%*		0.87	%		0.86	%		0.90	%
Ratio of net investment income (loss) to average net assets		4.78	%*		2.47	%		2.36	%		2.03	%*		2.10	%		2.05	%		2.61	%
Ratio of gross expenses to average net assets prior to expense reductions		0.86	%*		0.90	%		0.88	%		0.87	%*		0.87	%		0.86	%		0.90	%

	CLASS R
	(unaudited)						March 1,
	Six Months			Year			2007Ù
	Ended			Ended			through
	April 30,			October 31,			October 31,
	2009			2008			2007
Net asset value, beginning of period		$14.11			$20.75			$19.04
Income from investment operations:
Net investment income (loss)#		0.31			0.37			0.24
Net realized and unrealized gain (loss) on investments		1.58			(6.49	)		2.03
Total from investment operations		1.89			(6.12	)		2.27
Distributions:
Dividends from net investment income		(0.20	)		(0.46	)		(0.56	)
Dividends from net realized gains		(0.03	)		(0.06	)		—
Total distributions		(0.23	)		(0.52	)		(0.56	)
Net asset value, end of period		$15.77			$14.11			$20.75
Ratios and supplemental data:
Total return(a)		13.60	%		(30.19	%)		12.08	%
Net assets, end of period (000)		$273			$78			$112
Ratio of net expenses to average net assets		1.34	%*		1.39	%		1.38	%*
Ratio of net investment income (loss) to average net assets		4.28	%*		1.97	%		1.86	%*
Ratio of gross expenses to average net assets prior to expense reductions		1.36	%*		1.40	%		1.38	%*

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

Financial Highlights SEMIANNUAL REPORT 149

Calamos Market Neutral Income Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(unaudited)									April 1,
	Six Months									2006
	Ended									through
	April 30,			Year Ended October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$10.97			$13.31			$12.77			$12.67			$13.02			$14.45			$14.14
Income from investment operations:
Net investment income (loss)		0.16	#		0.30	#		0.47	#		0.30	#		0.55	#		0.33			0.51
Net realized and unrealized gain (loss) on investments		0.03			(2.13	)		0.51			0.13			0.09			(0.46	)		0.87
Total from investment operations		0.19			(1.83	)		0.98			0.43			0.64			(0.13	)		1.38
Distributions:
Dividends from net investment income		(0.43	)		(0.51	)		(0.44	)		(0.33	)		(0.99	)		(0.82	)		(0.76	)
Dividends from net realized gains		(0.29	)		—			—			—			—			(0.48	)		(0.31	)
Total distributions		(0.72	)		(0.51	)		(0.44	)		(0.33	)		(0.99	)		(1.30	)		(1.07	)
Net asset value, end of period		$10.44			$10.97			$13.31			$12.77			$12.67			$13.02			$14.45
Ratios and supplemental data:
Total return(a)		1.92	%		(14.22	%)		7.81	%		3.45	%		5.20	%		(1.03	%)		10.11	%
Net assets, end of period (000)		$734,784			$815,845			$1,012,912			$497,161			$254,292			$279,737			$402,820
Ratio of net expenses to average net assets(b)		1.20	%*		1.12	%		1.18	%		1.25	%*		1.57	%		1.32	%		1.51	%
Ratio of net investment income (loss) to average net assets		3.12	%*		2.40	%		3.63	%		4.03	%*		4.34	%		3.45	%		3.64	%
Ratio of gross expenses to average net assets prior to expense reductions(b)		1.21	%*		1.13	%		1.19	%		1.25	%*		1.57	%		1.32	%		1.51	%

	(unaudited)						April 1,
	Six Months						2006
	Ended		Year Ended				through
	April 30,		October 31,				October 31,		Year Ended March 31,
	2009		2008		2007		2006		2006		2005		2004
Portfolio turnover rate		25.0%		112.0%		104.7%		78.4%		137.1%		74.4%		123.0%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
(b)	Includes 0.05%, 0.04%, 0.08%, 0.10%, 0.43%, 0.18%, and 0.36%, for the six months ended April 30, 2009, the years ended October 31, 2008 and 2007, the period April 1, 2006 through October 31, 2006 period April 1, 2006 through October 31, 2006, and the years 2006, 2005, 2004, respectively, related to dividend expense on short positions.
#	Net investment income allocated based on average shares method.
*	Annualized.

  150
SEMIANNUAL REPORT Financial Highlights

Calamos Market Neutral Income Fund

	CLASS B
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$11.48			$13.90			$13.31			$13.18			$13.51			$14.95			$14.60
Income from investment operations:
Net investment income (loss)		0.13	#		0.22#			0.39	#		0.25	#		0.47	#		0.33			0.42
Net realized and unrealized gain (loss) on investments		0.02			(2.23	)		0.53			0.14			0.08			(0.56	)		0.89
Total from investment operations		0.15			(2.01	)		0.92			0.39			0.55			(0.23	)		1.31
Distributions:
Dividends from net investment income		(0.38	)		(0.41	)		(0.33	)		(0.26	)		(0.88	)		(0.73	)		(0.65	)
Dividends from net realized gains		(0.29	)		—			—			—			—			(0.48	)		(0.31	)
Total distributions		(0.67	)		(0.41	)		(0.33	)		(0.26	)		(0.88	)		(1.21	)		(0.96	)
Net asset value, end of period		$10.96			$11.48			$13.90			$13.31			$13.18			$13.51			$14.95
Ratios and supplemental data:
Total return(a)		1.52	%		(14.84	%)		7.04	%		3.00	%		4.33	%		(1.66	%)		9.22	%
Net assets, end of period (000)		$38,447			$43,852			$52,502			$46,453			$35,076			$40,019			$50,429
Ratio of net expenses to average net assets(b)		1.95	%*		1.87	%		1.93	%		2.00	%*		2.32	%		2.07	%		2.26	%
Ratio of net investment income (loss) to average net assets		2.37	%*		1.65	%		2.88	%		3.28	%*		3.59	%		2.70	%		2.89	%
Ratio of gross expenses to average net assets prior to expense reductions(b)		1.96	%*		1.88	%		1.94	%		2.00	%*		2.32	%		2.07	%		2.26	%

	CLASS C
	(unaudited)									April 1,
	Six Months									2006
	Ended									through
	April 30,			Year Ended October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$11.12			$13.48			$12.93			$12.83			$13.17			$14.61			$14.29
Income from investment operations:
Net investment income (loss)		0.12	#		0.21	#		0.38	#		0.25	#		0.46	#		0.24			0.41
Net realized and unrealized gain (loss) on investments		0.03			(2.16	)		0.51			0.12			0.08			(0.47	)		0.87
Total from investment operations		0.15			(1.95	)		0.89			0.37			0.54			(0.23	)		1.28
Distributions:
Dividends from net investment income		(0.38	)		(0.41	)		(0.34	)		(0.27	)		(0.88	)		(0.73	)		(0.65	)
Dividends from net realized gains		(0.29	)		—			—			—			—			(0.48	)		(0.31	)
Total distributions		(0.67	)		(0.41	)		(0.34	)		(0.27	)		(0.88	)		(1.21	)		(0.96	)
Net asset value, end of period		$10.60			$11.12			$13.48			$12.93			$12.83			$13.17			$14.61
Ratios and supplemental data:
Total return(a)		1.58	%		(14.84	%)		7.01	%		2.97	%		4.37	%		(1.69	%)		9.24	%
Net assets, end of period (000)		$302,088			$363,213			$457,924			$309,142			$162,218			$129,352			$185,568
Ratio of net expenses to average net assets(b)		1.95	%*		1.87	%		1.93	%		2.00	%*		2.32	%		2.07	%		2.26	%
Ratio of net investment income (loss) to average net assets		2.37	%*		1.65	%		2.88	%		3.28	%*		3.59	%		2.70	%		2.89	%
Ratio of gross expenses to average net assets prior to expense reductions(b)		1.96	%*		1.88	%		1.94	%		2.00	%*		2.32	%		2.07	%		2.26	%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
(b)	Includes 0.05%, 0.04%, 0.08%, 0.10%, 0.43%, 0.18%, and 0.36%, for the six months ended April 30, 2009, the years ended October 31, 2008 and 2007, the period April 1, 2006 through October 31, 2006 period April 1, 2006 through October 31, 2006, and the years 2006, 2005, 2004, respectively, related to dividend expense on short positions.
#	Net investment income allocated based on average shares method.
*	Annualized

Financial Highlights SEMIANNUAL REPORT 151

Calamos Market Neutral Income Fund

	CLASS I
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through			Year Ended
	April 30,			October 31,						October 31,			March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$10.88			$13.21			$12.67			$12.57			$12.92			$14.34			$14.05
Income from investment operations:
Net investment income (loss)		0.17	#		0.32	#		0.50	#		0.31	#		0.57	#		0.54			0.56
Net realized and unrealized gain (loss) on investments		0.03			(2.11	)		0.51			0.14			0.10			(0.63	)		0.84
Total from investment operations		0.20			(1.79	)		1.01			0.45			0.67			(0.09	)		1.40
Distributions:
Dividends from net investment income		(0.44	)		(0.54	)		(0.47	)		(0.35	)		(1.02	)		(0.85	)		(0.80	)
Dividends from net realized gains		(0.29	)		—			—			—			—			(0.48	)		(0.31	)
Total distributions		(0.73	)		(0.54	)		(0.47	)		(0.35	)		(1.02	)		(1.33	)		(1.11	)
Net asset value, end of period		$10.35			$10.88			$13.21			$12.67			$12.57			$12.92			$14.34
Ratios and supplemental data:
Total return(a)		2.08	%		(14.03	%)		8.12	%		3.62	%		5.56	%		(0.76	%)		10.32	%
Net assets, end of period (000)		$110,631			$102,745			$24,954			$14,450			$7,830			$39,561			$40,969
Ratio of net expenses to average net assets(b)		0.95	%*		0.87	%		0.93	%		1.00	%*		1.32	%		1.07	%		1.26	%
Ratio of net investment income (loss) to average net assets		3.37	%*		2.65	%		3.88	%		4.28	%*		4.59	%		3.70	%		3.89	%
Ratio of gross expenses to average net assets prior to expense reductions(b)		0.96	%*		0.88	%		0.94	%		1.00	%*		1.32	%		1.07	%		1.26	%

	CLASS R
	(unaudited)						March 1,
	Six Months			Year			2007Ù
	Ended			Ended			through
	April 30,			October 31,			October 31,
	2009			2008			2007
Net asset value, beginning of period		$10.96			$13.31			$12.84
Income from investment operations:
Net investment income (loss)#		0.15			0.27			0.30
Net realized and unrealized gain (loss) on investments		0.03			(2.14	)		0.40
Total from investment operations		0.18			(1.87	)		0.70
Distributions:
Dividends from net investment income		(0.42	)		(0.48	)		(0.23	)
Dividends from net realized gains		(0.29	)		—			—
Total distributions		(0.71	)		(0.48	)		(0.23	)
Net asset value, end of period		$10.43			$10.96			$13.31
Ratios and supplemental data:
Total return(a)		1.86	%		(14.48	%)		5.47	%
Net assets, end of period (000)		$312			$162			$105
Ratio of net expenses to average net assets(b)		1.45	%*		1.37	%		1.43	%*
Ratio of net investment income (loss) to average net assets		2.87	%*		2.15	%		3.38	%*
Ratio of gross expenses to average net assets prior to expense reductions(b)		1.46	%*		1.38	%		1.44	%*

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
(b)	Includes 0.05%, 0.04%, 0.08%, 0.10%, 0.43%, 0.18%, and 0.36%, for the six months ended April 30, 2009, the year ended October 31, 2008 and the period ended October 31, 2007, respectively, related to dividend expense on short positions.
#	Net investment income allocated based on average shares method.
*	Annualized.
Ù	Commencement of operations.

  152
SEMIANNUAL REPORT Financial Highlights

Calamos High Yield Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through			Year Ended
	April 30,			October 31,						October 31,			March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$7.11			$10.96			$10.71			$10.83			$10.75			$10.86			$9.60
Income from investment operations:
Net investment income (loss)		0.30	#		0.55	#		0.61			0.34			0.60			0.67			0.69
Net realized and unrealized gain (loss) on investments		0.79			(3.44	)		0.34			0.00	*		0.33			(0.07	)		1.28
Total from investment operations		1.09			(2.89	)		0.95			0.34			0.93			0.60			1.97
Distributions:
Dividends from net investment income		(0.19	)		(0.73	)		(0.64	)		(0.46	)		(0.72	)		(0.56	)		(0.71	)
Dividends from net realized gains		—			(0.23	)		(0.06	)		—			(0.13	)		(0.15	)		—
Total distributions		(0.19	)		(0.96	)		(0.70	)		(0.46	)		(0.85	)		(0.71	)		(0.71	)
Net asset value, end of period		$8.01			$7.11			$10.96			$10.71			$10.83			$10.75			$10.86
Ratios and supplemental data:
Total return(a)		15.77	%		(28.60	%)		9.16	%		3.32	%		9.11	%		5.67	%		20.87	%
Net assets, end of period (000)		$162,483			$90,995			$186,816			$147,400			$152,382			$119,798			$97,993
Ratio of net expenses to average net assets		1.26	%**		1.21	%		1.19	%		1.17	%**		1.19	%		1.24	%		1.30	%
Ratio of net investment income (loss) to average net assets		8.51	%**		5.69	%		5.39	%		5.50	%**		5.70	%		6.26	%		7.04	%
Ratio of gross expenses to average net assets prior to expense reductions		1.27	%**		1.21	%		1.20	%		1.17	%**		1.19	%		1.24	%		1.30	%

	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through
	April 30,			October 31,						October 31,			Year Ended March 31,
	2009			2008			2007			2006			2006			2005			2004
Portfolio turnover rate		27.1	%		47.5	%		74.1	%		27.1	%		73.1	%		39.7	%		44.2	%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Amounts are less than $0.005 per share.
**	Annualized.

Financial Highlights SEMIANNUAL REPORT 153

Calamos High Yield Fund

	CLASS B
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through			Year Ended
	April 30,			October 31,						October 31,			March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$7.35			$11.28			$11.00			$11.10			$10.99			$11.11			$9.82
Income from investment operations:
Net investment income (loss)		0.28	#		0.50	#		0.50			0.31			0.54			0.61			0.63
Net realized and unrealized gain (loss) on investments		0.82			(3.55	)		0.39			(0.01	)		0.34			(0.08	)		1.29
Total from investment operations		1.10			(3.05	)		0.89			0.30			0.88			0.53			1.92
Distributions:
Dividends from net investment income		(0.16	)		(0.65	)		(0.55	)		(0.40	)		(0.64	)		(0.50	)		(0.63	)
Dividends from net realized gains		—			(0.23	)		(0.06	)		—			(0.13	)		(0.15	)		—
Total distributions		(0.16	)		(0.88	)		(0.61	)		(0.40	)		(0.77	)		(0.65	)		(0.63	)
Net asset value, end of period		$8.29			$7.35			$11.28			$11.00			$11.10			$10.99			$11.11
Ratios and supplemental data:
Total return(a)		15.34	%		(29.06	%)		8.32	%		2.84	%		8.37	%		4.83	%		19.89	%
Net assets, end of period (000)		$17,362			$14,956			$27,806			$33,499			$31,960			$28,228			$26,657
Ratio of net expenses to average net assets		2.01	%*		1.96	%		1.94	%		1.92	%*		1.94	%		1.99	%		2.05	%
Ratio of net investment income(loss) to average net assets		7.76	%*		4.94	%		4.64	%		4.75	%*		4.95	%		5.51	%		6.29	%
Ratio of gross expenses to average net assets prior to expense reductions		2.02	%*		1.96	%		1.95	%		1.92	%*		1.94	%		1.99	%		2.05	%

	CLASS C
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through			Year Ended
	April 30,			October 31,						October 31,			March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$7.31			$11.22			$10.95			$11.05			$10.94			$11.06			$9.78
Income from investment operations:
Net investment income (loss)		0.28	#		0.49	#		0.48			0.30			0.54			0.61			0.62
Net realized and unrealized gain (loss) on investments		0.81			(3.52	)		0.40			—			0.33			(0.08	)		1.29
Total from investment operations		1.09			(3.03	)		0.88			0.30			0.87			0.53			1.91
Distributions:
Dividends from net investment income		(0.16	)		(0.65	)		(0.55	)		(0.40	)		(0.63	)		(0.50	)		(0.63	)
Dividends from net realized gains		—			(0.23	)		(0.06	)		—			(0.13	)		(0.15	)		—
Total distributions		(0.16	)		(0.88	)		(0.61	)		(0.40	)		(0.76	)		(0.65	)		(0.63	)
Net asset value, end of period		$8.24			$7.31			$11.22			$10.95			$11.05			$10.94			$11.06
Ratios and supplemental data:
Total return(a)		15.30	%		(29.03	%)		8.27	%		2.85	%		8.37	%		4.87	%		19.88	%
Net assets, end of period (000)		$34,646			$28,261			$48,377			$60,486			$65,089			$70,922			$67,593
Ratio of net expenses to average net assets		2.01	%*		1.96	%		1.94	%		1.92	%*		1.94	%		1.99	%		2.05	%
Ratio of net investment income (loss) to average net assets		7.76	%*		4.94	%		4.64	%		4.75	%*		4.95	%		5.51	%		6.29	%
Ratio of gross expenses to average net assets prior to expense reductions		2.02	%*		1.96	%		1.95	%		1.92	%*		1.94	%		1.99	%		2.05	%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized

  154
SEMIANNUAL REPORT Financial Highlights

Calamos High Yield Fund

	CLASS I
	(unaudited)									April 1,
	Six Months									2006
	Ended			Year Ended						through			Year Ended
	April 30,			October 31,						October 31,			March 31,
	2009			2008			2007			2006			2006			2005			2004
Net asset value, beginning of period		$7.12			$10.96			$10.71			$10.84			$10.75			$10.85			$9.60
Income from investment operations:
Net investment income (loss)		0.31	#		0.57	#		0.60			0.33			0.64			0.82			0.77
Net realized and unrealized gain (loss) on investments		0.78			(3.42	)		0.38			0.02			0.33			(0.19	)		1.21
Total from investment operations		1.09			(2.85	)		0.98			0.35			0.97			0.63			1.98
Distributions:
Dividends from net investment income		(0.20	)		(0.76	)		(0.67	)		(0.48	)		(0.75	)		(0.58	)		(0.73	)
Dividends from net realized gains		—			(0.23	)		(0.06	)		—			(0.13	)		(0.15	)		—
Total distributions		(0.20	)		(0.99	)		(0.73	)		(0.48	)		(0.88	)		(0.73	)		(0.73	)
Net asset value, end of period		$8.01			$7.12			$10.96			$10.71			$10.84			$10.75			$10.85
Ratios and supplemental data:
Total return(a)		15.75	%		(28.31	%)		9.43	%		3.50	%		9.39	%		5.96	%		21.04	%
Net assets, end of period (000)		$7,494			$8,010			$9,109			$2,455			$1,947			$1,874			$2,717
Ratio of net expenses to average net assets		1.01	%*		0.96	%		0.94	%		0.92	%*		0.94	%		0.99	%		1.05	%
Ratio of net investment income (loss) to average net assets		8.76	%*		5.94	%		5.64	%		5.75	%*		5.95	%		6.51	%		7.29	%
Ratio of gross expenses to average net assets prior to expense reductions		1.02	%*		0.96	%		0.95	%		0.92	%*		0.94	%		0.99	%		1.05	%

	CLASS R
	(unaudited)						March 1,
	Six Months						2007Ù
	Ended			Year Ended			through
	April 30,			October 31,			October 31,
	2009			2008			2007
Net asset value, beginning of period		$7.11			$10.95			$10.84
Income from investment operations:
Net investment income (loss)		0.29	#		0.53	#		0.37
Net realized and unrealized gain (loss) on investments		0.78			(3.43	)		0.13
Total from investment operations		1.07			(2.90	)		0.50
Distributions:
Dividends from net investment income		(0.18	)		(0.71	)		(0.39	)
Dividends from net realized gains		—			(0.23	)		—
Total distributions		(0.18	)		(0.94	)		(0.39	)
Net asset value, end of period		$8.00			$7.11			$10.95
Ratios and supplemental data:
Total return(a)		15.48	%		(28.71	%)		4.69	%
Net assets, end of period (000)		$86			$75			$105
Ratio of net expenses to average net assets		1.51	%*		1.46	%		1.44	%*
Ratio of net investment income (loss) to average net assets		8.26	%*		5.44	%		5.14	%*
Ratio of gross expenses to average net assets prior to expense reductions		1.52	%*		1.46	%		1.45	%*

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

Financial Highlights SEMIANNUAL REPORT 155

Calamos Total Return Bond Fund

 FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period were as follows:

	CLASS A									CLASS B
	(unaudited)						June 27,			(unaudited)						June 27,
	Six Months			Year			2007Ù			Six Months			Year			2007Ù
	Ended			Ended			through			Ended			Ended			through
	April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
	2009			2008			2007			2009			2008			2007
Net asset value, beginning of period		$9.82			$10.25			$10.00			$9.82			$10.25			$10.00
Income from investment operations:
Net investment income (loss)		0.18	#		0.33	#		0.15			0.14	#		0.26	#		0.12
Net realized and unrealized gain (loss) on investments		0.82			(0.35	)		0.25			0.82			(0.36	)		0.25
Total from investment operations		1.00			(0.02	)		0.40			0.96			(0.10	)		0.37
Distributions:
Dividends from net investment income		(0.24	)		(0.41	)		(0.15	)		(0.20	)		(0.33	)		(0.12	)
Dividends from net realized gains		—			—			—			—			—			—
Total distributions		(0.24	)		(0.41	)		(0.15	)		(0.20	)		(0.33	)		(0.12	)
Net asset value, end of period		$10.58			$9.82			$10.25			$10.58			$9.82			$10.25
Ratios and supplemental data:
Total return(a)		10.23	%		(0.33	%)		4.00	%		9.83	%		(1.07	%)		3.74	%
Net assets, end of period (000)		$74,146			$55,858			$39,590			$21,081			$12,539			$1,983
Ratio of net expenses to average net assets		0.85	%*		0.83	%		0.90	%*		1.60	%*		1.58	%		1.65	%*
Ratio of net investment income (loss) to average net assets		3.44	%*		3.24	%		4.11	%*		2.69	%*		2.49	%		3.36	%*
Ratio of gross expenses to average net assets prior to expense reductions		1.01	%*		1.13	%		1.66	%*		1.76	%*		1.88	%		2.41	%*

	(unaudited)				June 27,
	Six Months		Year		2007Ù
	Ended		Ended		through
	April 30,		October 31,		October 31,
	2009		2008		2007
Portfolio turnover rate		289.2%		678.6%		235.8%

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

  156
SEMIANNUAL REPORT Financial Highlights

Calamos Total Return Bond Fund

	CLASS C									CLASS I
	(unaudited)						June 27,			(unaudited)						June 27,
	Six Months			Year			2007Ù			Six Months			Year			2007Ù
	Ended			Ended			through			Ended			Ended			through
	April 30,			October 31,			October 31,			April 30,			October 31,			October 31,
	2009			2008			2007			2009			2008			2007
Net asset value, beginning of period		$9.82			$10.25			$10.00			$9.82			$10.24			$10.00
Income from investment operations:
Net investment income (loss)		0.14	#		0.25	#		0.12			0.19	#		0.36	#		0.16
Net realized and unrealized gain (loss) on investments		0.82			(0.35	)		0.25			0.81			(0.35	)		0.24
Total from investment operations		0.96			(0.10	)		0.37			1.00			0.01			0.40
Distributions:
Dividends from net investment income		(0.20	)		(0.33	)		(0.12	)		(0.25	)		(0.43	)		(0.16	)
Dividends from net realized gains		—			—			—			—			—			—
Total distributions		(0.20	)		(0.33	)		(0.12	)		(0.25	)		(0.43	)		(0.16	)
Net asset value, end of period		$10.58			$9.82			$10.25			$10.57			$9.82			$10.24
Ratios and supplemental data:
Total return(a)		9.83	%		(1.07	%)		3.74	%		10.26	%		0.02	%		4.06	%
Net assets, end of period (000)		$34,983			$19,018			$1,527			$39,462			$34,049			$33,698
Ratio of net expenses to average net assets		1.60	%*		1.58	%		1.65	%*		0.60	%*		0.58	%		0.65	%*
Ratio of net investment income (loss) to average net assets		2.69	%*		2.49	%		3.36	%*		3.69	%*		3.49	%		4.36	%*
Ratio of gross expenses to average net assets prior to expense reductions		1.76	%*		1.88	%		2.41	%*		0.76	%*		0.88	%		1.41	%*

	Class R
	(unaudited)						June 27,
	Six Months			Year			2007Ù
	Ended			Ended			through
	April 30,			October 31,			October 31,
	2009			2008			2007
Net asset value, beginning of period		$9.82			$10.25			$10.00
Income from investment operations:
Net investment income (loss)		0.16	#		0.31	#		0.14
Net realized and unrealized gain (loss) on investments		0.83			(0.36	)		0.25
Total from investment operations		0.99			(0.05	)		0.39
Distributions:
Dividends from net investment income		(0.23	)		(0.38	)		(0.14	)
Dividends from net realized gains		—			—			—
Total distributions		(0.23	)		(0.38	)		(0.14	)
Net asset value, end of period		$10.58			$9.82			$10.25
Ratios and supplemental data:
Total return(a)		10.10	%		(0.58	%)		3.91	%
Net assets, end of period (000)		$1,139			$1,033			$1,039
Ratio of net expenses to average net assets		1.10	%*		1.08	%		1.15	%*
Ratio of net investment income (loss) to average net assets		3.19	%*		2.99	%		3.86	%*
Ratio of gross expenses to average net assets prior to expense reductions		1.26	%*		1.38	%		1.91	%*

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
#	Net investment income allocated based on average shares method.
*	Annualized
Ù	Commencement of operations

Financial Highlights SEMIANNUAL REPORT 157

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Calamos Investment Trust

We have reviewed the accompanying statements of assets and liabilities, including the schedules of investments, of Calamos Growth Fund, Calamos Growth and Income Fund, Calamos Value Fund, Calamos Blue Chip Fund, Calamos Multi-Fund Blend, Calamos 130/30 Equity Fund, Calamos Global Growth and Income Fund, Calamos International Growth Fund, Calamos Global Equity Fund, Calamos Evolving World Growth Fund, Calamos Convertible Fund, Calamos Market Neutral Income Fund, Calamos High Yield Fund, and Calamos Total Return Bond Fund (the “Funds”), fourteen funds constituting Calamos Investment Trust (the “Trust”), as of April 30, 2009, and the related statements of operations and changes in net assets and the financial highlights for the semi-annual period then ended. These interim financial statements and financial highlights are the responsibility of the Trust’s management.

We conducted our reviews in accordance with standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should be made to such interim financial statements and financial highlights for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statements of changes in net assets of the Funds for the year or period ended October 31, 2008 and the financial highlights for the year or period then ended and for each year or each period ended on or after March 31, 2006; and in our report dated December 18, 2008, we expressed an unqualified opinion on such statements of changes in net assets and financial highlights. The Funds’ financial highlights for periods ended prior to March 31, 2006 were audited by other auditors whose report, dated May 13, 2005, expressed an unqualified opinion on those financial highlights.

Chicago, Illinois

June 17, 2009

  158
SEMIANNUAL REPORT Report of Independent Registered Public Accounting Firm

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Calamos Government Money Market Fund

As of April 30, 2009

Asset Allocation
As of April 30, 2009
Repurchase Agreements	70.8	%
U.S. Govt Agency - Interest Bearing	17.7
U.S. Govt Agency - Discount Notes	5.8
FDIC Guaranteed Obligations	1.9
Cash and Receivables/Payables	3.8

Maturity Schedule
As of April 30, 2009
1 Day	75.5	%
2-7 Days	3.9
8-30 Days	8.1
31-60 Days	3.0
61-90 Days	5.2
91-180 Days	3.6
180+ Days	0.7

Portfolio Characteristics
As of April 30, 2009
Total Net Assets	$	796,279,485
Daily Yield - Class I		0.17	%
SEC 7-Day Yield - Class I		0.20	%
SEC 30-Day Yield - Class I		0.27	%
Average Days to Maturity - Class I		13.0

Expense Overview

As a shareholder of a mutual fund, you will incur transaction costs and ongoing costs, including management fees, and other fund expenses such as audit, legal and custodian fees.

The examples in this report are based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2008 to April 30, 2009. It is intended to help you understand the ongoing costs associated with investing in each mutual fund and to compare these costs with the ongoing costs of investing in other mutual funds.

There are two parts of the Fund’s chart:

Actual

In this part of the chart, you’ll see the actual expenses you would have paid on a $1,000 investment made at the beginning of the period and held for the entire period in each fund from November 1, 2008 to April 30, 2009, the period covered by this report. This chart also shows the actual returns, after expenses, you would have earned during that time. This chart can help you estimate your own expenses. For example, if you invested $8,600 in Class A shares of the fund, simply divide $8,600 by $1,000, then multiply that result by the figure in the Actual Expenses per $1,000 row. In this example, you would multiply 8.6 times the figure.

Hypothetical

In this part of the chart, you’ll see the hypothetical expenses you would have paid on a $1,000 investment from November 1, 2008 to April 30, 2009, and the hypothetical returns, after expenses, you would have earned during that time. The Securities and Exchange Commission (SEC) has established the guidelines for this chart, including the assumed 5% annual rate of return before expenses, which is what you’ll see in the chart. Note that this chart will not help you determine your own expenses, but will help you compare expenses of the fund you own to the expenses of another fund since the information for that fund should be calculated using the same assumptions.

Please note that the expenses shown in the chart are meant to highlight your ongoing costs only and do not include any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line of the chart is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Expense Overview

The actual and hypothetical examples assume a $1,000 investment at the beginning of the period, November 1, 2008, and held through April 30, 2009.

	CLASS A			CLASS B			CLASS C			CLASS I
	SHARES			SHARES			SHARES			SHARES
CALAMOS GOVERNMENT MONEY MARKET FUND**
Actual Expenses per $1,000*	$	2.04		$	5.16		$	5.16		$	1.34
Ending Value	$	1,004.70		$	1,001.60		$	1,001.60		$	1,005.50
Hypothetical Expenses per $1,000*	$	2.06		$	5.21		$	5.21		$	1.35
Ending Value	$	1,022.76		$	1,019.64		$	1,019.64		$	1,023.46
Annualized Expense Ratio		0.41	%		1.04	%		1.04	%		0.27	%

*	Expenses for Calamos Government Money Market Fund are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365.
**	Annualized Expense Ratio for Calamos Government Money Market Fund is adjusted to reflect fee waiver.

GOVERNMENT MONEY MARKET FUND

Schedule of Investments

APRIL 30, 2009 (unaudited)

PRINCIPAL
AMOUNT			VALUE
U.S. GOVERNMENT AGENCY SECURITIES - INTEREST BEARING (17.7%)
		Federal Farm Credit Bank
	5,000,000	5.050%, 06/08/09	$	5,023,237
	1,000,000	0.321%, 05/15/09‡		999,989
		Federal Home Loan Bank
	15,000,000	1.094%, 08/05/09‡		14,999,599
	15,000,000	0.976%, 01/06/10‡		14,980,481
	10,000,000	3.260%, 10/02/09		10,104,867
		Federal Home Loan Mortgage Corp.
	5,000,000	2.680%, 11/16/09		5,045,057
	4,922,000	5.250%, 05/21/09		4,934,420
	1,165,000	4.000%, 09/22/09		1,180,563
		Federal National Mortgage Association
	35,000,000	1.167%, 02/12/10‡		34,947,602
	25,000,000	1.029%, 07/13/10‡		24,989,591
	15,000,000	0.420%, 09/03/09‡		14,981,027
	6,440,000	4.250%, 05/15/09		6,449,353
	2,400,000	6.375%, 06/15/09		2,417,360
		TOTAL U.S. GOVERNMENT AGENCY SECURITIES - - INTEREST BEARING (Cost $141,053,146)		141,053,146
U.S. GOVERNMENT AGENCY SECURITIES - DISCOUNT NOTES (5.8%)
		Federal Home Loan Bank@
	15,000,000	0.203%, 05/12/09		14,999,083
	10,000,000	0.213%, 05/04/09		9,999,825
		Federal Home Loan Mortgage Corp@
	6,500,000	1.470%, 08/10/09		6,473,558
	5,000,000	1.115%, 05/06/09		4,999,236
	10,000,000	Federal National Mortgage Association@ 1.572%, 09/01/09		9,947,042
		TOTAL U.S. GOVERNMENT AGENCY SECURITIES - - DISCOUNT NOTES (Cost $46,418,744)		46,418,744
FDIC GUARANTEED OBLIGATIONS (1.9%)
	15,000,000	General Electric Capital Corp.‡ Q 1.914%, 12/09/10 (Cost $15,000,000)		15,000,000
REPURCHASE AGREEMENTS (70.8%)
	175,000,000	Bank of America Corp. 0.170%, dated 04/30/09, due 05/01/09, repurchase price $175,000,826 collateralized by Federal Home Loan Mortgage Corp. 5.500% , 09/01/38 with a value of $177,740,393		175,000,000
	65,000,000	BNP Paribas 0.240%, dated 4/30/09, due 05/01/09, repurchase price $65,000,433 collateralized by various U.S. Government Agency Securities 1.700% - - 3.125%, 03/15/11 - 12/26/12 with a value of $66,781,717	$	65,000,000
	85,000,000	Goldman Sachs Group, Inc. 0.170%, dated 4/30/09, due 05/01/09, repurchase price $85,000,401 collateralized by United States Treasury Note 2.375%, 01/15/25 with a value of $86,107,844		85,000,000
	50,000,000	Goldman Sachs Group, Inc. 0.180%, dated 4/30/09, due 05/01/09, repurchase price $50,000,250, collateralized by various U.S. Government Agency Securities 0.000% - 7.000%, 06/22/12 - 10/25/44 with a value of $50,613,311		50,000,000
	188,626,000	RBS Greenwich Capital Markets, Inc. 0.180%, dated 04/30/09, due 05/01/09, repurchase price $188,626,943 collateralized by United States Treasury Note 1.875%, 04/30/14 with a value of $192,399,080		188,626,000
		TOTAL REPURCHASE AGREEMENTS (Cost $563,626,000)		563,626,000
TOTAL INVESTMENTS (96.2%) (Cost $766,097,890)				766,097,890
OTHER ASSETS, LESS LIABILITIES (3.8%)				30,181,595
NET ASSETS (100.0%)			$	796,279,485

NOTES TO SCHEDULE OF INVESTMENTS

‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2009. Variable rate securities shall be deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate.
@	Annualized yield at time of purchase; not a coupon rate.
Q	The full principal amount and interest due through maturity of the security is guaranteed under the Federal Deposit Insurance Corporation’s Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States.

See accompanying Notes to Financial Statements

Statement of Assets and Liabilities

	Government Money
April 30, 2009 (unaudited)	Market Fund
ASSETS
Investments, at value (cost $202,471,890)	$	202,471,890
Repurchase agreements, at value (cost $563,626,000)		563,626,000
Cash with custodian (interest bearing)		1,129
Due from investment advisor		60,586
Receivables:
Accrued interest		694,303
Investments sold		30,236,432
Fund shares sold		500
Other assets		24,758
Total assets	$	797,115,598
LIABILITIES AND NET ASSETS
Payables:
Fund shares redeemed		598,361
Affiliates:
Investment advisory fees		134,083
Distribution fees		617
Deferred compensation to Trustees		24,758
Financial accounting fees		7,956
Trustees’ fees and officer compensation		831
Other accounts payable and accrued liabilities		69,507
Total liabilities		836,113
NET ASSETS	$	796,279,485
ANALYSIS OF NET ASSETS
Paid in capital	$	796,279,485
NET ASSETS	$	796,279,485
CLASS A SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	25,152,749
Shares outstanding		25,152,749
Net asset value and redemption price per share	$	1.00
CLASS B SHARES (no par value; unlimited number of shares authorized)*
Net assets applicable to shares outstanding	$	21,266,571
Shares outstanding		21,266,571
Net asset value and redemption price per share	$	1.00
CLASS C SHARES (no par value; unlimited number of shares authorized)*
Net assets applicable to shares outstanding	$	25,176,457
Shares outstanding		25,176,457
Net asset value and redemption price per share	$	1.00
CLASS I SHARES (no par value; unlimited number of shares authorized)
Net assets applicable to shares outstanding	$	724,683,708
Shares outstanding		724,683,708
Net asset value and redemption price per share	$	1.00

* Redemption price may be reduced by contingent deferred sales charge.

See accompanying Notes to Financial Statements

Statement of Operations

	Government Money
Six Months Ended April 30, 2009 (unaudited)	Market Fund
INVESTMENT INCOME
Interest	$	4,485,331
Total investment income		4,485,331
EXPENSES
Investment advisory fees		728,219
Distribution fees
Class A		44,048
Class B		135,701
Class C		163,572
Financial accounting fees		43,082
Transfer agent fees		77,923
Accounting fees		25,559
Audit fees		12,330
Legal fees		8,973
Custodian fees		14,054
Printing and mailing fees		29,830
Registration fees		84,864
Trustees’ fees and officer compensation		23,588
Other		66,554
Total expenses		1,458,297
Less expense reductions		(204,145	)
Net expenses		1,254,152
NET INVESTMENT INCOME (LOSS)		3,231,179
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		384,082
NET GAIN (LOSS) ON INVESTMENTS		384,082
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,615,261

See accompanying Notes to Financial Statements

Statement of Changes in Net Assets

	Government Money
	Market Fund
	(Unaudited)
	Six Months Ended			Year Ended
	April 30, 2009			October 31, 2008
OPERATIONS
Net Investment income (loss)	$	3,231,179		$	23,176,430
Net realized gain (loss) from investments		384,082			318,769
Net increase (decrease) in net assets resulting from operations		3,615,261			23,495,199
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(163,789	)		(123,112	)
Class B		(40,623	)		(56,950	)
Class C		(49,796	)		(64,847	)
Class I		(3,361,053	)		(23,250,290	)
Total distributions		(3,615,261	)		(23,495,199	)
CAPITAL SHARE TRANSACTIONS		140,038,294			(201,733,760	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		140,038,294			(201,733,760	)
NET ASSETS
Beginning of period	$	656,241,191		$	857,974,951
End of period		796,279,485			656,241,191
Undistributed net investment income (loss)	$	—		$	—

See accompanying Notes to Financial Statements

NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization. CALAMOS Government Money Market Fund (the “Fund”) commenced operations on May 16, 2007, and is a series of the CALAMOS Investment Trust, a Massachusetts business trust organized December 21, 1987 (the “Trust”). The Fund is registered under the Investment Company Act of 1940 (the “Act”) as a diversified, open-end management investment company. The Fund offered Class A, Class B, Class C and Class I shares through April 30, 2009 and liquidated as of May 15, 2009. The Trust includes fourteen additional series (the “Funds”) and the semiannual report to shareholders for the Funds is provided separately.

Portfolio Valuation. The valuation of the Fund’s portfolio securities is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Pursuant to Rule 2a-7 of the Act, the Fund values its portfolio securities on an amortized cost basis. The amortized cost method of valuation involves valuing an instrument at its cost and, thereafter, assuming a constant amortization to maturity of any premium or accretion of discount, regardless of the impact of fluctuating interest rates on the market value of the instrument. Under the amortized cost method of valuation, neither the amount of daily income nor the Fund’s net asset value is affected by any unrealized appreciation or depreciation of the portfolio. The board of trustees has determined in good faith that utilization of amortized cost is appropriate and represents a fair value of the Fund’s portfolio securities.

Investment Transactions and Investment Income. Investment transactions are recorded on a trade date basis as of April 30, 2009. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium.

Repurchase Agreements. Repurchase agreements are transactions in which a Fund purchases a security and simultaneously agrees to resell it to the vendor (usually a bank or broker-dealer) at an agreed upon future date and price. The Fund requires that its custodian or sub-custodian maintain collateral in an amount equal to, or in excess of, the value of the securities that are the subject of the repurchase agreement. The Fund may only enter into repurchase agreements that are fully collateralized by obligations issued or guaranteed by the U.S. government, its agencies, and instrumentalities.

A repurchase agreement exposes the Fund to the risk that the counterparty to the transaction may go bankrupt or default on its obligation. In the event of a bankruptcy or other default of the counterparty to a repurchase agreement, the Fund could experience both delays in liquidating the collateral and losses, including: (a) possible decline in the value of the collateral during the period while the Fund seeks to enforce its rights thereto; (b) possible subnormal levels or lack of access to income during this period; and (c) expenses of enforcing its rights. The Fund’s investment adviser seeks to reduce this risk by evaluating and monitoring the creditworthiness of the parties with whom the Fund enters into repurchase agreements. The value of the securities held as collateral is also monitored throughout the holding period to ensure that the securities are at least equal in value to the total amount of the repurchase obligations, including accrued interest.

Allocation of Expenses among Funds. Expenses directly attributable to a Fund are charged to that Fund; certain other common expenses of the Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund and Calamos Global Dynamic Income Fund are allocated proportionately among each Fund to which the expenses relate in relation to the net assets of each fund or on another reasonable basis. Expenses directly attributable to a particular class of the Fund are charged directly to such class. In calculating the net asset value per share of each class,

investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day plus current day fund share activity.

Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

Income Taxes. No provision has been made for U.S. income taxes because the Fund’s policy is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, and distribute to shareholders substantially all of its taxable income and net realized gains.

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these “book/tax” differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment.

The Fund recognized no liability for unrecognized tax benefits in connection with Financial Accounting Standards Board (FASB) Interpretation No. 48 Accounting for Uncertainty in Income Taxes - - an interpretation of FASB Statement No.109. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax year 2007 remains subject to examination by the U.S. and the State of Illinois tax jurisdictions.

Indemnifications. Under the Trust’s organizational documents, the Trust is obligated to indemnify its officers and trustees against certain liabilities incurred by them by reason of having been an officer or trustee of the Trust. In addition, in the normal course of business, the Trust may enter into contracts that provide general indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund’s management expects the risk of material loss in connection to a potential claim to be remote.

New Accounting Pronouncements. Effective November 1, 2008, the Fund adopted the provisions of the Statement of Financial Accounting Standard No. 157, Fair Value Measurements (“SFAS 157”). SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 requires disclosure surrounding the various inputs used to determine a valuation, and these inputs are segregated into three levels. Tables summarizing the Fund’s investments under these levels are shown in the Notes to Financial Statements, Note 4 - Valuation.

NOTE 2 – INVESTMENT ADVISER AND TRANSACTIONS WITH AFFILIATES OR CERTAIN OTHER PARTIES

Pursuant to an investment advisory agreement with Calamos Advisors LLC (“Calamos Advisors”), the Fund pays a monthly investment advisory fee based on the average daily net assets of the Fund, computed as follows: The Fund pays a fee at the annual rate of 0.20% of the first $500 million of average daily net assets, 0.19% of the next $500 million of average daily net assets, 0.18% of the next $10 billion of average daily net assets (average daily net assets in excess of $1 billion to $11 billion), 0.17% of the next $10 billion of average daily net assets (average daily net assets in excess of $11 billion to $21 billion), 0.16% of the next $10 billion of average daily net assets (average daily net

assets in excess of $21 billion to $31 billion), and 0.15% of average daily net assets in excess of $31 billion.

Pursuant to a financial accounting services agreement, the Fund also pays Calamos Advisors a fee for financial accounting services payable monthly at the annual rate of 0.0175% on the first $1 billion of combined assets, 0.0150% on the next $1 billion of combined assets and 0.0110% on combined assets above $2 billion (for purposes of this calculation “combined assets” means the sum of the total average daily net assets of Calamos Investment Trust, Calamos Advisors Trust, and the total average weekly managed net assets of Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Convertible Opportunities and Income Fund, Calamos Global Total Return Fund and Calamos Global Dynamic Income Fund). “Managed assets” means a Funds’ total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage). Financial accounting services include, but are not limited to, the following: managing expenses and expense payment processing; monitoring the calculation of expense accrual amounts; calculating, tracking and reporting tax adjustments on all assets; and monitoring trustee deferred compensation plan accruals and valuations. The Fund pays its pro rata share of the financial accounting services fee payable to Calamos Advisors based on its relative portion of combined assets used in calculating the fee.

The Trust reimburses Calamos Advisors for a portion of compensation paid to the Trust’s Chief Compliance Officer. This compensation is reported as part of “Trustees’ fees and officer compensation” expense on the Statement of Operations.

Calamos Advisors has contractually agreed to limit the annual ordinary operating expenses of the Fund as a percentage of the average daily net assets to 0.27%. This agreement is binding on Calamos Advisors through June 30, 2010. As of April 30, 2009, $121,053 of expenses were waived or absorbed for the Fund included in the Statement of Operations under the caption “Expense reductions”.

As Distributor, Calamos Financial Services LLC (“CFS”) assumed all expenses of personnel, office space, office facilities and equipment incidental to such service. The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act whereby the Fund pays to CFS a distribution and/or service fee at the annual rate of 0.25% of the average daily net assets of the Fund’s Class A shares and a service fee at the annual rate of 0.25% and a distribution fee at the rate of 0.75% of the average daily net assets of the Fund’s Class B and Class C Shares. As of April 30, 2009, $83,095 of these fees were waived for Class A, Class B and Class C shares included in the Statement of Operations under the caption “Expense reductions”.

Pursuant to an agreement with US Bancorp Fund Services, LLC, the Fund’s transfer agent (“US Bancorp”), CFS provides certain shareholder administrative services to US Bancorp. CFS receives from US Bancorp an annual aggregate fee of $175,000, paid in monthly installments, for providing these services which relate to Calamos Investment Trust and Calamos Advisors Trust. Also, US Bancorp pays license fees to unaffiliated third parties for CFS’ utilization of certain transfer agent and phone systems in providing the shareholder administrative services. The fees paid to CFS and the payment of license fees to third parties are borne by US Bancorp. The Fund has not assumed or incurred any additional expenses in connection with CFS providing these services to US Bancorp, and the transfer agency fees payable by the Fund to US Bancorp have not increased as a result thereof.

Certain officers and trustees of the Trust are also officers and directors of CFS and Calamos Advisors. All such officers and affiliated trustees serve without direct compensation from the Trust, except for the Chief Compliance Officer as described above. The Fund’s Statement of Additional Information contains additional information about the Fund’s trustees and is available upon request without charge by calling our toll free number 800.582.6959.

Certain affiliates of the advisor hold material investments in the Funds. As of April 30, 2009, they held 91% of the outstanding shares for the Fund.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, a trustee who is not an “interested person” (as defined in the 1940 Act) of CFS or Calamos Advisors and has elected to participate in the Plan (a “participating trustee”) may defer receipt of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee’s deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of the Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares. Deferred compensation investments of $24,758 for the Fund are included in “Other assets” on the Statement of Assets and Liabilities at April 30, 2009. The Fund’s obligation to make payments under the Plan is a general obligation of the Fund and is included in “Payable for deferred compensation to Trustees” on the Statement of Assets and Liabilities at April 30, 2009.

NOTE 3 – INCOME TAXES

As of April 30, 2009, the cost of investments for federal income tax purposes was $766,097,890.

For the period ended April 30, 2009, the Fund recorded the following permanent reclassification. The results of operations and net assets were not affected by this reclassification.

Accumulated undistributed/(overdistributed) net investment income	$	384,082
Accumulated net realized gain (loss) on investments		(384,082	)

The tax character of distributions for the period ended April 30, 2009 will be determined when the Fund files its final tax return. Distributions during the fiscal year ended October 31, 2008, were characterized for federal income tax purposes as follows:

Distributions paid from:
Ordinary Income	$	23,460,603
Long-Term Capital Gain	$	34,596

As of October 31, 2008, the components of accumulated earnings/(loss) on a tax basis were as follows:

Undistributed ordinary income	$	21,905
Undistributed capital gains		—
Total undistributed earnings		21,905
Accumulated capital and other losses		—
Net unrealized gain/(losses)		—
Total accumulated earnings/(losses)		21,905
Other		(21,905	)
Paid-in capital		656,241,191
	$	656,241,191

NOTE 4 – VALUATION

Various inputs are used to determine the value of the Funds investments. These inputs are categorized into three broad levels as follows:

• Level 1 holdings use inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange).

• Level 2 holdings reflect inputs other than quoted prices, but use observable market data (including quoted prices of similar securities, interest rates, credit risk, ect.).

• Level 3 holdings are valued using unobservable inputs (including the Fund’s own judgments about assumptions market participants would use in determining fair value).

The following is a summary of the inputs used in valuing the Fund’s holdings at fair value:

Valuation Inputs      Value of Investment Securities

Level 1 - Quoted Prices	$                —
Level 2 - Other significant observable inputs	766,097,890
Level 3 - Significant unobservable inputs	—
Total	$766,097,890

* Other Financial Instruments may include written options and forward contracts.

NOTE 5 – CAPITAL SHARE TRANSACTIONS

The following table summarizes the activity in capital shares of the Fund:

	Government
For the Period Ended April 30, 2009	Money Market Fund
A Shares
Shares sold		32,767,815		$	32,767,815
Shares issued in reinvestment of distributions		150,193			150,193
Less shares redeemed		(40,822,519	)		(40,822,519	)
Net Increase (decrease)		(7,904,511	)	$	(7,904,511	)
B Shares
Shares sold		12,332,876		$	12,332,876
Shares issued in reinvestment of distributions		35,978			35,978
Less shares redeemed		(15,760,528	)		(15,760,528	)
Net Increase (decrease)		(3,391,674	)	$	(3,391,674	)
C Shares
Shares sold		19,565,486		$	19,565,486
Shares issued in reinvestment of distributions		44,984			44,984
Less shares redeemed		(24,432,537	)		(24,432,537	)
Net Increase (decrease)		(4,822,067	)	$	(4,822,067	)
I Shares	Shares			Dollars
Shares sold		4,577,510,907		$	4,577,510,907
Shares issued in reinvestment of distributions		3,349,050			3,349,050
Less shares redeemed		(4,424,703,411	)		(4,424,703,411	)
Net Increase (decrease)		156,156,546		$	156,156,546

	Government
For the Fiscal Year Ended October 31, 2008	Money Market Fund
A Shares
Shares sold		42,227,928		$	42,227,928
Shares issued in reinvestment of distributions		115,747			115,747
Less shares redeemed		(9,286,415	)		(9,286,415	)
Net Increase (decrease)		33,057,260		$	33,057,260
B Shares
Shares sold		28,034,950		$	28,034,950
Shares issued in reinvestment of distributions		51,229			51,229
Less shares redeemed		(3,427,934	)		(3,427,934	)
Net Increase (decrease)		24,658,245		$	24,658,245
C Shares
Shares sold		37,181,516		$	37,181,516
Shares issued in reinvestment of distributions		56,396			56,396
Less shares redeemed		(7,239,388	)		(7,239,388	)
Net Increase (decrease)		29,998,524		$	29,998,524
I Shares	Shares			Dollars
Shares sold		15,693,834,212		$	15,693,834,212
Shares issued in reinvestment of distributions		23,244,157			23,244,157
Less shares redeemed		(16,006,526,158	)		(16,006,526,158	)
Net Increase (decrease)		(289,447,789	)	$	(289,447,789	)

CALAMOS Government Money Market Fund

Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	Class A						Class B
	(unaudited)						(unaudited)
	Six Months			March 3, 2008^			Six Months			March 3, 2008^
	Ended			through			Ended			through
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00
Income from investment operations:
Net investment income (loss)#		0.00	*		0.01			0.00	*		0.01
Net realized and unrealized gain (loss) on investments		0.00	*		0.00	*		0.00	*		0.00	*
Total from investment operations		0.00	*		0.01			0.00	*		0.01
Distributions:
Dividends from net investment income		(0.00)	*		(0.01	)		(0.00)	*		(0.01	)
Total distributions		(0.00)	*		(0.01	)		(0.00)	*		(0.01	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00
Total return (a)		0.47	%		1.36	%		0.16	%		0.86	%
Ratios and supplemental data:
Net assets, end of period (000)		$25,153			$33,057			$21,267			$24,658
Ratio of net expenses to average net assets		0.41	%**		0.52	%**		1.04	%**		1.27	%**
Ratio of net investment income (loss) to average net assets		0.90	%**		1.97	%**		0.27	%**		1.22	%**
Ratio of gross expenses to average net assets prior to waiver of expenses by the Advisor		0.55	%**		0.52	%**		1.30	%**		1.27	%**

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions.
#	Net investment income allocated based on average shares method.
*	Amount is less than $0.005 per share
**	Annualized
^	Commencement of operations

CALAMOS Government Money Market Fund

Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	Class C						Class I
	(unaudited)						(unaudited)
	Six Months			March 3, 2008^			Six Months			Year			May 16, 2007^
	Ended			through			Ended			Ended			through
	April 30,			October 31,			April 30,			October 31,			October 31,
	2009			2008			2009			2008			2007
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Income from investment operations:
Net investment income (loss)#		0.00	*		0.01			0.01			0.03			0.02
Net realized and unrealized gain (loss) on investments		0.00	*		0.00	*		0.00	*		0.00	*		—
Total from investment operations		0.00	*		0.01			0.01			0.03			0.02
Distributions:
Dividends from net investment income		(0.00)	*		(0.01	)		(0.01	)		(0.03	)		(0.02	)
Total distributions		(0.00)	*		(0.01	)		(0.01	)		(0.03	)		(0.02	)
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return (a)		0.16	%		0.86	%		0.55	%		2.98	%		2.33	%
Ratios and supplemental data:
Net assets, end of period (000)		$25,176			$29,999			$724,684			$568,527			$857,975
Ratio of net expenses to average net assets		1.04	%**		1.27	%**		0.27	%**		0.27	%		0.26	%**
Ratio of net investment income (loss) to average net assets		0.27	%**		1.22	%**		1.04	%**		2.95	%		4.99	%**
Ratio of gross expenses to average net assets prior to waiver of expenses by the Advisor		1.30	%**		1.27	%**		0.30	%**		0.27	%		0.26	%**

(a)	Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the contingent deferred sales charge for Class B and C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions.
#	Net investment income allocated based on average shares method.
*	Amount is less than $0.005 per share
**	Annualized
^	Commencement of operations

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Included in the Report to Shareholders in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

ITEM 11. CONTROLS AND PROCEDURES.

a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) (1) Code of Ethics – Not applicable.

(a) (2) (i) Certification of Principal Executive Officer.

(a) (2) (ii) Certification of Principal Financial Officer.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Calamos Investment Trust
By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	June 26, 2009
By:	/s/ Nimish S. Bhatt
Name:	Nimish S. Bhatt
Title:	Principal Financial Officer
Date:	June 26, 2009

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Calamos Investment Trust
By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	June 26, 2009
By:	/s/ Nimish S. Bhatt
Name:	Nimish S. Bhatt
Title:	Principal Financial Officer
Date:	June 26, 2009