CFS INVESTMENT TRUST, N-30D, 1995-05-31

CFS INVESTMENT TRUST
N-30D, 1995-05-31

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THE PRESIDENT'S LETTER

Dear Fellow Shareholder:

I am pleased to present the annual report of the CALAMOS FAMILY OF FUNDS for
the eleven-month period ended March 31, 1995. With this annual report, we are
changing the fiscal year for the CALAMOS FAMILY OF FUNDS. The Funds' fiscal
year will now end on March 31 rather than April 30. The new fiscal year
coincides with the end of a normal calendar quarter and should reduce the
confusion that occasionally resulted from reporting performance in quarters
that were one month different from normal calendar quarters. For this one
year only, please bear in mind that the performance numbers cited will be for
an eleven-month period of time. We have noted this every time we quote a
performance number.

The CALAMOS FAMILY OF FUNDS consists of four mutual funds:

CALAMOS STRATEGIC INCOME FUND
CALAMOS CONVERTIBLE FUND
CALAMOS GROWTH AND INCOME FUND
CALAMOS GROWTH FUND

1995 is starting out more auspiciously than 1994. As we crossed into the new
year, we believed that 1994's frustrating market environment would result in
an attractive convertible market for the new year, one that offered many
opportunities for the Funds. Results from the first three months of 1995 have
been encouraging.

There has been a remarkable shift from the pessimism of last year. The stock
market rally picked up steam in March. Bond prices are up significantly from
their low, as last year's fears of rising inflation appear to be unfounded.
The convertible market is benefitting from both rising markets.

The Fed did raise interest rates one more time in 1995, making seven
interest-rate increases since February 1994. Fears of further increases have
faded somewhat. Although last year's rising interest rates had negative
effects on the market, the rate increases are providing a positive influence
in 1995 because they should serve to prolong the business cycle. The
financial markets will enter a period of stable rates that should, in turn,
allow businesses to make long-term capital commitments. Corporate earnings
should continue to expand throughout 1995, making many stocks look
undervalued.

The stock market has begun to appreciate the new economic reality, as the Dow
broke through the 4000 mark in March. Last year's correction has resulted in
lower prices -- and good values -- on many securities. We expect the stock
market to remain volatile in 1995, trading within a wide range as it resolves
the various issues generated by the rate increases.
<PAGE>
Although the fallout from the poor bond market environment resulted in
disappointing returns for calendar year 1994, it has generated an attractive
environment for the convertible market as we head into 1995. Our outlook on
the convertible market is positive, and we believe the CALAMOS FAMILY OF FUNDS
is well-positioned to take advantage of this market environment.

Convertible bonds and preferred stocks offer one of the best ways for
investors to remain fully invested in a volatile market environment while
reducing risk. The convertible investor essentially gets "paid to wait" for
the underlying stock to appreciate in value while benefiting in the meantime
from a steady income stream. We recommend that investors remain fully
invested for the best long-term results.

Sincerely,
John P. Calamos
President

May 11, 1995
Naperville, Illinois
<PAGE>
PERFORMANCE REVIEW

CALAMOS STRATEGIC INCOME FUND
An interview with portfolio managers John P. Calamos and John P. Calamos, Jr.

Chart comparing: Calamos Strategic Income Fund
Lehman Brothers Government/Corporate Index*
30-Day Treasury Bills**
Growth of a $10,000 Investment over Time(2)
(Based on a hypothetical investment made in the
CALAMOS STRATEGIC INCOME FUND from 9/4/90 through 3/31/95.
Past performance is not an indication of future results.)

<TABLE>
STRATEGIC INCOME FUND
<CAPTION>
30 T-Bills LB G/C Int
<S> <C> <C> <C> <C>
Beginning Balance 10,000 10000.00 10000.00
Dec-90 1990 10,300 10200.00 10400.00
Mar-91 10,900 10300.00 10700.00
Jun-91 11,100 10400.00 10900.00
Sep-91 11,300 10600.00 11400.00
Dec-91 1991 11,700 10700.00 11900.00
Mar-92 12,100 10800.00 11800.00
Jun-92 12,200 10900.00 12300.00
Sep-92 12,600 11000.00 12800.00
Dec-92 1992 13,100 11000.00 12800.00
Mar-93 13,500 11100.00 13300.00
Jun-93 13,800 11200.00 13600.00
Sep-93 14,400 11300.00 13900.00
Dec-93 1993 14,700 11300.00 13900.00
Mar-94 14,400 11400.00 13600.00
Jun-94 13,800 11500.00 13500.00
Sep-94 14,000 11700.00 13700.00
Dec-94 1994 13,022 11800.00 13600.00
Mar-95 13,457 11900.00 14200.00
<S> <C>
NAV (3/31/95) $10.13
AVERAGE ANNUAL
TOTAL RETURN PERFORMANCE 1
Eleven months ended 3/31/95 -5.05%
Twelve months ended 3/31/95 -7.05%
Average annual total return
since inception (09/04/90 - 3/31/95) 6.71%

DISTRIBUTION RATE(4) 5.35%
Average net asset value
for 11-month period ended 3/31/95 $10.28
SEC yield(5) for the Fund
for 30 days ended 3/31/95 4.47%
</TABLE>
<PAGE>
How did the Fund perform over the last eleven months
and what factors most affected the Fund's performance?
The total return(1) for the Fund was -0.20% for the eleven-month period ended
March 31, 1995, bringing the average annual total (load-adjusted) return1
since inception to 6.71%. These returns are based on net asset value and
include reinvestment of all dividends. Over the eleven-month period, the Fund
paid a total of $0.36 in income dividends, $0.04 in short-term capital gain
dividends, and $0.15 in long-term capital gain dividends.

The total return(1) for the Fund for the three-month period ended March 31,
1995 was 3.34%, reflecting market strength since the beginning of the year.
The Fund's net asset value on March 31, 1995 was $10.13 per share, down from
its net asset value of $10.71 per share on April 30, 1994.

The Fund strives for an above-average income stream for shareholders while at
the same time endeavoring to maintain a stable net asset value. This is
accomplished by the use of a convertible hedge strategy, one of the Fund's key
investment techniques. Convertible bonds and convertible preferred stocks are
purchased and hedged by selling the underlying common stock short. The short
stock sale, which is covered by the convertible security, provides a degree of
protection should the stock decline in value. The percentage of shares sold
short -- referred to as the hedge ratio(3) -- enables the Fund to control the
market-related risk of its portfolio.

Over the past eleven months, convertibles in general have gone from fair
valuation to undervaluation in the market. This was caused in part by the
poor bond market of 1994. Rising interest rates by themselves seriously
eroded bond values, and market pessimism also put pressure on valuations.
Meanwhile, there was a change in the relationship between price movements in
the stock and bond markets. Those two markets typically tend to move
hand-in-hand, so that, for example, when one market declines, the other
follows suit. The Fund's hedge ratio(3) reflects its strategy of

<PAGE>

CALAMOS STRATEGIC INCOME FUND (continued)
hedging more against a stock market decline rather than a bond market decline.
Over the years, Fund management has not found it particularly cost effective
to hedge away all of the interest-rate risk, because doing so would consume
most of the total return. The bond market decline should have engendered a
corresponding decline in the stock market. In a hedge strategy, this decline
would have resulted in greater profitability for the short stock positions.
However, since the decline came from the fixed-income side and the
convertibles slid into undervaluation while the equity market remained
relatively stable, the hedging has not provided much added value over the past
few quarters.

On a positive note, the current market sentiment has resulted in what we see
as an undervalued pricing situation for many stocks, which we believe will
benefit the Fund in 1995.

What was the Fund's distribution rate(4) for the fiscal year?
A main objective of the Fund is to provide an above-average level of income.
The distribution rate(4) is the amount of income paid to shareholders,
expressed as a percentage, and includes both interest and dividend income as
well as short- and long-term capital gains. The distribution rate(4) of the
Fund over the eleven-month period (due to the change in the Fund's fiscal
year) ended March 31, 1995 was 5.35%. The Fund continues to seek an
above-average income stream for its shareholders.

What were some of the major changes in the portfolio over the past eleven
months?
During the last quarter of calendar year 1994, we sold several of the more
aggressive positions in the small- to mid-capitalization market sector to
reduce the volatility of the Fund. Among the issues sold were IDB
Communications Group, Inc., MascoTech, Inc., Toll Corporation, U.S. Home
Corporation and WMS Industries. Two issues purchased were First Financial
Management Corporation (4.06% of net assets) and Best Buy Capital (2.32%).
Best Buy Company, Inc. is general partner of Best Buy Capital.

First Financial Management Corporation is a recognized leader in information
services management and processing and is well-positioned to take advantage of
those major trends developing within the areas of business efficiency
enhancement, bank industry consolidation, health care streamlining, and global
consumerism. Best Buy Company, Inc. is a leading retailer of brand name
consumer electronics, major appliances, home office equipment, entertainment
software, and photographic equipment. The company represents a growth
opportunity among specialty retailers.

Have you changed the strategy of the Fund during the year, especially in light
of the recent market volatility?
We have not changed the Fund's strategy. The convertible hedging strategy
used for this Fund actually provided some protection from 1994's disastrous
bond market, although the results were still somewhat disappointing overall.
The strategy is defensive and is designed to protect from the volatility of
the stock market. The strategy should prove effective in 1995 as convertibles
return to fair valuation.
<PAGE>
What's your outlook for the future performance of the CALAMOS STRATEGIC INCOME
FUND?
We believe that the STRATEGIC INCOME FUND is well positioned for the coming
months, and we expect the Fund to benefit from the increase in earnings of the
underlying stock of the companies in which we invest. Also, we see the recent
rise in short-term interest rates that so rattled the financial markets in
1994 as being a normal reaction to the acceleration of the economy's growth.
Going forward in 1995, we expect the stock market to remain volatile but the
bond market to stabilize.

CALAMOS STRATEGIC INCOME FUND (continued)
The convertible market remains undervalued and the overall risk/reward profile
is more favorable than it has been for several years. Conversion premiums(6)
and breakeven times(7) -- both equity-sensitive indicators -- remain at
several-year lows. The income stream of convertible securities, coupled with
the defensive hedge ratio(3), allows us to be defensive in the short term
while participating in the long-term growth potential of the underlying
companies. With its current hedge ratio(3) and diversified portfolio, we
believe that the STRATEGIC INCOME FUND is well-positioned to take advantage of
the opportunities presented by the current convertible market environment.

In summary, then, the CALAMOS STRATEGIC INCOME FUND should benefit in the year
ahead by the strength of the cash flow and earnings power of the companies the
Fund holds, the relative stability provided by the hedge strategy, and the
stabilization of interest rates, which should cause the conversion premium
levels to normalize.
<TABLE>
STRATEGIC INCOME FUND
Top Ten Positions
as of 3/31/95
<CAPTION>
Company Description % of Net Assets
<S> <C> <C>
EMC Corporation 4.25% due 01/01/01 6.12%
Thermo Electron Corporation 5.00% due 04/15/01 4.48
Delta Air Lines, Inc. 3.23% due 06/15/03 4.14
First Financial Management Corp. 5.00% due 12/15/99 4.06
Corning Delaware 6.00% Conv. Monthly Income Pref. 3.91
Republic New York Corporation $3.375 Pref. Stock 3.87
Hospitality Franchise Systems, Inc. 4.50% due 10/01/99 3.85
The Olsten Corporation 4.875% due 05/15/03 3.82
First Chicago Corporation 5.75% Pref. Stock, Series B 3.71
AMR Corporation 6.125% due 11/01/24 3.64
<FN>
Notes

1 Total return and average annual total return performance measure net
investment income and capital gain or loss from portfolio investments and
reflect change in share price, reinvestment of income and capital gain
distributions and, for average annual total return only, adjusted for the 4.5%
sales charge.
2 This chart assumes an initial investment of $10,000 made on 9/04/90, the
Fund's inception. Returns shown include the effect of the 4.5% sales charge,
the reinvestment of all distributions at net asset value, and the change in
share price for the stated period.
*The Lehman Brothers Government/Corporate Bond Index is an unmanaged index
comprising intermediate and long-term government and investment-grade
corporate debt securities. Source: Ibbotson Associates
**The 30-Day Treasury Bill Index is an unmanaged index generally considered
representative of the performance of short-term money instruments. U.S.
Treasury bills are backed by the full faith and credit of the U.S. government
and offer a guarantee as to the repayment of principal and interest at
maturity. Source: Ibbotson Associates
3 The hedge ratio is the number of underlying common shares sold (or
represented by an option) divided by the number of shares into which the bonds
are convertible.
4 The distribution rate is calculated by dividing the eleven-month total
dividend distribution by the average net asset value for the same period. The
average net asset value for that period was $10.28, and dividends totaling
$0.55 were distributed for the same period. (Because the eleven-month period
includes all four dividends declared for the year, the difference between the
eleven-month distribution rate and the twelve-month distribution rate is not
significant.)
5 The SEC yield is a yield figure for the Fund calculated according to rules
set forth by the Securities and Exchange Commission (SEC). The figure is
derived by dividing the Fund's portfolio's net investment income per share (a
hypothetical figure as defined in SEC rules) during a 30-day period by the
public offering price per share on the last day of the period being
considered.
6 The conversion premium is the gauge of equity participation of the
convertible. Expressed as a percentage, it is the amount by which the market
price of the convertible exceeds its conversion value, which is the equity
value of the bond in stock.
7 Bond yields are typically greater than dividend returns on the underlying
common stock. The breakeven time measures the time it would take for the
added return on the bonds to equal the conversion premium. Redemption of the
bonds affects this breakeven time and could result in invalidation of the
calculation.
Share price and investment return will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than the original cost. Past
performance does not guarantee future results.
</TABLE>
<PAGE>
PERFORMANCE REVIEW
CALAMOS CONVERTIBLE FUND
An interview with portfolio managers John P. Calamos and Nick P. Calamos

Chart comparing: Calamos Convertible Fund
Lehman Brothers Government/Corporate Index*
S&P 500 Stock Index**
Growth of a $10,000 Investment over Time(2)
(Based on a hypothetical investment made in the
CALAMOS CONVERTIBLE FUND from 6/21/85 through
3/31/95. Past performance is not an indication of future
results.)

<TABLE>
CALAMOS CONVERTIBLE FUND
<CAPTION>
LB G/C Int S&P 500 Index
<S> <C> <C> <C> <C>
Beginning Balance 10,000 10000.00 10000.00
Sep-85 9,800 10200.00 9600.00
Dec-85 1985 10,700 10800.00 11200.00
Mar-86 12,200 11400.00 12800.00
Jun-86 12,600 11600.00 13500.00
Sep-86 12,100 11900.00 12600.00
Dec-86 1986 12,400 12200.00 13300.00
Mar-87 13,700 12400.00 16100.00
Jun-87 13,700 12300.00 16900.00
Sep-87 14,100 12100.00 18100.00
Dec-87 1987 11,900 12700.00 14000.00
Mar-88 12,600 13100.00 14800.00
Jun-88 13,200 13200.00 15700.00
Sep-88 12,700 13400.00 15800.00
Dec-88 1988 12,600 13500.00 16300.00
Mar-89 13,200 13700.00 17400.00
Jun-89 13,900 14600.00 18900.00
Sep-89 15,000 14700.00 21000.00
Dec-89 1989 14,700 15200.00 21400.00
Mar-90 14,400 15200.00 20700.00
Jun-90 14,900 15700.00 22000.00
Sep-90 13,400 16000.00 19000.00
Dec-90 1990 14,200 16600.00 20700.00
Mar-91 16,400 17000.00 23700.00
Jun-91 16,400 17400.00 23700.00
Sep-91 17,500 18200.00 24900.00
Dec-91 1991 19,400 19100.00 27000.00
Mar-92 19,500 18900.00 26300.00
Jun-92 19,100 19600.00 26900.00
Sep-92 19,800 20500.00 27700.00
Dec-92 1992 20,900 20400.00 29100.00
Mar-93 22,000 21200.00 30400.00
Jun-93 22,800 21700.00 30500.00
Sep-93 23,900 22200.00 31300.00
Dec-93 1993 24,600 22200.00 32000.00
Mar-94 23,700 21800.00 30800.00
Jun-94 22,700 21600.00 30900.00
Sep-94 23,600 21800.00 32400.00
Dec-94 1994 21,639 21800.00 32400.00
Mar-95 22,868 22700.00 35600.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
NAV (3/31/95) $12.41
AVERAGE ANNUAL
TOTAL RETURN PERFORMANCE(1)
Eleven months ended 3/31/95 -1.51%
Twelve months ended 3/31/95 -2.67%
Five years ended 3/31/95 9.91%
Average annual total return
since inception (06/21/85 - 3/31/95) 8.82%
</TABLE>

How did the Fund perform over the last eleven months and what factors affected
this performance?
The total return(1) for the Fund was 3.23% for the eleven-month period ended
March 31, 1995, bringing the average annual total (load-adjusted) return(1)
since inception to 8.82%. These returns are based on net asset value and
include reinvestment of all dividends. Over the eleven-month period, the Fund
paid a total of $0.32 in income dividends and $0.68 in long-term capital gain
dividends. No short-term capital gains were paid during the period.

The total return(1) for the Fund for the three-month period ended March 31,
1995 was 5.68%, reflecting market strength since the beginning of the year.
The Fund's net asset value on March 31, 1995 was $12.41 per share, down from
its net asset value of $13.04 per share on April 30, 1994.

From an earnings standpoint, the positions owned by the Fund produced very
good results in 1994 and for the first three months of 1995. Technology
issues posted strong performance as a whole; the Fund's heavy exposure to this
sector proved beneficial. The Fund is overweighted in the capital goods
sector as well, and companies in this sector, such as Ford Motor Company
(2.65% of net assets), reported strong earnings well exceeding Wall Street
analyst expectations. However, despite the strong earnings, many of these
companies' stocks and convertibles declined. In fact, the banking industry,
capital goods and consumer cyclical sectors -- which, together with the
technology issues, represent the majority of the Fund's holdings -- all
reported stellar earnings for the year, while their stocks and convertibles
performed poorly, reflecting the markets' struggle with the Fed's rate
increases and the fears of renewed inflation.

In 1994, the Fund structure was set up for a sustained recovery scenario that
did not happen. The first three months of 1995 have proved to be another
story. Strength in the convertible market has resulted from stronger equity
markets and improving credit markets. Convertible securities in the banking,
airline, and technology industry groups led the market returns for the first
quarter of 1995.
<PAGE>

CALAMOS CONVERTIBLE FUND (continued)

How has the Fund been affected by the decline of the dollar, and has there
been any shift in strategy as a result?
The foreign convertible market has been by far the weakest segment of the
convertible market during the first three months of 1995.

We have sold some of our Mexican issues, such as Empresas ICA Sociedad
Controladora, S.A. de C.V. and Banco Nacional de Mexico, S.A. We took this
action because we now believe that the Mexican economy is slated for a
prolonged period of contraction. Overall, the dollar's weakness has helped
cushion some of the decline in the foreign holdings.

Have there been any major shifts in the Fund's strategy during the past year?
What is your outlook as a result?
As mentioned above, we reduced our participation in Mexican issues, although
we retain international exposure. We are reducing international exposure in
general and concentrating on the U.S. market, where we see increased
opportunity.

Other than that, we are still positioned for a slow- to moderate-growth
economy with low to moderate inflation. We believe that the business cycle
has a few more years of positive performance, although sector rotation will
keep investors on edge.

What have been some of the major purchases and sales over the past eleven
months?
Among the noteworthy purchases made for the Fund over the past eleven months
were the following convertible securities:

IMC Fertilizer Group, Inc. (0.86% of net assets) is one of the world's leading
producers of crop nutrients for the international agricultural community.
IMC's dual strategy of improving its balance sheet and enhancing its operating
structure has proved successful, resulting in substantial savings for the
company over the past two years. This combines with the current strong
pricing environment and recent marketing association contracts with China to
make the firm an attractive investment opportunity.

WMX Technologies, Inc. (0.96%) is the world's largest solid waste collection
and disposal company. An improving price environment, increased waste volumes
from the economic recovery, and efficiency gains from internal restructuring
are expected to accelerate earnings per share (EPS) growth beyond the flat
trend seen over the last several years.

Unifi, Inc. (0.49%) is a major textile company specializing in the texturizing
of polyester and nylon fiber, and it is one of the world's most efficient yarn
producers. The company has been streamlining and modernizing its operations,
with one result being a new computerized distribution center in North
Carolina. It enjoys a continued solid demand for its products, and is
well-poised to benefit from the favorable price structure projected for the
textile industry in 1995.

Among the positions sold was Varlen Corporation because its underlying stock
had attained our targeted price. We used the proceeds to take advantage of
several attractive purchase opportunities. We have also reduced our holdings
in Titan Wheel International Inc. (0.57%) in order to access funds for
purchases in the same sector.
<PAGE>

CALAMOS CONVERTIBLE FUND (continued)
<TABLE>
CONVERTIBLE FUND
Top Ten Positions
as of 3/31/95
<CAPTION>
Company Description % of Net Assets
<S> <C> <C>
Johnson & Johnson 3 Synthetic Security 3 3.85%
International Business Machines 4 Synthetic Security 4 3.83
Motorola, Inc. 0.00% due 9/27/13 2.86
Ford Motor Company Dep. Shares, Series A, Pref. Stock 2.65
Federal Home Loan Mtg. Corp. Common Stock 2.54
LM Ericsson Telephone Company 4.25% Amer. Depository Deb. 6/30/00 2.38
General Motors Corporation Dep. Shares, Series C., Pref. Stock 2.26
Time Warner Inc. 8.75% due 01/10/15 2.02
Carnival Cruise Lines, Inc. 4.50% due 07/01/97 1.92
The Travelers Inc. 5.50% Series B, Conv. Pref. Stock 1.82
<FN>
Notes

Chart comparing: Calamos Growth and Income Fund
Lehman Brothers Government/Corporate Index*
S&P 500 Stock Index**
Growth of a $10,000 Investment over Time2
(Based on a hypothetical investment made in the
CALAMOS GROWTH AND INCOME FUND from 9/22/88 through
3/31/95. Past performance is not an indication of future
results.)
<TABLE>
CALAMOS GROWTH & INCOME
<CAPTION>
Growth&Income LB G/C Int S&P 500 Index
<S> <C> <C> <C> <C>
Sep-88Beginning Balance 10000 10000.00 10000.00
Dec-88 1988 10000 10100.00 10300.00
Mar-89 10400 10200.00 11000.00
Jun-89 10900 10800.00 12000.00
Sep-89 12000 11000.00 13300.00
Dec-89 1989 11600 11300.00 13500.00
Mar-90 11300 11300.00 13100.00
Jun-90 12100 11700.00 14000.00
Sep-90 10600 11900.00 12000.00
Dec-90 1990 11260 12400.00 13100.00
Mar-91 12800 12700.00 15000.00
Jun-91 12700 12900.00 15000.00
Sep-91 14200 13500.00 15800.00
Dec-91 1991 15800 14200.00 17100.00
Mar-92 15700 14100.00 16700.00
Jun-92 15200 14600.00 17000.00
Sep-92 16000 15300.00 17500.00
Dec-92 1992 17300 15200.00 18400.00
Mar-93 18300 15800.00 19200.00
Jun-93 19000 16200.00 19300.00
Sep-93 20200 16500.00 19800.00
Dec-93 1993 19900 16500.00 20300.00
Mar-94 19300 16200.00 19500.00
Jun-94 18300 16100.00 19600.00
Sep-94 19100 16200.00 20500.00
Dec-94 1994 18232 16200.00 20500.00
Mar-95 18869 16900.00 22500.00
</TABLE>
<TABLE>
<S> <C>
NAV (3/31/95) $12.68
AVERAGE ANNUAL
TOTAL RETURN PERFORMANCE(1)
Eleven months ended 3/31/95 -2.02%
Twelve months ended 3/31/95 -3.21%
Five years ended 3/31/95 10.44%
Average annual total return
since inception (09/22/88 - 03/31/95) 10.22%
</TABLE>
<PAGE>
How did the Fund perform over the last eleven months and what factors affected
this performance?
The total return1 for the Fund was 2.76% for the eleven-month period ended
March 31, 1995, bringing the average annual total (load-adjusted) return1
since inception to 10.22%. These returns are based on net asset value and
include reinvestment of dividends. Over the eleven-month period, the Fund
paid a total of $0.32 in income dividends and $0.30 in long-term capital gain
dividends. No short-term gains were paid during the period.

The total return(1) for the three-month period ended March 31, 1995 was 3.49%,
reflecting market strength since the beginning of the year. The Fund's net
asset value on March 31, 1995 was $12.68 per share, down from its net asset
value of $12.97 per share on April 30, 1994.

The GROWTH AND INCOME FUND, like the other Funds, was adversely affected by
1994's difficult bond market. Rising values in the first three months of 1995
affected mostly larger-cap companies; the small- to mid-sized stock market has
underperformed, and as a result the Fund has lagged the larger-cap market.

Have there been any major shifts in the Fund's strategy during the past year?
Because the small- to mid-cap market tends to be even more volatile than the
large-cap market, we have been holding a larger portion of fixed-income and
synthetic convertibles in the Fund. This helps to lessen volatility and
maintain a more favorable risk/reward ratio by balancing growth with income.
Over the past year, we have held a mix of both large and small companies, to
help cushion the volatility from the small- to mid-cap market.

The Fund had a very large cash position a year ago. What is the Fund's
current cash position?
Most of the large cash position has been invested in two-year government bonds
as a means of enhancing income and reducing fund volatility. We expect to put
that cash to work as market conditions continue to improve in 1995.
<PAGE>

CALAMOS GROWTH AND INCOME FUND (continued)

What's your outlook for the future performance of the CALAMOS GROWTH AND
INCOME FUND for the next twelve months?
The undervaluation that accounted for some of the disappointing performance
over the past eleven months provides an opportunity going forward. The
companies and convertibles that are most appropriate for this Fund are
undervalued for two reasons: first, the general undervaluation in the
convertible market, and, second, the undervaluation in the small- to mid-cap
market. This Fund should benefit over the rest of 1995 as convertible
valuations return to their longer-term trend line and as the smaller growth
companies start to see rising equity values.
<TABLE>
GROWTH AND INCOME FUND
Top Ten Positions
as of 3/31/95
<CAPTION>
Company Description % of Net Assets
<S> <S> <C>
United States Treasury Notes 6.875% due 03/31/97 13.00%
Johnson & Johnson(3) Synthetic Security 3 4.58
International Business Machines 4 Synthetic Security 4 4.48
Motorola, Inc. 0.00% due 9/27/13 3.91
Digital Equipment Corporation Common Stock 2.95
ConAgra, Inc. $25 Pref. Stock, Class E 2.63
General Motors Corporation Dep. Shares, Series C. Pref. Stock 2.54
The Olsten Corporation 4.875% due 05/15/03 2.19
UST, Inc. Common Stock 2.06
DAKA International, Inc. 7.000% due 03/15/03 2.04
<FN>
Notes

Chart comparing: Calamos Growth Fund
S&P 500 Stock Index*
<TABLE>
Growth of a $10,000 Investment over Time2
(Based on a hypothetical investment made in the
CALAMOS GROWTH FUND from 9/4/90 through 3/31/95.
Past performance is not an indication of future results.)
<CAPTION>
GROWTH FUND S&P
<S> <C> <C> <C>
10,000 10000.00
Dec-90 1990 11,000 10900.00
Mar-91 13,000 12500.00
Jun-91 12,500 12500.00
Sep-91 13,600 13100.00
Dec-91 1991 15,400 14200.00
Mar-92 15,000 13900.00
Jun-92 14,100 14100.00
Sep-92 14,700 14600.00
Dec-92 1992 15,600 15300.00
Mar-93 15,600 16000.00
Jun-93 15,500 16100.00
Sep-93 15,900 16500.00
Dec-93 1993 16,300 16900.00
Mar-94 15,600 16200.00
Jun-94 15,600 16300.00
Sep-94 16,100 17100.00
Dec-94 1994 14,300 17100.00
Mar-95 14,673 18700.00
</TABLE>
<TABLE>
<S> <C>
NAV (3/31/95) $14.18
AVERAGE ANNUAL
TOTAL RETURN PERFORMANCE 1
Eleven months ended 3/31/95 -6.83%
Twelve months ended 3/31/95 -3.37%
Average annual total return
since inception (09/4/90 - 3/31/95) 8.76%
</TABLE>
<PAGE>
How did the Fund perform over the last eleven months and what factors affected
this performance?
The total return(1) for the Fund was -1.78% for the eleven-month
period ended March 31, 1995, bringing the average annual total (load-adjusted)
return(1) since inception to 8.76%. These returns are based on net asset
value and include reinvestment of all dividends. Over the eleven-month
period, the Fund paid no income dividends and $0.13 in long-term capital gain
dividends. No short-term dividends were paid during the period.

The total return(1) for the three-month period ended March 31, 1995 was 2.68%,
reflecting market strength since the beginning of the year. The Fund's net
asset value on March 31, 1995 was $14.18 per share, down from its net asset
value of $14.57 per share on April 30, 1994.

Like the other Funds, this Fund, too, was adversely affected by 1994's
difficult markets. The rising values in the first three months of 1995
affected mostly larger-cap companies; the small- to mid-sized stock market has
underperformed, and as a result, the Fund has lagged the larger-cap market.

Have there been any major shifts in strategy over the past eleven months?
Our strategy remains unchanged. The Fund looks for growth opportunities in
three general areas: small- to medium-sized companies, large companies with
unique franchises, and growing foreign companies.

The Fund seeks small- to mid-sized companies that are producing earnings above
expectations and generally growing at rates that exceed 20%. The Fund
searches for companies that meet these criteria before the marketplace
recognizes them as good growth opportunities. Once the company becomes
recognized -- and, in our opinion, fully valued -- it is eliminated from the
portfolio. This tends to cause a higher turnover in this portfolio segment.

Growth companies with unique longer-term franchises typically have well-known
consumer products. Over the years, these companies have been able to produce
an excellent return on capital. Fund management sees increasing opportunity
for these companies in light of the trend toward fewer export restrictions
(NAFTA, GATT) and increasing global
<PAGE>

CALAMOS GROWTH FUND (continued)

expansion. The turnover in this segment of the portfolio is low.

Foreign companies with excellent growth prospects make up the third segment of
the Fund. These companies represent emerging-market infrastructure
participation and the trend toward a global marketplace.

Fund management believes that using a combination of different growth styles
enables the Fund to take advantage of the unique opportunities available at
any particular time.

What's your outlook for the Fund for the next year?
The longer-term view of Fund management is positive for growth companies, and
the Fund is, in the opinion of Fund management, well-positioned in this area
for the coming months. Corporate profits continue to be strong, productivity
gains are impressive, and the worldwide focus on inflation is positive.

The markets of 1994 were difficult, but 1995 has already brought a change of
sentiment and market action. Many industries and companies were priced in
1994 as though the business cycle were near its end. These sectors look
undervalued relative to current longer-term prospects. Furthermore, an
environment of stable interest rates should also allow businesses to make
long-term capital commitments, leading to continued expansion of corporate
earnings and equity values throughout 1995.
<PAGE>
<TABLE>
GROWTH FUND
Top Ten Positions
as of 3/31/95
<CAPTION>
Company Description % of Net Assets
<S> <C> <C>
International Business Machines Common Stock 4.12%
The Coca Cola Company Common Stock 3.85
The Walt Disney Company Common Stock 3.58
Union Carbide Corporation Common Stock 3.42
Gillette Company Common Stock 3.19
FSI International Incorporated Common Stock 3.16
Digital Equipment Corporation Common Stock 2.54
Shawmut National Corp. Common Stock 2.37
Credit Acceptance Corporation Common Stock 2.33
Canadian Occidental Petroleum Common Stock 2.19
<PAGE>
<FN>
Notes

Report of Independent Auditors

To the Board of Trustees and Shareholders
CFS Investment Trust

We have audited the accompanying statement of assets and liabilities,
including the schedules of investments, of CFS Investment Trust (comprised of
Calamos Strategic Income Fund, Calamos Convertible Fund, Calamos Growth and
Income Fund and Calamos Growth Fund) as of March 31, 1995, and the related
statements of operations for the eleven months then ended and changes in net
assets for each of the two periods included therein and the financial
highlights for each of the fiscal periods since 1988. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of investments
owned as of March 31, 1995, by correspondence with the custodian and brokers.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Calamos Strategic Income Fund, Calamos Convertible Fund, Calamos Growth and
Income Fund, and Calamos Growth Fund at March 31, 1995, the results of their
operations for the eleven months then ended, the changes in their net assets
for each of the two periods included therein, and the financial highlights for
each of the fiscal periods since 1988, in conformity with generally accepted
accounting principles.

ERNST & YOUNG LLP

Chicago, Illinois
May 11, 1995
<PAGE>

Schedule of Investments March 31, 1995
<TABLE>
Calamos Strategic Income Fund
<CAPTION>
Principal
Amount Value
<S> <C> <C>
Convertible Bonds (85.6%)
Basic Industries (6.8%)
$ 70,000 Inco Limited $ 78,050
5.750% Conv. Deb.
07/01/2004
60,000 Riverwood International Corporation 71,925
6.750% Conv. Sub. Notes
09/15/2003 --------
149,975

Capital Goods - Industrial (13.7%)
50,000 Orbital Sciences Corporation 70,625
6.750% Conv. Sub. Deb.
03/01/2003
85,000 Thermo Electron Corporation 99,025
5.000% Senior Conv. Euro. Deb.
04/15/2001
60,000 Thermo Instrument Systems Inc. 64,500
3.750% Senior Conv. Euro.
Deb. Guaranteed
09/15/2000
70,000 Varlen Corporation 67,637
6.500% Conv. Sub. Deb.
06/01/2003 --------
301,787
Capital Goods - Technology (21.2%)
40,000 Arrow Electronics, Inc. 52,600
5.750% Conv. Sub. Deb.
10/15/2002
130,000 EMC Corporation 135,362
4.250% Conv. Sub. Notes
01/01/2001
75,000 First Financial Management Corp. 89,719
5.000% Senior Conv. Deb.
12/15/1999
55,000 Network Equipment Technologies 53,075
7.250% Conv. Sub. Deb.
05/15/2014
55,000 Rohr, Inc. 65,175
7.750% Conv. Sub. Notes
05/15/2004
60,000 Systems & Computer Technology Corp. 73,350
6.250% Conv. Sub. Deb.
09/01/2003 --------
469,281
Consumer Cyclical (14.6%)
85,000 AMR Corporation 80,431
6.125% Conv. Sub. Quarterly
Income Capital Securities
11/01/2024
<PAGE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
$ 50,000 Carnival Cruise Lines, Inc. $ 66,563
4.500% Conv. Sub. Notes
07/01/1997
110,000 Delta Air Lines, Inc. 91,575
3.230% Conv. Sub. Notes
06/15/2003
80,000 Hospitality Franchise Systems, Inc. 85,200
4.500% Conv. Senior Notes
10/01/1999 --------
323,769
Consumer Growth Staples (15.8%)
20,000 Lowe's Companies, Inc. 26,900
3.000% Conv. Sub. Notes
07/22/2003
40,000 Michaels Stores, Inc. 41,000
4.750% Step-up Conv. Sub. Notes
01/15/2003
75,000 The Olsten Corporation 84,375
4.875% Conv. Sub. Deb.
05/15/2003
80,000 The Pep Boys - Manny, Moe & Jack 78,400
4.000% Conv. Sub. Notes
09/01/1999
150,000 Time Warner Inc. 57,562
0.000% Liquid Yield Option Notes
06/22/2013
45,000 Vencor, Incorporated 62,100
6.000% Conv. Sub. Notes
10/01/2002
--------
350,337
Energy (3.2%)
65,000 Apache Corporation 70,850
6.000% Conv. Sub. Euro. Deb.
01/15/2002
Financial (10.3%)
75,000 The Equitable Companies Incorporated 78,188
6.125% Conv. Sub. Deb.
12/15/2024
75,000 Legg Mason 75,000
5.250% Conv. Sub. Deb.
05/01/2003
150,000 USF&G Corporation 74,250
0.000% Conv. Sub. Notes
03/03/2009
---------
227,438
---------
TOTAL CONVERTIBLE BONDS 1,893,437
(Cost $1,792,600)

See accompanying Notes to Schedule of Investments.
<PAGE>
Schedule of Investments March 31, 1995
Calamos Strategic Income Fund
<CAPTION>
Number of
Shares Value
<S> <C> <C>
Convertible Preferred Stocks (17.9%)
Basic Industries (1.8%)
900 WHX Corporation $ 39,375
Series A Conv. Pref. Stock
Capital Goods - Technology (3.9%)
307 Comptronix Corp. (a) 624
6.000% Conv. Pref. Series A
1,600 Corning Delaware 86,400
6.000% Conv. Monthly Income Pref. Sec. ----------
87,024
Consumer Growth Staples (2.3%)
1,400 Best Buy Capital 51,450
6.500% Conv. Monthly Income Pref. Sec.

Credit Cyclicals (2.3%)
900 Great Western Financial Corporation 49,725
Dep. Shares, 1/5 Share 8.750%
Cum. Conv. Pref. Stock

Financial (7.6%)
1,600 First Chicago Corporation 82,000
Dep. Shares, 1/100 Share 5.750%
Cum. Conv. Pref. Stock, Series B
1,600 Republic New York Corporation 85,600
$3.375 Cum. Conv. Pref. Stock ----------
167,600
TOTAL CONVERTIBLE ----------
PREFERRED STOCKS 395,174
(Cost $427,325)
----------
TOTAL INVESTMENTS (103.5%) 2,288,611
(Cost $2,219,925)

Common Stocks Sold Short (-41.9%)
Basic Industries (-3.8%)
1,200 Inco Limited (33,450)
2,100 Riverwood International Corp. (39,900)
850 WHX Corporation (9,775)
---------
(83,125)
Capital Goods - Industrial (-7.6%)
3,350 Orbital Sciences Corporation (66,162)
715 Thermo Electron Corporation (36,375)
1,325 Thermo Instrument Systems Inc. (44,388)
950 Varlen Corporation (21,613)
---------
(168,538)
Capital Goods - Technology (-11.5%)
975 Arrow Electronics, Inc. (41,072)
1,230 Corning Incorporated (44,280)
2,600 EMC Corporation (43,550)
450 First Financial Management Corp. (32,513)
700 Network Equipment Technologies (17,763)
2,700 Rohr, Inc. (28,350)
2,800 Systems & Computer Technology Corp. (47,600)
----------
<PAGE> (255,128)
Consumer Cyclical (-5.1%)
430 AMR Corporation (27,843)
1,400 Carnival Cruise Lines, Inc. (32,725)
440 Delta Air Lines, Inc. (27,610)
800 Hospitality Franchise Systems, Inc. (25,600)
----------
(113,778)
Consumer Growth Staples (-6.6%)
625 Best Buy Company, Inc. (13,516)
765 Lowe's Companies, Inc. (26,393)
640 Michaels Stores, Inc. (21,280)
650 The Olsten Corporation (22,831)
800 The Pep Boys - Manny, Moe & Jack (24,800)
350 Time Warner Inc. (13,213)
690 Vencor, Incorporated (24,581)
----------
(146,614)
Credit Cyclicals (-0.8%)
900 Great Western Financial Corporation (16,875)

Energy (-1.0%)
850 Apache Corporation (23,162)

Financial (-5.5%)
1,200 The Equitable Companies, Inc. (26,400)
475 First Chicago Corporation (23,809)
875 Legg Mason (20,671)
500 Republic New York Corporation (24,562)
1,800 USF&G Corp. (25,200)
----------
(120,642)
----------
TOTAL COMMON STOCKS SOLD SHORT (927,862)
(Proceeds $856,922)
CASH DEPOSITS WITH CUSTODIAN
(INTEREST BEARING) (38.2%) 844,750

OTHER ASSETS, LESS LIABILITIES (0.2%) 5,356
----------
NET ASSETS (100%) $2,210,855
==========
NET ASSET VALUE PER SHARE $10.13
(218,180 shares outstanding) ==========
<FN>
Note to Schedule of Investments
(a) Non-income-producing security
See accompanying Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
Schedule of Investments March 31, 1995
Calamos Convertible Fund
<CAPTION>
Principal
Amount Value
<S> <C> <C>
Convertible Bonds (54.9%)
Basic Industries (6.8%)
$ 160,000 Fieldcrest Cannon, Inc. $ 125,200
6.000% Conv. Sub. Deb.
03/15/2012
150,000 IMC Fertilizer Group, Inc. 143,625
6.250% Conv. Sub. Notes
12/01/2001
150,000 Inco Limited 167,250
5.750% Conv. Deb.
07/01/2004
220,000 International Paper Company 240,625
5.750% Conv. Sub. Euro. Deb.
09/23/2002
475,000 RPM, Inc. 196,531
0.000% Liquid Yield Option Notes
09/30/2012
40,000 Riverwood International Corporation 47,950
6.750% Conv. Sub. Notes
09/15/2003
125,000 TriMas Corporation 130,625
5.000% Conv. Sub. Deb.
08/01/2003
80,000 Unifi, Inc. 81,600
6.000% Conv. Sub. Notes
03/15/2002 ----------
1,133,406
Capital Goods - Industrial (7.5%)
200,000 Albany International Corp. 176,000
5.250% Conv. Sub. Debs.
03/15/2002
87,000 Hanson PLC 145,247
BPS 9.500% Conv. Sub. Bonds
01/31/2006
175,000 MascoTech, Inc. 121,188
4.500% Conv. Sub. Deb.
12/15/2003
250,000 Thermo Electron Corporation 291,250
5.000% Senior Conv. Euro. Deb.
04/15/2001
150,000 Thermo Instrument Systems Inc. 161,250
3.750% Senior Conv. Euro.
Deb. Guaranteed
09/15/2000
80,000 Titan Wheel International Inc. 95,200
4.750% Conv. Sub. Notes
12/01/2000
100,000 Varlen Corporation 96,625
6.500% Conv. Sub. Deb.
06/01/2003

<PAGE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
$ 200,000 WMX Technologies, Inc. $ 161,000
2.000% Conv. Sub. Notes
01/24/2005 ----------
1,247,760
Capital Goods - Technology (13.6%)
225,000 Arrow Electronics, Inc. 295,875
5.750% Conv. Sub. Deb.
10/15/2002
600,000 Automatic Data Processing, Inc. 264,000
0.000% Liquid Yield Option Notes
02/20/2012
150,000 Compania de Telefonos de Chile S.A. 141,750
4.500% Conv. Sub. Deb.
01/15/2003
154,000 Cooper Industries, Inc. 156,310
7.050% Conv. Sub. Deb.
01/01/2015
160,000 First Financial Management Corp. 191,400
5.000% Senior Conv. Deb.
12/15/1999
1,910,000 LM Ericsson Telephone Company 396,509
SKS 4.250% American Depositary Deb.
06/30/2000
680,000 Motorola, Inc. 476,000
0.000% Liquid Yield Option Notes
09/27/2013
90,000 Sterling Software 119,025
5.750% Conv. Sub. Deb.
02/01/2003
175,000 Systems & Computer Technology Corp. 213,938
6.250% Conv. Sub. Deb.
09/01/2003 ----------
2,254,807
Consumer Cyclical (9.3%)
270,000 AMR Corporation 255,488
6.125% Conv. Sub. Quarterly
Income Capital Securities
11/01/2024
100,000 British Airways Plc 293,591
BPS 9.750% Conv. Capital Bonds
06/15/2005
240,000 Carnival Cruise Lines, Inc. 319,500
4.500% Conv. Sub. Notes
07/01/1997
88,000 Daily Mail and General Trust plc 158,026
BPS (Reuters Holdings PLC)
5.750% Exch. Bonds
09/26/2003
240,000 Delta Air Lines, Inc. 199,800
3.230% Conv. Sub. Notes
06/15/2003
See accompanying Note to Schedule of Investments.
<PAGE>
Schedule of Investments March 31, 1995
Calamos Convertible Fund

<CAPTION>
Principal
Amount Value
<S> <C> <C>
$ 195,000 The Interpublic Group of Companies Inc. $ 172,575
3.750% Conv. Sub. Euro Deb.
04/01/2002
270,000 Office Depot, Inc. 153,900
0.000% Liquid Yield Option Notes
11/01/2008 ----------
1,552,880
Consumer Growth Staples (6.3%)
160,000 Hasbro, Inc. 185,200
6.000% Conv. Sub. Notes
11/15/1998
250,000 Hollinger Inc. 72,500
0.000% Liquid Yield Option Notes
10/05/2013
615,000 News America Holdings Incorporated 262,913
0.000% Liquid Yield Option Notes
03/11/2013
175,000 The Olsten Corporation 196,875
4.875% Conv. Sub. Deb.
05/15/2003
335,000 Time Warner Inc. 336,675
8.750% Conv. Sub. Deb.
01/10/2015 ----------
1,054,163
Consumer Staples (0.6%)
95,000 American Brands, Inc. 97,375
7.625% Conv. Euro. Deb.
03/05/2001

Energy (3.1%)
130,000 Amoco Canada Petroleum Company Ltd. 159,250
7.375% Sub. Exch. Deb. Series A
09/01/2013
230,000 Pennzoil Company (Chevron) 276,287
6.500% Exch. Senior Deb.
01/15/2003
90,000 Snyder Oil Corporation 81,000
7.000% Conv. Sub. Notes
05/15/2001 ----------
516,537
Financial (7.7%)
180,000 BCP Bank & Trust Co. (Cayman), Ltd. 244,640
ECS 8.750% Guaranteed Sub. Conv. Bonds
05/21/2002
80,000 The Bank Of New York Company, Inc. 133,400
7.500% Conv. Sub. Deb.
08/15/2001
<PAGE>
<CAPTION>
Principal
Amount/
Number of
Shares Value
<S> <C> <C>
$ 145,000 Cincinnati Financial Corporation $ 170,375
5.500% Conv. Senior Deb.
05/01/2002
225,000 Commerzbank 226,892
DMS 8.400% Bearer Participation Certificates
12/31/2000
165,000 Developers Diversified Realty Corp. 155,719
7.000% Conv. Sub. Deb.
08/15/1999
160,000 Fifth Third Bancorp 156,000
4.250% Conv. Sub. Notes
01/15/1998
924,000 Societe Generale 199,162
FRS 3.500% Conv. Deb.
01/01/2000 ----------
1,286,188
----------
TOTAL CONVERTIBLE BONDS 9,143,116
(Cost $8,730,180)

Convertible Preferred Stocks (22.2%)
Basic Industries (1.8%)
7,300 James River Corporation of Virginia 175,200
Dep. Shares, 1/100 Share
Series P 9.000% Cum. Conv. Pref. Stock
2,000 Magma Copper Company 126,250
6.000% Cum. Conv. Pref. Stock
Series E ---------
301,450
Capital Goods - Industrial (2.6%)
5,000 Ford Motor Company 441,250
Dep. Shares, 1/1000 Share
Series A Cum. Conv. Pref. Stock

Capital Goods - Technology (4.1%)
6,550 General Motors Corporation 376,625
Series C Dep. Shares,
1/10 Series C Conv. Pref. Stock
3,400 Philippine Long Distance Telephone Co. 191,675
$3.500 Global Dep. Shares,
One Share Series III Conv. Pref. Stock
2,900 Salomon Inc. 109,837
6.750% DEC (Digital Equipment
Corporation) Common Equity-Linked
Securities, Due 08/02/1996 ---------
678,137
See accompanying Note to Schedule of Investments.
<PAGE>
Schedule of Investments March 31, 1995
Calamos Convertible Fund

<CAPTION>
Number of
Shares Value
<S> <C> <C>
Consumer Growth Staples (0.5%)
3,000 FHP International Corp. $ 83,250
Series A Cum. Conv. Pref. Stock

Consumer Staples (3.3%)
8,800 ConAgra, Inc. 297,000
$25 Class E Cum. Conv. Voting
Pref. Stock
40,600 RJR Nabisco Holding Corp. 258,825
Series C Dep. Shares,
1/10 Series C Conv. Pref. Stock ---------
555,825
Energy (1.2%)
3,700 Occidental Petroleum Corporation 192,400
$3.00 Cum. CXY-Indexed Conv.
Pref. Stock

Financial (8.7%)
3,000 BankAmerica Corporation 161,625
6.500% Cum. Conv. Pref. Stock,
Series G
2,000 Citicorp 234,500
$5.375 Dep. Shares, 1/2000 Share
Conv. Pref. Stock, Series 13
3,405 First Chicago Corporation 174,506
Dep. Shares 1/100 Share 5.750%
Cum. Conv. Pref. Stock, Series B
145 Jardine Strategic Holdings Limited 181,613
7.500% Conv. Cum. Pref. Shares
3,000 Republic New York Corporation 160,500
$3.375 Cum. Conv. Pref. Stock
2,715 The Rouse Company (a) 138,465
Series A Conv. Pref. Stock
5,300 The Travelers Inc. 303,425
5.500% Conv. Pref. Stock, Series B
750 Webster Financial Corporation 93,188
Series B 7.500% Cum. Conv. Pref. Stock ----------
1,447,822

TOTAL CONVERTIBLE ----------
PREFERRED STOCKS 3,700,134
(Cost $3,541,563)

Common Stocks (9.9%)
Capital Goods - Industrial (1.1%)
4,200 Chrysler Corporation 175,875
<PAGE>
<CAPTION>
Number of
Shares/
Principal
Amount Value
<S> <C> <C>
Capital Goods - Technology (2.9%)
2,800 Intel Corporation $ 237,650
3,000 International Business Machines 246,000
----------
483,650
Consumer Growth Staples (2.0%)
3,000 Gannett Company, Inc. 160,125
3,870 The Home Depot, Inc. 171,247
---------
331,372
Consumer Staples (1.3%)
5,700 Pepsico, Inc. 223,013

Credit Cyclicals (2.6%)
7,000 Federal Home Loan Mortgage Corp. 423,500
----------
TOTAL COMMON STOCKS 1,637,410
(Cost $1,166,624)

Call Options (3.0%)
Capital Goods - Technology (1.3%)
85 International Business Machines (a) 212,500
Long Term Equity Anticipation Securities
Expiring 01/20/1996 Strike Price 60

Consumer Growth Staples (1.4%)
105 Johnson & Johnson (a) 215,250
Long Term Equity Anticipation Securities
Expiring 01/20/1996 Strike Price 40
50 Bristol Myers Squibb (a) 23,125
Long Term Equity Anticipation Securities
Expiring 01/18/1997 Strike Price 65 ---------
238,375
Credit Cyclicals (0.2%)
30 Federal National Mortgage Association (a) 31,875
Long Term Equity Anticipation Securities
Expiring 01/18/1997 Strike Price 80

Energy (0.1%)
30 Tenneco, Inc. (a) 21,750
Long Term Equity Anticipation Securities
Expiring 01/18/1997 Strike Price 45
----------
TOTAL CALL OPTIONS 504,500
(Cost $219,309)

U.S. Government Securities (7.6%)

$ 850,000 United States Treasury Notes 850,000
7.000% 04/15/1999
See accompanying Note to Schedule of Investments.
<PAGE>

Schedule of Investments March 31, 1995
Calamos Convertible Fund
<CAPTION>
Principal
Amount Value
<S> <C> <C>
$ 100,000 United States Treasury Notes $ 102,094
8.000% 01/15/1997
300,000 United States Treasury Notes 303,750
7.500% 01/31/1997

TOTAL U.S. GOVERNMENT SECURITIES
-----------
1,255,844
(Cost $1,271,453)
-----------
TOTAL INVESTMENTS (97.6%) 16,241,004
(Cost $14,929,129)

CASH DEPOSIT WITH CUSTODIAN
(INTEREST BEARING) (2.5%) 410,899

LIABILITIES, LESS OTHER ASSETS (-0.1%) (5,880)
-----------
NET ASSETS (100%) $16,646,023
===========
NET ASSET VALUE PER SHARE
(1,341,332 shares outstanding) $12.41
===========
<FN>
Note to Schedule of Investments
(a) Non-income-producing security
See accompanying Notes to Financial Statements.
<PAGE>

Schedule of Investments March 31, 1995
Calamos Growth and Income Fund
<CAPTION>
Principal
Amount Value
<S> <C> <C>
Convertible Bonds (33.7%)
Basic Industries (6.2%)
$ 40,000 IMC Fertilizer Group, Inc. $ 38,300
6.250% Conv. Sub. Notes
12/01/2001
40,000 Inco Limited 44,600
5.750% Conv. Deb.
07/01/2004
50,000 International Paper Company 54,687
5.750% Conv. Sub. Euro. Deb.
09/23/2002
50,000 Riverwood International Corporation 59,937
6.750% Conv. Sub. Notes
09/15/2003
40,000 Unifi, Inc. 40,800
6.000% Conv. Sub. Notes
03/15/2002 ----------
238,324
Capital Goods - Industrial (4.6%)
50,000 Browning-Ferris Industries, Inc. 50,188
6.250% Conv. Sub. Deb.
08/15/2012
50,000 MascoTech, Inc. 34,625
4.500% Conv. Sub. Deb.
12/15/2003
50,000 The Raymond Corporation 56,250
6.500% Conv. Sub. Deb.
12/15/2003
30,000 Titan Wheel International Inc. 35,700
4.750% Conv. Sub. Notes
12/01/2000 ---------
176,763
Capital Goods - Technology (8.3%)
140,000 Automatic Data Processing, Inc. 61,600
0.000% Liquid Yield Option Notes
02/20/2012
215,000 Motorola, Inc. 150,500
0.000% Liquid Yield Option Notes
09/27/2013
40,000 Sterling Software 52,900
5.750% Conv. Sub. Deb.
02/01/2003
45,000 Systems & Computer Technology Corp. 55,013
6.250% Conv. Sub. Deb.
09/01/2003 ----------
320,013
<PAGE>
<CAPTION>
Principal
Amount/
Number of
Shares Value
<S> <C> <C>
Consumer Cyclical (4.2%)
$ 82,000 AMR Corporation $ 77,593
6.125% Conv. Sub. Quarterly
Income Capital Securities
11/01/2024
50,000 The Interpublic Group of Companies, Inc. 44,250
3.750% Conv. Sub. Euro.
04/01/2002
40,000 Outboard Marine Corporation 41,400
7.000% Conv. Sub. Deb.
07/01/2002 ----------
163,243
Consumer Growth Staples (7.9%)
30,000 Big B, Inc. 35,475
6.500% Conv. Sub. Deb.
03/15/2003
50,000 DAKA International, Inc. 78,500
7.000% Conv. Sub. Notes
03/15/2003
30,000 Integrated Health Services, Inc. 37,200
6.000% Conv. Sub. Deb.
01/01/2003
75,000 The Olsten Corporation 84,375
4.875% Conv. Sub. Deb.
05/15/2003
70,000 Time Warner Inc 70,350
8.750% Conv. Sub. Deb.
01/10/2015 ----------
305,900
Financial (2.5%)
40,000 Developers Diversified Realty Corp. 37,750
7.000% Conv. Sub. Deb.
08/15/1999
60,000 Fifth Third Bancorp 58,500
4.250% Conv. Sub. Notes
01/15/1998 ----------
96,250
----------
TOTAL CONVERTIBLE BONDS 1,300,493
(Cost $1,269,180)

Convertible Preferred Stocks (22.6%)
Basic Industries (3.4%)
800 The B.F. Goodrich Company 39,400
$3.500 Cum. Conv. Pref. Stock, Series D
600 Boise Cascade Corporation 17,775
$1.580 Dep. Shares, 1/10 Share
Conv. Pref. Stock, Series G
See accompanying Note to Schedule of Investments.
<PAGE>
Schedule of Investments March 31, 1995
Calamos Growth and Income Fund
<CAPTION>
Number of
Shares Value
<S> <C> <C>
1,600 James River Corporation of Virginia $ 38,400
Dep. Shares, 1/100 Share
Series P 9.000% Cum. Conv. Pref. Stock
500 Magma Copper Company 33,562
6.000% Cum. Conv. Pref. Stock, Series E ----------
129,137
Capital Goods - Technology (5.5%)
1,700 General Motors Corporation 97,750
Series C Dep. Shares,
1/10 Series C Conv. Pref. Stock
1,600 LCI International 54,400
5.000% Cum. Conv. Exch. Pref. Stock
1,500 Lehman Brothers Holdings Inc. 58,500
7.250% Oracle Yield Enhanced Equity
Linked Debt Securities Due 1996 ----------
210,650
Consumer Growth Staples (1.7%)
1,200 Lehman Brothers Holdings Inc. 65,700
6.500% Amgen Yield Enhanced Equity
Linked Debt Securities Due 1997

Consumer Staples (4.2%)
3,000 ConAgra, Inc. 101,250
$25 Class E Cum. Conv. Voting
Pref. Stock
9,400 RJR Nabisco Holding Corp. 59,925
Series C Dep. Shares,
1/10 Series C Conv. Pref. Stock ----------
161,175
Energy (0.9%)
1,400 Atlantic Richfield Company 34,825
9.000% Exch. Notes
Financial (6.9%)
600 Citicorp 70,350
$5.375 Dep. Shares, 1/2000 Share
Conv. Pref. Stock, Series 13
2,000 First USA 76,000
6.250% Pref. Redeemable Increased
Dividend Equity Securities, Conv. Pref. Stock
1,100 Olympic Financial Ltd 47,025
8.000% Cum. Conv. Exch. Pref. Stock
<PAGE>
<CAPTION>
Number of
Shares Value
<S> <C> <C>
700 Roosevelt Financial Group, Inc. $ 42,875
6.500% Noncum. Conv. Pref. Stock
600 The Rouse Company (a) 30,600
Series A Conv. Pref. Stock ----------
266,850
TOTAL CONVERTIBLE ----------
PREFERRED STOCKS 868,337
(Cost $825,433)

Common Stocks (5.0%)
Capital Goods - Technology (3.0%)
3,000 Digital Equipment Corporation (a) 113,625

Consumer Staples (2.0%)
2,500 UST, Inc. 79,375
----------
TOTAL COMMON STOCKS 193,000
(Cost $163,175)

Call Options (4.3%)
Capital Goods - Technology (1.5%)
23 International Business Machines (a) 57,500
Long Term Equity Anticipation Securities
Expiring 01/20/1996 Strike Price 60

Consumer Growth Staples (2.4%)
30 Johnson & Johnson (a) 61,500
Long Term Equity Anticipation Securities
Expiring 01/20/1996 Strike Price 40
32 Bristol Myers Squibb (a) 14,800
Long Term Equity Anticipation Securities
Expiring 01/18/1997 Strike Price 65
40 Merck & Co. (a) 16,000
Long Term Equity Anticipation Securities
Expiring 01/18/1997 Strike Price 45 ----------
92,300
Consumer Staples (0.4%)
35 Pepsico, Inc. (a) 16,625
Long Term Equity Anticipation Securities
Expiring 01/18/1997 Strike Price 40
----------
TOTAL CALL OPTIONS 166,425
(Cost $97,098)
See accompanying Note to Schedule of Investments.
<PAGE>

Schedule of Investments March 31, 1995
Calamos Growth and Income Fund
<CAPTION>
Principal
Amount Value
<S> <C> <C>
U.S. Government Securities (26.8%)
$230,000 United States Treasury Notes $ 230,000
7.000% 04/15/1999
800,000 United States Treasury Notes 801,504
6.875% 03/31/1997

TOTAL U.S. GOVERNMENT ----------
SECURITIES 1,031,504
(Cost $1,034,997)
----------
TOTAL INVESTMENTS (92.4%) 3,559,759
(Cost $3,389,883)

CASH DEPOSIT WITH CUSTODIAN
(INTEREST BEARING) (9.4%) 360,419

LIABILITIES, LESS OTHER ASSETS (-1.8%) (67,619)
----------
NET ASSETS (100%) $3,852,559
==========
NET ASSET VALUE PER SHARE
(303,916 shares outstanding) $12.68
==========
<FN>
Note to Schedule of Investments
(a) Non-income-producing security
See accompanying Notes to Financial Statements.
</TABLE>
<PAGE>

<TABLE>
Schedule of Investments March 31, 1995
Calamos Growth Fund
<CAPTION>
Number of
Shares Value
<S> <C> <C>
Common Stocks (93.1%)
Basic Industries (6.4%)
800 Chesapeake Corporation $ 25,600
500 Cyprus Amax Minerals Company 14,187
250 Phelps Dodge Corporation 14,219
2,000 Union Carbide Corporation 61,250
----------
115,256
Capital Goods - Industrial (7.1%)
2,000 Esterline Technologies Corporation (a) 33,000
1,400 FSI International Incorporated 56,525
1,350 United Waste Systems, Inc. (a) 38,137
----------
127,662
Capital Goods - Technology (20.5%)
800 Ameritech Corporation 33,000
600 Bellsouth Corporation 35,700
330 Broderbund Software (a) 17,119
1,300 Cadence Design Systems, Inc. (a) 34,450
1,200 Digital Equipment Corporation (a) 45,450
900 International Business Machines 73,800
600 McDonnell Douglas Corporation 33,450
900 Optical Data Systems, Inc. (a) 31,275
800 Stratacom, Inc. (a) 34,400
1,500 Trimble Navigation Limited (a) 28,500
---------
367,144
Consumer Cyclical (12.9%)
450 AMR Corporation (a) 29,137
500 Cobra Golf, Inc. (a) 14,000
450 Delta Air Lines, Inc. 28,238
1,000 First Team Sports Incorporated 22,625
1,400 Heritage Media Corporation (a) 36,050
1,350 La Quinta Motor Inns, Inc. 36,619
1,200 The Walt Disney Company 64,050
----------
230,719
Consumer Growth Staples (14.6%)
500 Amgen, Inc. (a) 33,688
2,000 COR Therapeutics Incorporated (a) 26,000
700 Gillette Company 57,137
600 Johnson & Johnson 35,700
500 Eli Lilly & Company 36,562
1,200 Manpower, Inc. 38,550
900 Smithkline Beecham PLC ADRs 33,750
----------
261,387
<PAGE>
<CAPTION>
Number of
Shares Value
<S> <C> <C>
Consumer Staples (7.8%)
1,220 The Coca Cola Company $ 68,930
1,000 ConAgra, Inc. 33,125
1,950 Hudson Foods, Inc. 37,294
----------
139,349
Credit Cyclicals (2.2%)
900 TCF Financial Corporation 38,812

Energy (7.3%)
300 Atlantic Richfield Co. 34,500
1,500 Canadian Occidental Petroleum 39,188
1,000 Halliburton Company 36,375
1,500 Smith International, Inc. (a) 21,375
----------
131,438
Financial (14.3%)
1,200 Bank of Boston Corporation 35,850
800 Citicorp 34,000
3,000 City National Corporation 31,875
1,900 Credit Acceptance Corporation (a) 41,800
270 General Re Corporation 35,640
800 Household International, Inc. 34,800
1,600 Shawmut National Corp. 42,200
----------
256,165

TOTAL COMMON STOCKS ----------
(Cost $1,425,093) 1,667,932
----------
TOTAL INVESTMENTS (93.1%) 1,667,932

CASH DEPOSIT WITH CUSTODIAN
(INTEREST BEARING) (2.0%) 35,587

OTHER ASSETS, LESS LIABILITIES (4.9%) 87,091
----------
NET ASSETS (100%) $1,790,610
==========
NET ASSET VALUE PER SHARE
(126,314 shares outstanding) $14.18
==========
Note to Schedule of Investments
(a) Non-income-producing security
See accompanying Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Assets and Liabilities
March 31, 1995
<CAPTION>
Strategic Growth and
Income Convertible Income Growth
ASSETS Fund Fund Fund Fund
<S> <C> <C> <C> <C>

Investments, at value (cost $2,219,925,
$14,929,129 $3,389,883 and $1,425,093,
respectively) $2,288,611 16,241,004 3,559,759 1,667,932
Cash with custodian (interest bearing) 844,750 410,899 360,419 35,587
Accrued interest and dividends receivable 29,767 144,230 28,128 2,091
Receivable for investments sold 26,941 -- -- 131,516
Receivable for Fund shares sold -- 1,200 42 --
Prepaid expenses 498 498 498 498
Unamortized organization costs 2,964 -- -- 4,903
---------- ---------- --------- ---------
Total Assets 3,193,531 16,797,831 3,948,846 1,842,527
---------- ---------- --------- ---------
LIABILITIES AND NET ASSETS
Common stocks sold short, at value
(proceeds $856,922) 927,862 -- -- --
Payable for investments purchased -- 100,960 78,382 34,487
Payable for Fund shares redeemed 30,000 3,499 -- --
Payable to investment adviser 5,031 13,595 3,166 5,935
Accounts payable and accrued liabilities 18,807 26,773 13,137 10,731
Payable to distributor 976 6,981 1,602 764
---------- ---------- --------- ---------
Total Liabilities 982,676 151,808 96,287 51,917
---------- ---------- --------- ---------
NET ASSETS $2,210,855 16,646,023 3,852,559 1,790,610
========== ========== ========= =========
SHARES OUTSTANDING, NO PAR VALUE 218,180 1,341,332 303,916 126,314

ANALYSIS OF NET ASSETS
Excess of amounts received from issuance
of shares over amounts paid on redemptions
of shares on account of capital $2,351,252 15,356,762 3,706,282 1,534,577
Undistributed net investment income 8,916 105,159 21,518 2,814
Accumulated net realized gain (loss)
on investments (147,059) (127,773) (45,117) 10,380
Unrealized appreciation (depreciation)
of investments (2,254) 1,311,875 169,876 242,839
---------- ---------- --------- ---------
NET ASSETS APPLICABLE TO
SHARES OUTSTANDING $2,210,855 16,646,023 3,852,559 1,790,610
========== ========== ========= =========

NET ASSET VALUE AND
REDEMPTION PRICE PER SHARE
AT MARCH 31, 1995 $10.13 12.41 12.68 14.18
========== ========== ========= =========
MAXIMUM OFFERING PRICE PER
SHARE AT MARCH 31, 1995
(Net asset value, plus
4.71% of net asset value or 4.50%
of offering price) $10.61 12.99 13.28 14.85
========== ========== ========= =========
See accompanying Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Operations
Eleven Months Ended March 31, 1995
<CAPTION>
Strategic Growth and
Income Convertible Income Growth
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $133,792 526,970 137,744 12,950
Dividends 16,444 214,530 42,928 23,938
---------- ---------- --------- ----------
Total Investment Income 150,236 741,500 180,672 36,888

EXPENSES
Investment advisory fees 17,684 113,445 27,059 17,037
Distribution fees 11,790 75,630 18,040 8,519
Transfer agent fees 1,043 8,046 1,890 755
Custodian fees 2,070 1,305 1,500 1,860
Trustees' fees 3,273 3,274 3,273 3,273
Registration fees 5,176 5,653 5,176 5,176
Audit and legal fees 24,456 26,658 20,202 15,456
Dividends paid on short sales 8,681 -- -- --
Other 7,350 3,694 1,025 9,585
---------- ---------- --------- ---------
Total Expenses 81,523 237,705 78,165 61,661
Less expense reimbursement 25,683 -- 6,006 27,587
---------- ---------- --------- ---------
Net Expenses 55,840 237,705 72,159 34,074
---------- ---------- --------- ---------

NET INVESTMENT INCOME 94,396 503,795 108,513 2,814
========== ========== ========= =========

REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments
(including options) (155,395) 213,470 (68,857) 8,858
Change in unrealized appreciation
or depreciation of investments 45,822 (196,110) 43,863 (55,489)
---------- ---------- --------- ---------
NET GAIN (LOSS) ON INVESTMENTS (109,573) 17,360 (24,994) (46,631)
---------- ---------- --------- ---------

NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $(15,177) 521,155 83,519 (43,817)
---------- ---------- --------- ----------
See accompanying Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Changes in Net Assets
Eleven Months Ended March 31, 1995 and Year Ended April 30, 1994
<CAPTION>
Strategic Income Convertible Growth and Income Growth
Fund Fund Fund Fund
OPERATIONS 1995 1994 1995 1994 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income $94,396 96,596 503,795 491,135 108,513 102,243 2,814 1,326
Net realized gain (loss)
on investments
(including options) (155,395) 121,691 213,470 1,608,166 (68,857) 388,437 8,858 63,464
Change in unrealized
appreciation or depreciation
of investments 45,822 (110,874) (196,110) (1,012,594) 43,863 (353,464) (55,489) 107,778
---------- ---------- ---------- ----------- --------- --------- -------- ---------
Increase (decrease) in net assets
resulting from operations (15,177) 107,413 521,155 1,086,707 83,519 137,216 (43,817) 172,568
---------- ---------- ---------- ----------- --------- --------- -------- ---------
DISTRIBUTIONS
TO SHAREHOLDERS
Net investment income (85,480) (110,830) (418,340) (474,519) (102,250) (93,810) -- (1,326)
Net realized gains (51,727) (78,756) (728,776) (1,749,169) (107,236) (398,414) (18,542) (82,208)
In excess of net realized gains -- -- (155,203) -- -- -- -- --
---------- ---------- ---------- ----------- --------- --------- -------- --------
Total distributions (137,207) (189,586) (1,302,319) (2,223,688) (209,486) (492,224) (18,542) (83,534)
---------- ---------- ---------- ----------- --------- --------- -------- --------
INCREASE (DECREASE) IN
NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS (640,875) 564,197 404,270 947,013 (684,138) 1,363,071 (236,499) 139,512
---------- ---------- ---------- ----------- --------- --------- --------- ---------
TOTAL INCREASE
(DECREASE) IN
NET ASSETS (793,259) 482,024 (376,894) (189,968) (810,105) 1,008,063 (298,858) 228,546

NET ASSETS
Beginning of period 3,004,114 2,522,090 17,022,917 17,212,885 4,662,664 3,654,601 2,089,468 1,860,922
---------- ---------- ---------- ----------- --------- --------- --------- ---------
End of period $2,210,855 3,004,114 16,646,023 17,022,917 3,852,559 4,662,664 1,790,610 2,089,468
========== ========== ========== ========== ========= ========= ========= =========
Undistributed net
investment income 8,916 -- 105,159 47,134 21,518 15,255 2,814 --

See accompanying Notes to Financial Statements.
</TABLE>
<PAGE>
Notes to Financial Statements

Note 1 - Organization and Significant Accounting Policies

Organization -- CFS Investment Trust, a Massachusetts business trust organized
December 21, 1987 (the "Trust"), consists of four series, Calamos Strategic
Income Fund, Calamos Convertible Fund, Calamos Growth and Income Fund and
Calamos Growth Fund. In 1995, the Trust changed its fiscal year end for
financial reporting and income tax purposes from April 30 to March 31.

Portfolio Valuation -- The Funds value their portfolio securities on the basis
of market valuation. If no such valuation is readily available, investments
and other assets are valued at fair value as determined by the Board of
Trustees.

Investment Transactions and Investment Income -- Investment transactions are
recorded on a trade date basis. Realized gains and losses from investment
transactions are reported on an identified cost basis. Realized foreign
exchange losses of $27,430 and unrealized foreign exchange gains of $69,676
incurred by the Convertible Fund are included as a component of net realized
gains and losses on investments and in unrealized appreciation and
depreciation in investments, respectively. Interest income is recognized
using the accrual method and includes amortization of original issue discount.
Dividend income is recognized on the ex-dividend date.

Federal Income Taxes -- No provision has been made for Federal income taxes
since the Funds each elect to be taxed as a "regulated investment company" and
have made such distributions to shareholders so as to be relieved of all
Federal income taxes. At March 31, 1995, the accumulated net realized loss
for Federal income tax purposes on sales of investments, amounting to $155,395
and $68,857 for the Strategic Income Fund and Growth and Income Fund,
respectively, is available to offset future taxable gains. If not applied,
the carry-overs expire in 2003.

Dividends -- Dividends payable to their shareholders are recorded by the Funds
on the ex-dividend date. Income and capital gain dividends are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments for foreign currency transactions.

Note 2 - Investment Adviser and Transactions with Affiliates

Pursuant to an investment advisory agreement with Calamos Asset Management,
Inc. ("CAM"), the Funds pay a monthly investment advisory fee based on the
average daily net assets of the Funds and computed as follows: The Strategic
Income Fund, Convertible Fund, and Growth and Income Fund fees are based on
0.75% of the first $150 million of each Fund's average daily net assets and
0.50% of each Fund's average daily net assets in excess of $150 million. The
Growth Fund's fee is based on 1.00% of the first $150 million of average daily
net assets and 0.75% of average daily net assets in excess of $150 million.

CAM has voluntarily undertaken to limit normal operating expenses of the
Strategic Income Fund, Growth and Income Fund and Growth Fund to 2% of average
daily net assets through August 31, 1995. For the eleven months ended March
31, 1995, CAM waived or absorbed expenses of $25,683, $6,006 and $27,587,
respectively, for those Funds.
<PAGE>
While serving as Transfer Agent of the Funds, CAM assumed all expenses of
personnel, office space, office facilities and equipment incidental to such
service.

While serving as Distributor, Calamos Financial Services, Inc. ("CFS")
assumed all expenses of personnel, office space, office facilities and
equipment incidental to such service. Each Fund has adopted a Distribution
Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 whereby
CFS is paid an annual service fee of 0.25% and an annual distribution fee of
0.25% of the Fund's average daily net assets. In return, CFS bears all
expenses incurred in the distribution and promotion of each Fund's shares.
Except for the Convertible Fund, all Funds adopted this plan at inception.
This plan was adopted by the Convertible Fund effective May 1, 1992.
<PAGE>

During the eleven months ended March 31, 1995, CFS received commissions of
$698, $1,015, $1,264 and $1,607 from the sale of Strategic Income Fund,
Convertible Fund, Growth and Income Fund and Growth Fund shares, respectively.

Portfolio transactions for the Fund have been executed through CFS, consistent
with the Fund's policy of obtaining best price and execution. During the
eleven months ended March 31, 1995, the Strategic Income Fund, Convertible
Fund, Growth and Income Fund, and Growth Fund paid brokerage commissions to
CFS on purchases and sales of securities in the amount of $7,010, $15,702,
$5,949 and $13,668, respectively. It is management's opinion that commission
rates charged to the Funds by CFS are consistent with those charged to
comparable unaffiliated customers in similar transactions.

CAM and CFS are wholly owned by John P. Calamos, who is a trustee and an
officer of the Trust.
<PAGE>

Note 3 - Investments

Purchases and sales of investments other than short-term obligations in the
Funds for the eleven months ended March 31, 1995, are as follows:
<TABLE>
<CAPTION>
Growth
Strategic Income Convertible and Income Growth
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
Purchases $1,431,358 6,790,925 2,874,040 1,805,575
Proceeds from sales $1,626,311 7,177,679 2,607,265 1,680,258

The following information is based on the cost basis of investments for
Federal income tax purposes at March 31, 1995:
<CAPTION>
Growth
Strategic Income Convertible and Income Growth
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
Cost basis of investments $2,219,925 14,929,129 3,389,883 1,425,093
Gross unrealized appreciation $ 138,546 1,672,114 224,075 254,638
Gross unrealized depreciation $ (69,860) (360,239) (54,199) (11,799)
Net unrealized appreciation $ 68,686 1,311,875 169,876 242,839
</TABLE>

Note 4 - Short Sales

Securities sold short represent obligations to purchase the securities at a
future date at then-prevailing prices. These transactions result in
off-balance-sheet risk, i.e., the risk that the ultimate obligation may exceed
the amount shown in the accompanying statement of assets and liabilities. To
the extent a Fund owns equivalent securities, the off-balance-sheet risk is
offset. During the eleven months ended March 31, 1995, the Strategic Income
Fund incurred losses of $24,026 on short sales that are classified with net
realized loss on investments. No other fund engaged in short sales during the
eleven months ended March 31, 1995.

<PAGE>
Note 5 - Interest Bearing Cash Deposit with Custodian

The Funds have entered into an arrangement with the custodian, Prudential
Securities, Inc., whereby each Fund is entitled to the current broker call
rate minus one percent on the average daily cash balances on deposit with the
custodian. During the eleven months ended March 31, 1995, the Strategic
Income Fund, Convertible Fund, Growth and Income Fund, and Growth Funds earned
$34,144, $13,634, $35,838 and $9,630, respectively, in interest income under
this arrangement.
<PAGE>
Note 6 - Capital Share Transactions
<TABLE>
The following table summarizes the activity in capital shares of the Funds:
<CAPTION>
Strategic Income Convertible Growth and Income Growth
Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Eleven months ended
March 31, 1995 Shares Dollars Shares Dollars Shares Dollars Shares Dollars
Shares sold 15,940 $ 166,815 88,293 $ 1,092,742 37,050 $ 462,503 13,885 $ 198,053
Shares issued in reinvestment
of distributions 8,348 85,005 77,835 943,984 9,384 115,464 622 8,796
Less shares redeemed (86,703) (892,695) (130,719) (1,632,456) (101,909) (1,262,105) (31,598) (443,348)
Increase (decrease) (62,415) $(640,875) 35,409 $404,270 (55,475) $(684,138) (17,091) $(236,499)

<CAPTION>
Strategic Income Convertible Growth and Income Growth
Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Year ended April 30, 1994 Shares Dollars Shares Dollars Shares Dollars Shares Dollars
Shares sold 108,743 $1,213,373 136,159 $1,913,384 113,760 $1,602,385 22,437 $ 324,933
Shares issued in reinvestment
of distributions 8,907 98,844 117,769 1,619,002 19,184 261,351 2,879 41,431
Less shares redeemed (67,087) (748,020) (181,013) (2,585,373) (36,566) (500,665) (15,323) (226,852)
Increase 50,563 $564,197 72,915 $947,013 96,378 $1,363,071 9,993 $139,512
</TABLE>
<PAGE>
Note 7 - Organization Costs

Costs amounting to $16,860 and $13,463 were paid by CAM in connection with the
organization of the Strategic Income Fund and Growth Fund, respectively. The
organization costs are being amortized and repaid over a period ending five
years from the commencement of each Fund's operations.

Abbreviations
ADRs: American Depository Cum.: Cumulative
Exch.:Exchangeable
Receipts Deb.: Debenture
Noncum.:Noncumulative
ADSs: American Depository Dep.: Depository Pref.: Preferred
Shares Euro.: Eurobond Sub.:
Subordinated
Conv.: Convertible

Foreign Currency Abbreviations
BPS: British Pound Sterling ECS: European Currency Unit SKS: Swedish
Krona
DMS: Deutsche Mark FRS: French Franc
<PAGE>
<TABLE>
Financial Highlights

Selected data for a share outstanding throughout the period is as follows:

Calamos Strategic Income Fund
<CAPTION>
Eleven Months
Ended September 4, 1990
March 31 Year Ended April 30, to
1995 1994 1993 1992 April 30, 1991
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.71 $10.96 $10.58 $10.60 $10.00
Income from investment operations:
Net investment income .40 .36 .39 .59 .40
Net realized and unrealized gain
(loss) on investments (.43) .11 .79 .46 .61
------ ------ ------ ------ ------
Total from investment operations (.03) .47 1.18 1.05 1.01
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income (.36) (.41) (.41) (.51) (.40)
Dividends from net realized capital gains (.19) (.31) (.39) (.56) (.01)
------ ------ ------ ------ ------
Total distributions (.55) (.72) (.80) (1.07) (.41)
------ ------ ------ ------ ------

Net asset value, end of period $10.13 $10.71 $10.96 $10.58 $10.60
====== ====== ====== ====== ======

Total return (c) (0.2%) 4.2% 11.5% 10.5% 10.2%
Ratios and supplemental data:
Net assets, end of period (000) $2,211 $3,004 $2,522 $1,410 $ 595
Ratio of expenses to average net assets(a)(b) 2.4%* 2.2% 2.3% 2.5% 2.6%*
Ratio of net investment income to average
net assets 4.0%* 3.2% 3.9% 5.3% 6.6%*
Portfolio turnover rate 59.9% 79.4% 73.8% 97.0% 108.9%*
<FN>
(a) After the reimbursement and waiver of expenses by the Adviser equivalent
to 1.1%*, 1.0%, 0.7%,1.25% and 4.8%* of average net assets, respectively.
(b) Includes 0.4%*, 0.2%, 0.3%, 0.5% and 0.6%*, respectively, related to
dividend expenses on short positions.
(c) Total return is not annualized for periods that are less than a full year
and does not reflect the effect of sales charges.
* Annualized.
</TABLE>
<PAGE>
<TABLE>
Financial Highlights

Selected data for a share outstanding throughout the period is as follows:

Calamos Convertible Fund
<CAPTION>
Eleven Months
Ended June 21, 1985
March 31, Year Ended April 30, to
1995 1994 1993 1992 1991 1990 1989 1988(b) 1987 April 30, 1986
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.04 $13.96 $12.72 $11.39 $10.29 $10.73 $10.56 $11.94 $11.99 $10.00
Income from investment operations:
Net investment income .38 .40 .42 .41 .49 .60 .59 .62 .52 .32
Net realized and unrealized gain (loss)
on investments (.01) .53 1.32 1.43 1.25 (.32) .14 (1.24) .50 1.92
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations .37 .93 1.74 1.84 1.74 .28 .73 (.62) 1.02 2.24
------ ------ ------ ------ ------ ------ ------ ------ ------ ------

Less distributions:
Dividends from net investment income (.32) (.39) (.40) (.45) (.52) (.63) (.56) (.66) (.54) (.25)
Dividends from net realized capital
gains (.56) (1.46) (.10) -- -- -- -- (.10) (.53) --
Dividends in excess of net realized
capital gains (.12) -- -- -- -- -- -- -- -- --
Distributions from paid in capital -- -- -- (.06) (.12) (.09) -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total distributions (1.00) (1.85) (.50) (.51) (.64) (.72) (.56) (.76) (1.07) (.25)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period $12.41 $13.04 $13.96 $12.72 $11.39 $10.29 $10.73 $10.56 $11.94 $11.99
====== ====== ====== ====== ====== ====== ====== ====== ====== ======

Total return (a) 3.2% 6.5% 14.0% 16.5% 17.7% 2.4% 7.2% (5.1%) 9.5% 22.2%
Ratios and supplemental data:
Net assets, end of period (000) $16,646 $17,023$17,213 $16,940$13,953 $18,664 $21,270 $23,194 $23,632 $10,175
Ratio of expenses to average
net assets 1.6%* 1.6% 1.7% 1.2% 1.2% 1.1% 1.1% 1.2% 1.3% 2.0%*
Ratio of net investment income to
average net assets 3.3%* 2.8% 3.2% 3.4% 4.3% 5.5% 5.6% 5.6% 4.6% 4.9%*
Portfolio turnover rate 42.1% 73.1% 73.1% 83.8% 63.2% 93.4% 84.7% 55.5% 45.0% 30.0%*

<FN>
(a) Total return is not annualized for periods that are less than a full
year and does not reflect the effect of sales charges.
(b) Calamos Asset Management, Inc. became the Fund's investment adviser
on September 1, 1987.
* Annualized.
</TABLE>
<PAGE>
<TABLE>
Financial Highlights

Selected data for a share outstanding throughout the period is as follows:

Calamos Growth and Income Fund
<CAPTION>
Eleven Months
Ended Sept. 22, 1988
March 31, Year Ended April 30, to
1995 1994 1993 1992 1991 1990 April 30, 1989
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.97 $13.90 $13.57 $11.54 $10.46 $10.49 $10.00
Income from investment operations:
Net investment income .35 .31 .35 .29 .31 .33 .38
Net realized and unrealized gain (loss) (.02) .34 1.97 2.02 1.09 .09 .49
------ ------ ------ ------ ------ ------ ------
Total from investment operations .33 .65 2.32 2.31 1.40 .42 .87
------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income (.32) (.29) (.36) (.28) (.32) (.28) (.38)
Dividends from net realized capital gains (.30) (1.29) (1.63) -- -- (.17) --
------ ------ ------ ------ ------ ------ ------
Total distributions (.62) (1.58) (1.99) (0.28) (0.32) (0.45) (0.38)
------ ------ ------ ------ ------ ------ ------
Net asset value, end of period $12.68 $12.97 $13.90 $13.57 $11.54 $10.46 $10.49
====== ====== ====== ====== ====== ====== ======

Total return (b) 2.8% 4.5% 18.8% 20.2% 13.4% 3.8% 9.0%
Ratios and supplemental data:
Net assets, end of period (000) $3,853 $4,663 $3,655 $2,694 $1,821 $1,345 $ 732
Ratio of expenses to average net assets (a) 2.0%* 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%*
Ratio of net investment income to average
net assets 3.0%* 2.3% 2.6% 2.3% 2.9% 3.0% 4.8%*
Portfolio turnover rate 84.7% 155.2% 132.3% 111.6% 103.6% 103.0% 85.0%*

<FN>
(a) After the reimbursement and waiver of expenses by the Adviser equivalent
to 0.2%*, 0.1%, 0.5%, 0.5%, 1.7%, 2.3% and 8.4%* of average
net assets respectively.
(b) Total return is not annualized for periods that are less than a
full year and does not reflect the effect of sales charges.
* Annualized.
</TABLE>
<PAGE>
<TABLE>
Financial Highlights

Selected data for a share outstanding throughout the period is as follows:

Calamos Growth Fund
<CAPTION>
Eleven Months
Ended Sept. 4, 1990
March 31, Year Ended April 30, to
1995 1994 1993 1992 April 30, 1991
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $14.57 $13.95 $14.04 $12.48 $10.00
Income from investment operations:
Net investment income (loss) .02 .01 (.02) (.01) .07
Net realized and unrealized gain (loss) (.28) 1.21 .20 1.60 2.50
------ ------ ------ ------ ------
Total from investment operations (.26) 1.22 .18 1.59 2.57
------ ------ ------ ------ ------

Less distributions:
Dividends from net investment income -- -- (.01) -- -- (0.08)
Dividends from net realized capital gains (.13) (.59) (.27) (.03) (0.01)
------ ------ ------- ------ ------
Total distributions (.13) (.60) (.27) (.03) (0.09)
------ ------ ------ ------ ------
Net asset value, end of period $14.18 $14.57 $13.95 $14.04 $12.48
====== ====== ====== ====== ======
Total return (b) (1.8%) 8.9% 1.4% 12.7% 25.8%
Ratios and supplemental data:
Net assets, end of period (000) $1,791 $2,089 $1,861 $1,802 $ 862
Ratio of expenses to average net assets (a) 2.0%* 2.0% 2.0% 2.0% 2.0%*
Ratio of net investment income to
average net assets 0.2%* 0.1% (0.1)% (0.1)% 0.8%*
Portfolio turnover rate 104.3% 87.3% 56.8% 47.3% 15.8%*

<FN>
(a) After the reimbursement and waiver of expenses by the Adviser equivalent
to 1.6%*,1.1%. 0.7%, 0.8%, and 4.5%* of average net assets, respectively.
(b) Total return is not annualized for periods that are less than a full year
and does not reflect the effect of sales charges.
* Annualized.

Federal Tax Status of Fiscal 1995 Distributions
The income dividends are taxable as ordinary income. Amounts equal to 11%,
29% and 23% of the amount taxable as ordinary income of the Calamos Strategic
Income Fund, Calamos Convertible Fund and Calamos Growth and Income Fund
respectively, qualify for the dividends-received deduction available to
corporate shareholders that meet the holding period requirements for shares of
those Funds owned.

Income dividends paid to shareholders, whether received in cash or reinvested
in shares, must be included in their Federal income tax returns and must be
reported by the Funds to the Internal Revenue Service in accordance with U.S.
Treasury Department Regulations.
</TABLE>
<PAGE>

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<PAGE>
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<PAGE>
Investment Adviser and Transfer Agent
Calamos Asset Management, Inc.
1111 East Warrenville Road
Naperville, IL 60563-1448

Distributor
Calamos Financial Services, Inc.
1111 East Warrenville Road
Naperville, IL 60563-1448
1.800.823.7386

Independent Auditors
Ernst & Young LLP
233 South Wacker Drive
Chicago, Illinois 60606

Counsel
Bell, Boyd & Lloyd
Chicago, Illinois

The Net Asset Values for the Calamos Family
of Funds may be obtained daily by calling
1.800.823.7386 after 5:00 P.M. Central Time.

This report, including the audited financial statements contained herein, is
submitted for the general information of the shareholders of the Funds. The
report is not authorized for distribution to prospective investors in the
Funds unless it is accompanied by a currently effective prospectus of the
Funds.

Calamos

Strategic Income Fund
Convertible Fund
Growth and Income Fund
Growth Fund

Each a Series of CFS Investment Trust

Annual Report
March 31, 1995

The Wise Investor's Choice TM

CFS Investment Trust
1111 East Warrenville Road
Naperville, IL 60563-1448 * 800.823.7386