CFS INVESTMENT TRUST
NSAR-B, 1997-05-30
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<PAGE>      PAGE  1
000 B000000 03/31/97
000 C000000 891804
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 J000000 U
001 A000000 CFS INVESTMENT TRUST
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002 A000000 1111 EAST WARRENVILLE ROAD
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<PAGE>      PAGE  3
075 A000200        0
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
075 A000500        0
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080 A000500 CHUBB GROUP OF INSURANCE COMPANIES
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SIGNATURE   HELEN L. CALLAGHAN                           
TITLE       SECRETARY           
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> CALAMOS GROWTH AND INCOME
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                          7696136
<INVESTMENTS-AT-VALUE>                         8296518
<RECEIVABLES>                                   284337
<ASSETS-OTHER>                                  187910
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 8768765
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        30189
<TOTAL-LIABILITIES>                              30189
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       7688651
<SHARES-COMMON-STOCK>                           562914
<SHARES-COMMON-PRIOR>                           372098
<ACCUMULATED-NII-CURRENT>                        43395
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         406148
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        600382
<NET-ASSETS>                                   8738576
<DIVIDEND-INCOME>                                60695
<INTEREST-INCOME>                               261845
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  145794
<NET-INVESTMENT-INCOME>                         176746
<REALIZED-GAINS-CURRENT>                        575881
<APPREC-INCREASE-CURRENT>                        87888
<NET-CHANGE-FROM-OPS>                           840515
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       140367
<DISTRIBUTIONS-OF-GAINS>                        704715
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         198887
<NUMBER-OF-SHARES-REDEEMED>                      57322
<SHARES-REINVESTED>                              49251
<NET-CHANGE-IN-ASSETS>                         2925711
<ACCUMULATED-NII-PRIOR>                           7016
<ACCUMULATED-GAINS-PRIOR>                       534982
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            54520
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 152836
<AVERAGE-NET-ASSETS>                           7202592
<PER-SHARE-NAV-BEGIN>                            15.62
<PER-SHARE-NII>                                    .34
<PER-SHARE-GAIN-APPREC>                           1.52
<PER-SHARE-DIVIDEND>                               .28
<PER-SHARE-DISTRIBUTIONS>                         1.68
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.52
<EXPENSE-RATIO>                                    2.0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 2
   <NAME> CALAMOS STRATEGIC INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                          1254682
<INVESTMENTS-AT-VALUE>                         1276652
<RECEIVABLES>                                    73037
<ASSETS-OTHER>                                  385549
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 1735238
<PAYABLE-FOR-SECURITIES>                         34675
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       383584
<TOTAL-LIABILITIES>                             418259
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       1313030
<SHARES-COMMON-STOCK>                           121865
<SHARES-COMMON-PRIOR>                           146388
<ACCUMULATED-NII-CURRENT>                         4168
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (10723)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         10504
<NET-ASSETS>                                   1316979
<DIVIDEND-INCOME>                                 5121
<INTEREST-INCOME>                                90133
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   31211
<NET-INVESTMENT-INCOME>                          64043
<REALIZED-GAINS-CURRENT>                        108232
<APPREC-INCREASE-CURRENT>                      (65087)
<NET-CHANGE-FROM-OPS>                           107188
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        90304
<DISTRIBUTIONS-OF-GAINS>                         49735
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           1500
<NUMBER-OF-SHARES-REDEEMED>                      35798
<SHARES-REINVESTED>                               9775
<NET-CHANGE-IN-ASSETS>                        (302927)
<ACCUMULATED-NII-PRIOR>                           8916
<ACCUMULATED-GAINS-PRIOR>                      (60884)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            11203
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  76667
<AVERAGE-NET-ASSETS>                           1493480
<PER-SHARE-NAV-BEGIN>                            11.07
<PER-SHARE-NII>                                    .50
<PER-SHARE-GAIN-APPREC>                            .29
<PER-SHARE-DIVIDEND>                               .68
<PER-SHARE-DISTRIBUTIONS>                          .37
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.81
<EXPENSE-RATIO>                                    2.1
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 3
   <NAME> CALAMOS GROWTH FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                          6008207
<INVESTMENTS-AT-VALUE>                         6407323
<RECEIVABLES>                                    48483
<ASSETS-OTHER>                                  216433
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 6672239
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        28408
<TOTAL-LIABILITIES>                              28408
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       6106339
<SHARES-COMMON-STOCK>                           389944
<SHARES-COMMON-PRIOR>                           182062
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         138376
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        399116
<NET-ASSETS>                                   6643831
<DIVIDEND-INCOME>                                19315
<INTEREST-INCOME>                                11945
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   95123
<NET-INVESTMENT-INCOME>                       (63,863)
<REALIZED-GAINS-CURRENT>                        609730
<APPREC-INCREASE-CURRENT>                        71043
<NET-CHANGE-FROM-OPS>                           474824
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                        425142
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         218169
<NUMBER-OF-SHARES-REDEEMED>                      34203
<SHARES-REINVESTED>                              23916
<NET-CHANGE-IN-ASSETS>                         3778157
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        37501
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            47557
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 120089
<AVERAGE-NET-ASSETS>                           4756986
<PER-SHARE-NAV-BEGIN>                            15.74
<PER-SHARE-NII>                                 (0.09)
<PER-SHARE-GAIN-APPREC>                           3.14
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         1.75
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              17.04
<EXPENSE-RATIO>                                    2.0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 4
   <NAME> CALAMOS CONVERTIBLE FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                         34744076
<INVESTMENTS-AT-VALUE>                        38222459
<RECEIVABLES>                                   474005
<ASSETS-OTHER>                                  426200
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                39122664
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        78037
<TOTAL-LIABILITIES>                              78037
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      34214503
<SHARES-COMMON-STOCK>                          2660365
<SHARES-COMMON-PRIOR>                          1687595
<ACCUMULATED-NII-CURRENT>                       367208
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         984533
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       3478383
<NET-ASSETS>                                  39044627
<DIVIDEND-INCOME>                               320539
<INTEREST-INCOME>                              1016876
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  469974
<NET-INVESTMENT-INCOME>                         867441
<REALIZED-GAINS-CURRENT>                       2052088
<APPREC-INCREASE-CURRENT>                       813678
<NET-CHANGE-FROM-OPS>                          3733207
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       906544
<DISTRIBUTIONS-OF-GAINS>                       2199711
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1043347
<NUMBER-OF-SHARES-REDEEMED>                     227841
<SHARES-REINVESTED>                             157264
<NET-CHANGE-IN-ASSETS>                        14584575
<ACCUMULATED-NII-PRIOR>                         399745
<ACCUMULATED-GAINS-PRIOR>                      1138722
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           230573
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 469974
<AVERAGE-NET-ASSETS>                          29653784
<PER-SHARE-NAV-BEGIN>                            14.49
<PER-SHARE-NII>                                   0.36
<PER-SHARE-GAIN-APPREC>                           1.39
<PER-SHARE-DIVIDEND>                              0.45
<PER-SHARE-DISTRIBUTIONS>                         1.11
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.68
<EXPENSE-RATIO>                                   1.50
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 5
   <NAME> CALAMOS GLOBAL GROWTH AND INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                          3203812
<INVESTMENTS-AT-VALUE>                         3259819
<RECEIVABLES>                                    43435
<ASSETS-OTHER>                                  110631
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 3413885
<PAYABLE-FOR-SECURITIES>                         69664
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        28400
<TOTAL-LIABILITIES>                              98064
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       3147189
<SHARES-COMMON-STOCK>                           615599
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                        92862
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          21623
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         54147
<NET-ASSETS>                                   3315821
<DIVIDEND-INCOME>                                19466
<INTEREST-INCOME>                                32524
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   27851
<NET-INVESTMENT-INCOME>                          24139
<REALIZED-GAINS-CURRENT>                         95919
<APPREC-INCREASE-CURRENT>                        54147
<NET-CHANGE-FROM-OPS>                           174205
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         5573
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         650317
<NUMBER-OF-SHARES-REDEEMED>                      35724
<SHARES-REINVESTED>                               1006
<NET-CHANGE-IN-ASSETS>                         3315821
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            13646
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  52448
<AVERAGE-NET-ASSETS>                           2236813
<PER-SHARE-NAV-BEGIN>                             5.00
<PER-SHARE-NII>                                   0.04
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<PER-SHARE-DIVIDEND>                              0.01
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               5.39
<EXPENSE-RATIO>                                   2.00
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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