Exhibit 13.1
CFS INVESTMENT TRUST
Subscription Agreement
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1. Subscription for Shares. I agree to purchase from CFS Investment Trust
4,996 shares of beneficial interest of the series designated Kalliston
Convertible Total Return Fund and 4,997 shares of beneficial interest of the
series designated Kalliston Preferred Plus Fund for a price of $10 per share, on
the terms and conditions set forth herein and in the preliminary prospectus
described below, and agree to tender $99,930 in payment therefor at such time as
the board of directors or the president of the Trust determines.
I understand that the Trust filed a registration statement with the
Securities and Exchange Commission (No. 33-19228) on Form N-1A, which contains
the preliminary prospectuses describing the Trust, Kalliston Convertible Total
Return Fund, Kalliston Preferred Plus Fund and the shares. I acknowledge
receipt of copies of the preliminary prospectuses.
I recognize that the Trust will not be fully operational until it commences
a public offering of its shares. Accordingly, a number of features of the Trust
described in the preliminary prospectus, including, redemption of shares upon
request of shareholders, are not in existence at the present time and will not
be instituted until the Trust's registration statement becomes effective under
the Securities Act of 1933.
2. Representations and Warranties. I represent and warrant as follows:
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(a) I am aware that no federal or state agency has made any finding or
determination as to the fairness for investment, nor any recommendation nor
endorsement, of the shares;
(b) I have such knowledge and experience of financial and business matters as
will enable me to utilize the information made available to me in
connection with the offering of the shares to evaluate the merits and risks
of the prospective investment and to make an informed investment decision;
(c) I recognize that the Trust has only recently been organized and has no
financial or operating history and, further, that investment in the Trust
involves certain risks, and I have taken full cognizance of and understand
all of the risks related to the purchase of the shares and I acknowledge
that I have suitable financial resources and anticipated income to bear the
economic risk of such an investment;
(d) I am purchasing the shares for my own account, for investment, and not with
any intention of redemption, distribution, or resale of the shares, either
in whole or in part;
(e) I will not sell the shares purchased by me without registration of them
under the Securities Act of 1933 or exemption therefrom;
(f) I have been furnished with and have read this agreement, the preliminary
prospectus and such other documents relating to the Trust as I have
requested and as have been provided to me by the Trust;
(g) I have also had the opportunity to ask questions of, and receive answers
from, officers of the Trust concerning the Trust and the terms of the
offering.
3. Rejection of Subscriptions. I recognize that the Trust reserves the
right to reject or limit any subscription.
4. Taxpayer Identification. I certify under penalties of perjury that the
number shown on this form is my correct number and that I am not subject to
backup withholding as a result of a failure to report all interest and dividend
income to the Internal Revenue Service.
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Taxpayer Identification Number
CALAMOS FINANCIAL SERVICES, INC. PROFIT SHARING
TRUST
Dated: July 5, 1988 By:
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(Signature)
Its:
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