5
Morningstar FundInvestor
October
2013
Morningstar Analyst Rating
09-27-13
ˇ
Morningstar Pillars
Process
Performance
People
Parent
Price
¶
¶
¶
Positive
Neutral
Positive
Neutral
Neutral
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
18.73
16.41
17.11
19.59
18.79
14.51
19.77
19.03
19.21
21.20
21.24
17.41
Total Return %
14.14
5.55
-3.98
10.84
34.00
-25.88
9.83
9.13
2.82
7.54
25.01
-4.56
+/-M* MdTgRk
4.88
-6.49
-4.57
-1.49
12.23
-3.69
1.20
-3.82
-4.22
-3.94
2.53
2.13
+/-BofAML Convert Bd
-4.70
-8.08
-0.22
-4.84
-11.63
3.56
5.88
-2.90
3.01
-0.77
2.04
-1.44
Income Return %
0.00
0.57
1.18
3.11
4.10
0.55
5.60
4.36
4.67
2.69
2.80
1.67
Capital Return %
14.14
4.98
-5.16
7.73
29.90
-26.43
4.23
4.77
-1.85
4.85
22.21
-6.23
Total Rtn % Rank Cat
74
89
24
90
78
5
23
70
51
65
53
13
Income $
0.00
0.10
0.23
0.58
0.59
0.11
1.05
0.81
0.93
0.56
0.48
0.31
Capital Gains $
0.00
1.56
1.48
0.61
0.00
0.03
0.06
1.09
1.62
1.04
0.00
0.00
Expense Ratio %
.
1.10
.
1.08
1.10
1.14
1.13
1.12
1.11
1.15
1.20
1.20
Income Ratio %
.
2.07
.
2.82
3.37
2.22
2.11
1.85
1.80
2.36
3.80
2.70
Turnover Rate %
.
57
66
77
46
91
93
34
51
67
36
37
Net Assets $mil
486
563
1,134
1,788
1,989
434
282
348
420
554
632
461
Performance
09-30-13
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2009
2010
2011
2012
2013
2.65 11.07 14.06 3.04 34.00
2.58 -4.21
6.53 5.89 10.84
5.25 -1.84 -10.36 3.69 -3.98
6.87 -5.86
4.61 0.30
5.55
6.70 1.48
5.40
. .
Trailing
Total
+/- M* +/- BofAML %Rank Growth of
Return% MdTgRk Convert Bd
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
5.40 0.91
-2.63
72 10,540
6.97 3.04
-3.40
73 10,697
14.48 3.77
-7.14
74 11,448
6.99 -2.35
-4.74
87 12,247
8.57 0.27
-3.73
78 15,085
6.42 -1.20
-1.22
64 18,631
7.85
.
-0.36
41 31,067
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
3.98
93
1.23
86
6.21
91
1.22
76
4.30
84
1.51
77
Potential Capital Gain Exposure: 24% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
9.04
3 Yr
5.27
Low
-Avg
5 Yr
7.52
-Avg
Low
10 Yr
5.90
-Avg
Low
Incept
9.27
Other Measures
Standard Index
Best Fit Index
M* MdTgRk Mstr Lft Mod 2040
Alpha
-2.7
-1.7
Beta
1.07
0.71
R-Squared
88
90
Standard Deviation
9.64
Mean
6.99
Sharpe Ratio
0.74
Morningstar’s Take
by Cara Esser 09-27-13
A revised team at Calamos is settling in with some
changes on the horizon.
Nick Calamos, co-CIO and portfolio manager since
the fund’s 1985 inception, was replaced by former
Janus CEO Gary Black in August 2012. While this
represented a significant loss, the firm has built a deep
and experienced team that has been able to shoulder
the change with minimal impact to shareholders. Firm
founder John Calamos Sr. remains as a manager of the
fund and continues to lead the firm’s investment
committee, which provides guidance from the top
down. The firm’s co-heads of research, Jeff Scudieri
and Jon Vacko, remain on board, as do many of the
portfolio managers who handle the daily nuts and bolts
of running the fund. Over the last year, Calamos has
also added more than a dozen members to its team.
Many brought years of experience as analysts, traders,
or portfolio managers.
Black has made some modest adjustments to the
fund’s process. For starters, he was instrumental
formalizing the investment committee to provide
top-down guidance to managers and analysts. And
while the team continues to take a generally cautious
and research-intensive approach with a preference for
investment-grade convertibles, it has added more
lower-rated securities recently. As of Dec. 31, 2012,
roughly a third of the fund’s bond allocation was
below investment-grade, and as of June 30, 2013,
42% of the fund’s bonds were rated junk. The average
fund in the convertible category holds roughly a third
in junk bonds, but generally has a higher exposure to
the lower-quality end of the junk-bond spectrum.
While the fund has provided decent protection on
the downside, its recent move to a more aggressive
stance may put this strong selling point in jeopardy.
Despite re-opening to investors in September after
three years of closure, cheaper and better-performing
options are available to investors. For this reason, the
fund’s Morningstar Analyst Rating has been lowered
to Neutral from Bronze.
Address:
Calamos Investment Trust
Naperville, IL 60563
800-582-6959
Web Address:
Inception:
06-21-85
Advisor:
Calamos Advisors LLC
Subadvisor:
None
NTF Plans:
Fidelity Retail-NTF, Schwab OneSource
Minimum Purchase:
$2500
Add: $50 IRA: $500
Min Auto Inv Plan:
$2500
Add: $50
Sales Fees:
4.75%L,
Management Fee:
0.75% mx./0.65% mn.
Actual Fees:
Mgt:0.69% Dist:0.25%
Expense Projections:
3Yr:$811
5Yr:$1058 10Yr:$1763
Income Distribution:
Quarterly
Data through September 30, 2013
Calamos Convertible A
Ticker
Status Yield Total Assets
Mstar Category
CCVIX Open
0.1% $1,131 mil
Convertibles
13% 19% 16% 14% 16% 17% 15% 19% 12%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 09-13
Historical Profile
Return
Risk
Rating
Below Avg
Low
Below Avg
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
M* MdTgRk
Performance Quartile
(within Category)
History
10.0
12.5
15.0
18.0
20.5
Portfolio Analysis
07-31-13
Date of
Amount
Value % Net
Total Fixed-Income:11
Maturity
$000
$000 Assets
Gilead Sciences Cv 1.625
05-01-16 15,500 42,030 3.63
Fidelity Prime Money Mkt
12-31-30 36,622 36,622 3.16
Sandisk Cv 1.5%
08-15-17 26,800 33,812 2.92
United Tech
480 30,782 2.66
Trinity Inds Cv 3.875%
06-01-36 25,620 29,882 2.58
General Mtrs Cv
590 29,465 2.54
Wellpoint 144A Cv 2.75%
10-15-42 20,818 27,258 2.35
Priceline Com Cv 1%
03-15-18 20,500 24,566 2.12
Amg Cap Tr Ii Pfd
10-15-37
425 24,491 2.11
Wells Fargo & Co, San Fr
20 23,260 2.01
JPMorgan Chase & Co
375 20,899 1.80
Arris Grp Cv 2%
11-15-26 18,000 18,818 1.62
Chesapeake Engy Pfd 144A
16 17,160 1.48
Ares Cap 144A Cv 4.75%
01-15-18 16,000 16,606 1.43
Mylan Inc
485 16,277 1.40
Salix Pharmaceuticals Cv
03-15-19 12,500 16,132 1.39
Metlife
280 15,977 1.38
Standard Pac Corp New Cv
08-01-32 12,500 15,725 1.36
Molina Healthcare 144A C
01-15-20 13,992 15,396 1.33
Hornbeck Offshore Svcs I
11-15-26 13,400 15,329 1.32
Investment Style
Avg Eff Maturity 5.7 Yrs
Avg Credit Quality BB
Avg Wtd Coupon 2.37%
Avg Wtd Price
125.72% of par
Special Securities
Restricted/Illiquid Secs
20
Emerging-Markets Secs
0
Options/Futures/Warrants
Yes
Credit Analysis
% bonds 07-31-13
AAA
0
AA
1
A
13
BBB
17
BB
25
B
17
Below B
0
NR/NA 27
Coupon Range
% of
Rel
Bonds
Cat
1.00=Category Average
0% PIK
2.4 2.8
0% to 8%
97.4 1.0
8% to 11%
0.2 1.1
11% to 14%
0.0 0.0
More than 14% 0.0 0.0
Composition - Net
Cash
3.2
Stocks
12.2
Bonds
5.5
Convertibles
61.0
Other
18.2
©
2013Morningstar, Inc.All rights reserved. The information herein isnot represented orwarranted tobeaccurate, correct, completeor
timely.Pastperformance isnoguarantee of future results.Access updated reports at
Toorder reprints, call 312-696-6100.
mfb.morningstar.com.
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