(PUB) Morningstar FundInvestor

October 2013

Morningstar FundInvestor

5

Data through September 30, 2013 Calamos Convertible A

Ticker

Status Yield Total Assets

Mstar Category

CCVIX Open

0.1% $1,131 mil

Convertibles

Morningstar Analyst Rating 09-27-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating Below Avg Low Below Avg

13% 19% 16% 14% 16% 17% 15% 19% 12%

ˇ

Manager Change Partial Manager Change

10.0 12.5 15.0 18.0 20.5

Morningstar Pillars Process Performance

Growth of $10,000

Positive Neutral Positive Neutral Neutral

Investment Values of Fund Investment Values of M* MdTgRk

¶

People Parent Price

¶ ¶

Performance Quartile (within Category) History

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 09-13

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 ¨

17.41 -4.56 2.13 -1.44 1.67 -6.23

21.24 25.01

21.20 7.54 -3.94 -0.77 2.69 4.85

19.21 2.82 -4.22 3.01 4.67 -1.85

19.03 9.13 -3.82 -2.90 4.36 4.77

19.77

14.51

18.79 34.00 12.23

19.59 10.84 -1.49 -4.84

17.11 -3.98 -4.57 -0.22 1.18 -5.16

16.41 5.55 -6.49 -8.08 0.57 4.98

18.73 14.14 4.88 -4.70 0.00 14.14

NAV

-25.88 9.83

Total Return % +/-M* MdTgRk

2.53 2.04 2.80

1.20 5.88 5.60

-3.69

-11.63 3.56

+/-BofAML Convert Bd

0.55

4.10

3.11 7.73 0.58 0.61 1.08 2.82 90

Income Return % Capital Return %

22.21

-26.43 4.23

29.90

13

53

65

51

70

23

5

78

24

89

74

Total Rtn % Rank Cat

Pillar Spectrum Positive

0.31 0.00 1.20 2.70

0.48 0.00 1.20 3.80

0.56 1.04 1.15 2.36

0.93 1.62 1.11 1.80

0.81 1.09 1.12 1.85

1.05 0.06 1.13 2.11

0.11 0.03 1.14 2.22

0.59 0.00 1.10 3.37

0.23 1.48

0.10 1.56 1.10 2.07

0.00 0.00 . . . 486

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

. . 66

Performance 09-30-13 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

37

36

67

51

34

93

91

46

77

57

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 . .

461

632

554

420

348

282

434

1,989

1,788

1,134

563

Portfolio Analysis 07-31-13

Rating and Risk Time Load-Adj

Date of Maturity

Amount

Value % Net $000 Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Total Fixed-Income:11

$000

1 Yr 3 Yr 5 Yr

9.04 5.27 7.52 5.90 9.27

Trailing

Total

+/- M* +/- BofAML %Rank Growth of

Gilead Sciences Cv 1.625 Fidelity Prime Money Mkt

05-01-16 15,500 42,030 3.63 12-31-30 36,622 36,622 3.16 08-15-17 26,800 33,812 2.92

Return% MdTgRk Convert Bd

Cat

$10,000

Low -Avg -Avg

-Avg Low Low

3 Mo 6 Mo 1 Yr

5.40 0.91 6.97 3.04 14.48 3.77 6.99 -2.35 8.57 0.27 6.42 -1.20

-2.63 -3.40 -7.14 -4.74 -3.73 -1.22 -0.36

72 10,540 73 10,697 74 11,448 87 12,247 78 15,085 64 18,631 41 31,067

Sandisk Cv 1.5%

10 Yr Incept

United Tech

480 30,782 2.66

Trinity Inds Cv 3.875%

06-01-36 25,620 29,882 2.58

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Other Measures

Standard Index Best Fit Index M* MdTgRk Mstr Lft Mod 2040

General Mtrs Cv

590 29,465 2.54

Wellpoint 144A Cv 2.75%

10-15-42 20,818 27,258 2.35 03-15-18 20,500 24,566 2.12

Alpha

-2.7 1.07

-1.7 0.71

7.85

.

Priceline Com Cv 1% Amg Cap Tr Ii Pfd

Beta

10-15-37

425 24,491 2.11 20 23,260 2.01 375 20,899 1.80

R-Squared

88

90

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 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

Wells Fargo & Co, San Fr JPMorgan Chase & Co

Standard Deviation

9.64 6.99 0.74

Mean

Arris Grp Cv 2%

11-15-26 18,000 18,818 1.62

Sharpe Ratio

Chesapeake Engy Pfd 144A Ares Cap 144A Cv 4.75%

16 17,160 1.48

01-15-18 16,000 16,606 1.43

Mylan Inc

485 16,277 1.40

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.

Salix Pharmaceuticals Cv

03-15-19 12,500 16,132 1.39

Metlife

280 15,977 1.38

Standard Pac Corp New Cv Molina Healthcare 144A C Hornbeck Offshore Svcs I

08-01-32 12,500 15,725 1.36 01-15-20 13,992 15,396 1.33 11-15-26 13,400 15,329 1.32

Coupon Range

Investment Style Avg Eff Maturity 5.7 Yrs Avg Credit Quality BB Avg Wtd Coupon 2.37% Avg Wtd Price

% of Bonds

Rel Cat

0% PIK

2.4 2.8 97.4 1.0 0.2 1.1

0% to 8% 8% to 11% 11% to 14%

0.0 0.0 More than 14% 0.0 0.0

125.72% of par

1.00=Category Average

Special Securities Restricted/Illiquid Secs Emerging-Markets Secs Options/Futures/Warrants

Composition - Net Cash

20

3.2

0

Stocks Bonds

12.2

Yes

5.5

Convertibles

61.0 18.2

Credit Analysis

% bonds 07-31-13

Other

AAA

0 1

BB

25 17

AA

B

A

13 17

Below B 0 NR/NA 27

BBB

Address:

Calamos Investment Trust Naperville, IL 60563 800-582-6959 www.calamos.com

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: $50 IRA: $500

Add: $50

Sales Fees:

4.75%L,

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.75% mx./0.65% mn. Mgt:0.69% Dist:0.25%

06-21-85

Actual Fees:

Calamos Advisors LLC

Expense Projections: Income Distribution:

3Yr:$811 Quarterly

5Yr:$1058 10Yr:$1763

None

Fidelity Retail-NTF, Schwab OneSource

Mutual Funds ß ®

© 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.

EQ