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TOTAL RETURN BOND FUND (CTRAX)

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Overview

The fund invests primarily in a diversified portfolio of investment-grade debt securities that generally have a dollar-weighted average portfolio duration between three to ten years.

Key Features

  • Dynamically allocates across the broad sectors of the U.S. investment-grade bond market, including corporate debt, U.S. Treasury bonds and agencies, mortgage-backed securities, and asset-backed securities.
  • Opportunistic sector allocations provide greater flexibility in managing risk and reward.
  • Complementary allocations may include high-yield securities, international bonds and bank loans.
  • Managed by an experienced team, following a time-tested, risk-conscious philosophy.

Portfolio Fit

The fund may be suitable for investors as the cornerstone for a fixed-income allocation, with investments diversified across the major sectors of the U.S. bond market. Complementary allocations to specialized fixed-income strategies seek to enhance return potential and better manage risk.

Casting a Wide Net: A "Core-Plus" Approach

Through a flexible “core-plus” strategy, Calamos Total Return Bond Fund seeks to capitalize upon—and integrate—the vast opportunities of the fixed-income markets in a broadly diversified portfolio. Our investment process is disciplined and risk-controlled. Drawing on our independent, fundamental credit research, we create a bond-by-bond portfolio. We take meaningful overweights in securities that we believe to be our “best ideas.” We establish opportunistic allocations to enhance the risk/reward characteristics of the portfolio.

Calamos Total Return Bond Fund - A Core-Plus Approach

Important Risk Information An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus.

The principal risks of investing in the Calamos Total Return Bond Fund include: interest rate risk consisting of loss of value for income securities as interest rates rise, credit risk consisting of the risk of the borrower to miss payments, high yield risk, liquidity risk, mortgage-related and other asset-back securities risk, including extension risk and prepayment risk, U.S. Government security risk, foreign securities risk, non-U.S. Government obligation risk and portfolio selection risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

NOTES

Annualized standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns. More generally, a measure of the extent to which numbers are spread around their average. Beta is a historic measure of a fund's relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market's volatility as represented by the S&P 500 Index, while a beta of 2.0 reflects twice the market's volatility. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index covering the USD-denominated, investment-grade, fixed-rate, taxable-bond market of SEC-registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS sectors. U.S. Agency Hybrid Adjustable Rate Mortgage (ARM) securities were added to the U.S. Aggregate Index on April 1, 2007. The U.S. Aggregate Index is a component of the U.S. Universal Index in its entirety. Bond call exposure is the call schedule put in the indenture. Bond credit quality reflects the higher of the ratings of Standard & Poor’s Corporation or Moody’s Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security’s credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund’s Statement of Additional Information at calamos.com. Additional information on ratings methodologies are available by visiting the NRSRO websites: standardandpoors.com, moodys.com. Current (SEC) yield reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated above after deducting the Fund's expenses for that same period. Debt/capital ratio is a measure of a company s financial leverage, calculated as the company’s debt divided by its total capital. Distribution rate is the percentage rate at which a fund distributes income to its shareholders. It is calculated by dividing a fund's annual distributions by its current price; this figure can vary from the SEC yield of the same fund because of the multiple ways of treating different asset classes. Effective duration measures the responsiveness of a bond's price to interest rate changes. This is a duration measure in which recognition is given to the fact that yield changes may change the expected cash flows. PEG ratio is price/earnings ratio divided by estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth. Price/book ratio is a stock’s capitalization divided by its book value. Price/earnings ratio is the current stock price over trailing 12‐month earnings per share. Price/sales ratio is the current stock price over trailing 12‐month sales per share. ROIC (return on invested capital) measures how effectively a company uses the money invested in its operations, calculated as a company’s net income minus any dividends divided by the company’s total capital. The S&P 500 Index is generally considered representative of the U.S. stock market. Turnover is the percentage of assets in a portfolio that changed over a certain period, often a year; higher turnover indicates greater buying and selling activity. Weighted Average Life refers to the weighted average time to receive all future cash flows on a security. For bonds without embedded prepayment options or sinking funds, the weighted average life is equal to the years to maturity. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in an index.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that you shares, when redeemed, may be worth more or less than their original cost.

Annualized Total Returns

AS OF 12/31/17
  1-Year 3-Year 5-Year 10-Year Since Inception
Calamos (NAV) 2.96% 2.47% 2.26% 3.85% 4.23%
(Load-Adjusted) -0.90% 1.17% 1.48% 3.45% 3.85%
BBgBarc U.S. 3.54% 2.24% 2.10% 4.01% 4.40%

Performance data quoted represents past performance, which is no guarantee of future results. current performance may be lower or higher than the performance quoted. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund’s maximum front-end sales load of 2.25%*--had it been included, the Fund’s return would have been lower. Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class C Shares, the performance of which may vary.

The offering price for Class I shares is the NAV per share with no initial sales charge. There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund’s Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances

Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index covering the USD-denominated, investment-grade, fixed-rate, taxable-bond market of SEC-registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS and CMBS sectors. U.S. Agency Hybrid Adjustable Rate Mortgage (ARM) securities were added to the U.S. Aggregate Index on April 1, 2007. The U.S. Aggregate Index is a component of the U.S. Universal Index in its entirety.

*Prior to 2/28/17, the Fund had a maximum front-end sales load of 3.75%.

Fund Facts

AS OF 12/31/17
  Fund
Total Net Assets $69.4 million
# of Holdings 148
Average Effective Duration 5.87 years
Portfolio Turnover (12 months) 89.82%
Average Effective Maturity 7.93 years
Option Adjusted Spread (OAS) 61 bps
Yield to Worst 2.92%

Regional Exposure

AS OF 12/31/17
Region %
North America 96.1%
Europe 3.9%
Carribbean 0.1%

Currency Exposure

AS OF 12/31/17
Security Type%
United States Dollar (USD) 100.0%

Month-End Yield

AS OF 12/31/17
30-Day SEC Yield 1.96%
Distribution Rate 2.53%

Credit Quality Allocation

AS OF 12/31/17
Class %
AAA 5.7%
AA 4.1%
A 19.3%
BBB 26.8%
BB 6.5%
B 1.1%
CCC and below 0.0%
Government Securitie 26.2%
Unrated Securities 10.3%

Maturity Schedule

AS OF 12/31/17
%
< 1 Year 3.9%
1 To 3 Years 16.9%
3 To 5 Years 28.5%
5 To 7 Years 16.2%
7 To 10 Years 20.3%
> 10 Years 14.0%
Equity & Other 0.1%

Portfolio percent includes cash.

Risk Statistics

AS OF 12/31/17
Annualized Standard Deviation (5-Year) 2.67%
Beta (5-Year) 0.78

Important Fund Information
Largest 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visiting www.calamos.com.
Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.
Bond credit quality allocation reflects the higher of the ratings of Standards & Poor’s Corporation or Moody’s Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security’s credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund’s Statement of Additional Information at calamos.com. Portfolios are managed according to their respective strategies, which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.
Annualized standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio, computed using 5-year returns. Average effective duration provides a measure of the Fund’s interest rate sensitivity—the longer a fund’s duration, the more sensitive it is to shifts in interest rates. Beta is a historic measure of a portfolio’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects half the market’s volatility as represented by the strategy’s primary benchmark, while a beta of 2 reflects twice the volatility. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS sectors. Option adjusted spread (OAS) is the yield spread which has to be added to a benchmark yield curve to discount a security’s payments to match its market price; it uses a dynamic pricing model that accounts for embedded options and is usually measured in basis points. 30-Day SEC yield reflects the dividends and interest earned by the Fund during the 30-day period ended as of the date stated after deducting the Fund’s expenses for that same period. Yield-to-worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting.
Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.
Important Risk Information
An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus.
The principal risks of investing in the Calamos Total Return Bond Fund include: interest rate risk, credit risk, high yield risk, liquidity risk, mortgage-related and other asset-back securities risk, including extension risk and prepayment risk, U.S. Government security risk, foreign securities risk, non-U.S. Government obligation risk and portfolio selection risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.
Portfolios are managed according to their respective strategies, which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

Total Capital Gains

 
2017 0.0524
2016 0.0089
2015 0.1335
2014 0.1216
2013 0.0441
2012 0.0488
2011 0.0386
2010 0.0943
2009 0.2021
2008 0.2923

Schedule

 
Distributions Monthly
Capital Gains Annually

Distributions

Choose a year  
Income Total Reinvest
March .02019 .02019 10.04
February .01854 .01854 10.03
January .01805 .01805 10.14
December .06170 .11414 10.27
November .01748 .01748 10.35
October .01712 .01712 10.39
September .01746 .01746 10.41
August .01809 .01809 10.49
July .01779 .01779 10.42
June .01738 .01738 10.39
May .01736 .01736 10.42
April .01804 .01804 10.38
March .01868 .01868 10.31
February .01957 .01957 10.34
January .01905 .01905 10.28

For more information about the Funds such as sector weightings, top holdings, credit ratings and distribution rates, please contact Client Services at 800-582-6959.

Each Fund is a series of Calamos Investment Trust. The investment adviser to the Funds is Calamos Advisors LLC. The Calamos Family of Funds offers a range of investment strategies for individual investors with diverse investment objectives and needs. For more information on the Funds, please call 800-582-6959.

Annual Expenses

A Shares C Shares I Shares
Total Expense Ratio1.081.830.84
Net Expense Ratio0.901.650.65
Transaction Fee0.000.000.00
Redemption Fee0.000.000.00

Investment Information

A Shares C Shares I Shares
Minimum initial investment$2,500$2,500$1 million
Minimum subsequent investments$50$50$0
IRA initial investments$500$500N/A

Fund Information

A Shares C Shares I Shares
Inception Date6/27/076/27/076/27/07
Ticker SymbolCTRAXCTRCXCTRIX
CUSIP number128119310128119286128119278

Sales & Distribution

A Shares C Shares I Shares
Sales loadFront-endLevel-loadN/A
Maximum Sales Charge2.25%1.00%N/A
US Bank Fund Number192919311932
DistributionsMonthly dividends; annual capital gains

For more information about the Funds such as sector weightings, top holdings, credit ratings and distribution rates, please contact Client Services at 800-582-6959.

Each Fund is a series of Calamos Investment Trust. The investment adviser to the Funds is Calamos Advisors LLC. The Calamos Family of Funds offers a range of investment strategies for individual investors with diverse investment objectives and needs. For more information on the Funds, please call 800-582-6959.

Total Return Bond Fund Commentary
Calamos Total Return Bond Fund Quarterly Commentary A quarterly update of the Calamos Total Return Bond Fund’s performance, positioning, related market commentary and outlook.
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Total Return Bond Fund Fact Sheet
Calamos Total Return Bond Fund Fact Sheet The Total Return Bond Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.
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Calamos Total Return Bond Fund Brochure The Total Return Bond Fund brochure provides the fund overview, investment philosophy and investment management team.
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High Income Fund Fact Sheet
Calamos Fixed Income Credit Analysis Process Credit analysis is the foundation of our fixed income investment process. Here, we provide an overview of how our team of dedicated credit analysts evaluate a company’s ability to meet its debt obligations utilizing rigorous bottom-up fundamental analysis informed by macroeconomic insights.
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Measuring Yield
Measuring Yield When comparing bond mutual funds, investors may find themselves confronted by an array of yield metrics. Here, we will look at some of the most common metrics for bond yields and explain what they represent. Then, we will take a look at some additional metrics that apply to bond portfolios.
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Calamos Total Return Bond Fund Prospectus This summary contains important information about the Total Return Bond Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
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Statutory Prospectus You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
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Calamos Mutual Fund Statement of Additional Information
SAI The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.
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Mutual Funds Semi Annual Report
Semi Annual Report The semiannual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.
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Mutual Funds Annual Report
Annual Report The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.
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Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance shown reflects an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25%* for Class A shares in the following funds: Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, High Income Opportunities Fund, and Total Return Bond Fund. The maximum front-end sales load for Class A shares of all other funds is 4.75%. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class C shares have been adjusted for the contingent deferred sales charge (CDSC). There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund's Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances. *Prior to 2/28/17, the Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, and High Income Opportunities fund had a maximum front-end sales load of 4.75%, and the Total Return Bond Fund had a maximum front-end sales load of 3.75%.

The funds' gross expense ratios as of the prospectus dated 3/1/18 are as follows: Growth A 1.40%, C 2.15% and I 1.15%; Growth and Income A 1.12%, C 1.87% and I 0.87%; Opportunistic Value A 1.67%, C 2.42% and I 1.42%; Dividend Growth A 1.87%, C 2.73% and I 1.80%; Global Growth and Income A 1.54%, C 2.29% and I 1.29%; International Growth A 1.46%, C 2.21% and I 1.21%; Global Equity A 1.53%, C 2.27% and I 1.28%; Evolving World Growth A 1.67%, C 2.41% and I 1.41%; Emerging Market Equity A 2.70%, C 3.45% and I 2.45%; Convertible A 1.18%, C 1.93% and I 0.93%; Global Convertible A 1.46%, C 2.20% and I 1.19%; Market Neutral Income A 1.28%, C 2.03% and I 1.02%; Phineus Long/Short A 2.80%, C 3.55% and I 2.54%; Hedged Equity Income A 2.15%, C 3.04% and I 2.07%; High Income Opportunities A 1.33%, C 2.08% and I 1.08%; and Total Return Bond A 1.08%, C 1.83% and I 0.84%.  

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Read it carefully.