Institutional Strategies Main

Calamos Long/Short Fund (CILSX)

Portfolio Fit

The Long/Short Fund may be suitable for investors seeking to diversify a portfolio with an alternative investment while offering the opportunity to extend the investment universe to short equity holdings.

Key Features

The fund invests long or short primarily in U.S. equity securities with diversified exposure primarily to technology, media, telecommunications, consumer, health care, financials and industrials/commodities sectors.

The Calamos Difference

  • Industry experience is leveraged by investment team members who have extensive relationships in specific industries they cover
  • Industry analysis of the entire supply chain by sector analysts generates investment ideas
  • Democratic and collaborative assessment of ideas that are vetted by the entire team rather than one portfolio manager
  • Systematic portfolio construction in which all investment team members participate in the weighting of each core position

 

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

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 signifcant 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 Long/Short Fund include: equity securities risk, short sale risk, options risk, portfolio selection risk, liquidity risk, convertible securities risk, synthetic convertible instruments risk, leveraging risk, portfolio turnover risk, foreign securities risk, growth stock risk, small and mid-size company risk, emerging markets risk, derivative risks, futures and forward contracts, interest rate risk, credit risk, cash holdings 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.

The S&P 500 Index is generally considered representative of the U.S. stock market.

The HFRI Equity Hedge Index consists of funds where portfolio managers maintain long and short positions in primarily equity and derivative securities.

As of the fund's prospectus dated 6/2/2013. The fee includes estimated dividend expense relating to short sales. If estimated dividend expense relating to short sales were excluded, the net expense ratio for the Fund would have been 2.0%, 2.75%, and 1.75% for Class A, C, and I shares respectively, while the Fund's gross expense ratio would have been 2.43%, 3.18%, and 2.18% for Class A, C and I shares respectively. The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 31, 2015 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commission, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A and Class C are limited to 2.00% and 2.75% of average net assets, respectively.

The Calamos Long/Short Fund has an effective date of June 2, 2013 and does not have its own performance track record. There are significant differences between HFRI Equity Index, the S&P 500 and the fund itself. The indexes shown are not intended as proxies for the Fund's actual performance an may differ significantly once the Fund has a performance history.

Past performance is no guarantee of future results.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. 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 4.75%had it been included, the Fund's return would have been lower.

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.

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.

Sector Weightings

AS OF 12/31/13
LONG SHORT GROSS NET
Consumer Discretionary 18.10% -8.50% 26.60% 9.60%
Consumer Staples 3.50% -0.70% 4.20% 2.80%
Energy 6.60% 0.00% 6.60% 6.60%
Financials 9.30% -2.70% 12.00% 6.60%
Health Care 19.40% -7.00% 26.40% 12.40%
Industrials 4.00% -2.10% 6.10% 1.90%
Information Technology 15.30% -3.30% 18.60% 12.00%
Materials 1.50% 0.00% 1.50% 1.50%
Exchange Traded Funds 0.00% -1.40% 1.40% -1.40%
Telecommunication Services 5.20% -3.00% 8.20% 2.20%
TOTAL 82.90% -28.70% 111.60% 54.20%

Top 5 Holdings Long

Adobe Logo View All Holdings AS OF 12/31/13
Company Industry
%
Lamar Advertising Company Advertising 4.98%
Agilent Technologies, Inc. Life Sciences Tools & Services 4.54%
Google, Inc. Internet Software & Services 4.05%
ADT Corp. Security & Alarm Services 3.91%
Cameron International Corp. Oil & Gas Equipment & Services 3.55%
Number of Holdings Long 46

Top 5 Holdings Short

AS OF 12/31/13
Industry
%
Apparel Retail -2.25%
Health Care Services -1.97%
Health Care Equipment -1.91%
Health Care Equipment -1.87%
Application Software -1.79%
Number of Holdings Short 24

1 Top 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.

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

Important Fund Information.

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.

There is no assurance that the fund's investment strategy or objective will be achieved or maintained.

The S&P 500 Index is generally considered representative of the U.S. stock market.

The HFRI Equity Hedge Index consists of funds where portfolio managers maintain long and short positions in primarily equity and derivative securities.

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 signifcant 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 Long/Short Fund include: equity securities risk, short sale risk, options risk, portfolio selection risk, liquidity risk, convertible securities risk, synthetic convertible instruments risk, leveraging risk, portfolio turnover risk, foreign securities risk, growth stock risk, small and mid-size company risk, emerging markets risk, derivative risks, futures and forward contracts, interest rate risk, credit risk, cash holdings 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.

As of the fund's prospectus dated 6/2/2013. The fee includes estimated dividend expense relating to short sales. If estimated dividend expense relating to short sales were excluded, the net expense ratio for the Fund would have been 2.0%, 2.75%, and 1.75% for Class A, C, and I shares respectively, while the Fund's gross expense ratio would have been 2.43%, 3.18%, and 2.18% for Class A, C and I shares respectively. The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 31, 2015 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commission, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A and Class C are limited to 2.00% and 2.75% of average net assets, respectively.

The Calamos Long/Short Fund has an effective date of June 2, 2013 and does not have its own performance track record. There are significant differences between HFRI Equity Index, the S&P 500 and the fund itself. The indexes shown are not intended as proxies for the Fund's actual performance an may differ significantly once the Fund has a performance history.

Past performance is no guarantee of future results.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. 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 4.75%had it been included, the Fund's return would have been lower.

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.

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.

Strategy Vehicles

Separately Managed Accounts Minimum: $25 million
Institutional Mutual Fund (CGRIX) Minimum $1 million

34601E

Literature

Long/Short Launch Sheet A one-page fund summary that covers the benefits of long/short investing, fund details and the investment process.
Summary Prospectus (Class A, C) This summary contains important information about the Class A and C Long/Short Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
Summary Prospectus (Class I, R) This summary contains important information about the Class I and R Long/Short Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
Statutory Prospectus (Class A, B, C) You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
Statutory Prospectus (Class I, R) You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
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.

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.

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor

As of the fund's prospectus dated 6/2/2013. The fee includes estimated dividend expense relating to short sales. If estimated dividend expense relating to short sales were excluded, the net expense ratio for the Fund would have been 2.0%, 2.75%, and 1.75% for Class A, C, and I shares respectively, while the Fund's gross expense ratio would have been 2.43%, 3.18%, and 2.18% for Class A, C and I shares respectively. The Fund's investment advisor has contractually agreed to reimburse Fund expenses through March 31, 2015 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commission, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A and Class C are limited to 2.00% and 2.75% of average net assets, respectively.

The Calamos Long/Short Fund has an effective date of June 2, 2013 and does not have its own performance track record. There are significant differences between HFRI Equity Index, the S&P 500 and the fund itself. The indexes shown are not intended as proxies for the Fund's actual performance an may differ significantly once the Fund has a performance history.

Past performance is no guarantee of future results.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. 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 4.75%had it been included, the Fund's return would have been lower.

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.

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.

Fund Details

Inception Date:
6/3/13
Ticker:
CILSX
CUSIP:
I - 128120805

Resources

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Read it carefully before investing.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Calamos Financial Services LLC, Distributor