Institutional Strategies Main

Calamos Long/Short Fund (CILSX)

Overview

The team manages a high-conviction, best ideas long/short fund that invests primarily in U.S. equity securities and is diversified with exposure to key sectors.

Key Features

  • Seasoned team of investment professionals in the hedge fund and long/short space with deep expertise in the industries they cover
  • High-conviction investing with the aim of generating alpha through both long and short positions
  • Catalyst driven and bottom-up fundamental equity investment approach
  • Collaborative assessment of ideas that are vetted by the entire team rather than one portfolio manager

Portfolio Fit

The fund may be suitable for investors seeking an alternative solution to complement and diversify a long-only portfolio with an investment that has the potential to lower overall portfolio beta and create superior risk-adjusted returns.

Managing Risk with a Long/Short Alternative

Alternatives have generated superior risk-adjusted returns over market cycles for decades. An allocation toward alternatives may help limit losses in down periods, which aids in long-term wealth creation.

Rising Market Participation With Downside Protection

 

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 3/31/2014. The Fund’s investment advisor has contractually agreed to reimburse Long/Short 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 commissions, acquired fund fees and expenses, and extra- ordinary expenses, if any) of Class A, Class C, and Class I are limited to 2.00%, 2.75%, and 1.75% of average net assets, respectively. This agreement is not terminable by either party.



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 3/31/15
LONG SHORT GROSS NET
Consumer Discretionary 22.9% -8.1% 31.0% 14.8%
Consumer Staples 0.2% 0.0% 0.2% 0.2%
Energy 0.0% 0.0% 0.0% 0.0%
Financials 14.1% -3.4% 17.5% 10.7%
Health Care 14.4% -9.6% 24.0% 4.8%
Industrials 0.0% -4.3% 4.3% -4.3%
Information Technology 12.8% -1.3% 14.1% 11.5%
Materials 5.5% 0.0% 5.5% 5.5%
Telecom Services 0.0% -0.9% 0.9% -0.9%
TOTAL 69.9% -27.6% 97.5% 42.3%

Top 5 Holdings Long

Adobe Logo View All Holdings AS OF 3/31/15
Company Industry
%
Norwegian Cruise Ling Holdings, Ltd. Hotels, Resorts & Cruise Lines 5.7%
Berry Plastics Group, Inc. Metal & Glass Containers 5.5%
Agilent Technologies, Inc. Life Sciences Tools & Services 5.2%
CBS Corp. - Class B Broadcasting 4.4%
Apple, Inc. Technology Hardware 4.3%
Number of Holdings Long 29

Top 5 Holdings Short

AS OF 3/31/15
Industry
%
Commercial Printing -3.2%
Health Care Equipment -2.8%
Health Care Equipment -2.7%
Health Care Services -2.5%
Asset Management & Custody Banks -2.2%
Number of Holdings Short 23

1 Top 5 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 list¬ing 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.

Net exposure is the difference between a fund's long and short exposure.

Gross exposure equals long exposure plus the absolute value of short exposure

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 consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, leverage risk, and foreign securities 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 3/31/2014. The Fund’s investment advisor has contractually agreed to reimburse Long/Short 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 commissions, acquired fund fees and expenses, and extra- ordinary expenses, if any) of Class A, Class C, and Class I are limited to 2.00%, 2.75%, and 1.75% of average net assets, respectively. This agreement is not terminable by either party.

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 (CILSX) Minimum $1 million

34601E

Literature

Long/Short Fact Sheet The Long Short Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.
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