UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| INVESTMENT COMPANY ACT FILE NUMBER: |
|
811-09237 |
| |
|
|
| EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER: |
|
Calamos Advisors Trust |
| |
|
|
| ADDRESS OF PRINCIPAL EXECUTIVE OFFICES: |
|
2020 Calamos Court |
| |
|
Naperville, Illinois 60563-2787 |
| |
|
|
| NAME AND ADDRESS OF AGENT FOR SERVICE: |
|
John P Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer |
| |
|
Calamos Advisors LLC |
| |
|
2020 Calamos Court |
| |
|
Naperville, Illinois 60563-2787 |
| |
|
|
| REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: |
|
(630) 245-7200 |
| |
|
|
| DATE OF FISCAL YEAR END: |
|
December 31, 2026 |
| |
|
|
| DATE OF REPORTING PERIOD: |
|
January 1, 2026 through June 30, 2026 |
ITEM 1. REPORTS TO SHAREHOLDERS.
TABLE OF CONTENTS
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Calamos Growth and Income Portfolio
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about the Calamos Growth and Income Portfolio for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE PORTFOLIO COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
Class I | $64 | 1.23%Footnote Reference(1) |
|---|
| Footnote | Description |
Footnote(1) | Annualized. |
Table SummaryTotal Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate |
|---|
$36,086,675 | 153 | 20% |
WHAT DID THE PORTFOLIO INVEST IN?
The Portfolio pursued lower-volatility equity participation through a multi-asset-class approach spanning stocks, convertible securities, US Treasuries, cash, and options. Amid recent market strength, we took the opportunity to build a more balanced portfolio. This meant adding exposure to areas with genuine growth tailwinds and improving returns on capital outside of AI, while lowering our energy exposure. We also leaned on convertible securities and options to restrike the portfolio's risk-reward profile.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
Table SummarySECTOR WEIGHTINGS | % OF NET ASSETS |
|---|
Information Technology | 35.9 |
Communication Services | 10.6 |
Financials | 10.6 |
Industrials | 10.3 |
Consumer Discretionary | 8.7 |
Health Care | 8.6 |
Consumer Staples | 3.5 |
Utilities | 3.0 |
Energy | 2.8 |
Materials | 2.6 |
Real Estate | 1.1 |
Other | 0.9 |
Table SummaryNVIDIA Corp. | 6.3 |
|---|
Apple, Inc. | 5.8 |
|---|
Alphabet, Inc. - Class A | 5.3 |
|---|
Amazon.com, Inc. | 3.8 |
|---|
Microsoft Corp. | 3.6 |
|---|
Broadcom, Inc. | 2.4 |
|---|
Micron Technology, Inc. | 1.9 |
|---|
Meta Platforms, Inc. - Class A | 1.7 |
|---|
JPMorgan Chase & Co. | 1.6 |
|---|
Tesla, Inc. | 1.6 |
|---|
Calamos Growth and Income Portfolio
Semi-Annual Shareholder Report - June 30, 2026
For additional information about the Portfolio, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | CATTSRS-I 26
Item 1(b). Not applicable.
ITEM 2: CODE OF ETHICS.
The information required by this Item 2 is only required in an annual report on this Form N-CSR.
ITEM 3: AUDIT COMMITTEE FINANCIAL EXPERT.
The information required by this Item 3 is only required in an annual report on this Form N-CSR.
ITEM 4: PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The information required by this Item 4 is only required in an annual report on this Form N-CSR.
ITEM 5: AUDIT COMMITTEE OF LISTED REGISTRANTS.
The information required by this Item 5 is only required in an annual report on this Form N-CSR.
ITEM 6: INVESTMENTS.
Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of the N-CSR.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
SEMIANNUAL
FINANCIAL
STATEMENTS
AND
OTHER
INFORMATION
June
30,
2026
Growth
and
Income
Portfolio
Table
of
Contents
Statement
of
Assets
and
Liabilities
(unaudited)
1
Statement
of
Operations
(unaudited)
2
Statement
of
Changes
in
Net
Assets
3
Financial
Highlights
4
Schedule
of
Investments
(unaudited)
5
Notes
to
Financial
Statements
(unaudited)
9
Report
of
Independent
Registered
Public
Accounting
Firm
16
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(unaudited)
17
Statement
of
Assets
and
Liabilities
June
30,
2026
(unaudited)
See
accompanying
Notes
to
Financial
Statements
ASSETS
Investments
in
securities,
at
value
*
$
35,601,070
Cash
with
custodian
661,205
Cash
held
at
broker
4
Restricted
cash
for
short
positions
150
Foreign
currency
154
Receivables:
Accrued
interest
and
dividends
25,368
Portfolio
shares
sold
11,343
Prepaid
expenses
1,849
Other
assets
110,089
Total
assets
36,411,232
LIABILITIES
Collateral
for
securities
loaned
29,140
Payables:
Investments
purchased
84,066
Portfolio
shares
redeemed
5,632
Affiliates:
Investment
advisory
fees
21,925
Deferred
compensation
to
Trustees
110,089
Trustees’
fees
and
officer
compensation
741
Other
accounts
payable
and
accrued
liabilities
72,964
Total
liabilities
324,557
NET
ASSETS
$
36,086,675
COMPOSITION
OF
NET
ASSETS
Paid
in
capital
$
15,255,776
Accumulated
distributable
earnings
20,830,899
NET
ASSETS
$
36,086,675
CLASS
I
SHARES
Net
assets
applicable
to
shares
outstanding
$
36,086,675
Shares
outstanding
(no
par
value;
unlimited
number
of
shares
authorized)
1,438,286
Net
asset
value
and
redemption
price
per
share
$
25
.09
—
Investments
in
securities,
at
cost
$
16,141,740
Foreign
currency,
at
cost
154
*
Includes
securities
on
loan
$
27,731
Statement
of
Operations
Six
Months
Ended
June
30,
2026
(unaudited)
CALAMOS
GROWTH
AND
INCOME
PORTFOLIO
SEMIANNUAL
REPORT
See
accompanying
Notes
to
Financial
Statements
INVESTMENT
INCOME
Interest
$
39,850
(Amortization)/accretion
of
investment
securities
(
61,834
)
Dividends
155,003
Dividend
taxes
withheld
(
235
)
Securities
lending
income,
net
of
fees
619
Total
investment
income
133,403
EXPENSES
Investment
advisory
fees
127,623
Audit
fees
29,177
Legal
fees
16,893
Printing
and
mailing
fees
11,558
Accounting
fees
6,002
Trustees’
fees
and
officer
compensation
5,409
Transfer
agent
fees
3,840
Custodian
fees
2,784
Fund
administration
fees
917
Tax
fees
494
Other
5,226
Total
expenses
209,923
NET
INVESTMENT
(LOSS)
(
76,520
)
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
Investments,
excluding
purchased
options
2,264,647
Purchased
options
(
42,194
)
Foreign
currency
transactions
287
Written
options
(
3,911
)
Change
in
net
unrealized
appreciation
(depreciation)
Investments,
excluding
purchased
options
1,544,974
Purchased
options
(
44,384
)
Written
options
(
1,532
)
NET
GAIN
3,717,887
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
3,641,367
Statement
of
Changes
in
Net
Assets
June
30,
2026
See
accompanying
Notes
to
Financial
Statements
(UNAUDITED)
SIX
MONTHS
ENDED
JUNE
30,
2026
YEAR
ENDED
DECEMBER
31,
2025
OPERATIONS
Net
investment
(loss)
$
(
76,520
)
$
(
110,383
)
Net
realized
gain
2,218,829
3,062,761
Change
in
unrealized
appreciation
1,499,058
2,386,145
Net
increase
in
net
assets
resulting
from
operations
3,641,367
5,338,523
DISTRIBUTIONS
TO
SHAREHOLDERS
Class
I
(
2,910,219
)
(
2,832,907
)
Total
distributions
(
2,910,219
)
(
2,832,907
)
CAPITAL
SHARE
TRANSACTIONS
1,224,678
(
1,107,023
)
TOTAL
INCREASE
IN
NET
ASSETS
1,955,826
1,398,593
NET
ASSETS
Beginning
of
period
$
34,130,849
$
32,732,256
End
of
period
$
36,086,675
$
34,130,849
Financial
Highlights
June
30,
2026
CALAMOS
GROWTH
AND
INCOME
PORTFOLIO
SEMIANNUAL
REPORT
Selected
data
for
a
share
outstanding
throughout
each
period
were
as
follows:
Class
I
(UNAUDITED)
SIX
MONTHS
ENDED
JUNE
30,
2026
Year
Ended
December
31,
2025
2024
2023
2022
2021
PER
SHARE
OPERATING
PERFORMANCE
Net
asset
value,
beginning
of
period
$
24.75
$
23.21
$
19.54
$
16.86
$
22.85
$
20.57
Income
from
investment
operations:
Net
investment
income
(loss)
(a)
(0.05)
(0.08)
(0.04)
(0.01)
0.00*
(0.09)
Net
realized
and
unrealized
gain
(loss)
2.55
3.68
4.11
3.29
(4.18)
4.19
Total
from
investment
operations
2.50
3.60
4.07
3.28
(4.18)
4.10
Distributions:
Dividends
from
net
investment
income
—
(0.07)
(0.08)
(0.10)
(0.13)
(0.08)
Dividends
from
net
realized
gains
(2.16)
(1.99)
(0.32)
(0.50)
(1.68)
(1.74)
Total
distributions
(b)
(2.16)
(2.06)
(
0.40)
(0.60)
(1.81)
(1.82)
Net
asset
value,
end
of
period
$25.09
$24.75
$23.21
$19.54
$16.86
$22.85
TOTAL
RETURN
Total
investment
return
based
on:
(c)
Net
asset
value
(d)
11.26%
17.40%
21.08%
20.12%
(19.07%)
21.40%
RATIOS
TO
AVERAGE
NET
ASSETS
Net
expenses
1.23%
(e)
1.27%
1.26%
1.44%
1.33%
1.20%
Net
investment
income
(loss)
(0.45%)
(e)
(0.33%)
(0.19%)
(0.08%)
(0.01%)
(0.40%)
SUPPLEMENTAL
DATA
Net
assets
,
end
of
period
(000)
$
36,087
$34,131
$32,732
$29,519
$26,455
$35,663
Portfolio
turnover
rate
(f)
20
%
34%
29%
21%
23%
16%
*
Amount
is
less
than
$0.005.
(a)
Net
investment
income
(loss)
allocated
based
on
average
shares
method.
(b)
Distribution
for
annual
periods
determined
in
accordance
with
federal
income
tax
regulations.
(c)
Performance
figures
of
the
Portfolio
do
not
reflect
fees
charged
pursuant
to
the
terms
of
variable
life
insurance
policies
and
variable
annuity
contracts.
If
they
did,
performance
would
be
lower.
(d)
Total
return
measures
net
investment
income
(loss)
and
capital
gain
or
loss
from
portfolio
investments
assuming
reinvestment
of
dividends
and
capital
gains
distributions.
Total
return
is
not
annualized
for
periods
that
are
less
than
a
full
year
and
does
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
(e)
Annualized.
(f)
Not
annualized.
Calamos
Growth
and
Income
Portfolio
Schedule
of
Investments
June
30,
2026
(unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(19.0%)
Communication
Services
(2.3%)
64,000
Bandwidth,
Inc.*
0.000%,
07/01/32
$
74,007
230,000
DoorDash,
Inc.
0.000%,
05/15/30
226,085
65,000
Live
Nation
Entertainment,
Inc.*
2.875%,
10/15/31
71,746
120,000
Lyft,
Inc.*
0.000%,
09/15/30
117,670
84,000
Robinhood
Markets,
Inc.*
0.000%,
10/01/29
84,315
Uber
Technologies,
Inc.
150,000
0.875%,
12/01/28
179,890
75,000
0.000%,
05/15/28
86,799
840,512
Consumer
Discretionary
(0.5%)
155,000
Etsy,
Inc.
1.000%,
06/15/30
180,301
Consumer
Staples
(0.2%)
70,000
Adaptive
Biotechnologies
Corp.*
0.000%,
07/01/31
81,842
Energy
(0.3%)
100,000
Liberty
Energy,
Inc.*
0.000%,
03/01/31
103,263
Financials
(0.6%)
45,000
Federal
Realty
OP
LP*
3.250%,
01/15/29
49,865
84,000
Kite
Realty
Group
LP*††
3.250%,
04/15/32
83,447
85,000
WisdomTree,
Inc.*
4.625%,
08/15/30
101,809
235,121
Health
Care
(2.0%)
85,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
84,117
71,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
87,459
31,000
Indivior
Pharmaceuticals,
Inc.*
0.625%,
03/15/31
37,753
145,000
Ligand
Pharmaceuticals,
Inc.*
0.000%,
09/15/31
164,385
107,000
Mirum
Pharmaceuticals,
Inc.*
0.000%,
06/01/32
115,775
114,000
Revolution
Medicines,
Inc.
0.500%,
05/01/33
143,971
70,000
Travere
Therapeutics,
Inc.
0.500%,
05/15/32
82,548
716,008
PRINCIPAL
AMOUNT
a
a
VALUE
a
Industrials
(2.0%)
110,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
$
201,646
130,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
133,536
80,000
Fluor
Corp.
1.125%,
08/15/29
105,848
140,000
JBT
Marel
Corp.*
0.375%,
09/15/30
142,370
105,000
Knight-Swift
Transportation
Holdings,
Inc.*
1.000%,
11/15/31
122,550
705,950
Information
Technology
(8.0%)
45,000
Advanced
Energy
Industries,
Inc.*
0.000%,
05/15/31
49,329
115,000
Akamai
Technologies,
Inc.
0.250%,
05/15/33
168,137
26,000
Amkor
Technology,
Inc.*
0.000%,
07/15/31
31,039
68,000
Ciena
Corp.*
0.000%,
09/15/31
71,721
160,000
Cloudflare,
Inc.
0.000%,
06/15/30
202,962
100,000
CyberArk
Software
Ltd.
0.000%,
06/15/30
166,690
88,000
Datadog,
Inc.
0.000%,
12/01/29
124,937
106,000
IREN
Ltd.*
1.000%,
12/01/33
92,473
21,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
97,107
41,000
MACOM
Technology
Solutions
Holdings,
Inc.
0.000%,
12/15/29
94,671
158,000
Microchip
Technology,
Inc.*
0.000%,
02/15/30
182,757
95,000
Mirion
Technologies,
Inc.*
0.000%,
10/01/31
89,223
60,000
MKS,
Inc.
1.250%,
06/01/30
177,115
41,000
Nebius
Group
NV*
1.250%,
03/15/31
71,138
140,000
ON
Semiconductor
Corp.
0.500%,
03/01/29
169,030
90,000
Onto
Innovation,
Inc.*
0.000%,
06/01/31
118,935
30,000
Seagate
HDD
Cayman
3.500%,
06/01/28
352,361
75,000
Snowflake,
Inc.
0.000%,
10/01/29
132,505
105,000
Ultra
Clean
Holdings,
Inc.*
0.000%,
03/15/31
197,738
18,000
Western
Digital
Corp.
3.000%,
11/15/28
304,790
2,894,658
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
GROWTH
AND
INCOME
PORTFOLIO
SEMIANNUAL
REPORT
Calamos
Growth
and
Income
Portfolio
Schedule
of
Investments
June
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Real
Estate
(1.1%)
100,000
Digital
Realty
Trust
LP*
1.875%,
11/15/29
$
107,314
80,000
Realty
Income
Corp.*
3.500%,
01/15/29
82,379
120,000
Welltower
OP
LLC*
3.125%,
07/15/29
215,701
405,394
Utilities
(2.0%)
160,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
169,890
195,000
CMS
Energy
Corp.
3.375%,
05/01/28
217,915
195,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
221,391
95,000
Southern
Co.
4.500%,
06/15/27
104,896
714,092
TOTAL
CONVERTIBLE
BONDS
(Cost
$5,315,017)
6,877,141
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(0.5%)
Other
(0.5%)
175,000
U.S.
Treasury
Notes
4.125%,
01/31/27
(Cost
$175,258)
175,126
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(74.6%)
Communication
Services
(7.8%)
5,305
Alphabet,
Inc.
-
Class
A
1,895,848
1,090
Meta
Platforms,
Inc.
-
Class
A
613,986
2,950
Netflix,
Inc.#
210,630
995
Walt
Disney
Co.
95,769
2,816,233
Consumer
Discretionary
(8.2%)
5,725
Amazon.com,
Inc.#
1,364,496
725
Booking
Holdings,
Inc.
129,224
560
Home
Depot,
Inc.
197,501
122
KRW
Hyundai
Motor
Co.
39,768
765
Lowe's
Cos.,
Inc.
168,675
440
McDonald's
Corp.
118,936
315
Royal
Caribbean
Cruises
Ltd.
100,022
1,515
Starbucks
Corp.
154,818
1,380
Tesla,
Inc.#
580,428
725
TJX
Cos.,
Inc.
109,837
2,963,705
Consumer
Staples
(3.3%)
2,685
Coca-Cola
Co.
218,210
195
Costco
Wholesale
Corp.
182,417
NUMBER
OF
SHARES
b
b
VALUE
b
1,570
Dollar
General
Corp.
$
180,723
1,030
Philip
Morris
International,
Inc.
186,337
1,200
Procter
&
Gamble
Co.
175,968
2,050
Walmart,
Inc.
232,183
1,175,838
Energy
(2.5%)
555
Chevron
Corp.
91,997
2,475
EQT
Corp.
131,596
1,920
Exxon
Mobil
Corp.
262,502
915
Marathon
Petroleum
Corp.
233,938
2,605
Williams
Cos.,
Inc.
193,656
913,689
Financials
(10.0%)
435
American
Express
Co.
147,139
500
Assurant,
Inc.
134,265
4,960
Bank
of
America
Corp.
282,621
90
BlackRock,
Inc.
86,540
330
Capital
One
Financial
Corp.
66,204
395
Chubb
Ltd.
134,592
2,255
Citigroup,
Inc.
315,610
345
Goldman
Sachs
Group,
Inc.
348,923
1,815
JPMorgan
Chase
&
Co.~
594,104
675
Mastercard,
Inc.
-
Class
A
346,680
1,000
JPY
Mizuho
Financial
Group,
Inc.
48,029
1,230
Morgan
Stanley
257,119
1,400
JPY
ORIX
Corp.
53,328
155
S&P
Global,
Inc.
63,125
515
State
Street
Corp.
87,344
1,155
Visa,
Inc.
-
Class
A
396,269
2,795
Wells
Fargo
&
Co.
230,979
3,592,871
Health
Care
(6.6%)
690
AbbVie,
Inc.
173,632
960
Boston
Scientific
Corp.#
40,973
1,265
CVS
Health
Corp.
130,864
620
Danaher
Corp.
118,098
435
Eli
Lilly
&
Co.
521,752
1,015
Gilead
Sciences,
Inc.
128,235
165
Intuitive
Surgical,
Inc.#
65,617
1,515
Johnson
&
Johnson
384,765
1,250
Medtronic
PLC
97,787
1,230
Merck
&
Co.,
Inc.
158,055
325
Quest
Diagnostics,
Inc.
68,884
110
Stryker
Corp.
34,632
245
Thermo
Fisher
Scientific,
Inc.
122,833
555
UnitedHealth
Group,
Inc.
230,675
240
Vertex
Pharmaceuticals,
Inc.#
119,215
2,396,017
Industrials
(6.9%)
305
Caterpillar,
Inc.
324,794
7,405
CSX
Corp.
351,960
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Growth
and
Income
Portfolio
Schedule
of
Investments
June
30,
2026
(unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
3,000
Delta
Air
Lines,
Inc.
$
280,980
325
GE
Vernova,
Inc.~
381,830
540
General
Electric
Co.
201,814
215
Parker-Hannifin
Corp.
210,296
405
Quanta
Services,
Inc.
291,616
1,255
RTX
Corp.
238,111
765
Union
Pacific
Corp.
208,080
2,489,481
Information
Technology
(26.5%)
735
Advanced
Micro
Devices,
Inc.#
426,969
580
Amphenol
Corp.
-
Class
A
102,266
7,250
Apple,
Inc.
2,097,860
375
Applied
Materials,
Inc.
271,125
2,310
Broadcom,
Inc.
872,602
2,380
Cisco
Systems,
Inc.
279,555
2,115
Intel
Corp.#
295,317
1,125
Lam
Research
Corp.
487,496
595
Micron
Technology,
Inc.
686,803
3,450
Microsoft
Corp.
1,286,919
11,300
NVIDIA
Corp.
2,261,017
330
Oracle
Corp.
48,362
1,535
Palantir
Technologies,
Inc.
-
Class
A#
179,088
530
Salesforce,
Inc.
83,030
89
Sandisk
Corp.#
202,362
9,580,771
Materials
(2.4%)
3,550
Freeport-McMoRan,
Inc.
223,259
545
Linde
PLC
282,822
675
Sherwin-Williams
Co.
232,416
375
Vulcan
Materials
Co.^
110,629
849,126
Utilities
(0.4%)
805
Vistra
Corp.
127,697
TOTAL
COMMON
STOCKS
(Cost
$9,033,265)
26,905,428
CONVERTIBLE
PREFERRED
STOCKS
(4.1%)
Communication
Services
(0.5%)
3,640
Alphabet,
Inc.
6.250%,
05/15/29#
184,166
Industrials
(1.4%)
4,555
Boeing
Co.
6.000%,
10/15/27
306,551
2,000
QXO,
Inc.
5.500%,
05/15/28
97,480
1,750
VSE
Corp.#
5.750%,
02/01/29
100,923
504,954
NUMBER
OF
SHARES
b
b
VALUE
b
Information
Technology
(1.4%)
880
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
$
101,781
3,030
Microchip
Technology,
Inc.
7.500%,
03/15/28
232,431
3,445
Oracle
Corp.#
6.500%,
01/15/29
154,853
489,065
Materials
(0.2%)
1,190
Albemarle
Corp.
7.250%,
03/01/27
65,867
Utilities
(0.6%)#
875
CenterPoint
Energy,
Inc.
(Warner
Media
LLC,
Charter
Communications
Time,
Inc.)**§
3.369%,
09/15/29
25,710
4,130
NextEra
Energy,
Inc.
7.375%,
02/15/29
197,992
223,702
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$1,389,545)
1,467,754
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.4%)#
Other
(0.4%)
233
2,420,404
iShares
®
MSCI
EAFE
ETF
Call,
09/18/26,
Strike
$110.00
24,931
1
3,027,635
NASDAQ
®
100
Stock
Index
Put,
09/18/26,
Strike
$28,800.00
78,570
1
302,437
Russell
2000
Index
Call,
09/18/26,
Strike
$2,630.00
42,980
146,481
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$199,515)
146,481
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
GROWTH
AND
INCOME
PORTFOLIO
SEMIANNUAL
REPORT
Calamos
Growth
and
Income
Portfolio
Schedule
of
Investments
June
30,
2026
(unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Portfolio’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
June
30,
2026
(see
Note
7):
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(0.1%)
29,140
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.652%†***
(Cost
$29,140)
$
29,140
TOTAL
INVESTMENTS
(98.7%)
(Cost
$16,141,740)
$
35,601,070
PAYABLE
UPON
RETURN
OF
SECURITIES
ON
LOAN
(-0.1%)
(
29,140
)
OTHER
ASSETS,
LESS
LIABILITIES
(1.4%)
514,745
NET
ASSETS
(100.0%)
$
36,086,675
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
††
When-issued
security.
#
Non-income
producing
security.
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$155,129.
^
Security,
or
portion
of
security,
is
on
loan.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
**
Step
coupon
security.
Coupon
changes
periodically
based
upon
a
predetermined
schedule.
The
rate
shown
is
the
rate
in
effect
at
June
30,
2026.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
June
30,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
June
30,
2026.
FOREIGN
CURRENCY
ABBREVIATIONS
JPY
Japanese
Yen
KRW
South
Korean
Won
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
52
$
—
$
6,877,141
$
—
$
6,877,141
U.S.
Government
and
Agency
Security
1
—
175,126
—
175,126
Common
Stocks
86
26,764,303
141,125
—
26,905,428
Convertible
Preferred
Stocks
13
1,442,044
25,710
—
1,467,754
Exchange-Traded
Purchased
Options
3
146,481
—
—
146,481
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
29,140
—
29,140
Total
$
28,352,828
$
7,248,242
$
—
$
35,601,070
Notes
to
Financial
Statements
(unaudited)
Note
1
–
Organization
and
Significant
Accounting
Policies
Organization.
Calamos
Advisors
Trust
(the
"Trust")
is
a
Massachusetts
business
trust
organized
on
February
17,
1999
and
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(“1940
Act”),
as
an
open-end
investment
management
company.
The
Trust
consists
of
two
separate
series.
This
report
solely
relates
to
Calamos
Growth
and
Income
Portfolio
(the
“Portfolio”),
which
commenced
operations
on
May
19,
1999
and
offers
one
class
of
shares,
Class
I
shares.
The
Portfolio’s
shares
are
offered to
certain
life
insurance
companies
for
allocation
to
certain
separate
accounts
established
for
the
purpose
of
funding
qualified
and
non-qualified
variable
annuity
contracts
and
variable
life
insurance
contracts.
The
Portfolio
seeks
high
long-term
total
return
through
growth
and
current
income.
The
Portfolio
invests
primarily
in
a
diversified
portfolio
of
convertible
instruments
(including
synthetic
convertible
instruments),
equity
and
fixed-income
securities
of
U.S.
companies
without
regard
to
market
capitalization.
In
pursuing
its
investment
objective,
the
Portfolio
attempts
to
utilize
these
different
types
of
securities
to
strike,
in
the
investment
adviser’s
opinion,
the
appropriate
balance
between
risk
and
return
in
terms
of
growth
and
income.
Significant
Accounting
Policies.
The
financial
statements
have
been
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
and
the
Portfolio
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Under
U.S.
GAAP,
management
is
required
to
make
certain
estimates
and
assumptions
at
the
date
of
the
financial
statements
and
actual
results
may
differ
from
those
estimates.
The
following
summarizes
the
significant
accounting
policies
of
the
Portfolio:
Portfolio Valuation.
The
Trust’s
Board
of
Trustees
(“Board”
or
“Trustees”),
including
a
majority
of
the
Trustees
who
are
not
“interested
persons”
of
the
Portfolio,
have
designated
Calamos
Advisors
LLC
(“Calamos
Advisors”,
or
the
“Adviser”)
to
perform
fair
valuation
determinations
related
to
all
Portfolio
investments
under
the
oversight
of
the
Board.
As
“valuation
designee”
Calamos
Advisors
has
adopted
procedures consistent
with
ASC
Topic
820:
Fair
Value
Measurement
to
guide
the
determination
of
the
net
asset
value
(“NAV”)
on
any
day
on
which
the
Portfolio’s
NAV
is
determined.
The
valuation
of
the
Portfolio's
investments
is
in
accordance
with
these
procedures.
Portfolio securities
that
are
traded
on
U.S.
securities
exchanges,
except
option
securities,
are
valued
at
the
official
closing
price,
which
is
the
last
current
reported
sales
price
on
its
principal
exchange
at
the
time
the
Portfolio
determines
its
NAV.
Securities
traded
in
the
over-the-counter
market
and
quoted
on
The
NASDAQ
Stock
Market
®
are
valued
at
the
NASDAQ
®
Official
Closing
Price,
as
determined
by
NASDAQ
®
,
or
lacking
a
NASDAQ
®
Official
Closing
Price,
the
last
current
reported
sale
price
on
NASDAQ
®
at
the
time the
Portfolio
determines
its
NAV.
When
a
last
sale
or
closing
price
is
not
available,
equity
securities,
other
than
option
securities,
that
are
traded
on
a
U.S.
securities
exchange
and
other
equity
securities
traded
in
the
over-the-counter
market
are
valued
at
the
mean
between
the
most
recent
bid
and
asked
quotations
on
its
principal
exchange
in
accordance
with
guidelines
adopted
by
the
Board.
Each
option
security
traded
on
a
U.S.
securities
exchange
is
valued
at
the
mid-point
of
the
consolidated
bid/ask
quote
for
the
option
security,
also
in
accordance
with
guidelines
adopted
by
the
Board.
Each
over-the-counter
option
that
is
not
traded
through
the
Options
Clearing
Corporation
is
valued
either
by
an
independent
pricing
agent
approved
by
the
Board
or
based
on
a
quotation
provided
by
the
counterparty
to
such
option
under
the
ultimate
supervision
of
the
Board.
Fixed
income
securities,
bank
loans,
certain
convertible
preferred
securities,
and
non-exchange
traded
derivatives
are
normally
valued
by
independent
pricing
services
or
by
dealers
or
brokers
who
make
markets
in
such
securities.
Valuations
of
such
fixed
income
securities,
bank
loans,
certain
convertible
preferred
securities,
and
non-exchange
traded
derivatives
consider
yield
or
price
of
equivalent
securities
of
comparable
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
market
data
and
do
not
rely
exclusively
upon
exchange
or
over-the-counter
prices.
Trading
on
European
and
Far
Eastern
exchanges
and
over-the-counter
markets
is
typically
completed
at
various
times
before
the
close
of
business
on
each
day
on
which
the
New
York
Stock
Exchange
(“NYSE”)
is
open.
Each
security
trading
on
these
exchanges
or
in
over-the-counter
markets
may
be
valued
utilizing
a
systematic
fair
valuation
model
provided
by
an
independent
pricing
service
approved
by
the
Board.
The
valuation
of
each
security
that
meets
certain
criteria
in
relation
to
the
valuation
model
is
systematically
adjusted
to
reflect
the
impact
of
movement
in
the
U.S.
market
after
the
foreign
markets
close.
Securities
that
do
not
meet
the
criteria,
or
that
are
principally
traded
in
other
foreign
markets,
are
valued
as
of
the
last
reported
sale
price
at
the
time
the Portfolio
determines
its
NAV,
or
when
reliable
market
prices
or
quotations
are
not
readily
available,
at
the
mean
between
the
most
recent
bid
and
asked
quotations
as
of
the
close
of
the
appropriate
exchange
or
other
designated
time.
Trading
of
foreign
securities
may
not
take
place
on
every
NYSE
business
day.
In
addition,
trading
may
take
place
in
various
foreign
markets
on
Saturdays
or
on
other
days
when
the
NYSE
is
not
open
and
on
which
the
Portfolio's
NAV
is
not
calculated.
Notes
to
Financial
Statements
(unaudited)
CALAMOS
GROWTH
AND
INCOME
PORTFOLIO
SEMIANNUAL
REPORT
If
the
valuation
designee
determines
that
the
valuation
of
a
security
in
accordance
with
the
methods
described
above
is
not
reflective
of
a
fair
value
for
such
security,
the
security
is
valued
at
a
fair
value
by
the
valuation
designee.
The
Portfolio
also
may
use
fair
value
pricing,
pursuant
to
guidelines
adopted
by
Calamos
Advisors,
if
trading
in
the
security
is
halted
or
if
the
value
of
a
security
it
holds
is
materially
affected
by
events
occurring
before
the
Portfolio's
pricing
time
but
after
the
close
of
the
primary
market
or
exchange
on
which
the
security
is
listed.
Those
procedures
may
utilize
valuations
furnished
by
pricing
services
approved
by
Calamos
Advisors,
which
may
be
based
on
market
transactions
for
comparable
securities
and
various
relationships
between
securities
that
are
generally
recognized
by
institutional
traders,
a
computerized
matrix
system,
or
appraisals
derived
from
information
concerning
the
securities
or
similar
securities
received
from
recognized
dealers
in
those
securities.
When
fair
value
pricing
of
securities
is
employed,
the
prices
of
securities
used
by
the
Portfolio
to
calculate
its
NAV
may
differ
from
market
quotations
or
official
closing
prices.
There
can
be
no
assurance
that
the
Portfolio
could
purchase
or
sell
a
portfolio
security
at
the
price
used
to
calculate
the
Portfolio’s
NAV.
Investment
Transactions.
Investment
transactions
are
recorded
on
a
trade
date
basis
as
of
June
30,
2026.
Net
realized
gains
and
losses
from
investment
transactions
are
reported
on
an
identified
cost
basis.
Interest
income
is
recognized
using
the
accrual
method
and
includes
accretion
of
original
issue
and
market
discount
and
amortization
of
premium.
Dividend
income
is
recognized
on
the
ex-dividend
date,
except
that
certain
dividends
from
foreign
securities
are
recorded
as
soon
as
the
information
becomes
available
after
the
ex-dividend
date.
Foreign
Currency
Translation.
Values
of
investments
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
a
rate
quoted
by
a
major
bank
or
dealer
in
the
particular
currency
market,
as
reported
by
a
recognized
quotation
dissemination
service.
The
Portfolio does
not
isolate
that
portion
of
the
results
of
operations
resulting
from
changes
in
foreign
exchange
rates
on
investments
from
the
fluctuations
arising
from
changes
in
market
prices
of
securities
held.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
from
investments.
Reported
net
realized
foreign
currency
gains
or
losses
arise
from disposition
of
foreign
currency,
the
difference
in
the
foreign
exchange
rates
between
the
trade
and
settlement
dates
on
securities
transactions,
and
the
difference
between
the
amounts
of
dividends,
interest
and
foreign
withholding
taxes
recorded
on
the
ex-date
or
accrual
date
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
(due
to
the
changes
in
the
exchange
rate)
in
the
value
of
foreign
currency
and
other
assets
and
liabilities
denominated
in
foreign
currencies
held
at period end.
Allocation
of
Expenses.
Expenses
directly
attributable
to
the
Portfolio
are
charged
to
the
Portfolio;
certain
other
common
expenses
of
Calamos
Advisors
Trust,
Calamos
Investment
Trust,
Calamos
Convertible
Opportunities
and
Income
Fund,
Calamos
Convertible
and
High
Income
Fund,
Calamos
Strategic
Total
Return
Fund,
Calamos
Global
Total
Return
Fund,
Calamos
Global
Dynamic
Income
Fund,
Calamos
Dynamic
Convertible
and
Income
Fund,
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust,
Calamos
Antetokounmpo
Sustainable
Equities
Trust, Calamos
ETF
Trust,
Calamos
Aksia
Alternative
Credit
and
Income
Fund,
Calamos
Aksia
Private
Equity
and
Alternatives
Fund,
and
Calamos
Aksia
Hedged
Strategies
Fund
are
allocated
proportionately
among
each
fund
to
which
the
expenses
relate
in
relation
to
the
net
assets
of
each
fund
or
on
another
reasonable
basis.
Income
Taxes.
No
provision
has
been
made
for
U.S.
income
taxes
because
the
Trust's
policy
is
to
continue
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code
of
1986,
as
amended,
and
distribute
to
shareholders
substantially
all
of
the
Portfolio's
taxable
income
and
net
realized
gains.
Dividends
and
distributions
paid
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount
of
dividends
and
distributions
from
net
investment
income
and
net
realized
capital
gains
is
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
generally
accepted
accounting
principles.
To
the
extent
these
“book/tax”
differences
are
permanent
in
nature,
such
amounts
are
reclassified
within
the
capital
accounts
based
on
their
federal
tax-basis
treatment.
These
differences
are
primarily
due
to
differing
treatments
for
foreign
currency
transactions,
contingent
payment
debt
instruments
and
methods
of
amortizing
and
accreting
for
fixed
income
securities.
The
financial
statements
are
not
adjusted
for
temporary
differences.
The
Portfolio
recognized
no
liability
for
uncertain
tax
positions.
A
reconciliation
is
not
provided
as
the
beginning
and
ending
amounts
of
unrecognized
benefits
are
zero,
with
no
interim
additions,
reductions
or
settlements.
Generally,
the
federal
Notes
to
Financial
Statements
(unaudited)
returns
are
subject
to
examination
by
the
Internal
Revenue
Service
for
a
period
of
three
years
from
date
of
filing,
while
the
state
returns
may
remain
open
for
an
additional
year
depending
upon
jurisdiction.
Indemnifications.
Under
the Trust’s
organizational
documents,
the
Trust
is
obligated
to
indemnify
its
officers
and
trustees
against
certain
liabilities
incurred
by
them
by
reason
of
having
been
an
officer
or
trustee
of
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
may
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Portfolio’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Portfolio
that
have
not
yet
occurred.
Currently,
the
Portfolio’s
management
expects
the
risk
of
material
loss
in
connection
to
a
potential
claim
to
be
remote.
Segment
Reporting.
An
operating
segment
is
defined
as
a
component
of
a
public
entity
that
engages
in
business
activities
from
which
it
may
recognize
revenues
and
incur
expenses,
has
operating
results
that
are
regularly
reviewed
by
the
chief
operating
decision
maker,
and
for
which
discrete
financial
information
is
available.
Consistent
with
the
definition
of
a
chief
operating
decision
maker
(“CODM”)
provided
by
Financial
Accounting
Standards
Board
("FASB")
“Accounting
Standards
Update
(ASU)
2023-07-Segment
Reporting
(Topic
280):
Improvements
to
Reportable
Segment
Disclosures,”
the
Portfolio's
CODM
is
Calamos
Advisors'
Chief
Executive
Officer,
who
also
serves
as
Trustee
and
Vice
President
of
the
Portfolio.
The Portfolio
operates
as
a
single
reportable
segment,
which
reflects
how
the
CODM
monitors
and
manages
the
operating
results
of
the
Portfolio.
The
financial
information
used
by
the
CODM
to
assess
the
segment’s
performance
and
to
allocate
resources,
including
total
return,
expense
ratios,
changes
in
net
assets
from
operations
and
portfolio
composition,
is
consistent
with
that
presented
within
the
Portfolio's
financial
statements
and
financial
highlights.
Note
2
–
Investment
Advisor
and
Transactions
with
Affiliates
or
Certain
Other
Parties
Pursuant
to
an
investment
advisory
agreement
with
Calamos
Advisors,
the
Portfolio
pays
a
monthly
investment
advisory
fee
based
on
the
average
daily
net
assets
of
the
Portfolio
at
the
annual
rate
of
0.75%.
The
Portfolio
reimburses
Calamos
Advisors
for
a
portion
of
compensation
paid
to
the
Trust’s
Chief
Compliance
Officer.
This
compensation
is
reported
as
part
of
the
“Trustees’
fees
and
officer
compensation”
expense
on
the Statement
of
Operations.
Two
Trustees
and
certain
officers
of
the
Trust
are
also
officers
and
directors
of
Calamos
Financial
Services
LLC
(“CFS”)
and
Calamos
Advisors.
Such
trustees
and
officers
serve
without
direct
compensation
from
the
Trust.
The
Trust’s
Statement
of
Additional
Information
contains
additional
information
about
the
Trust’s
Trustees
and
Officers
and
is
available
without
charge,
upon
request,
at
www.calamos.com
or
by
calling
800.582.6959.
The
Trust
has
adopted
a
deferred
compensation
plan
(the
“Plan”).
Under
the
Plan,
a
trustee
who
is
not
an
“interested
person”
(as
defined
in
the
1940
Act)
and
has
elected
to
participate
in
the
Plan
(a
“participating
trustee”)
may
defer
receipt
of
all
or
a
portion
of
their
compensation
from
the
Trust.
The
deferred
compensation
payable
to
the
participating
trustee
is
credited
to
the
trustee’s
deferral
account
as
of
the
business
day
such
compensation
would
have
been
paid
to
the
participating
trustee.
The
value
of
amounts
deferred
for
a
participating
trustee
is
determined
by
reference
to
the
change
in
value
of
Class
I
shares
of
one
or
more
funds
of
Calamos
Investment
Trust
designated
by
the
participant.
The
value
of
the
account
increases
with
contributions
to
the
account
or
with
increases
in
the
value
of
the
measuring
shares,
and
the
value
of
the
account
decreases
with
withdrawals
from
the
account
or
with
declines
in
the
value
of
the
measuring
shares.
The Portfolio’s
obligation,
if
any,
to
make
payments
under
the
Plan
is
a
general
obligation
of
the
Portfolio
and
is
included
in
“Payable
for
deferred
compensation
to
trustees”
on
the
Statement
of
Assets
and
Liabilities
at
June
30,
2026.
Deferred
compensation
of
$110,089 is
included
in
“Other
assets”
on
the
Statement
of
Assets
and
Liabilities
at
June
30,
2026.
Note
3
–
Investments
The
cost
of
purchases
and
proceeds
from
sales
of
long-term
investments
for
the
period
ended
June
30,
2026
are
shown
in
the
table
below.
U.S.
GOVERNMENT
SECURITIES
OTHER
Cost
of
purchases
$
—
$
6,829,095
Proceeds
from
sales
—
8,424,470
Notes
to
Financial
Statements
(unaudited)
CALAMOS
GROWTH
AND
INCOME
PORTFOLIO
SEMIANNUAL
REPORT
Note
4
–
Income
Taxes
The
cost
basis
of
investments
for
federal
income
tax
purposes
at
June
30,
2026
was
as
follows*:
*
Because
tax
adjustments
are
calculated
annually,
the
above
table
does
not
reflect
tax
adjustments.
For
the
previous
fiscal
year’s
federal
income
tax
information,
please
refer
to
the
Notes
to
Financial
Statements
section
in
the
Portfolio’s
most
recent
annual
report.
The
tax
character
of
distributions
for
the
period
ended
June
30,
2026
will
be
determined
at
the
end
of the
Portfolio’s
current
fiscal
year.
Distributions
for
the
year
ended
December
31,
2025
were
characterized
for
federal
income
tax
purposes
as
follows:
As
of
December
31,
2025,
the
components
of
accumulated
earnings/(loss)
on
a
tax
basis
were
as
follows:
Note
5
–
Derivative
Instruments
Foreign
Currency
Risk.
The
Portfolio
may
engage
in
portfolio
hedging
with
respect
to
changes
in
currency
exchange
rates
by
entering
into
forward
foreign
currency
contracts
to
purchase
or
sell
currencies.
A
forward
foreign
currency
contract
is
a
commitment
to
purchase
or
sell
a
foreign
currency
at
a
future
date
at
a
negotiated
forward
rate.
Risks
associated
with
such
contracts
include,
among
other
things,
movement
in
the
value
of
the
foreign
currency
relative
to
the
U.S.
dollar
and
the
ability
of
the
counterparty
to
perform.
To
mitigate
the
counterparty
risk,
the
Portfolio
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
the
Portfolio
and
a
counterparty
that
governs
Over-The-Counter
derivatives
and
foreign
exchange
contracts
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
the
Portfolio
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instrument’s
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
(close-out
netting)
including
the
bankruptcy
or
insolvency
of
the
counterparty.
Generally,
collateral
is
exchanged
between
the
Portfolio
and
the
counterparty
and
the
amount
of
collateral
due
from
the
Portfolio
or
to
a
counterparty
has
to
exceed
a
minimum
transfer
amount
threshold
before
a
transfer
has
to
be
made.
To
the
extent
amounts
due
to
the
Portfolio
from
its
counterparties
are
not
fully
collateralized,
contractually
or
otherwise,
the
Portfolio
bears
the
risk
of
loss
from
counterparty
nonperformance.
When
a
Portfolio
is
required
to
post
collateral
under
the
terms
of
a
derivatives
transaction
and
master
netting
agreement,
the
Portfolio’s
custodian
holds
the
collateral
in
a
segregated
account,
subject
to
the
terms
of
a
tri-party
agreement
among
the
Portfolio,
the
custodian
and
the
counterparty.
The
master
netting
agreement
and
tri-party
agreement
provide,
in
relevant
part,
that
the
counterparty
may
have
rights
to
the
amounts
in
the
segregated
Cost
basis
of
investments
$
16,141,740
Gross
unrealized
appreciation
19,830,194
Gross
unrealized
depreciation
(
370,864
)
Net
unrealized
appreciation
(depreciation)
$
19,459,330
YEAR
ENDED
DECEMBER
31,
2025
Distributions
paid
from:
Ordinary
income
$
232,207
Long-term
capital
gains
2,600,700
Return
of
capital
—
Undistributed
ordinary
income
$
197,689
Undistributed
capital
gains
2,712,517
Total
undistributed
earnings
2,910,206
Net
unrealized
gains/(losses)
17,533,375
Total
accumulated
earnings/(losses)
$
20,443,581
Other
(
343,830
)
Paid-in-capital
14,031,098
Net
assets
applicable
to
common
shareholders
$
34,130,849
Notes
to
Financial
Statements
(unaudited)
account
in
the
event
that
the
Portfolio
defaults
in
its
obligation
with
respect
to
the
derivative
instrument
that
is
subject
to
the
collateral
requirement.
When
a
counterparty
is
required
to
post
collateral
under
the
terms
of
a
derivatives
transaction
and
master
netting
agreement,
the
counterparty
delivers
such
amount
to
the
Portfolio’s
custodian.
The
master
netting
agreement
provides,
in
relevant
part,
that
the
Portfolio
may
have
rights
to
such
collateral
in
the
event
that
the
counterparty
defaults
in
its
obligation
with
respect
to
the
derivative
instrument
that
is
subject
to
the
collateral
requirement.
Generally
before
a
default,
neither
a
Portfolio
nor
the
counterparty
may
resell,
rehypothecate,
or
repledge
any
collateral
that
it
receives.
For
financial
reporting
purposes,
the
Portfolio does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements
in
the
Statement
of
Assets
and
Liabilities.
The
net
unrealized
gain,
if
any,
represents
the
credit
risk
to
the
Portfolio
on
a
forward
foreign
currency
contract.
The
contracts
are
valued
daily
at
forward
foreign
exchange
rates.
The
Portfolio
realizes
a
gain
or
loss
when
a
position
is
closed
or
upon
settlement
of
the
contracts.
As
of
June
30,
2026,
the
Portfolio
had
no
outstanding
forward
foreign
currency
contracts.
Equity
Risk.
The
Portfolio
may
engage
in
option
transactions
and
in
doing
so
achieves
similar
objectives
to
what
it
would
achieve
through
the
sale
or
purchase
of
individual
securities.
A
call
option,
upon
payment
of
a
premium,
gives
the
purchaser
of
the
option
the
right
to
buy,
and
the
seller
of
the
option
the
obligation
to
sell,
the
underlying
security,
index
or
other
instrument
at
the
exercise
price.
A
put
option
gives
the
purchaser
of
the
option,
upon
payment
of
a
premium,
the
right
to
sell,
and
the
seller
the
obligation
to
buy,
the
underlying
security,
index,
or
other
instrument
at
the
exercise
price.
To
seek
to
offset
some
of
the
risk
of
a
potential
decline
in
value
of
certain
long
positions,
the
Portfolio
may
also
purchase
put
options
on
individual
securities,
broad-based
securities
indexes
or
certain
exchange-traded
funds
(“ETFs”).
The
Portfolio
may
also
seek
to
generate
income
from
option
premiums
by
writing
(selling)
options
on
a
portion
of
the
equity
securities
(including
securities
that
are
convertible
into
equity
securities)
in the
Portfolio's
holdings,
on
broad-based
securities
indexes,
or
certain
ETFs.
When
the
Portfolio
purchases
an
option,
it
pays
a
premium
and
an
amount
equal
to
that
premium
is
recorded
as
an
asset.
When
the
Portfolio
writes
an
option,
it
receives
a
premium
and
an
amount
equal
to
that
premium
is
recorded
as
a
liability.
The
asset
or
liability
is
adjusted
daily
to
reflect
the
current
market
value
of
the
option.
If
an
option
expires
unexercised,
the
Portfolio
realizes
a
gain
or
loss
to
the
extent
of
the
premium
received
or
paid.
If
an
option
is
exercised,
the
premium
received
or
paid
is
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
the
cost
basis
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
on
a
closing
purchase
or
sale
transaction
is
also
treated
as
a
realized
gain
or
loss.
The
cost
of
securities
acquired
through
the
exercise
of
call
options
is
increased
by
premiums
paid.
The
proceeds
from
securities
sold
through
the
exercise
of
put
options
are
decreased
by
the
premiums
paid.
Gain
or
loss
on
written
options
and
purchased
options
is
presented
separately
on
the
Statement
of
Operations
as
net
realized
gain
or
loss
on
written
options
and
net
realized
gain
or
loss
on
purchased
options,
respectively.
Options
written
by
the
Portfolio
do
not
typically
give
rise
to
counterparty
credit
risk
since
options
written
obligate
the
Portfolio
and
not
the
counterparty
to
perform.
Exchange
traded
purchased
options
have
minimal
counterparty
credit
risk
to
the
Portfolio
since
the
exchange’s
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
As
of
June
30,
2026,
the
Portfolio
had
outstanding
purchased
options
and/or
written
options
as
listed
on
the
Schedule
of
Investments.
As
of
June
30,
2026,
the
Portfolio
had
outstanding
derivative
contracts
which
are
reflected
on
the
Statement
of
Assets
and
Liabilities
as
follows:
1
ASSET
DERIVATIVES
LIABILITY
DERIVATIVES
Gross
amounts
at
fair
value:
Exchange-Traded
Purchased
Options
(1)
$
146,481
$
—
$
146,481
$
—
Notes
to
Financial
Statements
(unaudited)
CALAMOS
GROWTH
AND
INCOME
PORTFOLIO
SEMIANNUAL
REPORT
For
the
period
ended
June
30,
2026,
the
volume
of
derivative
activity
for
the
Portfolio
is
reflected
below:*
*
Activity
during
the
period
is
measured
by
opened
number
of
contracts
for
options
purchased
or
written
(measured
in
notional).
Note
6
–
Securities
Lending
The
Portfolio
may
loan
one
or
more
of
its
securities
to
broker-dealers
and
banks
through
the
Securities
Loan
Agreement.
In
the
Securities
Loan
Agreement,
the
“collateral”
are
the
loaned
securities
themselves.
Additionally,
the
set-off
and
netting
provisions
of
the
Securities
Loan
Agreement
may
not
extend
to
the
obligations
of
the
counterparty’s
affiliates
or
across
varying
types
of
transactions.
Any
such
loan
must
be
secured
by
collateral
in
cash
or
cash
equivalents
maintained
on
a
current
basis
in
an
amount
at
least
equal
to
the
value
of
the
securities
loaned
by
the
Portfolio.
The
Portfolio
continues
to
receive
the
equivalent
of
the
interest
or
dividends
paid
by
the
issuer
on
the
securities
loaned
and
also
receives
an
additional
return
that
may
be
in
the
form
of
a
fixed
fee
or
a
percentage
of
the
collateral.
The
additional
return
is
disclosed
on
a
net
basis
as
Securities
lending
income
in
the
Statement
of
Operations.
Upon
receipt
of
cash
collateral,
the
Portfolio’s
securities
lending
agent
invests
any
cash
collateral
into
short
term
investments
following
investment
guidelines
approved
by
Calamos
Advisors.
The
Portfolio
records
the
investment
of
collateral
as
an
asset
and
the
value
of
the
collateral
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
The
cash
collateral
received
from
securities
loaned
as
disclosed
in
the
Statement
of
Assets
and
Liabilities
is
collateralized
by
securities
on
loan
as
disclosed
within
the
Schedule
of
Investments
and
such
borrowings
have
maturities
that
are
overnight
and
continuous.
If
the
value
of
the
invested
collateral
declines
below
the
value
of
the
collateral
deposited
by
the
borrower,
the
Portfolio
will
record
unrealized
depreciation
equal
to
the
decline
in
value
of
the
invested
collateral.
The
Portfolio
will
pay
reasonable
fees
to
persons
unaffiliated
with
the
Portfolio
for
services
in
arranging
these
loans.
The
Portfolio
has
the
right
to
call
a
loan
and
obtain
the
securities
loaned
at
any
time.
The
Portfolio
does
not
have
the
right
to
vote
the
securities
during
the
existence
of
the
loan
but
could
call
the
loan
in
an
attempt
to
permit
voting
of
the
securities
in
certain
circumstances.
Upon
return
of
the
securities
loaned,
the
cash
or
cash
equivalent
collateral
will
be
returned
to
the
borrower.
The
Portfolio
maintains
the
risk
of
any
loss
on
the
securities
on
loan
as
well
as
the
potential
loss
on
investments
purchased
with
collateral
received
from
securities
lending.
In
the
event
of
bankruptcy
or
other
default
of
the
borrower,
the
Portfolio
has
the
right
to
use
the
loan
collateral
to
offset
losses
incurred,
however,
the
Portfolio
could
experience
both
delays
in
liquidating
the
loan
collateral
or
recovering
the
loaned
securities
and
losses,
including
(a)
possible
decline
in
the
value
of
the
collateral
or
in
the
value
of
the
securities
loaned
during
the
period
while
the
Portfolio
seeks
to
enforce
its
rights
thereto,
(b)
possible
subnormal
levels
of
income
and
lack
of
access
to
income
during
this
period,
and
(c)
the
expenses
of
enforcing
its
rights.
In
an
effort
to
reduce
these
risks,
the
Portfolio’s
security
lending
agent
monitors
and
reports
to
Calamos
Advisors
on
the
creditworthiness
of
the
firms
to
which
the
Portfolio
lends
securities.
The
Portfolios'
security
lending
agent
has
also
agreed
to
indemnify
the Portfolios
in
the
case
of
a
borrower's
failure
to
return
a
loaned
security.
The
following
table
indicates
the
total
amount
of
securities
loaned
by
asset
class,
reconciled
to
the
gross
liability
payable
upon
return
of
the
securities
loaned
by
the
Portfolio
as
of
June
30,
2026.
Note
7
–
Fair
Value
Measurements
Various
inputs
are
used
to
determine
the
value
of
the
Portfolio’s
investments.
These
inputs
are
categorized
into
three
broad
levels
as
follows:
VOLUME
Exchange-Traded
Purchased
options
(1)
306
Exchange-Traded
Written
options
(2)
3
(1)
Generally,
the
Statement
of
Assets
and
Liabilities
location
for
Exchange-Traded
Purchased
Options
is
"Investments
in
securities,
at
value".
(2)
Generally,
the
Statement
of
Assets
and
Liabilities
location
for
Exchange-Traded
Written
Options
is
"Options
written,
at
value".
AMOUNT
OF
COLLATERAL
HELD
IN
SHORT
TERM
INVESTMENTS
AND
RESTRICTED
AMOUNT
OF
NON-CASH
TOTAL
VALUE
OF
SECURITIES
ON
LOAN
TO
BROKER-DEALERS
AND
BANKS
BY
ASSET
CLASS
ON
LOAN
EXCESS
AMOUNT
DUE
TO/(FROM)
CASH
COLLATERAL
COLLATERAL
EQUITY
FIXED
INCOME
TOTAL
COUNTERPARTY
$
29,140
$
—
$
29,140
$
27,731
$
—
$
27,731
$
1,409
Notes
to
Financial
Statements
(unaudited)
Level
1
–
Prices
are
determined
using
inputs
from
unadjusted
quoted
prices
from
active
markets
(including
securities
actively
traded
on
a
securities
exchange)
for
identical
assets.
Level
2
–
Prices
are
determined
using
significant
observable
market
inputs
other
than
unadjusted
quoted
prices,
including
quoted
prices
of
similar
securities,
fair
value
adjustments
to
quoted
foreign
securities,
interest
rates,
credit
risk,
prepayment
speeds,
and
other
relevant
data.
Level
3
–
Prices
reflect
unobservable
market
inputs
(including
the
Portfolio’s
own
judgments
about
assumptions
market
participants
would
use
in
determining
fair
value)
when
observable
inputs
are
unavailable.
Debt
securities
are
valued
based
upon
evaluated
prices
received
from
an
independent
pricing
service
or
from
a
dealer
or
broker
who
makes
markets
in
such
securities.
Pricing
services
utilize
various
observable
market
data
and
as
such,
debt
securities
are
generally
categorized
as
Level
2.
The
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
of
the
Portfolio’s
investments.
The summary
of
the
inputs
used
in
valuing
the
Portfolio’s
holdings are
available
after
the
Portfolio's
Schedule
of
Investments.
Note
8
–
Capital
Share
Transactions
The
following
table
summarizes
the
activity
in
capital
shares
of
the Portfolio
for
the period
ended:
Note
9
–
Subsequent
Events
Subsequent
events,
if
any,
through
the
date
that
the
financial
statements
were
issued,
have
been
evaluated
in
the
preparation
of
the
financial
statements.
There
have
been
no
subsequent
events
that
occurred
during
such
period
that
would
require
disclosure
or
would
be
required
to
be
recognized
in
the
financial
statements.
FOR
THE
SIX
MONTHS
ENDED
JUNE
30,
2026
FOR
THE
YEAR
ENDED
DECEMBER
31,
2025
Class
I
Shares
Dollars
Shares
Dollars
Shares
sold
31,097
$
763,386
41,608
$
941,179
Shares
issued
as
reinvestment
of
distributions
131,328
2,910,219
138,784
2,832,907
Less
shares
redeemed
(
103,015
)
(
2,448,927
)
(
211,887
)
(
4,881,109
)
Net
increase
(decrease)
59,410
$
1,224,678
(
31,495
)
$
(
1,107,023
)
For
the
period
ended
June
30,
2026,
the
volume
of
derivative
activity
for
the
Portfolio
is
reflected
below:*
*
Activity
during
the
period
is
measured
by
opened
number
of
contracts
for
options
purchased
or
written
(measured
in
notional).
Note
6
–
Securities
Lending
The
Portfolio
may
loan
one
or
more
of
its
securities
to
broker-dealers
and
banks
through
the
Securities
Loan
Agreement.
In
the
Securities
Loan
Agreement,
the
“collateral”
are
the
loaned
securities
themselves.
Additionally,
the
set-off
and
netting
provisions
of
the
Securities
Loan
Agreement
may
not
extend
to
the
obligations
of
the
counterparty’s
affiliates
or
across
varying
types
of
transactions.
Any
such
loan
must
be
secured
by
collateral
in
cash
or
cash
equivalents
maintained
on
a
current
basis
in
an
amount
at
least
equal
to
the
value
of
the
securities
loaned
by
the
Portfolio.
The
Portfolio
continues
to
receive
the
equivalent
of
the
interest
or
dividends
paid
by
the
issuer
on
the
securities
loaned
and
also
receives
an
additional
return
that
may
be
in
the
form
of
a
fixed
fee
or
a
percentage
of
the
collateral.
The
additional
return
is
disclosed
on
a
net
basis
as
Securities
lending
income
in
the
Statement
of
Operations.
Upon
receipt
of
cash
collateral,
the
Portfolio’s
securities
lending
agent
invests
any
cash
collateral
into
short
term
investments
following
investment
guidelines
approved
by
Calamos
Advisors.
The
Portfolio
records
the
investment
of
collateral
as
an
asset
and
the
value
of
the
collateral
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
The
cash
collateral
received
from
securities
loaned
as
disclosed
in
the
Statement
of
Assets
and
Liabilities
is
collateralized
by
securities
on
loan
as
disclosed
within
the
Schedule
of
Investments
and
such
borrowings
have
maturities
that
are
overnight
and
continuous.
If
the
value
of
the
invested
collateral
declines
below
the
value
of
the
collateral
deposited
by
the
borrower,
the
Portfolio
will
record
unrealized
depreciation
equal
to
the
decline
in
value
of
the
invested
collateral.
The
Portfolio
will
pay
reasonable
fees
to
persons
unaffiliated
with
the
Portfolio
for
services
in
arranging
these
loans.
The
Portfolio
has
the
right
to
call
a
loan
and
obtain
the
securities
loaned
at
any
time.
The
Portfolio
does
not
have
the
right
to
vote
the
securities
during
the
existence
of
the
loan
but
could
call
the
loan
in
an
attempt
to
permit
voting
of
the
securities
in
certain
circumstances.
Upon
return
of
the
securities
loaned,
the
cash
or
cash
equivalent
collateral
will
be
returned
to
the
borrower.
The
Portfolio
maintains
the
risk
of
any
loss
on
the
securities
on
loan
as
well
as
the
potential
loss
on
investments
purchased
with
collateral
received
from
securities
lending.
In
the
event
of
bankruptcy
or
other
default
of
the
borrower,
the
Portfolio
has
the
right
to
use
the
loan
collateral
to
offset
losses
incurred,
however,
the
Portfolio
could
experience
both
delays
in
liquidating
the
loan
collateral
or
recovering
the
loaned
securities
and
losses,
including
(a)
possible
decline
in
the
value
of
the
collateral
or
in
the
value
of
the
securities
loaned
during
the
period
while
the
Portfolio
seeks
to
enforce
its
rights
thereto,
(b)
possible
subnormal
levels
of
income
and
lack
of
access
to
income
during
this
period,
and
(c)
the
expenses
of
enforcing
its
rights.
In
an
effort
to
reduce
these
risks,
the
Portfolio’s
security
lending
agent
monitors
and
reports
to
Calamos
Advisors
on
the
creditworthiness
of
the
firms
to
which
the
Portfolio
lends
securities.
The
Portfolios'
security
lending
agent
has
also
agreed
to
indemnify
the Portfolios
in
the
case
of
a
borrower's
failure
to
return
a
loaned
security.
The
following
table
indicates
the
total
amount
of
securities
loaned
by
asset
class,
reconciled
to
the
gross
liability
payable
upon
return
of
the
securities
loaned
by
the
Portfolio
as
of
June
30,
2026.
Note
7
–
Fair
Value
Measurements
Various
inputs
are
used
to
determine
the
value
of
the
Portfolio’s
investments.
These
inputs
are
categorized
into
three
broad
levels
as
follows:
VOLUME
Exchange-Traded
Purchased
options
(1)
306
Exchange-Traded
Written
options
(2)
3
(1)
Generally,
the
Statement
of
Assets
and
Liabilities
location
for
Exchange-Traded
Purchased
Options
is
"Investments
in
securities,
at
value".
(2)
Generally,
the
Statement
of
Assets
and
Liabilities
location
for
Exchange-Traded
Written
Options
is
"Options
written,
at
value".
AMOUNT
OF
COLLATERAL
HELD
IN
SHORT
TERM
INVESTMENTS
AND
RESTRICTED
AMOUNT
OF
NON-CASH
TOTAL
VALUE
OF
SECURITIES
ON
LOAN
TO
BROKER-DEALERS
AND
BANKS
BY
ASSET
CLASS
ON
LOAN
EXCESS
AMOUNT
DUE
TO/(FROM)
CASH
COLLATERAL
COLLATERAL
EQUITY
FIXED
INCOME
TOTAL
COUNTERPARTY
$
29,140
$
—
$
29,140
$
27,731
$
—
$
27,731
$
1,409
Report
of
Independent
Registered
Public
Accounting
Firm
CALAMOS
GROWTH
AND
INCOME
PORTFOLIO
SEMIANNUAL
REPORT
To
the
shareholders
and
the
Board
of
Trustees
of
Calamos
Advisors
Trust
Results
of
Review
of
Interim
Financial
Information
We
have
reviewed
the
accompanying
statement
of
assets
and
liabilities
of
Calamos
Growth
and
Income
Portfolio
(the
"Portfolio"),
the
sole
portfolio
constituting
the
Calamos
Advisors
Trust
(the
"Trust"),
including
the
schedule
of
investments,
as
of
June
30,
2026,
the
related
statements
of
operations,
changes
in
net
assets,
and
the
financial
highlights
for
the
six-month
period
then
ended,
and
the
related
notes
(collectively
referred
to
as
the
"interim
financial
information").
Based
on
our
review,
we
are
not
aware
of
any
material
modifications
that
should
be
made
to
the
accompanying
interim
financial
information
for
it
to
be
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
We
have
previously
audited,
in
accordance
with
the
standards
of
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB),
the
statement
of
changes
in
net
assets
of
the
Portfolio
for
the
year
ended
December
31,
2025,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
in
our
report
dated
February
10,
2026,
we
expressed
an
unqualified
opinion
on
such
statement
of
changes
in
net
assets
and
financial
highlights.
Basis
for
Review
Results
This
interim
financial
information
is
the
responsibility
of
the
Portfolio's
management.
We
are
a
public
accounting
firm
registered
with
the
PCAOB
and
are
required
to
be
independent
with
respect
to
the
Portfolio
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
review
in
accordance
with
standards
of
the
PCAOB.
A
review
of
interim
financial
information
consists
principally
of
applying
analytical
procedures
and
making
inquiries
of
persons
responsible
for
financial
and
accounting
matters.
It
is
substantially
less
in
scope
than
an
audit
conducted
in
accordance
with
the
standards
of
the
PCAOB,
the
objective
of
which
is
the
expression
of
an
opinion
regarding
the
financial
statements
taken
as
a
whole.
Accordingly,
we
do
not
express
such
an
opinion.
Chicago,
Illinois
August 7,
2026
We
have
served
as
the
auditor
of
one
or
more
Calamos
investment
companies
since
2003.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(unaudited)
The
Board
of
Trustees
(the
“Board”
or
“Trustees”)
of
Calamos
Advisors
Trust
(“Trust”)
oversees
the
management
of
Calamos
Growth
and
Income
Portfolio
(“Portfolio”),
a
series
of
the
Trust,
and,
as
required
by
law,
determines
annually
whether
to
continue
the
Trust’s
management
agreement
with
Calamos
Advisors
LLC
(“Adviser”)
pursuant
to
which
the
Adviser
serves
as
the
investment
manager
and
administrator
for
the
Portfolio.
The
“Independent
Trustees,”
who
comprise
more
than
80%
of
the
Board,
have
never
been
affiliated
with
the
Adviser.
In
connection
with
their
most
recent
consideration
regarding
the
continuation
of
the
management
agreement,
the
Trustees
received
and
reviewed
a
substantial
amount
of
information
provided
by
the
Adviser
in
response
to
detailed
requests
of
the
Independent
Trustees
and
their
independent
legal
counsel.
In
the
course
of
their
consideration
of
the
agreement,
the
Independent
Trustees
were
advised
by
their
counsel
and,
in
addition
to
meeting
with
management
of
the
Adviser,
they
met
separately
in
executive
session
with
their
counsel.
At
a
meeting
held
on
June
24,
2026,
based
on
their
evaluation
of
the
information
referred
to
above
and
other
information
provided
in
this
and
previous
meetings,
the
Trustees
determined
that
the
overall
arrangement
between
the
Trust
and
the
Adviser
on
behalf
of
the
Portfolio
was
fair
in
light
of
the
nature,
quality
and
extent
of
the
services
provided
by
the
Adviser
and
its
affiliates,
the
fees
charged
for
those
services
and
other
matters
that
the
Trustees
considered
relevant
in
the
exercise
of
their
business
judgment.
At
that
meeting,
the
Trustees,
including
all
of
the
Independent
Trustees,
approved
the
continuation
of
the
management
agreement
with
respect
to
the
Portfolio
through
July
31,
2027,
subject
to
possible
earlier
termination
as
provided
in
the
agreement.
In
connection
with
its
consideration
of
the
management
agreement
of
the
Trust,
the
Board
considered,
among
other
things:
(i)
the
nature,
quality
and
extent
of
the
Adviser’s
services,
(ii)
the
investment
performance
of
the
Portfolio
as
well
as
performance
information
for
comparable
funds
and
other,
comparable
clients
of
the
Adviser,
(iii)
the
fees
and
other
expenses
paid
by
the
Portfolio
as
well
as
expense
information
for
comparable
funds
and
for
other,
comparable
clients
of
the
Adviser,
(iv)
the
profitability
of
the
Adviser
and
its
affiliates
from
their
relationship
with
the
Portfolio,
(v)
whether
economies
of
scale
may
be
realized
as
the
Portfolio
grows
and
whether
potential
economies
may
be
shared,
in
some
measure,
with
Portfolio
investors
and
(vi)
other
benefits
to
the
Adviser
from
its
relationship
with
the
Portfolio.
In
the
Board’s
deliberations,
no
single
factor
was
responsible
for
the
Board’s
decision
to
approve
the
continuation
of
the
management
agreement,
and
each
Trustee
may
have
afforded
different
weight
to
the
various
factors.
Nature,
Quality
and
Extent
of
Services.
The
Board’s
consideration
of
the
nature,
quality
and
extent
of
the
Adviser’s
services
to
the
Portfolio
took
into
account
the
knowledge
gained
from
the
Board’s
meetings
with
the
Adviser
throughout
the
years.
In
addition,
the
Board
considered:
the
Adviser’s
long-term
history
of
managing
the
Portfolio;
the
consistency
of
investment
approach;
the
background
and
experience
of
the
Adviser’s
investment
personnel
responsible
for
managing
the
Portfolio;
and
the
Adviser’s
performance
as
administrator
of
the
Portfolio,
including,
among
other
things,
in
the
areas
of
brokerage
selection,
trade
execution,
compliance
and
shareholder
communications.
The
Board
also
reviewed
the
Adviser’s
resources
and
key
personnel
involved
in
providing
investment
management
services
to
the
Portfolio.
In
addition,
the
Board
considered
compliance
reports
about
the
Adviser
from
the
Trust’s
Chief
Compliance
Officer.
The
Board
also
considered
the
information
provided
by
the
Adviser
regarding
the
Portfolio’s
performance
and
the
steps
the
Adviser
is
taking
to
improve
performance.
In
particular,
the
Board
noted
the
additional
personnel
added
to
the
Adviser’s
investment
team,
which
includes
portfolio
managers,
research
analysts,
research
associates
and
risk
management
personnel.
The
Board
also
noted
the
Adviser’s
significant
investment
into
its
infrastructure
and
investment
processes.
Investment
Performance
of
the
Portfolio.
The
Board
considered
the
Portfolio’s
investment
performance
over
various
time
periods,
including
how
the
Portfolio
performed
compared
to
the
average
performance
of
a
group
of
comparable
funds
(the
Portfolio’s
“Category”)
selected
by
an
independent
third-party
service
provider.
The
performance
periods
considered
by
the
Board
ended
on
March
31,
2026.
The
Board
considered
one-,
three-,
five-
and
ten-year
performance.
To
the
extent
the
Board
considered
data
for
periods
other
than
those
ending
on
March
31,
2026
or
considered
comparative
data
in
addition
to
that
of
the
Category,
such
as
comparative
data
for
an
alternate
group
of
comparable
funds,
the
data
was
still
produced
by
an
independent
third-party
service
provider.
The
Board
considered
that
the
Portfolio
outperformed
its
custom
Category
average
for
all
periods.
Costs
of
Services
Provided
and
Profits
Realized
by
the
Adviser.
Using
information
provided
by
an
independent
third-party
service
provider,
the
Board
evaluated
the
Portfolio’s
actual
management
fee
rate
compared
to
the
median
management
fee
rate
for
other
open-end
funds
similar
in
size,
character
and
investment
strategy
(the
Portfolio’s
“Expense
Group”)
and
the
Portfolio’s
total
expense
ratio
compared
to
the
median
total
expense
ratio
of
the
Portfolio’s
Expense
Group.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(unaudited)
CALAMOS
GROWTH
AND
INCOME
PORTFOLIO
SEMIANNUAL
REPORT
The
Board
also
reviewed
the
Adviser’s
management
fee
rates
for
its
institutional
separate
accounts,
other
advisory
accounts
and
sub-advisory
accounts
with
comparable
investment
strategies.
The
Board
took
into
account
that,
although
the
rates
of
fees
paid
by
institutional
clients
or
for
sub-advisory
services
were
generally
lower
than
the
rates
of
fees
paid
by
the
Portfolio,
the
differences
reflected
the
Adviser’s
greater
level
of
responsibilities
and
significantly
broader
scope
of
services
regarding
the
Portfolio,
the
more
extensive
regulatory
obligations
and
risks
associated
with
managing
the
Portfolio,
and
other
financial
considerations
with
respect
to
creation
and
sponsorship
of
the
Portfolio.
The
Board
considered
factors
that
led
to
more
expenses
for
registered
funds
including
but
not
limited
to:
(i)
capital
expenditures
to
establish
a
fund,
(ii)
length
of
time
to
reach
critical
mass,
and
the
related
expenses,
(iii)
higher
servicing
costs
of
intermediaries
and
shareholders,
(iv)
higher
redemption
rates
of
assets
under
management,
(v)
entrepreneurial
risk
assumed
by
the
Adviser
and
(vi)
greater
exposure
to
“make
whole”
errors.
The
Board
also
considered
the
Adviser’s
costs
in
serving
as
the
Portfolio’s
investment
adviser
and
manager,
including
but
not
limited
to
costs
associated
with
technology,
infrastructure
and
compliance
necessary
to
manage
the
Portfolio.
The
Board
reviewed
the
Adviser’s
methodology
for
allocating
costs
among
the
Adviser’s
lines
of
business.
The
Board
also
considered
information
regarding
the
structure
of
the
Adviser’s
compensation
program
for
portfolio
managers,
analysts
and
certain
other
employees,
and
the
relationship
of
such
compensation
to
the
attraction
and
retention
of
quality
personnel.
Finally,
the
Board
reviewed
information
on
the
profitability
of
the
Adviser
in
serving
as
the
Portfolio’s
investment
adviser
and
of
the
Adviser
and
its
affiliates
in
all
of
their
relationships
with
the
Portfolio,
as
well
as
an
explanation
of
the
methodology
utilized
in
allocating
various
expenses
among
the
Portfolio
and
the
Adviser’s
other
business
units.
Data
was
provided
to
the
Board
with
respect
to
profitability,
both
on
a
pre-
and
post-marketing
cost
basis.
The
Board
reviewed
the
financial
statements
of
the
Adviser’s
parent
company
and
discussed
its
corporate
structure.
The
Board
considered
that
the
Portfolio’s
management
fee
rate
and
total
expense
ratio
are
higher
than
the
respective
medians
of
the
Portfolio’s
Expense
Group.
The
Board
reviewed
the
Portfolio’s
expenses
in
light
of
its
performance
record.
Economies
of
Scale.
The
Board
considered
whether
the
Portfolio’s
management
fee
shares
with
shareholders
potential
economies
of
scale
that
may
be
achieved
by
the
Adviser.
The
Board
also
considered
the
benefits
accruing
to
shareholders
from
the
Adviser’s
investments
into
its
infrastructure
and
investment
processes.
Other
Benefits
Derived
from
the
Relationship
with
the
Portfolio.
The
Board
also
considered
other
benefits
that
accrue
to
the
Adviser
and
its
affiliates
from
their
relationship
with
the
Portfolio.
The
Board
concluded
that,
while
the
Adviser
may
potentially
benefit
from
its
relationship
with
the
Portfolio
in
ways
other
than
the
fees
payable
by
the
Portfolio,
the
Portfolio
also
may
benefit
from
its
relationship
with
the
Adviser
in
ways
other
than
the
services
to
be
provided
by
the
Adviser
and
its
affiliates
pursuant
to
their
agreements
with
the
Portfolio
and
the
fees
payable
by
the
Portfolio.
The
Board
also
considered
the
Adviser’s
use
of
a
portion
of
the
commissions
paid
by
the
Portfolio
on
its
portfolio
brokerage
transactions
to
obtain
research
products
and
services
benefiting
the
Portfolio
and/or
other
clients
of
the
Adviser
and
concluded,
based
on
reports
from
the
Trust’s
Chief
Compliance
Officer,
that
the
Adviser’s
use
of
“soft”
commission
dollars
to
obtain
research
products
and
services
was
consistent
with
regulatory
requirements.
After
full
consideration
of
the
above
factors
as
well
as
other
factors
that
were
instructive
in
their
consideration,
the
Trustees,
including
all
of
the
Independent
Trustees,
concluded
that
the
continuation
of
the
management
agreement
for
the
Portfolio
with
the
Adviser
was
in
the
best
interest
of
the
Portfolio
and
its
shareholders.
ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 10: REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END
MANAGEMENT INVESTMENT COMPANIES.
1.
Aggregate remuneration paid to all trustees by Calamos Advisors Trust for the period covered by the report is shown in the Statement of
Operations included as part of the financial statements filed under Item 7 of the N-CSR. Such remuneration only is paid to independent
(“non-interested”) trustees. John P. Calamos, Sr. and John S. Koudounis, the trustees who are “interested persons”
of the Calamos Advisors Trust, do not receive remuneration for services provided to the Calamos Advisors Trust.
2. Not applicable.
3. The Chief Compliance Officer of the Calamos Advisors Trust is the only officer who receives compensation from the Calamos Advisors Trust.
Walter Kelly is the Chief Compliance Officer of the Trust. Aggregate remuneration paid to Mr. Kelly by Calamos Advisors Trust for the
period covered by the report is shown in the Statement of Operations included as part of the financial statements filed under Item 7 of
the N-CSR.
4. Not applicable.
ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY
CONTRACTS.
Not applicable. Included in the financial statements filed under Item 7 of the N-CSR.
ITEM 12: DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13: PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14: PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board
of Trustees.
ITEM 16: CONTROLS AND PROCEDURES.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls
and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective,
as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized,
and timely reported.
(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant’s internal control over financial reporting.
ITEM 17: DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18: RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19: EXHIBITS.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| Calamos Advisors Trust |
|
| |
|
|
| By: |
|
/s/ John P. Calamos, Sr. |
|
| Name: |
|
John P. Calamos, Sr. |
|
| Title: |
|
Principal Executive Officer |
|
| Date: |
|
August 12, 2026 |
|
| |
|
|
| By: |
|
/s/ Thomas E. Herman |
|
| Name: |
|
Thomas E. Herman |
|
| Title: |
|
Principal Financial Officer |
|
| Date: |
|
August 12, 2026 |
|
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.
| Calamos Advisors Trust |
|
| |
|
|
| By: |
|
/s/ John P. Calamos, Sr. |
|
| Name: |
|
John P. Calamos, Sr. |
|
| Title: |
|
Principal Executive Officer |
|
| Date: |
|
August 12, 2026 |
|
| |
|
|
| By: |
|
/s/ Thomas E. Herman |
|
| Name: |
|
Thomas E. Herman |
|
| Title: |
|
Principal Financial Officer |
|
| Date: |
|
August 12, 2026 |
|
