# EDGAR Filing Document

**Accession Number:** 0001079575
**File Stem:** 0001104659-26-016040
**Filing Date:** 2026-2
**Character Count:** 111762
**Document Hash:** ad92ee8df475973e9e251125e3636d28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-016040.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001104659-26-016040

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CALAMOS ADVISORS TRUST/IL
- **CENTRAL INDEX KEY:** 0001079575

**ORGANIZATION NAME:**
- **EIN:** 367271106
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09237
- **FILM NUMBER:** 26637877

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **STREET 2:** C/O CALAMOS ADVISORS LLC
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 6302451046

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **STREET 2:** C/O CALAMOS ADVISORS LLC
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALAMOS INSURANCE TRUST
- **DATE OF NAME CHANGE:** 19990212

## Series and Classes Contracts Data

### Calamos Growth & Income Portfolio (Series ID: S000006427)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000017621 | Calamos Growth & Income Portfolio |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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<br> 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, 2025 |
| DATE OF REPORTING PERIOD: | January 1, 2025 through December 31, 2025 |

---

**Item 1. Reports to Stockholders.**

**TABLE OF CONTENTS**

 [Calamos Growth and Income Portfolio](#classnamebfbc7d8d-4143-4bd2-a347-da7779a1d97b)<br>

# Calamos Growth and Income Portfolio
![Image](tm262408d1_ncsrimg002.jpg)

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the Calamos Growth and Income Portfolio for the period of January 1, 2025 to December 31, 2025. 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 YEAR ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| Calamos Growth and Income Portfolio | $138 | 1.27% |

---

## **HOW THE PORTFOLIO PERFORMED** 
For the 12 months ended December 31, 2025 ("annual period"), the Portfolio performed in line with its benchmark, as AI innovation and the critical infrastructure buildout drove strength in the US equity market. The Portfolio's positive results were broad-based but certainly benefited from the strength of large-cap technology stalwarts associated with AI, which continued to deliver impressive results throughout the year. While we continue to favor these businesses, we remain vigilant to downside risks, including changes in demand trends as the AI buildout evolves. We believe the combination of common stocks and convertible securities allows us to manage risk-reward across security selections, sector positioning, and overall portfolio metrics. Not surprisingly, the Portfolio's multi-asset structure provided advantages in navigating the sharp policy-driven volatility of early spring.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm262408d1_ncsrimg001.jpg)

---

| | | |
|:---|:---|:---|
| | **Calamos Growth and Income Portfolio** | **S&P 500 Total Return Index** |
| **12/31/15** | $10000 | $10001 |
| **01/31/16** | $9524 | $9505 |
| **02/29/16** | $9431 | $9492 |
| **03/31/16** | $9927 | $10136 |
| **04/30/16** | $9977 | $10175 |
| **05/31/16** | $10127 | $10358 |
| **06/30/16** | $10048 | $10385 |
| **07/31/16** | $10335 | $10768 |
| **08/31/16** | $10378 | $10783 |
| **09/30/16** | $10418 | $10785 |
| **10/31/16** | $10288 | $10588 |
| **11/30/16** | $10482 | $10980 |
| **12/31/16** | $10632 | $11197 |
| **01/31/17** | $10766 | $11410 |
| **02/28/17** | $11102 | $11863 |
| **03/31/17** | $11111 | $11876 |
| **04/30/17** | $11246 | $11998 |
| **05/31/17** | $11388 | $12167 |
| **06/30/17** | $11402 | $12243 |
| **07/31/17** | $11605 | $12495 |
| **08/31/17** | $11628 | $12533 |
| **09/30/17** | $11741 | $12792 |
| **10/31/17** | $11967 | $13090 |
| **11/30/17** | $12193 | $13492 |
| **12/31/17** | $12281 | $13642 |
| **01/31/18** | $12969 | $14423 |
| **02/28/18** | $12597 | $13891 |
| **03/31/18** | $12340 | $13538 |
| **04/30/18** | $12348 | $13590 |
| **05/31/18** | $12602 | $13917 |
| **06/30/18** | $12601 | $14003 |
| **07/31/18** | $12991 | $14524 |
| **08/31/18** | $13333 | $14998 |
| **09/30/18** | $13353 | $15083 |
| **10/31/18** | $12532 | $14052 |
| **11/30/18** | $12747 | $14338 |
| **12/31/18** | $11742 | $13044 |
| **01/31/19** | $12564 | $14089 |
| **02/28/19** | $12891 | $14541 |
| **03/31/19** | $13085 | $14824 |
| **04/30/19** | $13568 | $15424 |
| **05/31/19** | $12890 | $14444 |
| **06/30/19** | $13600 | $15462 |
| **07/31/19** | $13769 | $15684 |
| **08/31/19** | $13574 | $15436 |
| **09/30/19** | $13687 | $15724 |
| **10/31/19** | $13933 | $16065 |
| **11/30/19** | $14325 | $16648 |
| **12/31/19** | $14744 | $17151 |
| **01/31/20** | $14735 | $17144 |
| **02/29/20** | $13765 | $15733 |
| **03/31/20** | $12390 | $13789 |
| **04/30/20** | $13736 | $15557 |
| **05/31/20** | $14444 | $16298 |
| **06/30/20** | $14809 | $16622 |
| **07/31/20** | $15553 | $17560 |
| **08/31/20** | $16568 | $18822 |
| **09/30/20** | $15989 | $18107 |
| **10/31/20** | $15639 | $17625 |
| **11/30/20** | $17286 | $19554 |
| **12/31/20** | $18051 | $20306 |
| **01/31/21** | $17814 | $20101 |
| **02/28/21** | $18490 | $20655 |
| **03/31/21** | $18865 | $21560 |
| **04/30/21** | $19822 | $22711 |
| **05/31/21** | $19850 | $22869 |
| **06/30/21** | $20177 | $23403 |
| **07/31/21** | $20493 | $23959 |
| **08/31/21** | $20981 | $24688 |
| **09/30/21** | $20115 | $23539 |
| **10/31/21** | $21418 | $25189 |
| **11/30/21** | $21131 | $25014 |
| **12/31/21** | $21913 | $26135 |
| **01/31/22** | $20772 | $24783 |
| **02/28/22** | $20235 | $24041 |
| **03/31/22** | $20774 | $24933 |
| **04/30/22** | $19079 | $22759 |
| **05/31/22** | $19058 | $22801 |
| **06/30/22** | $17569 | $20919 |
| **07/31/22** | $18900 | $22848 |
| **08/31/22** | $18282 | $21916 |
| **09/30/22** | $16768 | $19897 |
| **10/31/22** | $17933 | $21508 |
| **11/30/22** | $18752 | $22710 |
| **12/31/22** | $17734 | $21402 |
| **01/31/23** | $18745 | $22747 |
| **02/28/23** | $18229 | $22192 |
| **03/31/23** | $18783 | $23006 |
| **04/30/23** | $19065 | $23365 |
| **05/31/23** | $19087 | $23467 |
| **06/30/23** | $20113 | $25018 |
| **07/31/23** | $20613 | $25821 |
| **08/31/23** | $20254 | $25410 |
| **09/30/23** | $19434 | $24199 |
| **10/31/23** | $19053 | $23690 |
| **11/30/23** | $20511 | $25853 |
| **12/31/23** | $21302 | $27028 |
| **01/31/24** | $21564 | $27482 |
| **02/29/24** | $22513 | $28950 |
| **03/31/24** | $23113 | $29881 |
| **04/30/24** | $22248 | $28660 |
| **05/31/24** | $23157 | $30082 |
| **06/30/24** | $23904 | $31161 |
| **07/31/24** | $23971 | $31540 |
| **08/31/24** | $24448 | $32305 |
| **09/30/24** | $25008 | $32995 |
| **10/31/24** | $24874 | $32696 |
| **11/30/24** | $26229 | $34615 |
| **12/31/24** | $25793 | $33790 |
| **01/31/25** | $26527 | $34731 |
| **02/28/25** | $25949 | $34278 |
| **03/31/25** | $24583 | $32347 |
| **04/30/25** | $24620 | $32127 |
| **05/31/25** | $26086 | $34150 |
| **06/30/25** | $27487 | $35886 |
| **07/31/25** | $28074 | $36692 |
| **08/31/25** | $28502 | $37435 |
| **09/30/25** | $29672 | $38802 |
| **10/31/25** | $30333 | $39710 |
| **11/30/25** | $30259 | $39808 |
| **12/31/25** | $30280 | $39832 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | | |
|:---|:---|:---|:---|
| **AATR** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| **Calamos Growth and Income Portfolio** | 17.4 | 10.9 | 11.72 |
| **S&P 500 Total Return Index** | 17.81 | 14.43 | 14.82 |

---

***The Portfolio's past performance is not a good predictor of the Portfolio's future performance.***

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.

# Calamos Growth and Income Portfolio
Annual Shareholder Report - December 31, 2025

## **KEY PORTFOLIO STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $34130849 | 146 | 34% | $247196 |

---

## **WHAT DID THE PORTFOLIO INVEST IN?** 
The Portfolio pursued lower-volatility equity participation through a multi-asset class portfolio of stocks, convertible securities, US Treasuries, cash, and options. We believe the best positioning for this environment is a neutral risk posture, focusing on areas with growth tailwinds, companies with improving returns on capital, and valuations at favorable expected risk-adjusted returns.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 31.6 |
| **Financials** | 12.4 |
| **Communication Services** | 11.0 |
| **Consumer Discretionary** | 10.2 |
| **Industrials** | 9.0 |
| **Health Care** | 8.7 |
| **Utilities** | 3.7 |
| **Consumer Staples** | 3.5 |
| **Energy** | 3.2 |
| **Materials** | 2.4 |
| **Other** | 1.9 |
| **Real Estate** | 0.8 |

---

#### TOP 10 HOLDINGS
% OF NET ASSETS

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 6.6 |
| **Apple, Inc.** | 6.1 |
| **Microsoft Corp.** | 5.7 |
| **Alphabet, Inc. - Class A** | 5.1 |
| **Amazon.com, Inc.** | 4.1 |
| **Broadcom, Inc.** | 2.7 |
| **Meta Platforms, Inc. - Class A** | 2.5 |
| **Tesla, Inc.** | 1.9 |
| **JPMorgan Chase & Co.** | 1.7 |
| **Eli Lilly & Co.** | 1.5 |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 800-582-6959 \| www.calamos.com \| CATTSRA 25

Item 1(b). Not applicable.

ITEM 2: CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or person performing similar functions.

(b) No response required.

(c) The registrant has not amended its Code of Ethics as it relates to any element of the code of ethics definition enumerated in paragraph(b) of this Item 2 during the period covered by this report.

(d) The registrant has not granted a waiver or an implicit waiver from its Code of Ethics during the period covered by this report.

(e) Not applicable.

(f) (1) The registrant's Code of Ethics is attached as an Exhibit hereto.

ITEM 3: AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Trustees has determined that, for the period covered by the shareholder report presented in Item 1 hereto, it has five audit committee financial experts serving on its audit committee, each of whom is an independent Trustee for purpose of this N-CSR item: John E. Neal, William R. Rybak, Virginia G. Breen, Christopher M. Toub, Karen L. Stuckey, Hugh Armstrong, and Jeffrey S. Phlegar. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert pursuant to this Item. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert pursuant to this Item does not affect the duties, obligations, or liabilities of any other member of the audit committee or board of directors.

ITEM 4: PRINCIPAL ACCOUNTANT FEES AND SERVICES.

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **12/31/2024** | **12/31/2025** |
| Audit Fees (a) | $39563 | $35590 |
| Audit-Related Fees(b) | $17160 | $16022 |
| Tax Fees(c) | $- | $- |
| All Other Fees(d) | $- | $- |
| Total | $56723 | $51612 |

---

(a) Audit fees are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-related fees are the aggregate fees billed in each of the last two fiscal years for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item 4.

(c) Tax fees are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

(d) All other fees are the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant to the registrant, other than the services reported in paragraph (a)-(c) of this Item 4.

(e) (1) Registrant's audit committee meets with the principal accountants and management to review and pre-approve all audit services to be provided by the principal accountants.

The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the registrant, including the fees and other compensation to be paid to the principal accountants; provided that the pre-approval of non-audit services is waived if (i) the services were not recognized by management at the time of the engagement as non-audit services, (ii) the aggregate fees for all non-audit services provided to the registrant are less than 5% of the total fees paid by the registrant to its principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the investment adviser or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant if the engagement relates directly to the operations or financial reporting of the registrant, including the fees and other compensation to be paid to the principal accountants; provided that pre-approval of non-audit services to the adviser or an affiliate of the adviser is not required if (i) the services were not recognized by management at the time of the engagement as non-audit services, (ii) the aggregate fees for all non-audit services provided to the adviser and all entities controlling, controlled by or under common control with the adviser are less than 5% of the total fees for non-audit services requiring pre-approval under paragraph (e)(1) of this Item 4 paid by the registrant, the adviser or its affiliates to the registrant's principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

(e) (2) No percentage of the principal accountant's fees or services described in each of paragraphs (b)–(d) of this Item were approved pursuant to the waiver provision paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The following table presents the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the registrant and the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the investment advisor or any entity controlling, controlled by or under common control of the adviser.

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **12/31/2024** | **12/31/2025** |
| Registrant | $– $|  |
| Investment Adviser | $– $|  |

---

(h) No disclosures are required by this Item 4(h).

(i) Not applicable.

(j) Not applicable.

ITEM 5: AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6: INVESTMENTS.

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

![](j2624082_aa001.jpg)

![](j2624082_aa002.jpg)

![](j2624082_aa003.jpg)

Growth and Income Portfolio

**ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION DECEMBER 31, 2025**

------

![](j2624082_aa004.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statement of Assets and Liabilities](#StatementofAssetsandLiabilities-2) | 1 |
| [Statement of Operations](#StatementofOperations-2) | 2 |
| [Statements of Changes In Net Assets](#StatementsofChangesinNetAssets-2) | 3 |
| [Financial Highlights](#FinancialHighlights-2) | 4 |
| [Schedule of Investments](#ScheduleofInvestments-2) | 5 |
| [Notes to Financial Statements](#NotestoFinancialStatements-2) | 9 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-2) | 16 |
| [Tax Information (Unaudited)](#TaxInformation-2) | 17 |

---

------

Statement of Assets and Liabilities December 31, 2025

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments in securities, at value (cost $15,897,021)\* | $33855761 |
| Cash with custodian | 602001 |
| Restricted cash for short positions | 120 |
| Receivables: | Receivables: |
| Accrued interest and dividends | 30275 |
| Portfolio shares sold | 19 |
| Prepaid expenses | 842 |
| Other assets | 117620 |
| Total assets | 34606638 |
| **LIABILITIES** | **LIABILITIES** |
| Collateral for securities loaned | 275163 |
| Foreign currency overdraft (cost $2) | 2 |
| Options written, at value (premium $19,980) | 18448 |
| Payables: | Payables: |
| Portfolio shares redeemed | 1191 |
| Affiliates: | Affiliates: |
| Investment advisory fees | 22015 |
| Deferred compensation to trustees | 117620 |
| Trustees' fees and officer compensation | 477 |
| Other accounts payable and accrued liabilities | 40873 |
| Total liabilities | 475789 |
| NET ASSETS | $34130849 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $14031098 |
| Accumulated distributable earnings (loss) | 20099751 |
| NET ASSETS | $34130849 |
| Shares outstanding (no par value; unlimited number of shares authorized) | 1378876 |
| Net asset value and redemption price per share | $24.75 |
| \* Includes securities on loan | $269652 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statement of Operations Year Ended December 31, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $122059 |
| (Amortization)/accretion of investment securities | (126367) |
| Net interest | (4308) |
| Dividends | 312846 |
| Dividend taxes withheld | (340) |
| Securities lending income, net of rebates received or paid to borrowers | 1100 |
| Total investment income | 309298 |
| **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 247196 |
| Audit fees | 63525 |
| Legal fees | 36965 |
| Printing and mailing fees | 23306 |
| Accounting fees | 12182 |
| Trustees' fees and officer compensation | 11424 |
| Transfer agent fees | 7679 |
| Custodian fees | 6136 |
| Fund administration fees | 1869 |
| Tax fees | 1288 |
| Other | 8111 |
| Total expenses | 419681 |
| NET INVESTMENT INCOME (LOSS) | (110383) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments, excluding purchased options | 2938587 |
| Purchased options | 109462 |
| Foreign currency transactions | 162 |
| Written options | 14550 |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments, excluding purchased options | 2366823 |
| Purchased options | 17304 |
| Written options | 2018 |
| NET GAIN (LOSS) | 5448906 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $5338523 |

---

See accompanying Notes to Financial Statements

CALAMOS GROWTH AND INCOME PORTFOLIO ANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | YEAR<br>ENDED<br>DECEMBER 31,<br>2025 | YEAR <br>ENDED<br>DECEMBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(110383) | $(59932) |
| Net realized gain (loss) | 3062761 | 2736198 |
| Change in unrealized appreciation/(depreciation) | 2386145 | 3209668 |
| Net increase (decrease) in net assets resulting from operations | 5338523 | 5885934 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions | (2832907) | (589260) |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Issued | 941179 | 1682854 |
| Issued in reinvestment of distributions | 2832907 | 589260 |
| Redeemed | (4881109) | (4355409) |
| Net increase (decrease) in net assets from capital share transactions | (1107023) | (2083295) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 1398593 | 3213379 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $32732256 | $29518877 |
| End of year | $34130849 | $32732256 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares issued | 41608 | 77973 |
| Shares issued in reinvestment of distributions | 138784 | 28553 |
| Shares redeemed | (211887) | (206843) |
| Net increase (decrease) in capital shares outstanding | (31495) | (100317) |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | YEAR ENDED DECEMBER 31, | YEAR ENDED DECEMBER 31, | YEAR ENDED DECEMBER 31, | YEAR ENDED DECEMBER 31, | YEAR ENDED DECEMBER 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $23.21 | $19.54 | $16.86 | $22.85 | $20.57 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.08) | (0.04) | (0.01) | 0.00 | (0.09) |
| Net realized and unrealized gain (loss) | 3.68 | 4.11 | 3.29 | (4.18 | 4.19 |
| Total from investment operations | 3.60 | 4.07 | 3.28 | (4.18 | 4.10 |
| Distributions: | Distributions: | Distributions: | Distributions: | Distributions: | Distributions: |
| Dividends from net investment income | (0.07) | (0.08) | (0.10) | (0.13 | (0.08) |
| Dividends from net realized gains | (1.99) | (0.32) | (0.50) | (1.68 | (1.74) |
| Total distributions | (2.06) | (0.40) | (0.60) | (1.81 | (1.82) |
| Net asset value, end of year | $24.75 | $23.21 | $19.54 | $16.86 | $22.85 |
| **TOTAL RETURN** | **TOTAL RETURN** | **TOTAL RETURN** | **TOTAL RETURN** | **TOTAL RETURN** | **TOTAL RETURN** |
| Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) |
| Net asset value(c) | 17.40% | 21.08% | 20.12% | (19.07 | 21.40% |
| **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** |
| Net expenses | 1.27% | 1.26% | 1.44% | 1.33 | 1.20% |
| Net investment income (loss) | (0.33%) | (0.19%) | (0.08%) | (0.01 | (0.40%) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets, end of year (000) | $34131 | $32732 | $29519 | $26455 | $35663 |
| Portfolio turnover rate | 34% | 29% | 21% | 23 | 16% |

---

\*\* Amounts are less than $0.005.

(a) Net investment income allocated based on average shares method.

(b) 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.

(c) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions.

CALAMOS GROWTH AND INCOME PORTFOLIO ANNUAL REPORT

------

Growth and Income Portfolio Schedule of Investments December 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (16.4%)** |  |  |
|  | Communication Services (1.8%) | Communication Services (1.8%) |
| 90000 | AST SpaceMobile, Inc.\*<br>2.000%, 01/15/36 | $90649 |
| 90000 | Liberty Media Corp.-Liberty Formula One<br>2.250%, 08/15/27 | 114422 |
| 120000 | Lyft, Inc.\*<br>0.000%, 09/15/30 | 135572 |
| 150000 | Uber Technologies, Inc.<br>0.875%, 12/01/28 | 195004 |
| 75000 | 0.000%, 05/15/28\* | 73342 |
|  |  | 608989 |
|  | Consumer Discretionary (1.3%) | Consumer Discretionary (1.3%) |
| 95000 | Alibaba Group Holding Ltd.<br>0.000%, 09/15/32 | 98106 |
| 230000 | DoorDash, Inc.\*<br>0.000%, 05/15/30 | 240382 |
| 96000 | Etsy, Inc.\*<br>1.000%, 06/15/30 | 97458 |
|  |  | 435946 |
|  | Energy (0.3%) | Energy (0.3%) |
| 100000 | Energy Fuels, Inc.\*<br>0.750%, 11/01/31 | 103881 |
|  |  | 103881 |
|  | Financials (1.1%) | Financials (1.1%) |
| 85000 | Coinbase Global, Inc.\*<br>0.000%, 10/01/32 | 76474 |
| 45000 | Federal Realty OP LP\*<br>3.250%, 01/15/29 | 45658 |
| 75000 | Morgan Stanley Finance LLC<br>1.000%, 11/23/27 | 157785 |
| 85000 | WisdomTree, Inc.\*<br>4.625%, 08/15/30 | 88151 |
|  |  | 368068 |
|  | Health Care (0.3%) | Health Care (0.3%) |
| 85000 | Alnylam Pharmaceuticals, Inc.\*<br>0.000%, 09/15/28 | 81937 |
| 26000 | Cogent Biosciences, Inc.<br>1.625%, 11/15/31 | 30527 |
|  |  | 112464 |
|  | Industrials (2.1%) | Industrials (2.1%) |
| 125000 | AeroVironment, Inc.<br>0.000%, 07/15/30 | 136324 |
| 160000 | Bloom Energy Corp.\*<br>0.000%, 11/15/30 | 139750 |
| 130000 | BWX Technologies, Inc.\*<br>0.000%, 11/01/30 | 124127 |
| 80000 | Fluor Corp.<br>1.125%, 08/15/29 | 91465 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 140000 | JBT Marel Corp.\*<br>0.375%, 09/15/30 | $| 145601 |
| 65000 | Tetra Tech, Inc.<br>2.250%, 08/15/28 |  | 70610 |
|  |  |  | 707877 |
|  | Information Technology (5.8%) | Information Technology (5.8%) | Information Technology (5.8%) |
| 105000 | Advanced Energy Industries, Inc.<br>2.500%, 09/15/28 |  | 172319 |
| 160000 | Cloudflare, Inc.\*<br>0.000%, 06/15/30 |  | 174462 |
| 100000 | CyberArk Software Ltd.\*<br>0.000%, 06/15/30 |  | 107166 |
| 100000 | Datadog, Inc.<br>0.000%, 12/01/29 |  | 100187 |
| 95000 | Guidewire Software, Inc.<br>1.250%, 11/01/29 |  | 104687 |
| 85000 | Lumentum Holdings, Inc.\*<br>0.375%, 03/15/32 |  | 182025 |
| 80000 | MACOM Technology Solutions <br>Holdings, Inc.\*<br>0.000%, 12/15/29 |  | 97346 |
| 95000 | Mirion Technologies, Inc.\*<br>0.000%, 10/01/31 |  | 103333 |
| 210000 | MKS, Inc.<br>1.250%, 06/01/30 |  | 268827 |
| 40000 | Planet Labs PBC\*<br>0.500%, 10/15/30 |  | 74546 |
| 49000 | Rubrik, Inc.\*<br>0.000%, 06/15/30 |  | 48240 |
| 45000 | Seagate HDD Cayman<br>3.500%, 06/01/28 |  | 151138 |
| 75000 | Snowflake, Inc.<br>0.000%, 10/01/29 |  | 116274 |
| 100000 | Spotify USA, Inc.<br>0.000%, 03/15/26 |  | 113855 |
| 40000 | Western Digital Corp.<br>3.000%, 11/15/28 |  | 183555 |
|  |  |  | 1997960 |
|  | Other (0.2%) | Other (0.2%) | Other (0.2%) |
| 75000 | CoreWeave, Inc.\*<br>1.750%, 12/01/31 |  | 71396 |
|  |  |  | 71396 |
|  | Real Estate (0.5%) | Real Estate (0.5%) | Real Estate (0.5%) |
| 120000 | Welltower OP LLC\*<br>3.125%, 07/15/29 |  | 181504 |
|  |  |  | 181504 |
|  | Utilities (3.0%) | Utilities (3.0%) | Utilities (3.0%) |
| 195000 | CMS Energy Corp.<br>3.375%, 05/01/28 |  | 209176 |
| 195000 | Duke Energy Corp.<br>4.125%, 04/15/26 |  | 201123 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Growth and Income Portfolio Schedule of Investments December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| 125000 | NextEra Energy Capital Holdings, Inc.<br>3.000%, 03/01/27 | $| 155358 |
| 195000 | PPL Capital Funding, Inc.<br>2.875%, 03/15/28 |  | 214184 |
| 215000 | Southern Co.<br>4.500%, 06/15/27 |  | 229936 |
|  |  |  | 1009777 |
|  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $4,850,499) |  | 5597862 |
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| **COMMON STOCKS (77.4%)** |  |  |  |
|  | Communication Services (9.2%) | Communication Services (9.2%) | Communication Services (9.2%) |
| 5600 | Alphabet, Inc. - Class A |  | 1752800 |
| 1280 | Meta Platforms, Inc. - Class A |  | 844916 |
| 2950 | Netflix, Inc.# |  | 276592 |
| 730 | T-Mobile U.S., Inc. |  | 148219 |
| 995 | Walt Disney Co. |  | 113201 |
|  |  |  | 3135728 |
|  | Consumer Discretionary (8.9%) | Consumer Discretionary (8.9%) | Consumer Discretionary (8.9%) |
| 5990 | Amazon.com, Inc.# |  | 1382612 |
| 29 | Booking Holdings, Inc. |  | 155305 |
| 560 | Home Depot, Inc. |  | 192696 |
| 765 | Lowe's Cos., Inc. |  | 184487 |
| 440 | McDonald's Corp. |  | 134477 |
| 315 | Royal Caribbean Cruises Ltd. |  | 87860 |
| 1515 | Starbucks Corp. |  | 127578 |
| 1470 | Tesla, Inc.# |  | 661089 |
| 725 | TJX Cos., Inc. |  | 111367 |
|  |  |  | 3037471 |
|  | Consumer Staples (3.5%) | Consumer Staples (3.5%) | Consumer Staples (3.5%) |
| 2685 | Coca-Cola Co. |  | 187708 |
| 195 | Costco Wholesale Corp. |  | 168156 |
| 1570 | Dollar General Corp. |  | 208449 |
| 1220 | Philip Morris International, Inc. |  | 195688 |
| 1200 | Procter & Gamble Co. |  | 171972 |
| 2465 | Walmart, Inc. |  | 274626 |
|  |  |  | 1206599 |
|  | Energy (2.9%) | Energy (2.9%) | Energy (2.9%) |
| 748 | Chevron Corp. |  | 114003 |
| 2475 | EQT Corp. |  | 132660 |
| 3080 | Exxon Mobil Corp. |  | 370647 |
| 1265 | Marathon Petroleum Corp. |  | 205727 |
| 2605 | Williams Cos., Inc. |  | 156586 |
|  |  |  | 979623 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Financials (11.0%) | Financials (11.0%) |
| 435 | American Express Co. | $160928 |
| 500 | Assurant, Inc. | 120425 |
| 5645 | Bank of America Corp. | 310475 |
| 90 | Blackrock, Inc. | 96331 |
| 505 | Capital One Financial Corp.~ | 122392 |
| 395 | Chubb Ltd. | 123287 |
| 2255 | Citigroup, Inc. | 263136 |
| 345 | Goldman Sachs Group, Inc. | 303255 |
| 1815 | JPMorgan Chase & Co.~ | 584829 |
| 755 | Mastercard, Inc. - Class A | 431015 |
| 1415 | Morgan Stanley | 251205 |
| 310 | S&P Global, Inc. | 162003 |
| 1375 | Visa, Inc. - Class A | 482226 |
| 3655 | Wells Fargo & Co. | 340646 |
|  |  | 3752153 |
|  | Health Care (8.4%) | Health Care (8.4%) |
| 1850 | Abbott Laboratories | 231787 |
| 1150 | AbbVie, Inc. | 262763 |
| 1585 | Boston Scientific Corp.# | 151130 |
| 1265 | CVS Health Corp. | 100390 |
| 775 | Danaher Corp. | 177413 |
| 470 | Eli Lilly & Co. | 505100 |
| 165 | Intuitive Surgical, Inc.# | 93449 |
| 605 | IQVIA Holdings, Inc.# | 136373 |
| 1675 | Johnson & Johnson | 346641 |
| 2495 | Medtronic PLC | 239670 |
| 1320 | Merck & Co., Inc. | 138943 |
| 230 | Stryker Corp. | 80838 |
| 390 | Thermo Fisher Scientific, Inc. | 225986 |
| 490 | UnitedHealth Group, Inc. | 161754 |
|  |  | 2852237 |
|  | Industrials (5.6%) | Industrials (5.6%) |
| 7405 | CSX Corp.~ | 268431 |
| 3000 | Delta Air Lines, Inc. | 208200 |
| 765 | Emerson Electric Co. | 101531 |
| 480 | GE Vernova, Inc.~ | 313713 |
| 680 | General Electric Co. | 209460 |
| 255 | Parker-Hannifin Corp. | 224135 |
| 350 | Quanta Services, Inc. | 147721 |
| 1437 | RTX Corp. | 263546 |
| 765 | Union Pacific Corp. | 176960 |
|  |  | 1913697 |
|  | Information Technology (25.0%) | Information Technology (25.0%) |
| 7630 | Apple, Inc. | 2074292 |
| 130 | AppLovin Corp. - Class A# | 87597 |

---

See accompanying Notes to Schedule of Investments

CALAMOS GROWTH AND INCOME PORTFOLIO ANNUAL REPORT

------

Growth and Income Portfolio Schedule of Investments December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 2630 | Broadcom, Inc. | $| 910243 |
| 1900 | Cisco Systems, Inc. |  | 146357 |
| 180 | Intuit, Inc. |  | 119236 |
| 1250 | Lam Research Corp. |  | 213975 |
| 775 | Micron Technology, Inc. |  | 221193 |
| 4025 | Microsoft Corp. |  | 1946570 |
| 11995 | NVIDIA Corp. |  | 2237067 |
| 330 | Oracle Corp. |  | 64320 |
| 910 | Palantir Technologies, Inc. - Class A# |  | 161753 |
| 530 | Salesforce, Inc. |  | 140402 |
| 1475 | ServiceNow, Inc.# |  | 225955 |
|  |  |  | 8548960 |
|  | Materials (2.2%) | Materials (2.2%) | Materials (2.2%) |
| 3580 | Freeport-McMoRan, Inc. |  | 181828 |
| 545 | Linde PLC |  | 232383 |
| 675 | Sherwin-Williams Co. |  | 218720 |
| 375 | Vulcan Materials Co. |  | 106957 |
|  |  |  | 739888 |
|  | Real Estate (0.3%) | Real Estate (0.3%) | Real Estate (0.3%) |
| 680 | American Tower Corp. |  | 119388 |
|  |  |  | 119388 |
|  | Utilities (0.4%) | Utilities (0.4%) | Utilities (0.4%) |
| 805 | Vistra Corp. |  | 129871 |
|  |  |  | 129871 |
|  | **TOTAL COMMON STOCKS**<br> (Cost $9,366,058) |  | 26415615 |
| **CONVERTIBLE PREFERRED STOCKS (2.9%)** |  |  |  |
|  | Financials (0.3%) | Financials (0.3%) | Financials (0.3%) |
| 1360 | Apollo Global Management, Inc.<br>6.750%, 07/31/26 |  | 102707 |
|  |  |  | 102707 |
|  | Industrials (1.3%) | Industrials (1.3%) | Industrials (1.3%) |
| 4555 | Boeing Co.<br>6.000%, 10/15/27 |  | 314568 |
| 2000 | QXO, Inc.<br>5.500%, 05/15/28 |  | 110300 |
|  |  |  | 424868 |
|  | Information Technology (0.8%) | Information Technology (0.8%) | Information Technology (0.8%) |
| 2010 | Hewlett Packard Enterprise Co.<br>7.625%, 09/01/27 |  | 134047 |
| 2470 | Microchip Technology, Inc.<br>7.500%, 03/15/28 |  | 143952 |
|  |  |  | 277999 |
|  | Materials (0.2%) | Materials (0.2%) | Materials (0.2%) |
| 1190 | Albemarle Corp.<br>7.250%, 03/01/27 |  | 70674 |
|  |  |  | 70674 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Utilities (0.3%) | Utilities (0.3%) |
| 875 CenterPoint Energy, Inc. (Warner Media <br>LLC, Charter Communications <br>Time, Inc.)#§^\*\* | <br>3.369%, 09/15/29 | $32090 |
| 1405 | NextEra Energy, Inc.<br>7.299%, 06/01/27 | 72736 |
|  |  | 104826 |
|  | **TOTAL CONVERTIBLE <br>PREFERRED STOCKS**<br> (Cost $846,335) | 981074 |
| **EXCHANGE-TRADED FUND (0.7%)** | **EXCHANGE-TRADED FUND (0.7%)** | **EXCHANGE-TRADED FUND (0.7%)** |
|  | Other (0.7%) | Other (0.7%) |
| 1410 | iShares Biotechnology ETF^<br>(Cost $202,770) | 237966 |
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (0.8%)** | **U.S. GOVERNMENT AND AGENCY SECURITY (0.8%)** | **U.S. GOVERNMENT AND AGENCY SECURITY (0.8%)** |
|  | Other (0.8%) | Other (0.8%) |
| 285,000 U.S. Treasury Notes<br>3.750%, 04/15/26 | <br>(Cost $284,654) | 285189 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.2%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.2%)#** | **EXCHANGE-TRADED PURCHASED OPTIONS (0.2%)#** |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 12 | NIKE, Inc. |  |
| 76452 | Call, 06/18/26, Strike $67.50 | 5460 |
|  |  | 5460 |
|  | Energy (0.0%) | Energy (0.0%) |
| 13 | EQT Corp. |  |
| 69680 | Call, 06/18/26, Strike $60.00 | 3952 |
|  |  | 3952 |
|  | Information Technology (0.0%) | Information Technology (0.0%) |
| 5 | Oracle Corp. |  |
| 97455 | Call, 06/18/26, Strike $230.00 | 7588 |
|  |  | 7588 |
|  | Other (0.2%) | Other (0.2%) |
| 15 | Invesco QQQ Trust Series 1 |  |
| 921465 | Put, 03/20/26, Strike $620.00 | 31957 |
| 15 | S&P 500<sup>®</sup> Index |  |
| 1022880 | Put, 02/20/26, Strike $675.00 | 13935 |
|  |  | 45892 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $71,542) | 62892 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Growth and Income Portfolio Schedule of Investments December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF <br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (0.8%)** |  |  |  |
| 275163 | State Street Navigator Securities <br>Lending Government Money Market <br>Portfolio, 3.804%†\*\*\*<br>(Cost $275,163) |  | $275163 |
|  | **TOTAL INVESTMENTS (99.2%)**<br> (Cost $15,897,021) |  | 33855761 |
| OTHER ASSETS, LESS LIABILITIES (0.8%) | OTHER ASSETS, LESS LIABILITIES (0.8%) |  | 275088 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $ | 34130849 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTIONS (-0.1%)#** |  |  |  |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| (12) | NIKE, Inc. |  |  |
| (76452) | Put, 06/18/26, Strike $52.50 |  | (1926) |
|  |  |  | (1926) |
|  | Energy (0.0%) | Energy (0.0%) | Energy (0.0%) |
| (13) | EQT Corp. |  |  |
| (69680) | Put, 06/18/26, Strike $50.00 |  | (4095) |
|  |  |  | (4095) |
|  | Financials (0.0%) | Financials (0.0%) | Financials (0.0%) |
| (4) | JPMorgan Chase & Co. |  |  |
| (128888) | Call, 02/20/26, Strike $360.00 |  | (352) |
|  |  |  | (352) |
|  | Industrials (0.0%) | Industrials (0.0%) | Industrials (0.0%) |
| (2) | GE Vernova, Inc. |  |  |
| (130714) | Call, 02/20/26, Strike $770.00 |  | (2070) |
|  |  |  | (2070) |
|  | Information Technology (0.0%) | Information Technology (0.0%) | Information Technology (0.0%) |
| (5) | Advanced Micro Devices, Inc. |  |  |
| (107080) | Put, 01/30/26, Strike $190.00 |  | (1357) |
| (5) | Oracle Corp. |  |  |
| (97455) | Put, 06/18/26, Strike $165.00 |  | (5850) |
| (3) | Palantir Technologies, Inc. |  |  |
| (53325) | Put, 01/30/26, Strike $180.00 |  | (2798) |
|  |  |  | (10005) |
|  | **TOTAL EXCHANGE-TRADED <br>WRITTEN OPTIONS**<br> (Premium $19,980) |  | (18448) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

\* 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.

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $177,502.

§ Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

^ Security, or portion of security, is on loan.

\*\* Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at December 31, 2025.

† Represents investment of cash collateral received from securities on loan as of December 31, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of December 31, 2025.

Note: 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.

See accompanying Notes to Schedule of Investments

CALAMOS GROWTH AND INCOME PORTFOLIO ANNUAL REPORT

------

Notes to Financial Statements

**Note 1 – Organization and Significant Accounting Policies**

**Organization.** Calamos Advisors Trust (the "Trust"), a Massachusetts business trust organized February 17, 1999, consists of a single series, *Calamos Growth and Income Portfolio* (the "Portfolio"), which commenced operations on May 19, 1999.

The Trust currently offers the Portfolio's shares 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 Trust, 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 (as approved by the Board) to guide the determination of the net asset value ("NAV") on any day on which the Portfolio's NAVs 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<sup>®</sup> are valued at the NASDAQ<sup>®</sup> Official Closing Price, as determined by NASDAQ<sup>®</sup>, or lacking a NASDAQ<sup>®</sup> Official Closing Price, the last current reported sale price on NASDAQ<sup>®</sup> at the time a 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.

www.calamos.com

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Notes to Financial Statements

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 December 31, 2025. 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 year 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.

CALAMOS GROWTH AND INCOME PORTFOLIO ANNUAL REPORT

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Notes to Financial Statements

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. Tax years 2022 – 2025 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

**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 expense, 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 consists of the members of Calamos Advisors' Investment Committee and Senior Executive Team. 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.

**New Accounting Pronouncement.** On December 14, 2023, the FASB issued *ASU 2023-09-Income Taxes (Topic 740): Improvements to Income Tax Disclosures,* which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. ASU 2023-09 applies to all entities that are subject to Accounting Standards Codification (ASC) 740, Income Taxes. The Portfolio has adopted ASU 2023-09 as of December 31, 2025, with no material impact on the Portfolio's financial statements.

**Note 2 – Investment Adviser 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.

A Trustee and certain officers of the Trust are also officers and directors of Calamos Financial Services LLC ("CFS") and Calamos Advisors. Such trustee 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 December 31, 2025. Deferred compensation of $117,620 is included in "Other assets" on the Statement of Assets and Liabilities at December 31, 2025.

www.calamos.com

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Notes to Financial Statements

**Note 3 – Investments**

The cost of purchases and proceeds from sales of long-term investments for the year ended December 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
| | U.S. GOVERNMENT<br>SECURITIES | OTHER |
| Cost of purchases | $— | $10708713 |
| Proceeds from sales |  | 14299059 |

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**Note 4 – Income Taxes**

The cost basis of investments for federal income tax purposes at December 31, 2025 was as follows:

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| | |
|:---|:---|
| Cost basis of investments | $16303938 |
| Gross unrealized appreciation | 17741962 |
| Gross unrealized depreciation | (208587) |
| Net unrealized appreciation (depreciation) | 17533375 |

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For the fiscal year ended December 31, 2025, the Portfolio recorded the following permanent reclassifications to reflect tax character. The results of operations and net assets were not affected by these reclassifications.

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| | |
|:---|:---|
| Paid-in capital | $(743) |
| Undistributed net investment income/(loss) | 159250 |
| Accumulated net realized gain/(loss) on investments | (158507) |

---

Distributions were characterized for federal income tax purposes as follows:

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| | | |
|:---|:---|:---|
| | YEAR ENDED<br>DECEMBER 31, 2025 | YEAR ENDED<br>DECEMBER 31, 2024 |
| **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** |
| Ordinary income | $232207 | $120038 |
| Long-term capital gains | 2600700 | 469222 |
| Return of capital |  |  |

---

As of December 31, 2025, the components of accumulated earnings/(loss) on a tax basis were as follows:

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| | |
|:---|:---|
| Undistributed ordinary income | $197689 |
| Undistributed capital gains | 2712517 |
| Total undistributed earnings | 2910206 |
| Accumulated capital and other losses |  |
| Net unrealized gains/(losses) | 17533375 |
| Total accumulated earnings/(losses) | 20443581 |
| Other | (343830) |
| Paid-in-capital | 14031098 |
| Net assets applicable to common shareholders | $34130849 |

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**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.

CALAMOS GROWTH AND INCOME PORTFOLIO ANNUAL REPORT

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Notes to Financial Statements

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 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.

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 December 31, 2025, 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 a 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.

www.calamos.com

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Notes to Financial Statements

As of December 31, 2025, the Portfolio had outstanding purchased options and/or written options as listed on the Schedule of Investments.

As of December 31, 2025, the Portfolio had outstanding derivative contracts which are reflected on the Statement of Assets and Liabilities as follows:

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| | | |
|:---|:---|:---|
| | ASSET<br>DERIVATIVES | LIABILITY<br>DERIVATIVES |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(1)</sup> | $62892 | $— |
| Exchange-Traded Written Options<sup>(2)</sup> |  | 18448 |
|  | $62892 | $18448 |

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For the year ended December 31, 2025, the volume of derivative activity for the Portfolio is reflected below:\*

 <u> VOLUME</u> <br> Exchange-Traded Purchased options<sup>(1)</sup> 1,162 <br> Exchange-Traded Written options<sup>(2)</sup> 216

(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".

\* 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 and the Schedule of Investments. The contractual maturity of the collateral received under the securities lending agreement is classified as 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. In the event of bankruptcy or other default of the borrower, 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 year while the Portfolio seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this year, 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.

CALAMOS GROWTH AND INCOME PORTFOLIO ANNUAL REPORT

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Notes to Financial Statements

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 December 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| AMOUNT OF<br>COLLATERAL<br>HELD IN<br>SHORT TERM <br>INVESTMENTS <br>AND <br>RESTRICTED | AMOUNT OF <br>NON-CASH | TOTAL  | VALUE OF SECURITIES ON<br>LOAN TO BROKER-DEALERS AND<br>BANKS BY ASSET CLASS ON LOAN | VALUE OF SECURITIES ON<br>LOAN TO BROKER-DEALERS AND<br>BANKS BY ASSET CLASS ON LOAN | VALUE OF SECURITIES ON<br>LOAN TO BROKER-DEALERS AND<br>BANKS BY ASSET CLASS ON LOAN | EXCESS <br>AMOUNT <br>DUE TO/(FROM) |
| CASH | COLLATERAL | COLLATERAL | EQUITY | FIXED INCOME | TOTAL | COUNTERPARTY |
| $275163 | $— | $275163 | $269652 | $— | $269652 | $5511 |

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**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:

• 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 following is a summary of the inputs used in valuing the Portfolio's holdings at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $5597862 | $— | $5597862 |
| Common Stocks | 26415615 |  |  | 26415615 |
| Convertible Preferred Stocks | 948984 | 32090 |  | 981074 |
| Exchange-Traded Fund | 237966 |  |  | 237966 |
| U.S. Government and Agency Security |  | 285189 |  | 285189 |
| Exchange-Traded Purchased Options | 62892 |  |  | 62892 |
| Investment of Cash Collateral For Securities Loaned |  | 275163 |  | 275163 |
| Total | $27665457 | $6190304 | $— | $33855761 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Options | $18448 | $— | $— | $18448 |
| Total | $18448 | $— | $— | $18448 |

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**Note 8 – 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.

www.calamos.com

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Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of Calamos Advisors Trust

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Calamos Growth and Income Portfolio (the "Fund"), a series of the Calamos Advisors Trust (the "Trust"), including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund 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 audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

![](j2624082_ia005.jpg)

Chicago, Illinois

February 10, 2026

We have served as the auditor of one or more Calamos investment companies since 2003.

CALAMOS GROWTH AND INCOME PORTFOLIO ANNUAL REPORT

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Tax Information (Unaudited)

We are providing this information as required by the Internal Revenue Code (Code). The amounts shown may differ from those elsewhere in this report due to differences between tax and financial reporting requirements. In February 2026, shareholders will receive Form 1099-DIV which will include their share of qualified dividends and capital gains distributed during the calendar year 2025. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual income tax returns.

Under Section 852(b)(3)(C) of the Code, the Portfolio hereby designates $2,600,700 as capital gain dividends for the fiscal year ended December 31, 2025.

Under Section 854(b)(2) of the Code, the Portfolio hereby designates $100,052, or the maximum amount allowable under the Code, as qualified dividends for the fiscal year ended December 31, 2025.

Under Section 854(b)(2) of the Code, the Portfolio hereby designates 100.00% of the ordinary income dividends as income qualifying for the dividends received deduction for the fiscal year ended December 31, 2025.

www.calamos.com

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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.

The Trust held a special meeting of shareholders on August 19, 2025. The purpose of the special meeting was to elect six trustees to the Trust's board of trustees, and to consider and act upon the other below proposals (the "Proposals").

**Proposal 1: Election of Trustees**

Ms. Karen L. Stuckey and Messrs. Hugh P. Armstrong, John S. Koudounis, Jeffrey S. Phlegar, Christopher M. Toub and Lloyd A. Wennlund were nominated for election as trustees. Each nominee, except for Hugh P. Armstrong, John S. Koudounis and Jeffrey S. Phlegar, is currently a trustee of the Trust and all nominees were elected by a plurality vote as follows:

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| | | | |
|:---|:---|:---|:---|
| **TRUSTEE NOMINEE** | **VOTES <br> FOR** | **VOTES <br> WITHHELD** | **BROKER NON-<br> VOTES AND ABSTENTIONS** |
| Hugh P. Armstrong | 1482363 | 2227 | 0 |
| John S. Koudounis | 1482363 | 2227 | 0 |
| Jeffrey S. Phlegar | 1482363 | 2227 | 0 |
| Karen L. Stuckey | 1479394 | 5196 | 0 |
| Christopher M. Toub | 1482363 | 2227 | 0 |
| Lloyd A. Wennlund | 1482363 | 2227 | 0 |

---

---

| | |
|:---|:---|
| **Proposal 2:** | To amend the Agreement and Declaration of Trust to remove the ability of shareholders to remove trustees of the Trust. |
| **Proposal 3:** | To amend the Agreement and Declaration of Trust to modernize provisions relating to shareholder meetings, remove the ability of shareholders to call shareholder meetings and remove the ability of shareholders to request certain information. |
| **Proposal 4:** | To amend the Agreement and Declaration of Trust to permit reorganizations and termination of the Trust or series of the Trust without shareholder approval unless required by applicable law. |
| **Proposal 5:** | To amend the Agreement and Declaration of Trust to permit amendments to the Agreement and Declaration of Trust without shareholder approval. |
| **Proposal 6:** | To amend the Agreement and Declaration of Trust to add requirements governing direct and derivative shareholder claims. |
| **Proposal 7:** | To approve the elimination of a fundamental investment restriction limiting the fund's investment in illiquid securities to no more than 10% of net assets. |

---

The Proposals were approved by the shareholders with the following votes:

---

| | | | |
|:---|:---|:---|:---|
| **PROPOSAL** | **VOTES <br> FOR** | **VOTES<br> AGAINST** | **BROKER NON-<br> VOTES AND<br> ABSTENTIONS** |
| **Proposal 2** | 1282686 | 201310 | 594 |
| **Proposal 3** | 1282092 | 201904 | 594 |
| **Proposal 4** | 1283873 | 200123 | 594 |
| **Proposal 5** | 1302728 | 181268 | 594 |
| **Proposal 6** | 1428176 | 22714 | 33700 |
| **Proposal 7** | 1381559 | 72300 | 30731 |

---

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 Operation 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. Effective July 29, 2025 Walter Kelly became the Chief Compliance Officer of the Trust. Prior to July 29, 2025, Mark J. Mickey, was the Chief Compliance Officer of the Trust. Aggregate remuneration paid to Mr. Kelly and Mr. Mickey by Calamos Advisors Trust for the period covered by the report is shown in the Statement of Operation 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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | |
|:---|:---|
| [(a)(1)](tm262408d1_ex99-codeeth.htm) | [Code of Ethics.](tm262408d1_ex99-codeeth.htm) |
| (a)(2) | Not applicable |
| [(a)(3)](tm262408d1_ex99-cert.htm) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm262408d1_ex99-cert.htm) |
| (a)(4) | Not applicable |
| (a)(5) | Not applicable |
| [(b)](tm262408d1_ex99-906cert.htm) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](tm262408d1_ex99-906cert.htm) |

---

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 | Calamos Advisors Trust |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;John P. Calamos, Sr. |
| Name: | John P. Calamos, Sr. |
| Title: | Principal Executive Officer |
| Date: | February 17, 2026 |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Thomas E. Herman |
| Name: | Thomas E. Herman |
| Title: | Principal Financial Officer |
| Date: | February 17, 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 | Calamos Advisors Trust |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;John P. Calamos, Sr. |
| Name: | John P. Calamos, Sr. |
| Title: | Principal Executive Officer |
| Date: | February 17, 2026 |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Thomas E. Herman |
| Name: | Thomas E. Herman |
| Title: | Principal Financial Officer |
| Date: | February 17, 2026 |

---

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS**

Revised: December 16, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** Covered
 Officers/Purpose of the Code

This Code of Ethics (the "Code") for the investment companies within the Trusts and Funds<sup>1</sup>, or those performing similar functions, for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full,
 fair, accurate, timely and understandable disclosure in reports and documents that a Fund
 files with, or submits to, the Securities and Exchange Commission ("SEC"), and
 in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· prompt
 internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability
 for adherence to the Code.

Each Covered Officer (defined as the Chief Executive Officer and Chief Financial Officer of the Funds) should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** Administration
 of the Code

The Code shall be administered by the Chief Compliance Officer of the Funds (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

Each Fund has designated its chief legal officer (the "Chief Legal Officer") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. The Chief Legal Officer shall assist the Code Officer in administration of this Code. The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation. However, any waiver sought by a Covered Officer with respect to any Fund must be approved by the Audit Committee of the Fund (the "Audit Committee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** Actual
 and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a family member, receives improper personal benefits as a result of the Covered Officer's position with a Fund.

 

<sup>1</sup> See Appendix A for a complete list of entities cover by this policy.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "Company Act") and the Investment Advisers Act of 1940 (the "Advisers Act"). For example, Covered Officers generally may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of a Fund. Thus, if performed in conformity with the provisions of the Company Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Trustees (each a "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions of the Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive.

The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 use personal influence or personal relationships improperly to influence investment decisions
 or financial reporting by a Fund whereby the Covered Officer or a family member would benefit
 personally to the detriment of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 cause a Fund to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer or a family member rather than the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 retaliate against any other Covered Officer or any employee of the Funds or their affiliated
 persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 use material non-public knowledge of portfolio transactions made or contemplated for a Fund
 to trade personally or cause others to trade personally in contemplation of the market effect
 of such transactions. <sup>2</sup>

There are some potential conflict of interest situations that must be approved by the Code Officer, after consultation with the Chief Legal Officer. Those situations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service
 as director on the board of any public for-profit company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 ownership interest in, or any consulting or employment relationship with, any Fund service
 provider, other than its investment adviser, principal underwriter, administrator or any
 affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by a Fund for effecting portfolio transactions or for selling or redeeming shares
 other than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

There are some potential conflict of interest situations that should be discussed with the Code Officer, if material. Those situations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· receipt
 of any gift of substantial value (more than $100), a cash payment in any amount, a preferred
 personal investment opportunity, or other thing of more than *de minimis* value from
 any person or entity that does business, or is seeking to do business with a Fund or its
 investment adviser; and

<sup>2</sup> For purposes of this Code, personal trading activity of the Covered Officers shall be monitored in accordance with the Funds' code. Each Covered Officer shall be considered an "Access Person" under such Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· receipt
 of any entertainment from any company with which a Fund has current or prospective business
 dealings, unless such entertainment is business- related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety.

It is not the intent of this Code to prohibit the ordinary courtesies of business life, such as token gifts or modest entertainment incidental to a business relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** Disclosure
 and Compliance

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· be
 familiar with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 knowingly misrepresent, or cause others to misrepresent, facts about any Fund to others,
 whether within or outside the Fund, including to the Fund's trustees and auditors,
 and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to
 the extent appropriate within his/her area of responsibility, consult with other officers
 and employees of the Funds and the adviser with the goal of promoting full, fair, accurate,
 timely and understandable disclosure in the reports and documents the Funds file with, or
 submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote
 compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon
 adoption of the Code (or after becoming a Covered Officer), affirm to the Code Officer that
 he/she has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify
 the Code Officer promptly if he/she knows of any violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· respond
 to the trustee and officer questionnaires circulated periodically in connection with the
 preparation of disclosure documents for the Funds.

The Code Officer shall maintain records of all activities related to this Code. The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Code Officer will take all appropriate action to investigate any potential violations reported
 to him/her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If,
 after such investigation, the Code Officer believes that no violation has occurred, no further
 action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 matter that the Code Officer believes is a violation will be reported to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If
 the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation
 to the Board, which will consider appropriate action, which may include review of, and appropriate
 modifications to, applicable policies and procedures; notification to the Chief Executive
 Officer of the Funds; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Audit Committee will be responsible for granting waivers in its sole discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 changes to or waivers of this Code will, to the extent required, be disclosed as provided
 by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for the purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other polices or procedures of the Funds, the Funds' advisers, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics and Insider Trading Policy of Funds and their investment advisers and principal underwriter under Rule 17j-1 under the Company Act and the advisers' more detailed policies and procedures are separate requirements applying to the Covered Officers and others and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** Amendments

Any amendment to this Code must be approved or ratified by the Board, including a majority of independent Board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, the Covered Officers, the Code, outside audit firms and legal counsel to the Funds and the adviser, and senior management of the adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** Internal
 Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**Appendix A – In-Scope Entities**

This policy pertains to the entities listed in the following tables.

Funds for U.S. Investors

---

| |
|:---|
| &nbsp;&nbsp;**Open-End Fund Name** |
| &nbsp;&nbsp;Calamos Investment Trust |
| &nbsp;&nbsp;Calamos Antetokounmpo Sustainable Equities Trust |
| &nbsp;&nbsp;Calamos Advisors Trust |
| &nbsp;&nbsp;Calamos ETF Trust |
| &nbsp;&nbsp;**Closed-End Fund Name** |
| &nbsp;&nbsp;Calamos Convertible Opportunities and Income Fund |
| &nbsp;&nbsp;Calamos Convertible and High Income Fund |
| &nbsp;&nbsp;Calamos Strategic Total Return Fund |
| &nbsp;&nbsp;Calamos Global Total Return Fund |
| &nbsp;&nbsp;Calamos Global Dynamic Income Fund |
| &nbsp;&nbsp;Calamos Dynamic Convertible and Income Fund |
| &nbsp;&nbsp;Calamos Long/Short Equity & Dynamic Income Trust |
| &nbsp;&nbsp;Calamos Global Convertible and Dynamic Income Trust |

---

 

*Table 1 - List of In-Scope U.S. Funds*

Revision Date

---

| |
|:---|
| &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;Adoption: March 2, 2004 |
| &nbsp;&nbsp;Revised: December 20, 2007 |
| &nbsp;&nbsp;Revised: September 25, 2014 |
| &nbsp;&nbsp;Revised: December 15, 2015 |
| &nbsp;&nbsp;Revised: October 18, 2017 |
| &nbsp;&nbsp;Revised: June 30, 2021 |
| &nbsp;&nbsp;Revised: October 31, 2022 |
| &nbsp;&nbsp;Revised: December 16, 2022 |

---

 

*Table 2 – List of Revision Dates for Policy*

## Ex-99.Cert

**EXHIBIT 99.CERT**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, John P. Calamos, Sr., certify that:

1. I have reviewed this report on Form N-CSR of Calamos Advisors Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal
 control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
 external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness
 of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness
 of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such
 evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report
 any change in the registrant's internal control over financial reporting 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.

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies
 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
 affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not
 material, that involves management or other employees who have a significant role in the registrant's internal control over
 financial reporting.

---

| |
|:---|
| Date: February 17, 2026 |
| /s/ John P. Calamos, Sr. |
| Principal Executive Officer |

---

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Thomas E. Herman, certify that:

1. I have reviewed this report on Form N-CSR of Calamos Advisors Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure
 controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
 information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
 particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal
 control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
 external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness
 of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness
 of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such
 evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report
 any change in the registrant's internal control over financial reporting 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.

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies
 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
 affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not
 material, that involves management or other employees who have a significant role in the registrant's internal control over
 financial reporting.

---

| |
|:---|
| Date: February 17, 2026 |
| /s/ Thomas E. Herman |
| Principal Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, each of the undersigned officers of Calamos Advisors Trust (the "Company"), hereby certifies, to his knowledge, that the Company's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Date: February 17, 2026 |
| /s/ John P. Calamos, Sr. |
| Name: John P. Calamos, Sr. |
| Title: Principal Executive Officer |

---

---

| |
|:---|
| /s/ Thomas E. Herman |
| Name: Thomas E. Herman |
| Title: Principal Financial Officer |

---

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act of 1934.